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Launched

21Shares 2x Long HYPE ETF

TXXHNasdaq21SharesCThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$56.44−11.11 (−16.45%)

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

C40/ 100

Rank 9 of 14 in 2x Long Crypto

C40/100Rank 9 of 14in2x Long Crypto
Intraday session: down, 79 prints from 67.55 to 56.44. Range 56.02 to 61.10. Use the arrow keys to read each point.60.0062.5065.0010 AM12 PM2 PM4 PM
Expense ratio
1.89%
Fund size
$6M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
2
Avg volume · 30D
14.1K sh
52W range
low $23.05high $86.40
Launched

The ETF.net TXXH Grade

Based on 5 of 6 pillars

C

Score 40 out of 100

Category
2x Long Crypto⁠
Rank
9 of 14
Six-pillar profile for TXXH. Scores out of 100: Cost 53, Risk 80, Mission 0, Tradability 21, Holdings not scored, Durability 20. Strongest: Risk (80). Weakest: Mission (0). Based on 5 of 6 pillars.

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

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
49
This cap took
−9
Published Score
40 Grade C

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C53 out of 100
    Rank 7 of 14

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    F0 out of 100
    Rank 2 of 4

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A80 out of 100
    Rank 2 of 14

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F21 out of 100
    Rank 13 of 14

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    F20 out of 100
    Rank 14 of 14

Our read on TXXH

ETF.net Research

In short

CThe first US-listed leveraged bet on Hyperliquid's HYPE token. TXXH is a 1940-Act fund that uses swaps and futures to chase twice HYPE's daily move: a trading tool in a brokerage-friendly wrapper.

Stated mandate

The Fund seeks twice the daily price performance of HYPE before fees and expenses. It is designed for daily, short-term leveraged exposure rather than results over periods longer than one day.

Why people hold it

  • 21Shares got there first: TXXH and its spot sibling were the first US-listed ETFs tracking Hyperliquid, reachable from an ordinary brokerage account, no wallet required.manilatimes.net21shares.com
  • Registered under the Investment Company Act of 1940, the same rulebook as a conventional ETF, rather than the commodity-trust structure used by spot crypto products.manilatimes.net
  • At 1.89%, it sits mid-pack among 2x crypto funds, undercutting BITX (2.75%) and ETHU (2.97%).

Worth knowing

  • The 2x objective is a one-day target that resets daily. Over longer holds, compounding through choppy markets can leave results well away from twice HYPE's move.21shares.com
  • Exposure is synthetic: swaps, futures and options rather than HYPE itself, which brings counterparty and collateral risk into the picture.21shares.com21shares.com 2
  • ProShares' 2x bitcoin and ether funds (BITU, ETHT) charge roughly half of 1.89%. The premium here buys a much younger, thinner underlying market.

TXXH Holdings

Asset class
Other
Holdings
2
Top-10 weight
208%
Largest holding
FHYPE1H4 Index-Swap-Ripl-L199.6%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataFHYPE1H4 Index-Swap-Ripl-L199.59%124,267$11.7M1
2No dataUs Bank Mmda - Usbgfs 9 09/01/20378.07%472,062$472K163

Showing 1–2 of 2 holdings

TXXH Performance

Launched Apr 30, 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.
TXXH$22,720
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,141
Jul 31, 2026 to Oct 30, 2026. TXXH $22,720. SPY $10,141. Use the arrow keys to read each point.$10,000$20,000$30,000Jul 2026Sep 2026Oct 2026

Jul 31, 2026 – Oct 30, 2026

Returns run to the Oct 30, 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 TXXH. Periods over one year show the average yearly return.
PeriodTXXH
Year to dateFund launched this yearNo data
1 month−5.2%
3 months+127.2%
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 TXXH
YearReturn barTXXH
2026 YTD+178.7%

Since listing, Apr 30, 2026

TXXH in the news

TXXH 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 Oct 30, 2026.
No dataLast 12 months
Payout per share
No dataLast 12 months

Listed Apr 2026. No distributions yet.

TXXH Risk

Risk pillarA80 out of 100Rank 2 of 14 in 2x Long Crypto

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
Launched Apr 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 Apr 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 Apr 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.
6.89
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.

TXXH Cost

Compare TXXH and BITU

Overpaying vs BITU, tied cheapest in 2x Long Crypto

$13,655

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

  • TXXH 1.89%

    $31,524

  • BITU 0.95% Tied cheapest

    $17,869

$10,000
30 years

Cost over time

  • TXXH 1.89%
  • BITU 0.95%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530TXXH $31,524BITU $17,869

Year by year

YearTXXHBITUOverpaying
10$3,211$1,678$1,533
20$11,602$6,322$5,280
30$31,524$17,869$13,655

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