21Shares Launches THYP Spot ETP and 2x Hyperliquid ETF with 1.89% Fee
21Shares has launched two U.S. crypto products: THYP, a 33-Act spot ETP offering direct Hyperliquid token exposure with a 0.30% fee, and TXXH, a 40-Act 2x leveraged Hyperliquid ETF charging a 1.89% fee. Hyperliquid supports over $8 billion in daily volume and 50% of DEX perpetual open interest.
1. Launch Overview
21Shares rolled out two new U.S. funds for Hyperliquid exposure: the 33-Act spot ETP THYP, effective May 4, 2026, and the 40-Act 2x leveraged ETF TXXH, effective April 30, 2026. These are the first U.S.-listed products enabling investors to access HYPE, Hyperliquid’s native token.
2. Product Structures
THYP operates under a 33-Act framework with a 0.30% expense ratio and scheduled staking reward distributions on June 30, September 30 and December 30, 2026. TXXH is registered under the Investment Company Act of 1940, offers daily 2x leveraged exposure and charges a 1.89% fee.
3. Hyperliquid Protocol Strengths
The Hyperliquid DEX processes roughly $8 billion in daily volume, commands over 50% of DEX perpetual open interest and generates about $56 million in monthly trading fees, with over 95% used for HYPE buybacks. Its fully on-chain order book and community-aligned tokenomics aim to set a new standard in decentralized derivatives trading.