Hashdex Defi Index Fundo De Indice

What it is

DEFI11 is the ticker of the Hashdex DeFi Index Fundo de Índice, the world’s first ETF focused specifically on the decentralised-finance sector, which began trading on Brazil’s B3 exchange in February 2022. An ETF is simply a listed fund — you buy one unit on the stock exchange just as you would buy a share, and the fund manager does the rest.

To reach its goal, the fund invests at least 95% of its assets in units of the Hashdex DeFi Index ETF — an upstream vehicle that holds the actual crypto assets traded abroad. That upstream ETF physically holds the crypto tokens that make up the CF DeFi Composite Index, which covers three segments: DeFi protocols, blockchain architecture, and non-financial-services protocols.

The basket currently spans 21 crypto-assets, with Uniswap, Morpho, Ethereum, Chainlink, Aave, Sky and Ondo Finance together representing 76% of the portfolio. The index excludes stable-coins — digital assets pegged to the value of other assets through any form of collateral or algorithm.

Who owns it

The fund’s administrator and custodian is Banco Genial S.A., and its investment manager is Hashdex Gestora de Recursos Ltda. As a Brazilian regulated ETF, there is no single controlling shareholder; the ~3,295 individual and institutional investors who hold units each own a proportional slice of the underlying crypto basket.

Hashdex itself was founded in 2018 in Rio de Janeiro by Marcelo Sampaio, Bruno Caratori and Thiago Costa, backed initially by venture-capital investors from Silicon Valley. In May 2021, the company raised US$26 million in a funding round led by Valor Capital, with participation from SoftBank, Coinbase Ventures, Globo Ventures and others.

Who runs it

Marcelo Sampaio is Hashdex’s Co-Founder and Executive Chairman, leading the firm’s board of directors and guiding long-term strategy and key partnerships. Bruno Caratori, co-founder, serves as Director of Operations and Portfolio Management, having previously worked at Edmodo and managed risk at Gávea Investimentos.

Day-to-day fund administration is handled by Banco Genial S.A., which also acts as custodian. Hashdex and DEFI11 are regulated by Brazil’s CVM (the securities regulator), by the US SEC, and by the Cayman Islands Monetary Authority.

The money, in plain words

DEFI11 is a pass-through vehicle, not a profit-making company: it has no revenue or earnings to report. Every cent of investor return — positive or negative — flows straight into the unit price.

The fund charges a total annual fee of 1.3% of assets — 0.3 percentage points at the DEFI11 level and 1.0 percentage point inside the upstream Bermuda-listed ETF.

DEFI11 raised an initial R$55 million (about US$10.6m at today’s exchange rate) when it launched; its net asset value has since contracted to around R$33m (US$6 mn) as of early May 2026, and the unit price has fallen from R$45 (US$9)at launch — a decline of roughly 70%. The most recent official net-asset reading, from 18 May 2026, puts assets at R$28.96m (~US$5.56m), a further decline of roughly 47% from the launch figure — our calculation.

Average daily trading volume on the B3 is roughly R$217,000 (~US$42,000), which is thin by most ETF standards.

What it is doing now

In May 2026 Hashdex put to a unitholders’ vote the proposed absorption of DEFI11 into the Hashdex Momentum Fundo de Índice (FOMO11), framing it as a strategic consolidation of its ETF shelf — not, the firm stressed, a retreat from the DeFi investment thesis. The company described the reorganisation as focused on improving efficiency, liquidity and the overall investor experience.

As of 26 June 2026, DEFI11’s unit price on B3 stood at R$12.10 (US$2)— up 10% on the day, within a 52-week range as low as zero (days with no trades) and as high as R$43.22. (US$8)The fund is still listed and trading while the merger outcome is determined.

What to watch

• Merger outcome: The unitholders’ vote on the FOMO11 absorption is the single most consequential near-term event — a “yes” would end DEFI11 as a standalone fund.
• DeFi market cycle: The unit price tracks the CF DeFi Composite Index directly; any broad crypto rally or DeFi-specific surge could materially restore value before any closure.
• Thin liquidity: Average daily turnover of ~R$217,000 m (US$41.7 bn)eans even modest selling pressure can move the price sharply; wide bid-ask spreads are a real cost for individual investors.
• Regulatory environment: Brazil’s CVM continues to develop crypto-fund rules; any tightening or easing of overseas-asset limits for Brazilian ETFs could affect how the fund — or its successor — is structured.
• Multi-jurisdiction compliance: Hashdex operates under Brazilian CVM rules, the US SEC, CIMA in the Cayman Islands, and the ANBIMA self-regulatory code — a complex web that adds operational cost and regulatory risk.

This is news, not investment advice.