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THYP

GradeANASDAQ Global Market

21Shares Hyperliquid ETF

Crypto · 21Shares · Inception 2026-05-11 · SEC filings

$54.42−1.41 (−2.53%)

As of Sep 23, 2026, 3:04 PM EDT

History starts May 12, 2026.History starts May 12, 2026.History starts May 12, 2026.
Intraday session: down, 56 prints from 55.83 to 54.42. Range 53.46 to 55.56. Use the arrow keys to read each point.$53.50$54.00$55.00$55.5010 AM12 PM2 PM4 PM
Expense ratio
0.30%
Fund size
$99M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0.2M sh
NAV per share
$55.99
52W range
low $22.54high $56.28

The ETF.net THYP Grade

A

73/ 100

Rank 4 of 26 in Crypto Spot⁠

Confidence Medium

Six-pillar profile for THYP. Scores out of 100: Cost 86, Risk 69, Mission not scored, Tradability 64, Holdings 43, Durability 45. Strongest: Cost (86). Weakest: Holdings (43). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 73 of 100 sits in the A 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.
    AScore 86
    Category rank4/26 · top 15%

  • 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.
    BScore 69
    Category rank6/26 · top 23%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 64
    Category rank9/26 · top 35%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 43
    Category rank4/6 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 45
    Category rank18/26 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on THYP

ETF.net Research

AThe first US spot ETF for HYPE, the token behind the Hyperliquid perpetuals exchange. It holds the coin directly, stakes a slice of it, and charges less than the typical spot-crypto fund.

Stated mandate

The Trust seeks to track HYPE's performance through the FTSE Hyperliquid Index, net of expenses and liabilities, and may reflect staking rewards at the Sponsor's discretion.

Why people hold it

  1. 01First US-listed spot Hyperliquid ETF: HYPE exposure inside an ordinary brokerage account, with no wallet, no private keys and no crypto exchange login.21shares.com
  2. 02Staking is built into the wrapper. A portion of the trust's HYPE is staked on the network, and rewards are passed to shareholders in cash rather than kept inside the token.21shares.com
  3. 03The 0.30% sponsor fee sits below the 0.35% median for spot-crypto ETFs and under BHYP, which tracks the same FTSE Hyperliquid Index.
  4. 04Coins are held by Anchorage Digital Bank and BitGo Bank & Trust, federally chartered trust banks built for digital assets.21shares.com

Worth knowing

  1. 01One token, one protocol. Value moves with the price of HYPE, the native asset of a young derivatives exchange, so drawdowns can be deep and fast.decrypt.co
  2. 02Launched in 2026, so there is little history to judge it by, and how much of the HYPE gets staked is set at the sponsor's discretion.
  3. 03It is a grantor trust, not a registered investment company, so the shareholder protections that come with 1940 Act funds do not apply here.

THYP Holdings

As of Sep 20, 2026, 6:36 AM
Asset class
Other
Holdings
—
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%1,004,165$92M3

Showing 1–1 of 1 holdings

THYP Performance

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

THYP$14,318
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. THYP $14,318. SPY $10,415. Use the arrow keys to read each point.$7,233$11,038$14,843Jun 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 THYP. Periods over one year show the average yearly return.
PeriodTHYP
Year to dateFund launched this year—
1 month+28.3%
3 months+43.2%
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 THYP
YearReturn barTHYP
2026 YTD+137.9%

History from May 12, 2026

THYP in the news

THYP 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.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.04 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2026

One bar per payment. 1 payment in 2026 YTD. Jun 29, 2026 $0.04. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Jun 29, 2026Jun 30, 2026$0.04

THYP 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.
−0.29
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.

THYP Cost

Expense ratio0.30%
  • The middle half of Crypto Spot funds
  • Median 0.35%

2 of the 26 Crypto Spot funds charge less.

THYP costs $30.00 a year on $10,000. The median Crypto Spot fund costs $35.00.