The QR Bloomberg DeFi ETF (QDFI11) is a Brazilian exchange-traded fund designed to track the performance of the Bloomberg Galaxy DeFi Index, a benchmark developed by Bloomberg in partnership with Galaxy Digital to measure digital assets associated with the decentralized finance (DeFi) ecosystem.

Managed by QR Capital Gestora de Recursos Ltda., the ETF trades under the ticker QDFI11 on the B3 and provides investors with diversified exposure to decentralized finance protocols through a regulated, exchange-traded investment vehicle.

Classified as a digital asset ETF, QDFI11 follows a passive management strategy. The fund seeks to replicate the performance of its benchmark, which selects digital assets associated with DeFi protocols and applications according to predefined eligibility, liquidity, trading, custody, and pricing requirements.

Composition / Exposure Profile

QDFI11 provides exposure primarily to:

• Decentralized finance (DeFi) protocols and digital assets.

• Blockchain-based financial applications.

• Decentralized trading protocols.

• Decentralized lending and borrowing platforms.

• Infrastructure supporting the global digital asset market.

The Bloomberg Galaxy DeFi Index is designed to track leading protocols operating across the decentralized finance ecosystem. Eligible digital assets must satisfy requirements established by the index methodology, including criteria related to regulated trading and custody, availability of reliable pricing sources, and continued compliance with eligibility standards.

The composition of the benchmark can change over time as individual digital assets enter or leave the eligible universe, allowing the index to evolve alongside the broader DeFi ecosystem.

Unlike single-asset cryptocurrency ETFs, QDFI11 provides exposure across multiple DeFi protocols, reducing its dependence on the performance of a single digital asset while maintaining concentrated exposure to decentralized financial applications.

As a result, the ETF's performance is influenced by adoption of DeFi protocols, blockchain network activity, digital asset market liquidity, regulatory developments, technological innovation, and broader investor sentiment toward cryptocurrencies.

Structure and Costs

QDFI11 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption are conducted according to the procedures established by the fund's ETF structure.

The fund charges a total management fee of 0.90% per year, in addition to other operating expenses and charges established in its governing documents.

QDFI11 does not make recurring income distributions. Any returns generated by the underlying portfolio are incorporated into the fund's net asset value. The ETF has an indefinite term.

History and Evolution of the ETF

The QR Bloomberg DeFi ETF was launched in 2022 to provide investors with exchange-traded access to the emerging decentralized finance ecosystem.

At launch, QDFI11 was introduced by QR Asset as the world's first ETF specifically dedicated to decentralized finance, expanding Brazil's growing range of exchange-traded cryptocurrency investment products.

Since its inception, the fund has tracked the evolution of the Bloomberg Galaxy DeFi Index and the digital assets represented within it. Because decentralized finance remains a relatively young and volatile segment of the cryptocurrency market, QDFI11's performance has been influenced by crypto market cycles, liquidity conditions, protocol adoption, regulatory developments, and technological advances across the blockchain ecosystem.

Additional Information

QR Bloomberg DeFi ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $9.54 million.

Over the past 12 months, QR Bloomberg DeFi ETF recorded a return of -48.98%, with its price trading between $1.40 and $4.23 during the same period.

The ETF is traded under the ticker QDFI11.