Defiance Seeks 2x Leveraged Exposure to Bitwise Hyperliquid ETF

The Defiance Daily Target 2X Long HYPE ETF is designed to deliver 200% of the daily performance of the Bitwise Hyperliquid ETF (BHYP), which holds the HYPE token and earns additional HYPE through staking. The fund would use swaps, options, a Cayman subsidiary, and reverse repurchase agreements to obtain leverage while maintaining RIC tax status. As with other daily leveraged ETFs, returns over periods longer than one day can diverge significantly from 2x BHYP’s performance due to compounding, volatility, financing costs, and daily rebalancing.