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21shares launched the 21shares Hyperliquid ETF (Nasdaq: THYP) on May 12, giving U.S. investors spot exposure to HYPE, the native token of Hyperliquid, alongside integrated staking rewards. The issuer also debuted a leveraged companion product, the 21shares 2x Long HYPE ETF (Nasdaq: TXXH), on the same day.
According to first-day trading information posted by 21shares US on X, THYP recorded $1.8 million in trading volume and about $1.2 million in net inflows on its first day of trading. The materials list a 0.3% management fee and describe THYP as having the lowest management fee for a Hyperliquid ETF as of May 12.
THYP trades on Nasdaq with ISIN US90137V1089 and a May 4 inception date. TXXH was introduced alongside THYP and carries a separate 1.89% management fee, with an April 30 inception date.
21shares said the funds are designed to provide exposure to HYPE, “the native token of Hyperliquid, a next-generation decentralized exchange ( DEX) that has emerged as a significant liquidity hub for 24/7 on-chain trading infrastructure.”
Product materials indicate that THYP may stake part of its holdings to generate rewards. The staking approach introduces risks related to lock-up periods, unbonding periods, and potential slashing penalties if a validator fails to perform or engages in misconduct. The materials also state that staking rewards are paid to the trust and are not guaranteed.
In addition, THYP shares trade at market prices rather than net asset value, and the fund does not offer direct individual share redemption.
21shares cited Hyperliquid activity and fee metrics to contextualize the underlying market. The issuer said Hyperliquid processes roughly $8 billion in daily volume and accounts for more than 50% of decentralized exchange perpetual open interest. It also cited more than $56 million in monthly trading fees, stating that more than 95% goes toward daily open-market HYPE buybacks.
On token allocation, 21shares said more than 76% of tokens are allocated to the community, while team tokens are locked until 2028.
Andres Valencia, EVP, Investment Management at 21shares, said: “Having pioneered the first Hyperliquid exchange-traded product in Europe, we have seen the protocol evolve into a de facto global liquidity hub for decentralized derivatives.”
The leveraged ETF, TXXH, is structured as a 2x long product and carries a 1.89% management fee. The materials also highlight that leverage resets daily, which can amplify losses over time.
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