Hyperliquid and Pump.fun were about 62% of a proposed Defiance crypto ETF
The CoinDesk Crypto Revenue Leaders ETF can hold less than 10 crypto tokens that it weights by network revenue and holds synthetically.
Key takeaways
Hyperliquid and Pump.fun together were about 62% of the index in a preliminary prospectus Tidal Trust V filed with the Securities and Exchange Commission on Nov. 6, 2026. The filing is for the Defiance CoinDesk Crypto Revenue Leaders ETF, which would be a series of the trust and would weight tokens by the revenue their networks generate.
Tidal Investments LLC, a Tidal Financial Group company, would advise the fund, and Defiance ETFs LLC would sponsor it. The prospectus elects to become effective 75 days after the filing, on Jan. 20, 2027.
The fund would seek to track, before fees and expenses, the CoinDesk Revenue Leaders Index. CoinDesk Indices Inc., a subsidiary of Bullish Global, owns and calculates the index. The adviser was not involved in creating it.
The index is built to hold up to 10 crypto assets drawn from the CoinDesk 100 Index, excluding stablecoins and memecoins as CoinDesk Data classifies them. On-chain revenue, as the prospectus defines it, is the share of blockchain fees a network keeps or distributes to token holders, leaving out fees paid to the firms and traders who supply liquidity.
A token qualifies only if it sent at least 50% of that revenue over the prior 180 days back to holders. The prospectus counts four ways that can happen: buying tokens back, permanently removing from circulation the tokens used to pay fees, paying holders, or rewarding them for locking tokens to help run the network. It says those steps are not necessarily cash payments.
Single token weight 40% at reset, but no limit after
The index resets every quarter, at which time each token is weighted by its revenue over the prior 180 days. No single token can make up more than 40% of the index at that reset.
Resets happen on the last business day of January, April, July, and October, and the new weights take effect at 4 p.m. Eastern time. After that, weights move with prices, and a weight can rise above 40% without being cut back.
The prospectus prints this composition as of Sept. 30, 2026, and calls the weights historical.
Hyperliquid and Pump.fun together were about 62%. With Tron, the prospectus puts the three at 79.97%. Ethereum was 2.93%, and Solana was 1.28%.
Hyperliquid, the index's largest weight, is a blockchain with a decentralized exchange by the same name where traders buy and sell perpetual futures contracts. Perpetual futures are derivatives with no expiration date, and Forbes describes them as the instrument crypto traders prefer for leveraged speculation. Launched in 2023, Hyperliquid captured an estimated 80% of the perpetual futures market in 2025.
Pump.fun, the second-largest weight, is a platform that lets people quickly create and sell memecoins, tokens often tied to jokes and memes, Bloomberg reported on June 3, 2025.
The fund prospectus says adverse developments affecting Hyperliquid, Pump.fun or Tron may have a disproportionate effect on the fund. It says the historical weights may change and are not investment limits.
Derivatives, not direct ownership
The prospectus says the fund does not invest directly in crypto assets. It would use swaps, cash-settled futures, and listed options, and it may hold U.S.-listed products that themselves hold the coins, plus other ETFs.
Two funds already trading hold the coins and weight them by market value. The Bitwise 10 Crypto Index ETF BITW weights the top 10 crypto assets by free-float-adjusted market capitalization, its annual report for 2025 says, and its quarterly report for the period ended March 31, 2026, lists investments in the coins. The Hashdex Nasdaq CME Crypto Index ETF NCIQ holds the coins and weights them by market value, a March 16, 2026 prospectus supplement says.
The fund may put up to 25% of its total assets in a wholly owned Cayman Islands subsidiary. The filing says that subsidiary would generally hold instruments such as crypto futures that do not count toward the income test a fund must pass to be taxed as a regulated investment company.
Under normal circumstances, the fund would invest at least 80% of its net assets in instruments that provide exposure to the index or its tokens.
On payouts, the prospectus says: "The Fund does not seek a specified distribution rate and does not promise income distributions."
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