21Shares Hyperliquid ETF is an exchange-traded product that provides spot exposure to HYPE, the native asset of the Hyperliquid network. The trust seeks to track HYPE through the FTSE Hyperliquid Index, adjusted for fees, expenses and liabilities, and may stake a portion of its HYPE holdings to generate additional rewards when the sponsor determines it can do so within acceptable legal and regulatory risk. Hyperliquid is a high-performance blockchain built around on-chain trading infrastructure, including a central limit order book and the HyperEVM environment for decentralized applications. THYP is not registered under the Investment Company Act of 1940, is not a direct investment in HYPE, and can be highly volatile; performance depends on the price of HYPE, fund expenses, staking outcomes, custody, liquidity, regulatory conditions and broader crypto market risk.