Skip to content
etf.net

BHYP

GradeBNew York Stock Exchange Arca

Bitwise Hyperliquid ETF

Crypto · Bitwise · Inception 2026-05-14 · SEC filings

$52.72−1.55 (−2.86%)

As of Sep 23, 2026, 3:15 PM EDT

History starts May 15, 2026.History starts May 15, 2026.History starts May 15, 2026.
Intraday session: down, 64 prints from 54.27 to 52.72. Range 51.75 to 53.83. Use the arrow keys to read each point.$52.00$53.00$53.50$54.0010 AM12 PM2 PM4 PM
Expense ratio
0.34%
Fund size
$205M
1Y return
—
Yield · Last 12 months
—
Holdings
1
Volume · 30D
0.5M sh
NAV per share
$51.59
52W range
low $24.18high $54.56

The ETF.net BHYP Grade

B

66/ 100

Rank 8 of 26 in Crypto Spot⁠

Confidence Medium

Six-pillar profile for BHYP. Scores out of 100: Cost 68, Risk 70, Mission not scored, Tradability 63, Holdings not scored, Durability 59. Strongest: Risk (70). Weakest: Durability (59). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 66 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 68
    Category rank8/26 · top 31%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 70
    Category rank5/26 · top 19%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 63
    Category rank10/26 · top 38%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 59
    Category rank12/26 · top 46%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on BHYP

ETF.net Research

BSpot Hyperliquid in a brokerage account, with a twist: Bitwise stakes the trust's HYPE on its own infrastructure instead of renting a third-party validator. One of the first US Hyperliquid ETFs, launched in 2026.

Stated mandate

The fund seeks exposure to the value of Hyperliquid held by the Trust, after expenses and liabilities, and also seeks additional Hyperliquid through staking.

Why people hold it

  1. 01Bitwise says it is the only Hyperliquid ETP sponsor that stakes HYPE through its own operation (Bitwise Onchain Solutions) rather than a third-party provider.bitwiseinvestments.com
  2. 02Two jobs, one wrapper: exposure to the HYPE the trust holds after expenses, plus additional HYPE sought through staking, inside a grantor trust that trades like a stock.
  3. 03The 0.34% sponsor fee sits right around the middle of the spot crypto pack, and the fund arrived in the first wave of US Hyperliquid ETPs.bitwiseinvestments.com
  4. 04Among the stronger implementations in a Hyperliquid field that got crowded fast, on cost and risk marks together.

Worth knowing

  1. 01Cheaper HYPE wrappers exist: THYP at 0.30% and HYPG at 0.29%. The gap is a few basis points, paid for the in-house staking setup.
  2. 02The sponsor fee comes out of the fund's HYPE, so the HYPE behind each share declines over the life of the fund, whichever way the token moves.bitwiseinvestments.com
  3. 03One token, one protocol, and a track record measured in months since the 2026 launch. Staking rewards depend on network conditions and are not promised.bitwiseinvestments.com

BHYP Holdings

As of Sep 20, 2026, 9:29 AM
Asset class
Other
Holdings
1
Top-10 weight
100%
Largest holding
HYPERLIQUID100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—HYPERLIQUID100.00%2,198,865$202M3

Showing 1–1 of 1 holdings

BHYP Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

BHYP$14,365
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. BHYP $14,365. SPY $10,415. Use the arrow keys to read each point.$7,255$11,073$14,891Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BHYP. Periods over one year show the average yearly return.
PeriodBHYP
Year to dateFund launched this year—
1 month+28.9%
3 months+43.6%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BHYP
YearReturn barBHYP
2026 YTD+116.9%

History from May 15, 2026

BHYP in the news

BHYP Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed May 2026. No distributions yet.

BHYP Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched May 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched May 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched May 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.00
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

BHYP Cost

Expense ratio0.34%
  • The middle half of Crypto Spot funds
  • Median 0.35%

6 of the 26 Crypto Spot funds charge less.

BHYP costs $34.00 a year on $10,000. The median Crypto Spot fund costs $35.00.