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VHRL
Hyperliquid ETP
VanEck Hyperliquid ETN
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VHRL
Hyperliquid ETP
VanEck Hyperliquid ETN
ISIN:
DE000A4AT2X6
-
NAV$12.35
as of 26 May 2026 -
YTD RETURNS--
as of 26 May 2026 -
Total Net Assets$617.25 thousand
as of 26 May 2026 -
Total Expense Ratio1.50%
Overview
Product Description
Gain exposure to the dominant platform of on-chain derivatives trading. Hyperliquid operates the largest decentralized perpetual futures exchange, built on its own purpose-built Layer-1 blockchain with sub-second finality and CEX-rivaling execution speed. Historically, over 97% of protocol fees are funding direct HYPE token buybacks through the Assistance Fund, therefore the token's demand is structurally linked to platform usage. The VanEck Hyperliquid ETN is a fully-collateralized exchange traded note that invests in the HYPE Token.
- 100% backed by HYPE Token
- Stored at a regulated crypto custodian
- Tradeable like an ETF on regulated stock exchanges (albeit within a different segment)
Main Risk Factors: Volatility Risk: The trading prices of many digital assets have experienced extreme volatility in recent periods and may well continue to do so. Digital assets were only introduced within the past decade and regulatory clarity remains elusive in many jurisdictions. Liquidity concentration risk, Centralised validation risk (PoS Risk), Application Dependency risk, Currency Risk, Technology Risk, Legal and Regulatory Risks. You can lose money by investing in the ETNs. The value of the investments may go up or down and the investor may not get back the amount invested.
Underlying Index
MarketVector™ Hyperliquid VWAP Close Index (MVHYPEV Index).
Fund Highlights
- 100% backed by HYPE Token
- Stored at a regulated crypto custodian
- Tradeable like an ETF on regulated stock exchanges (albeit within a different segment)
Main Risk Factors: Volatility Risk: The trading prices of many digital assets have experienced extreme volatility in recent periods and may well continue to do so. Digital assets were only introduced within the past decade and regulatory clarity remains elusive in many jurisdictions. Liquidity concentration risk, Centralised validation risk (PoS Risk), Application Dependency risk, Currency Risk, Technology Risk, Legal and Regulatory Risks. You can lose money by investing in the ETNs. The value of the investments may go up or down and the investor may not get back the amount invested.
Underlying Index
MarketVector™ Hyperliquid VWAP Close Index (MVHYPEV Index).
Capital Markets
VanEck partners with esteemed market makers to ensure the availability of our products for trading on the mentioned stock exchanges. Our Capital Markets team is committed to continuously monitoring and assessing spreads, sizes, and prices to ensure optimal trading conditions for our clients. Furthermore, VanEck ETFs are available on various trading platforms, and we collaborate with a wider range of reputable Authorized Participants (APs) to promote an efficient and fair trading environment. For more information about our APs and to contact our Capital Markets team, please visit factsheet capital markets.pdf.
Performance
Holdings
Portfolio
Literature
Index
Index Description
MVHYPEV is a rules based, modified capitalization weighted index intended to give investors a means of tracking the overall performance of the leading digital asset regarding size, liquidity, legitimacy/quality and infrastructure. The intraday price, which is disseminated every 15 seconds, is based on a methodology which collects prices from several digital assets exchanges and weights them based on their liquidity. The closing price, disseminated at 16:00 CET is a volume weighted average of the last 60 minutes prior to close. Further information about MVHYPEV e.g. with regards to the index methodology and changes of the index may be found on www.marketvector.com.Awards
Main Risks
Main Risk Factors of a Hyperliquid ETN
Despite all the hype, digital assets are a highly risky investment. Below are key risk factors that need to be considered before making an investment in Hyperliquid ETN.
HYPE faces concentrated risks as its liquidity, validator power, and token value are each heavily dependent on a limited number of platforms, entities, and applications respectively.
The complexity of the token and underlying technology makes it challenging to accurately assess its viability and valuation.
Digital asset trading, transfer and custody venues or systems may be subject to hacking or system faults and can lead to capital loss.
Market disruptions and governmental interventions may make digital assets illegal.
Tokens built on newly developed or unproven technology may face greater barriers to widespread adoption compared to established networks potentially limiting growth and long-term viability.