NAV Pricing
USD 36.77
As of March 31, 2023
Closing Price
USD 36.8
As of March 31, 2023
Shares Outstanding
60,004
As of April 3, 2023
Total Net Assets
USD 2,206,281.08
As of April 3, 2023
About the Product
The Hashdex Bitcoin Futures ETF ("Fund") provides access to bitcoin through a cost-effective and regulated exchange-traded fund. Bitcoin allows users to send and receive payments across the world, without needing a centralized authority to guarantee the transactions. Its unique combination of immutability and scarcity is revolutionizing modern-day finance and access to financial services.
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 the cryptocurrency’s growth potential, its store of value characteristics, and the prospect of a decentralized future, without the complexities of self custody.
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
0.92%**
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 April 3, 2023 | Quarter end As
of April 3, 2023
| Name | Shares | Price | Weight |
|---|---|---|---|
CME Bitcoin Fut Apr23 | 8 | 28,740 | 52.11% |
CME Bitcoin Fut May23 | 7 | 28,910 | 45.86% |
Cash & Other | 2,206,384.73 | 1 | - |
Performance
Month-end as of April 2, 2023 | Quarter-end as of April 2, 2023
| 1M | 3M | YTD | 1Y | Since inception | |
|---|---|---|---|---|---|
| DEFI (Market Price) | 21.77% | 72.04% | 72.04% | - | 47.20% |
| DEFI (NAV) | 21.71% | 71.82% | 71.82% | - | 47.08% |
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 March 31, 2023
| NAV | Market Price | Difference | Premium / Discount |
|---|---|---|---|
| 36.77 | 36.8 | 0.03 | 0.08% |
| Q3 2022 | Q4 2022 | 2022 | Q1 2023 | 2023 | |
|---|---|---|---|---|---|
| Days Traded at NAV | 4 | 5 | 9 | 2 | 2 |
| Days Traded at Premium | 3 | 27 | 30 | 32 | 32 |
| Days Traded at Discount | 5 | 31 | 36 | 28 | 28 |
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.
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