21Shares Hyperliquid Staking ETF

21Shares Hyperliquid Staking ETF is an exchange-traded fund that issues common shares of beneficial interest, which trade on The Nasdaq Stock Market LLC under the ticker symbol "THYP". The Trust's investment objective is to track the performance of HYPE, as measured by the FTSE Hyperliquid Index (the "Pricing Benchmark"), after accounting for the Trust's expenses and other liabilities. It also aims to reflect rewards from staking a portion of the Trust's HYPE, if the Sponsor determines this can be done without significant legal or regulatory risk, such as the risk to its grantor trust tax status. The Pricing Benchmark is calculated by FTSE International Limited on weekdays and Sundays and is designed to track HYPE's performance in U.S. dollars. The Trust's shares are valued daily based on this Pricing Benchmark. To achieve its objective, the Trust holds HYPE. CSC Delaware Trust Company serves as the trustee, and The Bank of New York Mellon acts as the Trust's Administrator, Transfer Agent, and Cash Custodian. Anchorage Digital Bank N.A. and BitGo Bank & Trust, N.A. are the custodians for the Trust, holding all its HYPE. The Trust does not buy or sell HYPE except when creating and redeeming Shares or paying certain expenses, which are handled by prime brokers. The Trust is not managed like a corporation or an active investment vehicle and has no officers, directors, or employees.