openetf

The tokenized fund platform OpenETF launched its testnet system on October 6, 2026, creating a fund from the Hyperliquid portfolio, with shares existing in the form of tokens held in wallets. Currently, the deployment uses worthless test assets, and the documentation states that real funds should not enter the system. Each fund has a name, symbol, public terms, and shares in the form of ERC-20 compatible tokens.The manager trades the portfolio on Hyperliquid, and investors hold shares in their own wallets. The initial offering is subscribed in USDC at net asset value, with a minimum amount of 100 USDC, and the manager may set a higher threshold. The fund is a treasury across HyperCore and HyperEVM, with the treasury contract on HyperEVM issuing shares and pricing for subscriptions and redemptions, while the same treasury holds and trades the portfolio as a trading account on HyperCore. Investors hold share tokens, the manager directs trades, but does not obtain the treasury trading keys.Creating a fund requires no approval or creation fee. The manager must purchase at least 100 USDC worth of shares and choose a commitment ratio of at least 5%. Performance fees can be selected from 0% to 50% of consolidated profits, with a default of 20%; the management fee is 0% to 2% per year, with a default of 0%, and the two rates are frozen after shares are issued. The testnet charges an exit adjustment fee for the priced redemption portion, starting from 0.1%, with an additional 0.05% for each unit of nominal leverage, capped at 1%, with fees remaining in the fund. The documentation describes this deployment as a testnet only, with no timeline provided for mainnet launch.