THYP

1. Source: Cointelegraph. (n.d.). Hype gains 300% in 2 months: Is DEX overvalued? Retrieved from https://cointelegraph.com/news/hype-gains-300-in-2-months-is-dex-overvalued

2. Source: Hyperliquid Revenue and Stats. Hyperscreener, ASXN, 2026, hyperscreener.asxn.xyz/revenue. 

3. Source: DeFiLlama. (n.d.). Perpetuals dexes. The competitor referred to is Aster. Retrieved from https://defillama.com/perps

4. Source: DeFiLlama. (n.d.). Perpetuals dexes. The competitor referred to is Aster. Retrieved from https://defillama.com/perps

Glossary
DEX perps:

Tokenomics: The economic principles, standards, and models for token distribution within the crypto economy. In other words, it looks into what roles a token plays within a blockchain and how its economic features impact the overall functioning of the network. Thus, tokenomics design is a crucial aspect of any public blockchain as it influences the behavior of participants within its network, aligns their incentives, and contributes to the overall growth of the ecosystem.

Gas fees: Fees paid in tiny fractions of the native currency to compensate validators for processing transactions. These fees also help control network congestion by incentivizing users to conduct only essential and not spam transactions.

Investing involves significant risk, including the possible loss of principal. There is no assurance that THYP (“the Trust”) will generate a profit for investors. The Trust may not be suitable for all investors. Investment in THYP may result in complete loss of investment. An investment in THYP is not a direct investment in Hyperliquid.

Please ask your financial advisor for more information about these risks. Hyperliquid is a relatively new asset class, and the market for Hyperliquid is subject to rapid changes and uncertainty. Hyperliquid is largely unregulated and Hyperliquid investments may be more susceptible to fraud and manipulation than more regulated investments.

Hyperliquid is subject to unique and substantial risks, including significant price volatility and lack of liquidity, and theft. The value of an investment in the Trust could decline significantly and without warning, including to zero. Hyperliquid is subject to rapid price swings, including as a result of actions and statements by influencers and the media, changes in the supply of and demand for Hyperliquid, and other factors. There is no assurance that Hyperliquid will maintain its value over the long-term.

Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets, or any ability to participate in or otherwise influence a digital asset's underlying network, could have an adverse effect on the market price of such digital asset.

Spot markets on which HYPE trades are relatively new and largely unregulated.

The Trust currently stakes a portion of its Hyperliquid (HYPE) holdings in order to generate additional rewards. Staking refers to the practice of committing digital assets to support the operations and security of the Hyperliquid network, in return for the potential to earn rewards from the protocol. While staking may enhance returns, it also introduces unique risks. Assets committed to staking may be subject to lock-up or unbonding periods, during which they cannot be accessed or transferred, which can reduce liquidity. Staking depends on the proper functioning of the Hyperliquid network, and disruptions such as downtime, software bugs, forks, or other technical failures may impair rewards or lead to the loss of staked assets.

The Trust also relies on validators and service providers to facilitate staking. If a validator fails to perform, suffers downtime, or engages in misconduct, the Trust’s staked assets may be reduced through penalties or “slashing” imposed by the network. Because staking involves concentrating assets with selected validators, the Trust may experience outsized losses if those validators face operational or security issues.

The regulatory and tax treatment of staking remains uncertain and may change at any time. Future guidance or legislation could limit or prohibit staking, or impose additional obligations or adverse tax consequences. Even when rewards are earned, they may not offset losses resulting from declines in the value of Hyperliquid, which remains highly volatile. An investment in the Trust therefore carries the risk of loss, up to and including the entire principal invested.

The trading prices of many digital assets, including Hyperliquid, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of Hyperliquid, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.

Failure by the Trust's Hyperliquid Custodian to exercise due care in the safekeeping of the Trust's Hyperliquid could result in a loss to the Trust. Shareholders cannot be assured that the Hyperliquid Custodian will maintain adequate insurance with respect to the Hyperliquid held by the custodian on behalf of the Trust.

Liquidity Risk. If an active trading market for the Shares does not develop or continue to exist, the market prices and liquidity of the Shares may be adversely affected.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

The Trust is not actively managed and will not take any actions to take advantage, or mitigate the impacts, of volatility in the price of Hyperliquid. An investment in the Trust is not a direct investment in Hyperliquid. Investors will also forgo certain rights conferred by owning Hyperliquid directly.  Shares of the Trust are generally bought and sold at market price (not NAV) and are not individually redeemed from the Trust. Only Authorized Participants may trade directly with the Trust and only large blocks of Shares called "creation units." Your brokerage commissions will reduce returns.

Shares in the Trust are not FDIC insured and may lose value and have no bank guarantee.

This material must be accompanied or preceded by a prospectus. Carefully consider the Trust's investment objectives, risk factors, and fees and expenses before investing. For further discussion of the risks associated with an investment in the Trust please read the Trust's prospectus: [insert link to prospectus]

The Marketing Agent is Foreside Global Services, LLC

21Shares US LLC is the Sponsor to the Trust.

© 2026. 21Shares US LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without written permission.