Skip to content
etf.net

THYP vs TKNS

21Shares Hyperliquid ETF

THYPANasdaq

21Shares Active Crypto ETF

TKNSDNasdaq

Overlap

0.0%by weight

Expense ratio

THYP −0.75pt a year

THYP0.30%TKNS1.05%

Avg volume · 30D

THYP 147.7×the volume

THYP80.9KTKNS548

THYP vs TKNS Performance

Jul 31, 2026 – Nov 2, 2026

+59.2%THYP+23.2%TKNS

Jul 31, 2026 to Nov 2, 2026. THYP +59.2%. TKNS +23.2%. Use the arrow keys to read each point.0%40%80%Jul 2026Sep 2026Nov 2026
Expense ratio
THYP 0.30%, better
TKNS 1.05%
Fund size
THYP $60M
TKNS $0
Holdings
THYP 1
TKNS 4
Avg volume (30D)
THYP 80.9K sh, better
TKNS 548 sh
NAV per share
THYP $48.34
TKNS $26.07
52W range

ETF.net Grade

THYP: Cost 86, Risk 77, Mission not scored, Tradability 74, Holdings 45, Durability 41. TKNS: Cost 4, Risk 92, Mission not scored, Tradability 6, Holdings 56, Durability 6.
Pillar letters and Scores for THYP, TKNS, with each pillar’s weight
PillarTHYPTKNS
Cost30% weightA86HigherF4
Mission25% weightNot scoredNot scored
Risk15% weightA77A92Higher
Tradability15% weightA74HigherF6
Holdings10% weightC45B56Higher
Durability5% weightC41HigherF6

Rank among Crypto Spot funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. THYP and TKNS are both graded against the same 25 Crypto Spot funds, so their Grades compare head to head.

Crypto Spot⁠

Category · 25 funds
See all 25 ›

THYP ranks 3rd and TKNS 25th of 25 funds in the Crypto Spot Category.

  1. Rank 1AXRPZFranklin XRP ETFScore 86
  2. Rank 2AHYPGGrayscale Hyperliquid Staking ETFScore 81
  3. Rank 3ATHYP21Shares Hyperliquid ETFScore 77
  4. Rank 4AXRPBitwise XRP ETFScore 75
  5. Rank 24DTCAN21Shares Canton Network ETFScore 31
  6. Rank 25DTKNS21Shares Active Crypto ETFScore 25

Our read on each fund

ETF.net Research

THYPA21Shares Hyperliquid ETF

TKNSD21Shares Active Crypto ETF

In short

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.

TKNS 21Shares' first actively managed US crypto fund: Bitcoin at the core, a research-picked cast of other tokens around it, and weights that shift between defensive and growth positioning as conditions change.

Stated mandate

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.

TKNS The Fund seeks total return through active management of a diversified portfolio of crypto assets and crypto asset-related investments. Under normal circumstances, it invests at least 80% of its assets in those investments.

Why people hold it

  • 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
  • TKNS Active, not a tracker. 21Shares' team reweights the basket and can tilt defensive or growth, instead of holding one coin in fixed proportion.globenewswire.com
  • One ticket, whole basket: at least 80% of assets in crypto and crypto-related investments, with Bitcoin as the anchor and smaller tokens alongside it.21shares.com
  • Run by a crypto-native shop: 21Shares built a passive US crypto lineup first, and TKNS is the firm's step into active digital asset management.globenewswire.com

Worth knowing

  • 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.
  • TKNS You pay for the manager: a 1.05% expense ratio, several times the typical fee in its spot-crypto peer group, where trackers like XRPZ and THYP sit far lower.
  • Launched in 2026, so the record is short and the tape is light; spreads can run wider than in the category's household-name funds.21shares.com
  • Exposure can arrive through crypto ETPs, derivatives and a subsidiary, not only coins. The fund's own disclosures list subsidiary, derivatives and counterparty risks.21shares.com

Full THYP profile⁠

Full TKNS profile⁠

THYP vs TKNS Holdings

How THYP and TKNS differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of THYP and 0.0% of TKNS.

Level by level

  • Holdings0 in both0.0%
  • Asset classAlternatives100%

Sector

No Sector split for THYP and TKNS.

Country, concentration and asset class

Country by domicile

No country split for THYP.

Concentration

Weight in the 10 largest Holdings

  • THYP100.0%
  • TKNS100.0%

Securities held

  • THYP1
  • TKNS3

Asset class

THYP
Alternatives
TKNS
Alternatives

Holdings

  • Only in THYP1
  • In both0
  • Only in TKNS3

Only in THYP

1 security, 100% of THYP by weight

  • Hyperliquid100.00%

Only in TKNS

3 securities, 88.1% of TKNS by weight

  • ARK 21Shares Bitcoin ETF76.08%
  • Us Bank Mmda - Usbgfs 9 09/01/20376.96%
  • 21Shares Bitcoin Core ETP5.02%

Weight gaps

THYP and TKNS share no securities.

All THYP holdings⁠All TKNS holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

THYP vs TKNS Cost

Overpaying TKNS vs THYP

$13,346

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

  • THYP 0.30%

    $6,149

  • TKNS 1.05%

    $19,495

$10,000
30 years

Cost over time

  • THYP 0.30%
  • TKNS 1.05%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TKNS $19,495THYP $6,149

Year by year

YearTHYPTKNSOverpaying
10$545$1,847$1,302
20$2,113$6,927$4,814
30$6,149$19,495$13,346

Expense ratio

  • 0.30%THYP, cheaper
  • 1.05%TKNS
  • Middle half of Crypto Spot funds
  • Median 0.35%

THYP 3rd cheapest of 25 funds

TKNS 24th cheapest of 25 funds

THYP vs TKNS Dividends

Last 12 months to Nov 2, 2026
Payout (12M)
THYP No data
TKNS None
Last payment
THYP $0.19
TKNS No data
Ex-dividend
THYP Sep 29, 2026
TKNS No data
Paid on
THYP Sep 30, 2026
TKNS No data
Frequency
THYP Quarterly
TKNS No data

Distribution history

Per share, 2026, same scale for both

THYPQuarterly · 2 paymentsAll THYP payments⁠
One bar per payment. 2 payments in 2026 YTD. Jun 29, 2026 $0.04; Sep 29, 2026 $0.19. Use the arrow keys to read each point.$0$0.202026YTD
TKNSAll TKNS payments⁠

No distribution history available.

THYP vs TKNS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

Market sensitivityBeta, 5 years
THYP −0.29TKNS 1.56

THYP and TKNS in the news

All news⁠

Popular comparisons

  • THYPAvsXRPZA

    21Shares Hyperliquid ETF · Franklin XRP ETF

    Expense ratio
    0.30% · 0.19%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TKNSDvsXRPZA

    21Shares Active Crypto ETF · Franklin XRP ETF

    Expense ratio
    1.05% · 0.19%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • THYPAvsHYPGA

    21Shares Hyperliquid ETF · Grayscale Hyperliquid Staking ETF

    Expense ratio
    0.30% · 0.29%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TKNSDvsHYPGA

    21Shares Active Crypto ETF · Grayscale Hyperliquid Staking ETF

    Expense ratio
    1.05% · 0.29%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • THYPAvsXRPA

    21Shares Hyperliquid ETF · Bitwise XRP ETF

    Expense ratio
    0.30% · 0.34%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TKNSDvsXRPA

    21Shares Active Crypto ETF · Bitwise XRP ETF

    Expense ratio
    1.05% · 0.34%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.