Particula Rating Action: Wellington ($ULTRA), September 2025

Particula has upgraded the rating of the Delta Wellington Ultra Short Treasury On-Chain Fund ($ULTRA) token from AA+ to AAA as of September 14, 2025.* The $ULTRA token represents interests in the Delta Wellington Ultra Short Treasury On-Chain Fund, a sub-fund established under Singapore law and structured to be bankruptcy‑remote within the Delta Master Trust.

FundBridge Capital acts as the investment manager, with Wellington Management (Singapore) appointed as sub-investment manager. Wellington’s fixed‑income capabilities support disciplined execution of the mandate consistent with FundBridge’s stated objectives of capital preservation, liquidity maintenance, and stable yield generation.

The upgrade reflects scaled institutional adoption and improved secondary-market access, enhanced distribution and execution infrastructure, as well as governance measures that collectively strengthen liquidity, transparency, and operational resilience. In parallel, the recent multi-chain deployment enhances the token’s accessibility and interoperability across the broader Decentralized Finance (DeFi) ecosystem.
‍
<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>