Particula Rating Report: Wellington ($ULTRA), February 2025
Particula assigns an AA+ rating* to the issuance of the Delta Wellington Ultra Short Treasury On-Chain Fund token ($ULTRA) by Delta Master Trust as of February 17, 2024. The $ULTRA token provides exposure to U.S. Treasury Bills and is managed by FundBridge Capital, with Wellington Management serving as the Sub-Fund Manager.
Minimize Risk.
Maximize Opportunity.
Download the report now for a comprehensive analysis of the risks and opportunities associated with the $ULTRA token.
The rating favorably considers the issuer’s bankruptcy-remote operational structure, which is subject to stringent regulatory oversight and the robust product design supported by an efficient technical infrastructure. It also takes into account the direct ownership of fund shares and the high quality of the underlying assets. However, the rating also reflects certain challenges, including operational and market adoption challenges, regulatory & legal risks as well as technical constraints and potential security vulnerabilities associated with the issuance and management of $ULTRA.
Rating:
AA+ rating* assigned by Particula in February 2025 for the Delta Wellington Ultra Short Treasury On-Chain Fund Token ($ULTRA)
Licenses & Permits:
Capital Markets Services License from the Monetary Authority
of Singapore (MAS)
Total Issuance Volume
(As of Feb. 17, 2025):
$ 20,000,000.00
Blockchain Ecosystem:
Ethereum (Future plans include expanding across multiple chains)
Target Investors:
Qualified institutional investors
Token Holder Rights:
Absolute Rights Token
Strengths:
- Bankruptcy-remote operational framework with regulatory compliance
- Well-designed product supported by reputable partnershipsAdvanced
- Technical infrastructure for tokenized asset Management
- Low-risk & high-quality underlying asset structure
Challenges:
- Limited Operational Track Record & Market Adoption Challenges
- Potential risks stemming from technical infrastructure & security vulnerabilities
- Considerations surrounding governance, legal & regulatory frameworks
- Liquidity constraints & market penetration barriers
Future Sensitivities:
Potential rating changes may arise from shifts in regulatory requirements or market sentiment.
Analytical Approach: Particula’s Methodology in Action
Particula’s digital asset risk rating methodology employs a comprehensive analytical approach that combines traditional asset evaluation principles with advanced technology. This methodology diligently assesses each issuance on the categories compliance, economic viability, technological resilience, ESG performance and operational security, offering investors a deep understanding of risks and opportunities on issuer, token and underlying asset.
Particula’s principles acknowledge the difference between digital assets and analog assets and integrate direct data from issuers, conduct thorough security checks and incorporate real-time blockchain data as well as market trends to provide timely and accurate assessments for navigating the landscape of digital assets. A complete overview of our analytical approach and the rating methodology is available on request.
Learn More About Particula
At Particula, we have developed the first rating and analytics platform for digital assets. Our goal is to provide the next generation of ratings for the next generation of assets in order to give investors instant security, clarity and better market access.
To learn more or gain access to our platform, please contact us at info@particula.io
*Disclaimer
The information and analyses related to crypto values, crypto tokens, and other digital assets (“Digital Assets“) provided by Particula GmbH (“Particula“) are exclusively made available to entrepreneurs within the meaning of § 14 BGB and are intended solely for informational purposes. The provided information and analyses do not constitute a rating as defined in Art. 3 para. 1 lit. a) of Regulation EG/1060/2009 (“Rating Regulation“). A creditworthiness assessment as defined in Art. 3 para. 1 lit. a) of the Rating Regulation, evaluating the issuer’s creditworthiness, is expressly not part of the analysis.
Copyright ©2025 Particula. All rights reserved.
