THYP vs TOXR

THYPA21Shares Hyperliquid ETF

TOXRA21shares XRP 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.

TOXR A plain-vanilla XRP wrapper: it holds the coin, prices off a CME reference rate, and skips leverage and derivatives. In a field of near-identical XRP funds, 21Shares competes on price at 0.30%.

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.

TOXR The Trust is a passive exchange-traded vehicle designed to track XRP's U.S.-dollar price benchmark, after expenses and liabilities. It holds XRP and does not use leverage or derivatives.

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

• TOXR Charges 0.30%, under the median fee for spot-crypto funds and well under the 0.50% on rival XRP fund XRPC.
• Mechanically simple: holds XRP outright and tracks the CME CF XRP-Dollar Reference Rate, no leverage, no derivatives, no strategy layer.21shares.com
• Conventional plumbing behind the crypto: BNY Mellon acts as administrator, transfer agent and cash custodian.sec.gov

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.

• TOXR One coin, one price. XRP swings hard and the trust does nothing to cushion drawdowns. It pays no income.
• Trades lightly next to the largest crypto ETFs, so spreads and limit orders matter more here.
• Listed in December 2025, so the track record is short and there is little history showing how it tracks through stressed markets.sec.gov

Full THYP profile⁠

Full TOXR profile⁠