Unlike some firearms industry buzzwords like "tactical" and "pro" and "match grade" which doesn't necessarily mean anything hyper velocity refers to .22 lr ammunition that is loaded to higher pressures and gives muzzle velocities of 1500 fps from a rifle length barrel, about 22 inches or more.

Hyper velocity rounds are usually lighter than 40 grains and come in different shapes like solid round, solid truncated cone, and in hollow point versions of the same. These rounds are supersonic and really packs a punch although they can not be expected to be as accurate as their match grade or target rivals. It is precisely because of the fact that they cross the sound barrier that makes them less accurate. The excessive buffeting can just so slightly veer a bullet's path. For killing small game and varmints hyper velocity rounds get the job done quickly and humanely.

Not all ammunition manufacturers that make .22 lr will have an offering for a hyper velocity load. Remington has the yellow jacket and the viper, CCI has the CCI stinger. Recently, CCI came out with the CCI Velocitor, an even higher pressure .22 lr round, it is still quite new and ballistic charts for it are not yet available, but I would say that these new rounds would probably be very close to the 2000 feet per second mark. That is pretty fast if you consider that .22 magnum only goes a few hundreds of feet per second faster than that and costs up to %500 more than .22 lr ammo.