TDOT vs THYP

TDOTB21shares Polkadot ETF Shares of Beneficial Interest

THYPA21Shares Hyperliquid ETF

In short

TDOT The first US spot Polkadot fund: it holds real DOT, stakes a slice of the pile, and passes those network rewards through to shareholders. Fee sits under the typical spot-crypto rate, and the fund is still small and new.

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

TDOT The Trust seeks to track the performance of DOT as measured by the CME CF Polkadot — Dollar Reference Rate — NY Variant.

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

• TDOT 0.30% a year, below the going rate across spot-crypto funds and matching the cheapest end of 21Shares' own altcoin shelf (TSUI, TOXR).
• Stakes part of its DOT and distributes the staking rewards it collects, so holders get network income alongside price exposure without running a wallet or validator.21shares.com
• Plain plumbing: a grantor trust holding the coin itself, tracking the CME CF Polkadot Dollar Reference Rate (NY Variant), the same wrapper used by spot bitcoin ETFs.globenewswire.com
• Brokerage-account access to Polkadot, a layer-0 network built around cross-chain interoperability, without keys, exchanges or self-custody.21shares.com

• 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

• TDOT A small, lightly traded fund launched in 2026, which tends to mean wider spreads than the household-name crypto ETFs.
• Registered under the 1933 Act, not the Investment Company Act of 1940, so the protections that come with a standard ETF wrapper do not apply.globenewswire.com
• One token, one network, plus staking-specific risks layered on top of DOT's volatility. The issuer flags full loss of investment as possible.21shares.com

• 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 TDOT profile⁠

Full THYP profile⁠