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Launched · SEC filings

21Shares Hyperliquid ETF

THYPNasdaq21SharesA

$47.98−4.37 (−8.34%)

At close: Nov 2, 2026, 4:00 PM ET

A77/ 100

Rank 3 of 26 in Crypto Spot

A77/100Rank 3 of 26inCrypto Spot
Intraday session: down, 79 prints from 52.34 to 47.98. Range 47.84 to 49.89. Use the arrow keys to read each point.49.0050.0051.0010 AM12 PM2 PM4 PM
Expense ratio
0.30%
Fund size
$60M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
1
Avg volume · 30D
80.9K sh
52W range
low $22.54high $56.28
Launched
Filings
SEC EDGAR

The ETF.net THYP Grade

Based on 5 of 6 pillars

A

Score 77 out of 100

Category
Crypto Spot⁠
Rank
3 of 26
Six-pillar profile for THYP. Scores out of 100: Cost 86, Risk 77, Mission not scored, Tradability 74, Holdings 45, Durability 41. Strongest: Cost (86). Weakest: Durability (41). Based on 5 of 6 pillars.

Score 77 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A86 out of 100
    Rank 3 of 26

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A77 out of 100
    Rank 4 of 26

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A74 out of 100
    Rank 5 of 26

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C45 out of 100
    Rank 4 of 7

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C41 out of 100
    Rank 20 of 26

Our read on THYP

ETF.net Research

In short

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

  • First 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
  • Staking 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
  • The 0.30% sponsor fee sits below the 0.35% median for spot-crypto ETFs and under BHYP, which tracks the same FTSE Hyperliquid Index.
  • Coins are held by Anchorage Digital Bank and BitGo Bank & Trust, federally chartered trust banks built for digital assets.21shares.com

Worth knowing

  • One 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
  • Launched 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.
  • It is a grantor trust, not a registered investment company, so the shareholder protections that come with 1940 Act funds do not apply here.

THYP Performance

Launched May 11, 2026

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

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
THYP$15,923
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,093
Jul 31, 2026 to Nov 2, 2026. THYP $15,923. SPY $10,093. Use the arrow keys to read each point.$10,000$12,500$15,000$17,500Jul 2026Sep 2026Nov 2026

Jul 31, 2026 – Nov 2, 2026

Returns run to the Nov 2, 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 yearNo data
1 month−4.2%
3 months+59.2%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+105.2%

History from May 12, 2026

THYP in the news

THYP Dividends

Last payment
$0.19 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 2 payments in 2026 YTD. Jun 29, 2026 $0.04; Sep 29, 2026 $0.19. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Sep 29, 2026Sep 30, 2026$0.19
Jun 29, 2026Jun 30, 2026$0.04

THYP Risk

Risk pillarA77 out of 100Rank 4 of 26 in Crypto Spot
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.

FMP measures it over up to five years of monthly returns.

THYP Cost

Compare THYP and XRPZ

Overpaying vs XRPZ, cheapest in Crypto Spot

$2,197

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • THYP 0.30%

    $6,149

  • XRPZ 0.19% Cheapest

    $3,952

$10,000
30 years

Cost over time

  • THYP 0.30%
  • XRPZ 0.19%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530THYP $6,149XRPZ $3,952

Year by year

YearTHYPXRPZOverpaying
10$545$347$198
20$2,113$1,351$762
30$6,149$3,952$2,197

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