Brazilian Asset Manager Hashdex Launches DeFi ETF on Local Stock Exchange
The ETF, which trades under the ticker DEFI11, attracted 2,200 investors for a total amount of $10.5 million, about a tenth of the $96 million it expected to capture.

This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.
Brazil-based crypto asset manager Hashdex launched a decentralized finance (DeFi) exchange-traded fund (ETF) on Brazilian stock exchange B3 on Thursday. However, the ETF received only $10.5 million from investors, about one-tenth what the company expected to capture, according to a Feb. 4 note sent by the firm.
The Hashdex ETF, which trades under the ticker DEFI11, expected to raise $96 million but drew only 2,200 investors.
Developed in partnership with global crypto index provider CF Benchmarks, DEFI11 mirrors the CF DeFi Modified Composite Index, an index that features tokens of Uniswap
The index also features DeFi protocol support, including identity verification and scalability systems such as Polygon, Chainlink and The Graph.
XP, Itaú BBA and Banco Genial served as coordinators of the ETF offering, which has a management fee of 1.3%.
In April 2021, Hashdex launched Brazil and Latin America's first crypto ETF, HASH11, which ranks as the second-most purchased future on B3, according to the Brazilian stock exchange.
On Feb. 8, Brazilian asset manager QR Capital launched a DeFI ETF on B3 under the ticker QDFI11, which follows the Bloomberg Galaxy DeFi index.
This article was translated by Andrés Engler, and edited by CoinDesk. The original Portuguese can be found here.
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