DEFI ETF — Holdings & Analysis

The Hashdex Bitcoin Futures ETF (DEFI) is designed to provide exposure to bitcoin price movements through futures contracts.

With an AUM of $0.01 billion and an expense ratio of 0.25%, DEFI offers a focused approach to tracking the Nasdaq Bitcoin Reference Price – Settlement. The fund's strategy involves using bitcoin futures, distinguishing it from ETFs holding physical bitcoin, and its portfolio is heavily allocated to cash and similar instruments to support its futures-based investment strategy. Past performance does not guarantee future results.

Hashdex Bitcoin Futures ETF (DEFI) ETF — Price, Holdings & Analysis

The Hashdex Bitcoin Futures ETF (DEFI) is designed to provide exposure to bitcoin price movements through futures contracts. With an AUM of $0.01 billion and an expense ratio of 0.25%, DEFI offers a focused approach to tracking the Nasdaq Bitcoin Reference Price – Settlement. The fund's strategy involves using bitcoin futures, distinguishing it from ETFs holding physical bitcoin, and its portfolio is heavily allocated to cash and similar instruments to support its futures-based investment strategy. Past performance does not guarantee future results.

ETF Overview

The Hashdex Bitcoin ETF is designed to track the price performance of bitcoin, aiming for changes in the Shares’ NAV to reflect the daily changes of the price of the Nasdaq Bitcoin Reference Price – Settlement, less expenses.

The Hashdex Bitcoin Futures ETF (DEFI) aims to mirror the daily price changes of bitcoin by investing in bitcoin futures contracts. The fund's net asset value (NAV) is intended to reflect the performance of the Nasdaq Bitcoin Reference Price – Settlement, less expenses. DEFI primarily invests in cash and similar instruments, with 100% of its holdings in 'Cash & Others,' to collateralize its futures positions. A small portion, 0.60%, is allocated to First American Government Obligs X (FGXXX). This ETF is designed for investors seeking exposure to bitcoin price movements without directly holding bitcoin, offering a regulated and potentially more accessible investment vehicle. However, it's crucial to understand that futures-based ETFs may not perfectly track the underlying asset's spot price due to factors like contango and backwardation. Past performance does not guarantee future results.

Risk Metrics

DEFI presents several risks inherent to its investment strategy. The fund's concentration in bitcoin futures exposes it to the volatility of the cryptocurrency market. The fund's beta is currently 0.00. The expense ratio of 0.25% will create a slight drag on performance relative to the underlying index. Additionally, the fund's reliance on futures contracts introduces risks associated with contango and backwardation, which can impact returns. The fund's allocation of 100% to 'Cash & Others' indicates a conservative approach to collateralizing its futures positions, but also means that the fund's returns will be primarily driven by the performance of its bitcoin futures contracts, rather than diversification across multiple asset classes. Past performance does not guarantee future results.

Expense Ratio

0.25%

What does DEFI hold?

Holding	Weight
First American Government Obligs X (FGXXX)	0.60%

How Is the Fund Allocated?

Sector	Weight
Cash & Others	100.0%

Country	Weight
Other	100.0%

Dividend Yield

0.00%

Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) — 0.16% expense ratio
iShares Russell 2000 ETF (IWM) — 0.19% expense ratio
State Street Financial Select Sector SPDR ETF (XLF) — 0.08% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
State Street SPDR S&P 500 ETF (SPY) — 0.09% expense ratio

Risk Metrics

Beta: 0.00

Questions & Answers

What is DEFI and what does it track?

The Hashdex Bitcoin Futures ETF (DEFI) is an exchange-traded fund designed to track the price performance of bitcoin. It aims to reflect the daily changes in the price of the Nasdaq Bitcoin Reference Price – Settlement, less expenses.

What is the expense ratio for DEFI?

The expense ratio for the Hashdex Bitcoin Futures ETF (DEFI) is 0.25%. This means that for every $10,000 invested in the fund, $25 is deducted annually to cover operating expenses.

While there isn't a specific 'category average' for Bitcoin futures ETFs, this expense ratio is generally competitive compared to other specialized cryptocurrency-related ETFs.

What are the top holdings in DEFI?

As of 2026-03-15, the Hashdex Bitcoin Futures ETF (DEFI) has a concentrated portfolio. The top holding is First American Government Obligs X (FGXXX), comprising 0.60% of the fund's assets. The remaining assets are held in cash and other instruments.

Is DEFI a good long-term investment?

Whether DEFI is a suitable long-term investment depends on an investor's risk tolerance and outlook on bitcoin. DEFI provides exposure to bitcoin price movements through futures contracts, which can be more volatile than traditional assets.

The fund's performance is closely tied to the bitcoin market, and its futures-based strategy may introduce tracking differences compared to the spot price of bitcoin.

How does DEFI compare to similar ETFs?

DEFI differentiates itself through its focus on bitcoin futures contracts, offering a regulated avenue for bitcoin exposure. Its expense ratio is 0.25%. DEFI has $0.01B in AUM.

Other bitcoin ETFs may hold physical bitcoin or employ different futures strategies, potentially leading to varying tracking errors and risk profiles.

Does DEFI pay dividends?

The Hashdex Bitcoin Futures ETF (DEFI) does not currently pay dividends. Its dividend yield is 0.00%.

This is typical for ETFs that track commodities or currencies, as they generally do not generate income in the same way as stocks or bonds. The fund's returns are primarily driven by changes in the price of bitcoin futures contracts, rather than dividend payments.