21shares Hyperliquid Staking ETF

What they do

The Trust holds HYPE, the native token of the Hyperliquid network, and issues Shares in Creation Baskets of 10,000 or multiples thereof in exchange for cash or HYPE. Anchorage and BitGo act as custodians, holding all of the Trust's HYPE, while Bank of New York Mellon serves as transfer agent, administrator and cash custodian. The Trust is managed and controlled by 21Shares US LLC, a wholly owned subsidiary of 21co Holdings Limited, whose ultimate parent is FalconX. The investment objective is to track the performance of HYPE as measured by the FTSE Hyperliquid Index, adjusted for Trust expenses and other liabilities, and to reflect staking rewards on a portion of the Trust's HYPE.

Revenue drivers

• Sponsor Fee — The Trust pays a unitary Sponsor Fee of 0.30% of NAV, accruing daily and payable in HYPE at least quarterly in arrears, calculated by the Administrator based on an annualized rate applied to the Trust's NAV.
• Staking Rewards — The Trust aims to reflect rewards from staking a portion of its HYPE, to the extent the Sponsor determines this can be done without undue legal or regulatory risk, including the risk of jeopardizing grantor trust tax qualification.
• Creation Basket Issuance — The Trust issues Shares on a continuous basis in Creation Baskets of 10,000 or multiples thereof at the applicable NAV per Share, in exchange for cash or HYPE.

Recent performance

On March 18, 2026, the Initial Seed Capital Investor purchased the Initial Seed Shares at $50.00 per Share, with total proceeds to the Trust of $100. Delivery of the Initial Seed Shares was made on March 18, 2026. These Initial Seed Shares were redeemed for cash on March 23, 2026. The Trust was formed on July 24, 2025, and changed its name from Jura Pentium Trust 13 to 21Shares Hyperliquid ETF on October 27, 2025. No other financial results or performance figures are disclosed in the provided 10-Q excerpt.

Strategy

The Trust's staking model aims to maximize the portion of its HYPE available for staking while controlling for liquidity and redemption risks. The model determines a utilization rate by balancing expected yield against potential costs, including borrowing costs during redemptions, assuming the Trust has access to suitable credit. The Sponsor has sole discretion in determining whether the Trust may stake HYPE without undue legal or regulatory risk, such as jeopardizing its ability to qualify as a grantor trust for tax purposes. The Staking Services Provider exercises no discretion as to the amount of HYPE to be staked or the timing of Staking Activities.

Risks

• Regulatory and Tax Risk — Staking activities could jeopardize the Trust's ability to qualify as a grantor trust for tax purposes, and the Sponsor may determine staking cannot be done without undue legal or regulatory risk.
• Custody Risk — All of the Trust's HYPE is held by Anchorage and BitGo, exposing the Trust to the operational and security risks of these third-party custodians.
• Liquidity and Redemption Risk — The staking model's utilization rate must balance expected yield against potential costs, including borrowing costs during redemptions, assuming the Trust has access to suitable credit.
• Emerging Growth Company Status — The Trust is an 'emerging growth company' and may elect to comply with reduced public company reporting requirements, which could result in less information being available to investors.

Outlook

The provided 10-Q excerpt does not include specific forward-looking guidance or management projections beyond the Trust's stated investment objective and staking model. Management notes that forward-looking statements involve risks and uncertainties and that actual results could differ materially. The Trust does not intend to update forward-looking statements except as required by federal securities laws.