The 21Shares Sui ETF (TSUI) is a spot cryptocurrency ETF that trades on Nasdaq and gives investors direct price exposure to SUI, the native token of the Sui Network, without requiring investors to self-custody the token. The Trust holds SUI directly and values shares daily based on the CME CF Sui–Dollar Reference Rate, which aggregates spot SUI prices from Coinbase and Kraken. The Trust is sponsored by 21Shares US LLC, a subsidiary of 21co Holdings (owned by FalconX), which manages approximately $7.56B across 67 digital asset ETPs globally and has applied a similar structure to its other U.S.-listed spot crypto ETFs covering Bitcoin, Ethereum, Solana, XRP, and Dogecoin. The Trust charges a unitary Sponsor Fee of 0.30% per year of NAV, which is the Sponsor's sole recurring revenue source and covers all ordinary operating expenses. A notable feature of the Trust is its staking program: the Trust intends to stake 70%–90% of its SUI holdings through Coinbase Crypto Services, with staking rewards split between the staking provider, the Sponsor (25%), and shareholders (the remainder, distributed as quarterly cash). SUI is the native token of the Sui Network, a Layer 1 proof-of-stake blockchain launched in May 2023 and developed by Mysten Labs. The network differentiates on parallel transaction execution and an object-centric architecture, and its primary use cases include DeFi, NFTs, and gaming. Custody is split across Coinbase Custody, Anchorage Digital Bank, and BitGo, with SUI held primarily in cold storage.