SUIS vs THYP

SUISDCanary Staked SUI ETF

THYPA21Shares Hyperliquid ETF

In short

SUIS A grantor trust that holds Sui and puts it to work: the coins are staked on the SUI network, and the rewards earned come back as more SUI inside the trust rather than as cash in your account.

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

SUIS The Trust seeks to provide exposure to the price of Sui held by it, after expenses. It also seeks additional SUI through staking rewards earned from validating transactions on the SUI Network’s proof-of-stake process.

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

• SUIS Staking is part of the mandate, not an afterthought. The trust stakes the SUI it holds and seeks additional SUI from validating transactions on the network's proof-of-stake system.
• One asset, one job. It is a grantor trust whose exposure is the price of Sui after expenses, bought and sold in a brokerage account like any other listed share.
• No seed phrases, no exchange logins, no picking validators. Custody and the staking mechanics sit with the trust instead of on your kitchen table.

• 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

• SUIS The 0.75% fee is more than double what the other spot Sui funds charge (TSUI at 0.30%, GSUI at 0.35%), so staking rewards have a bigger toll to clear before they add anything.
• Rewards stay inside the trust as more SUI. The fund has not been paying cash distributions, so anything staking adds shows up in the share price, not your account balance.
• A young, small fund that trades lightly. Spreads can run wider than in the largest crypto trusts, and the ride tracks a single layer-1 token rather than a basket.

• 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 SUIS profile⁠

Full THYP profile⁠