Hashdex Commodities Trust

Hashdex Commodities Trust is a Delaware statutory trust that issues exchange-traded shares for a bitcoin-focused commodity pool. The fund is designed to give investors exposure to bitcoin price movements through spot bitcoin, bitcoin futures, and cash equivalents, with shares trading on NYSE Arca under the ticker DEFI.

— Hashdex Commodities Trust
%
Exchange-traded fund shares100% Listed shares of the trust that investors buy and sell on NYSE Arca.
Spot bitcoin exposure0% Direct bitcoin holdings used to track the benchmark more closely.
Bitcoin futures exposure0% CME-traded bitcoin futures used for supplemental exposure and liquidity management.
Cash and cash equivalents0% Short-term liquid assets held for operational needs and collateral.

The trust serves investors seeking regulated, exchange-traded exposure to bitcoin without directly managing wallets or...

  • Retail brokerage investorsprimary

    Individuals buying and selling DEFI on NYSE Arca for simple bitcoin exposure.

  • Institutional allocatorsprimary

    Asset managers and institutions using the ETF for regulated bitcoin exposure.

  • Authorized purchasersprimary

    Financial institutions that create and redeem baskets to keep shares aligned with NAV.

  • Financial advisorssecondary

    Advisors using the ETF as a portfolio implementation vehicle for client accounts.

The trust is organized in Delaware and operated from Milwaukee, Wisconsin through its sponsor, Tidal Investments LLC...

  • •Headquartered and sponsored from Milwaukee, Wisconsin
  • •Organized as a Delaware statutory trust
  • •Shares trade on NYSE Arca in the United States
  • •Uses U.S. market infrastructure including CME and DTC
  • •Regulated by the CFTC, NFA, and U.S. securities framework

The fund’s strategy is to track the Nasdaq Bitcoin Reference Price as closely as possible while holding at least 95% of...

01
Increase spot bitcoin allocationshort-term

A higher spot weighting should reduce tracking error versus the benchmark.

02
Preserve ETF liquidity and tradabilityshort-term

Creation and redemption baskets help keep market price close to NAV.

03
Strengthen product positioning as a spot bitcoin ETFmedium-term

The post-merger structure broadens appeal versus a futures-only fund.

The fund’s performance is highly sensitive to bitcoin price volatility, and its NAV can diverge from spot bitcoin...

high

Bitcoin price volatility

The fund is designed to reflect bitcoin price changes, so sharp moves flow directly into NAV.

Scope
Spot bitcoin and bitcoin futures holdings
Materiality
high
high

Tracking error versus benchmark

Cash balances, futures usage, and expenses can cause returns to differ from the benchmark.

Scope
95% spot target with up to 5% in futures and cash
Materiality
high
medium

Counterparty and clearinghouse risk

Futures contracts depend on clearing brokers and clearinghouses to perform.

Scope
StoneX, Phillip Capital, CME clearing infrastructure
Materiality
medium
medium

Regulatory risk

The trust operates under CFTC, NFA, and securities rules that can change or tighten.

Scope
Commodity pool, ETF listing, futures trading
Materiality
medium
medium

Valuation risk

Crypto interests and OTC contracts require daily fair-value estimates and broker pricing.

Scope
Cryptocurrency derivative transactions
Materiality
medium
Fair value measurement of cryptocurrency interests
Can materially change NAV and statement of operations
Derivative mark-to-market accounting
Creates volatility in unrealized appreciation/depreciation
Partnership tax treatment
Affects tax reporting and investor-level tax consequences
Cash and cash equivalents valuation
Affects reported net assets and liquidity presentation

Hashdex Nasdaq CME Crypto Index ETF

NCIQ · Commodity Contracts Brokers & Dealers

United States Commodity Index Funds Trust

USCI · Commodity Contracts Brokers & Dealers

iShares S&P GSCI Commodity-Indexed Trust

GSG · Commodity Contracts Brokers & Dealers

MESABI TRUST

MSB · Mineral Royalty Traders

iShares Ethereum Trust ETF

ETHA · Commodity Contracts Brokers & Dealers

GraniteShares Gold Trust

BAR · Commodity Contracts Brokers & Dealers

: 28.4.2026