Bitcoin

DEFI

Hashdex Bitcoin Futures ETF

Price exposure to the world's first decentralized digital currency.

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NAV Pricing

USD 45.90

As of November 29, 2023

Closing Price

USD 45.91

As of November 29, 2023

Shares Outstanding

50,000

As of November 30, 2023

Total Net Assets

USD 2,294,850.00

As of November 30, 2023

Overview Key Facts Holdings Documents

About the Product

The Hashdex Bitcoin Futures ETF ("Fund") is sponsored by Teucrium Trading, LLC and provides price exposure to bitcoin through a regulated exchange-traded fund. Bitcoin allows users to send and receive payments across the world, without needing a centralized authority to guarantee the transactions.

The Fund does not invest directly in bitcoin, but provides price exposure to the crypto asset through bitcoin futures contracts. This gives investors the opportunity to capitalize on its growth potential, store of value characteristics, and the prospect of a decentralized future, without the complexity of self custody.

Learn More

Simple

An easy way to gain access to bitcoin through a cost-effective and regulated exchange-traded fund.

Fund terms and key facts

Ticker

DEFI

CUSIP

88166A805

Inception Date

9/15/2022

Exchange availability

NYSE

IIV

DEFI.IV

Benchmark Index

HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index

Expense Ratio

0.94%**

ISIN

US88166A8053

Options

Not currently available

* The Benchmark is HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, the average of the closing settlement prices for the first to expire and second to expire Bitcoin Futures Contracts listed on the CME. The index is calculated and disseminated by HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index.
** Defined as the amount of income (loss) required for the redemption value at the end of one year to equal the selling price of the Share, as presented in the Form S-1.
Service Providers

Administrator

U.S. Bank Global Fund Services

Distributor

Foreside Fund Services, LLC

Holdings
Month end As of November 30, 2023 | Quarter end As of November 30, 2023
Name Shares Price Weight
CME Bitcoin Fut Jan24
 6 38,495 50.32%
CME Bitcoin Fut Dec23
 6 38,065 49.76%
Cash & Other
 2,295,051.58 1 -
Download all the Holding details (Holdings are subject to change)
Performance
Month-end as of December 1, 2023 | Quarter-end as of December 1, 2023
1M 3M YTD 1Y Since inception
DEFI (Market Price) 8.30% 40.83% 114.63% 120.72% 83.64%
DEFI (NAV) 8.10% 40.80% 114.49% 120.25% 83.60%
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For the most recent month-end and/or quarter-end performance, please refer to the charts above. The market price is the final price at which a security is traded on a given trading day. Net Asset Value (NAV) is value per share on a specific date or time. Returns less than one year are cumulative. Because the Fund will invest primarily in BITCOIN futures contracts and other derivative instruments based on the price of BITCOIN, an investment in the Fund will subject the investor to the risks of the BITCOIN market, and this could result in substantial fluctuations in the price of the Fund's shares.
Premium / Discount
As of November 29, 2023
NAV Market Price Difference Premium / Discount
45.9 45.91 0.01 0.04%
Q3 2022 Q4 2022 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023
Days Traded at NAV 4 5 9 2 11 6 6 25
Days Traded at Premium 3 27 30 32 32 37 24 125
Days Traded at Discount 5 31 36 28 19 20 12 79

FAQs

Glossary

How is this product different from other ETFs that invest in bitcoin futures contracts?

The Hashdex Bitcoin Futures ETF is the first bitcoin futures ETF regulated under the 1933 Securities Act (‘33 Act). Exchange-traded products regulated under the ‘33 Act provide a level of operational diligence, disclosure, and investor protection consistent with ETFs regulated under the Investment Company Act of 1940, while also having some key differences that make ‘33 Act funds more appropriate for many investors, including tax efficiency and 100% exposure to the underlying crypto assets.

How does Bitcoin work?

Attempts to create an internet-based “digital cash” began in the 1990s, but each had shortcomings that prevented them from becoming mainstream. This changed after the pseudonymous Satoshi Nakamoto released “Bitcoin: A Peer-to-Peer Electronic Cash System” in 2008, describing a new protocol for exchanging value without a bank, government, or other third party. The network launched a few months after the paper’s release and the first bitcoin transaction took place on January 12, 2009. Bitcoin, with its combination of technological tools and economic incentives, promised a new, more equitable financial system.

What is a blockchain?

The simplest definition of a blockchain is a decentralized public ledger where transactions are confirmed by a network of compensated participants. Bitcoin’s blockchain was a novel idea due to the combination of technologies used to create a truly decentralized and immutable public ledger. Previously, financial transactions were dependent on banks and other entities managing both sides of the transaction, including maintaining personal information about the parties and placing restrictions on certain transactions.

Why bitcoin futures?

Investor demand for bitcoin products has accelerated in recent years, but there has not been regulatory approval for a spot bitcoin ETF in the U.S. We believe the Hashdex Bitcoin Futures ETF will help many investors gain access to bitcoin in a simple and regulated way.

What are the benefits of an ETF vs buying bitcoin directly?

Directly investing in crypto assets can include challenges such as self-custody and risks like exchange hacks and theft. ETFs are renowned for their efficiency and popularity as vehicles to access various markets and investment themes. They are structured in a manner that can offer superior liquidity and price efficiencies compared to other investment products.

Documents

DEFI Prospectus

Fact sheet

Teucrium PTP Qualified Notice

Teucrium Commodity Trust 10Q form - June 30

Teucrium Commodity Trust Form 10-Q

Teucrium Commodity Trust 10Q

Non-ECI Qualified Notice - DEFI

Tax package support

Investment Case

Fund statement for March 2023

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Important Information

Hashdex Asset Management Ltd. and its affiliates (‘Hashdex’) is providing this website for information purposes online to sophisticated prospective investors with respect to a potential interest in subscribing shares (‘Shares’) of the Hashdex Bitcoin Futures ETF (the "Fund"). The Fund is a commodity pool that issues Shares that may be purchased and sold on NYSE Arca. The Fund’s investment objective is for changes in the Shares’ NAV to reflect the daily changes of the price of the Benchmark, less expenses from the Fund’s operations. Under normal market conditions, the Fund invests in Benchmark Component Futures Contracts and cash and cash equivalents. Because the Fund’s investment objective is to track the price of the Benchmark by investing in Benchmark Futures Contracts rather than bitcoin, changes in the price of the Shares will vary from changes in the spot price of bitcoin. The Fund will invest in BTC Contracts and MBT Contracts to the extent necessary to achieve maximum exposure to the bitcoin futures market. Because the Fund’s investment objective is to track the price of the Benchmark by investing in Benchmark Futures Contracts rather than bitcoin, changes in the price of the Shares will vary from changes in the spot price of bitcoin.

 

The Fund employs Foreside Fund Services, LLC as the Distributor for the Fund. The Distribution Services Agreement among the Distributor, the Sponsor, and the Trust calls for the Distributor to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising material. The Distributor’s principal business address is Three Canal Plaza, Suite 100, Portland, Maine 04101. The Distributor is a broker-dealer registered with the U.S. Securities and Exchange Commission (“SEC”) and a member of FINRA.



Bitcoin Risks

Bitcoin and bitcoin futures are a relatively new asset class and the market for bitcoin is subject to rapid changes and uncertainty. Bitcoin and bitcoin futures are subject to unique and substantial risks, including significant price volatility and lack of liquidity. The value of an investment in the ETF could decline significantly and without warning, including to zero. You should be prepared to lose your entire investment. The ETF does not invest directly in or hold bitcoin. The price and performance of bitcoin futures should be expected to differ from the current “spot” price of bitcoin. These differences could be significant. Bitcoin futures are subject to margin requirements, collateral requirements and other limits that may prevent the ETF from achieving its objective. Margin requirements for futures and costs associated with rolling (buying and selling) futures may have a negative impact on the fund’s performance and its ability to achieve its investment objective. Bitcoin is largely unregulated and bitcoin investments may be more susceptible to fraud and manipulation than more regulated investments. Bitcoin and bitcoin futures are subject to rapid price swings, including as a result of actions and statements by influencers and the media.



Futures Risk

Commodities and futures investing is generally volatile and risky which may not be suitable for all investors. Futures may be affected by Backwardation: a market condition in which a futures price is lower in the distant delivery months than in the near delivery months. As a result, the fund may benefit because it would be selling more expensive contracts and buying less expensive ones on an ongoing basis; and Contango: A condition in which distant delivery prices for futures exceeds spot prices, often due to costs of storing and inuring the underlying commodity. Opposite of backwardation. As a result, the Fund’s total return may be lower than might otherwise be the case because it would be selling less expensive contracts and buying more expensive one.



  • Commodities and futures generally are volatile, and instruments whose underlying investments include commodities and futures are not suitable for all investors.
  • This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing.
  • The Fund is a commodity pool regulated by the Commodity Futures Trading Commission.
  • The Fund, which is an exchange-traded product (ETP), is not a mutual fund or any other type of investment company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation thereunder. An ETP refers to a financial product that is publicly trade like a bond in the stock market. 
  • Because the Fund will invest primarily in BITCOIN futures contracts and other derivative instruments based on the price of BITCOIN, an investment in the Fund will subject the investor to the risks of the BITCOIN market, and this could result in substantial fluctuations in the price of the Fund’s shares.
  • Shares of the Fund are not insured by the Federal Deposit Insurance Corporation (“FDIC”), may lose value and have no bank guarantee.
  • Unlike mutual funds, the Fund generally will not distribute dividends to its shareholders. Investors may choose to use the Fund as a means of investing indirectly in bitcoin, and there are risks involved in such investments.

 

This material is not an offer or solicitation of any kind to buy or sell any securities outside of the United States of America.

 

The Fund is a series of the Teucrium Commodity Trust (the "Trust"). The sponsor to the Fund is Teucrium Trading, LLC (the "Sponsor"), which receives a management fee. The Sponsor is registered as a commodity pool operator ("CPO") and a commodity trading adviser ("CTA") with the Commodity Futures Trading Commission ("CFTC") and is a member of the National Futures Association ("NFA"). Hashdex Asset Management Ltd. ("Hashdex") will serve as the Fund's Digital Asset Adviser and will assist the Sponsor and Marketing Agents with research and investment analysis regarding bitcoin and bitcoin markets for use in the marketing of the Fund. Hashdex will also provide the Fund with marketing services including, but not limited to, branding, the issuance of press releases, preparation of website data content, holding promotional webinars and engaging in promotional activities through social media outlets.

 

Hashdex has no responsibility for the investment or management of the Fund's investment portfolio or for the overall performance or operation of the Fund.

 

For more information pertaining to the relationship of companies involved in the Fund please read the prospectus.

 

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