The Hashdex Bitcoin Futures ETF (DEFI) is an exchange-traded fund designed to provide exposure to the performance of regulated Bitcoin futures contracts. The ETF is managed by Hashdex and trades under the ticker DEFI on the NYSE Arca.

Classified as a cryptocurrency futures ETF, the fund invests primarily in Bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME) and other related financial instruments. Its strategy allows investors to gain exposure to Bitcoin without directly owning the cryptocurrency.

The ETF follows an active management approach, continuously adjusting its futures positions as contracts mature and market conditions evolve. As a result, its performance may differ from Bitcoin's spot price because of futures roll costs and the characteristics of the futures market.

Diversification and sector exposure

DEFI provides exposure primarily associated with:

• Bitcoin futures.

• Cryptocurrencies.

• Digital assets.

• Blockchain.

• Derivatives.

• Financial technology.

• Futures market.

• Digital economy.

Because the fund invests primarily in Bitcoin futures contracts, its portfolio is highly concentrated in a single asset and does not provide diversification across multiple cryptocurrencies.

The ETF's performance reflects the behavior of the Bitcoin futures market and may differ from spot Bitcoin returns because of the pricing dynamics of futures contracts.

Structure and costs

DEFI shares trade on the secondary market on the NYSE Arca during regular trading hours. Share creation and redemption occur through authorized participants, a mechanism intended to help align the ETF's market price with its net asset value (NAV).

The fund primarily gains exposure through exchange-traded Bitcoin futures contracts and may also hold short-term U.S. Treasury securities, cash, or cash equivalents for collateral and liquidity management purposes.

The ETF charges a management fee as outlined in its prospectus and does not apply a performance fee.

Because it invests in futures contracts, the fund is exposed to risks such as roll costs, differences between futures and spot market performance (tracking error), and the high volatility associated with cryptocurrency markets.

History and evolution of the ETF

The Hashdex Bitcoin Futures ETF was launched in 2022 as one of the first U.S.-listed ETFs to provide Bitcoin exposure through regulated futures contracts.

Since inception, the fund has reflected the continued development of the regulatory framework for digital assets and growing institutional participation in cryptocurrency markets.

In recent years, the expansion of Bitcoin ETFs, evolving regulations, increasing institutional adoption, and the continued development of cryptocurrency derivatives markets have remained important factors shaping the role and performance of this type of investment product.

Additional Information

Hashdex Bitcoin Futures ETF (United States) is an exchange-traded fund (ETF), with assets under management totaling $8.62 million.

Over the past 12 months, Hashdex Bitcoin Futures ETF recorded a return of -45.95%, with its price trading between $66.52 and $142.11 during the same period.

The ETF is traded under the ticker DEFI.