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21Shares has filed a Form 424B3 prospectus supplement with the SEC for TSUI, its spot ETF tracking SUI, the native token of the Sui blockchain. The filing, submitted on or around August 13, 2026, updates investors on the fund’s current state roughly six months after it first began trading.
A 424B3 is a routine but meaningful document. Think of it as the living version of a fund’s original prospectus, updated with fresh financials and any material changes investors need to know about before buying shares.
Where the fund stands
TSUI launched on Nasdaq on February 24, 2026, making it one of the earliest U.S.-listed spot ETFs offering direct exposure to SUI through a standard brokerage account.
As of early August 2026, the fund held approximately $13.3M in assets under management, with a net asset value of around $13.50 per share. Share count grew from roughly 910,000 at the end of June to about 980,000 by August 7, a sign that new capital has been flowing into the product.
The expense ratio sits at 0.30%, which is competitive for a single-asset crypto ETF. For context, that means an investor holding $10,000 in TSUI pays about $30 per year in management fees.
The ETF holds SUI directly rather than through derivatives or futures contracts. That structure matters because it means the fund’s performance tracks the actual token price rather than rolling futures contracts, which can create drag over time due to contango costs.
The benchmark switch
One of the more consequential disclosures in the 424B3 is a planned change to the ETF’s pricing benchmark, currently managed by CF Benchmarks. That switch is set to take effect August 31, 2026.
Benchmark changes in crypto ETFs are not trivial. The benchmark determines the official price used to calculate NAV each day, which in turn affects how the fund’s performance is measured and reported. A different benchmark can use a different methodology, pull prices from different exchanges, or apply different weighting rules, all of which can produce slightly different daily valuations even for the same underlying asset.
CF Benchmarks has been the dominant index provider for regulated crypto products in the US, serving as the benchmark administrator for Bitcoin and Ethereum ETFs from multiple issuers. The fact that 21Shares is moving away from it for TSUI is worth watching, though the filing does not specify which provider will replace it.
Sui’s growing product ecosystem
TSUI is not 21Shares’ first move into the Sui ecosystem. The firm launched a leveraged SUI ETF, ticker TXXS, in December 2025, giving more aggressive traders amplified exposure to SUI price movements before the spot product even existed.
The sequencing is interesting. Leveraged products typically follow spot products, not precede them. 21Shares ran that playbook in reverse for Sui, suggesting the issuer had confidence in regulatory approval for TSUI well before the spot fund actually launched.
Sui is a Layer 1 blockchain developed by Mysten Labs, a company founded by former Meta engineers who worked on the Diem blockchain project. The network uses a novel object-centric data model and the Move programming language, positioning itself as a high-throughput alternative to Ethereum for consumer-facing applications like gaming and social apps.
What this filing signals
At $13.3M in AUM, TSUI is a small fund by traditional ETF standards. Most ETFs below $50M face questions about long-term viability, since operating costs can eat into returns when the asset base is thin. The growth from 910,000 to 980,000 shares over roughly five weeks is modest but directionally positive.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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