HYPE is designed to provide exposure to the performance of Hyperliquid (HYPE) (the underlying asset(s)). The products are only issued directly to Authorised Participants (APs). Investors who are not APs can purchase and sell securities in the secondary markets on regulated markets, i.e. stock exchanges. The collateral is held in designated, segregated accounts with institutional grade custodian(s) and is secured by way of a pledge to a collateral agent acting on behalf of investors. Each product corresponds to a specific amount of the underlying asset(s) ("Coin Entitlement"). The daily Coin Entitlement can be found on www.21shares.com. Price data (in USD) from CryptoCompare (https://www.cryptocompare.com/)) is used to calculate the price of the underlying asset(s).