Asset manager 21Shares announced on May 12 the launch of the 21shares Hyperliquid ETF (Nasdaq: THYP) in the United States, providing spot exposure to the HYPE token with integrated staking rewards. A companion leveraged product, the 21shares 2x Long HYPE ETF (Nasdaq: TXXH), debuted on the same day.
First-Day Performance and Fee Structure
According to data shared by 21Shares US on X, THYP recorded $1.8 million in trading volume and approximately $1.2 million in net inflows on its first day. The fund carries a 0.3% management fee, which the issuer claims is the lowest among Hyperliquid ETFs as of May 12. THYP trades on Nasdaq with ISIN US90137V1089 and a May 4 inception date. TXXH, meanwhile, has a 1.89% management fee and an April 30 inception date.
Staking Rewards and Risk Disclosures
THYP may stake a portion of its holdings to generate rewards. This structure introduces risks including lock-up periods, unbonding periods, and potential slashing penalties if a validator fails or engages in misconduct. Staking rewards are paid to the trust and are not guaranteed. THYP shares trade at market prices rather than net asset value, and investors cannot individually redeem shares directly with the fund.
The issuer disclosed a quarterly distribution schedule for staking rewards, with the first payment expected on June 30, followed by September 30 and December 30. THYP is structured as a 33-Act spot exchange-traded product and does not carry the same investor protections as registered funds. TXXH operates as a 40-Act exchange-traded fund with additional regulatory oversight.
Hyperliquid Ecosystem Data
21Shares cited data showing Hyperliquid processes roughly $8 billion in daily volume and commands more than 50% of decentralized exchange perpetual open interest. The protocol generates over $56 million in monthly trading fees, with more than 95% used for daily open-market HYPE buybacks. Over 76% of tokens are allocated to the community, while team tokens are locked until 2028.
Andres Valencia, EVP of Investment Management at 21Shares, commented: "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. Now we are bringing the same innovation to the U.S. market, helping investors gain regulated exposure to the Hyperliquid ecosystem."
Product Considerations
It should be noted that TXXH is a leveraged product with daily rebalancing, which may amplify losses over time if held long-term. While THYP's staking mechanism offers potential additional yield, investors should fully understand lock-up and slashing risks. 21Shares' dual product launch aims to cater to investors with varying risk appetites.