In order to achieve its investment objective, by the performance of the FTSE Hyperliquid Index (the Pricing Benchmark), as adjusted for the Trusts expenses and other liabilities, and to reflect rewards from staking a portion of the Trusts HYPE, to the extent the Sponsor in its sole discretion determines that the Trust may do so without undue legal or regulatory risk, such as, without limitation, the risk of jeopardizing the Trusts ability to qualify as a grantor trust for tax purposes. The Pricing Benchmark is calculated by FTSE International Limited (the Benchmark Provider or FTSE) based on the volume weighted average price across qualifying HYPE spot markets (Constituent Exchanges). The Pricing Benchmark is designed to track the performance of HYPE in U.S. dollars. In seeking to achieve its investment objective, the Trust will hold HYPE and the Trusts administrator will value the Trusts Shares daily based on the Pricing Benchmark.