21Shares' Staking Payouts Diverge Between US and European Funds

21Shares has paid out staking income to five US-listed funds, with a record date and ex-date of September 29, 2026, and a pay date of September 30, 2026. The amount distributed varies by fund, ranging from $0.031602 per share for the Ethereum staking fund (TETH) to $0.191360 per share for the Hyperliquid staking fund (THYP). The distribution is not a dividend, but rather the fund passing on the staking rewards earned by the underlying networks.

The same issuer, 21Shares, has European staking ETPs that distribute nothing, instead crediting the staking yield to the net asset value. This has implications for tax, compounding, and the annual tax return. 21Shares' European staking ETPs are not funds, but exchange-traded debt securities collateralized with the coins.

Investors in Germany may not be able to buy the US-listed funds, due to the PRIIPs Regulation, which requires a standardized key information document for EU retail investors. The German route via Xetra offers European staking ETPs, but these do not make cash distributions and are classified as bearer debt securities.