HBR vs THYP

HBRDCanary HBAR ETF

THYPA21Shares Hyperliquid ETF

In short

HBR A single-token wrapper for Hedera's HBAR: the trust holds the coin and passes through its value, minus expenses. Brokerage-account access to one crypto asset, priced at 0.95% a year.

THYP The 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

HBR The Trust seeks exposure to the value of HBAR held by it, after deducting operating expenses and other liabilities.

THYP 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

• HBR Pure play by design: the trust seeks exposure to the value of the HBAR it holds, after expenses. No basket, no proxy stocks, no wallet or private keys to manage.
• One of the newer names in the single-token aisle, launched October 2025, alongside spot wrappers for Sui, XRP, Chainlink and Polkadot.
• Trades on-exchange through the day with the usual ETF plumbing (custody, market makers, brokerage reporting) rather than an exchange account and self-custody.

• THYP 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

• HBR Fee is the headline trade-off: 0.95% a year, above the spot-crypto median, while single-token rivals such as TSUI and TDOT list 0.30%.
• No distributions: everything rides on HBAR's price minus expenses, and single-token crypto swings hard in both directions.
• Small and young: a modest asset base and a track record measured in months, so trading costs can vary with conditions.

• THYP 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.

Full HBR profile⁠

Full THYP profile⁠