the platform RWA Musk Unicorn Opportunities Fund Interim Operating Report

This interim operating report for the platform RWA reviews the core performance and operating logic of the Musk Unicorn Opportunities Fund since launch. The report focuses on the fund's strategic subscription to the third private placement of Xmax Inc. (NASDAQ: XMAX), the valuation reset of scarce underlying assets, and the platform's next steps in RWA and global alternative asset allocation.

As of June 9, 2026, the fund's underlying assets recorded strong mark-to-market performance based on the 30-day moving average valuation method. The following data is provided for interim review and information disclosure only. It does not represent any promise of future returns.

Core Fund Performance Metrics

The entry price above includes the 15% institutional private-placement discount that the platform secured for investors through an exclusive channel.

Operating Review and Return Attribution

Valuation Premium from Scarce Assets

XMAX is one of the few listed platforms in the U.S. equity market that can indirectly connect investors with equity exposure to high-profile technology assets such as SpaceX and xAI. During the reporting period, global capital continued to focus on AI and commercial aerospace supply chains. Market attention and valuation levels for related assets rose together, driving a clear valuation expansion in the underlying asset.

Left-Side Positioning Before Market Recognition

The platform RWA team identified a temporary mismatch between market recognition and valuation for this type of asset in late 2025. Before market sentiment fully accelerated, the team completed project screening, fundraising, and position-building arrangements. This interim performance also reflects the team's execution efficiency in accessing and structuring assets in the pre-IPO and private-placement market.

Why Access to Scarce Assets Matters

In the traditional financial system, equity resources in high-valuation private unicorns such as SpaceX are usually available only to a small number of large institutions or long-term capital providers. Direct participation is difficult for ordinary investors because entry barriers are high, access channels are limited, and information transparency is often insufficient.

The Musk Unicorn Opportunities Fund provides investors with a structured path to participate in global frontier technology asset allocation. It also further validates the platform's ability to screen, access, and connect scarce asset resources globally.

RWA Ecosystem Cooperation and Outlook

This project is an important practice for the platform in real-world asset tokenization and global alternative asset allocation. Going forward, the platform will continue to deepen its capabilities in global asset screening, risk control, compliant cooperation networks, and asset allocation.

The platform also thanks its key ecosystem partner Duxton Asset Management for supporting this project. As a professional asset management institution regulated by the Monetary Authority of Singapore and the Australian Securities and Investments Commission, Duxton played an important role in project structure design, compliance arrangements, and institutional channel development.

What Comes Next for the platform RWA

From Silicon Valley hard-tech unicorns to high-quality global RWA yield assets, the platform will continue to explore asset allocation opportunities with long-term value. It will connect investors with quality global asset opportunities in a more professional, structured, and compliant way.

Thank you to every investor who participated in and trusted the Musk Unicorn Opportunities Fund. In the future, the platform will continue to screen and launch more high-quality global asset projects with long-term value and growth potential.