Particula Rating Abstract: SPIKO ($USTBL), January 2025

Particula assigns an AA rating* to the issuance of the USTBL token by Spiko SICAV as of January 22, 2025. The USTBL token represents ownership in the Spiko U.S. T-Bills Money Market Fund, a UCITS-compliant vehicle
that invests exclusively in short-term U.S. Treasury bills.

The rating reflects positively on the USTBL token’s well-structured product design, robust technical infrastructure, and adherence to regulatory requirements. Operating within a bankruptcy-remote structure, the tokenized shares provide direct ownership rights, ensuring clear legal entitlements, governance, and asset protection. However the rating also considers several challenges, including Spiko’s limited operational history, potential governance risks, and minor technical concerns. Liquidity and concentration risks are notable, as the wallet holder structure is concentrated among a small number of large holders, increasing the potential for liquidity constraints during periods of elevated redemption activity. These concerns are exacerbated by the nascent stage of the secondary market, which may constrains market depth and transaction efficiency.

Key Strengths: Comprehensive regulatory oversight with a bankruptcy-remote operational structure, Robust & well-structured product with efficient technology integration, Broad accessibility with low minimum investment thresholds, Direct ownership and alignment of shareholder interests with fund operations, Low-risk & high-quality underlying asset structure.

Challenges: Limited operational track record & governance considerations, Potential challenges stemming from technical vulnerabilities, Liquidity constraints & market adoption challenges.

<sub>*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.

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