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.

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.

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

<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.

Copyright ©2025 Particula. All rights reserved.</sub>