Hashdex, a Brazilian-based crypto asset manager has officially launched a DeFi (decentralized finance) exchange-traded fund, or ETF on the Brazilian stock exchange B3 on Thursday. The ETF however, only ended up receiving $10,5 million from investors, which is in comparison to what the company was expecting, about just one-tenth, per a note sent by the firm on Feb. 4th.
The Hashdex ETF was expected to raise a sum total of $96 million but in reality, was only able to draw in a mere 2,200 investors. It trades under the ticker DEFI11.
DEFI11, which was developed in partnership with CF Benchmarks, a global crypto index provider, mirrors the CF DeFi modified Composite Index. This is an index that features the tokens of Uniswap (or UNI), Aave (or AAVE), Compound (COMP), and Maker (MKR), among many others, as well.
Also featured by the index is DeFi protocol support, which includes identity verification and scalability systems like Polygon, Chainlink, and The Graph.
Serving as coordinators for the ETF offering were XP, Itaú BBA, and Banco Genial, the management fee of which is 1.3%.
Back in April of 2021, Hashdex proceeded with the launch of Brazil and Latin America’s first crypto ETF, titled HASH11. HASH11 ranks as the 2nd most purchased future on B3, per the Brazilian stock exchange.
Then, on Feb. 8th, QR Capital, a Brazilian Asset manager launched a DeFi ETF on B3 which was under the ticker of QDFI11. This follows the Blomberg Galaxy DeFi index.