21Shares Hyperliquid ETF 10-Q

Item 1A. Risk Factors You should carefully consider the risk factors discussed in “Risk Factors” in our Registration Statement on Form S-1 (333-291131) declared effective on May 11, 2026, and the prospectus contained therein (the “Prospectus”), which could materially affect our business, financial condition or future results. There have been no material changes in our risk factors from those disclosed in the Prospectus. The risks described in the Prospectus are not the only risks facing the Trust. You should also consider any risks and uncertainties described under the caption “Risk Factors” in any applicable prospectus, prospectus supplement, registration statement or other document that we file with the SEC. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.