Hashdex Set To Launch Web3 ETF in Brazil on March 30

The upcoming launch will follow the cryptoasset manager’s launch of a DeFi ETF in February


Blockworks Exclusive art by axel rangel


key takeaways

  • The fund will allocate to digital assets native to smart contract blockchains such as Ethereum, Cardano and Solana
  • Hashdex has more than 250,000 investors in its products globally

Hashdex is set to launch another crypto-related ETF on the Brazilian stock exchange B3, as its latest offering focuses on Web3.

The product, set to begin trading on March 30 under ticker symbol WEB311, seeks to replicate the CF Web 3.0 Smart Contract Platforms Index. Allocating to digital assets native to smart contract blockchains, the index’s largest holdings are ether, cardano and solana, each at roughly 22%.

Other assets in the index include polkadot (19.5%), algorand (8.8%), tezos (3.5%) and cosmos (1.1%).

“The WEB311 ETF not only provides exposure to the smart contract platforms underpinning Web3, but serves as an accessible and unique way to invest in projects that will be the main engine of the internet of the future,” Hashdex CEO Marcelo Sampaio said in a statement.

Hashdex announced in January that it had gained approval to launch the world’s first DeFi ETF (DEFI11) and brought the fund to market in February.

“Hashdex’s main goal is to provide exposure to the most relevant investment thesis in crypto via regulated financial products like funds and ETFs,” Samir Kerbage, the firm’s chief technology officer and head of product told Blockworks. “[WEB311 and DEFI11] are aimed at the innovative investor who wants to have exposure to the crypto ecosystem in a regulated way.”

Though Kerbage declined to comment on specific products the firm could seek to launch in the future, he noted that Hashdex plans to continue launching offerings around the world.

The cryptoasset manager launched the world’s first crypto index ETF, the Hashdex Nasdaq Crypto Index ETF, in February 2021. The fund trades on the Bermuda Stock Exchange (BSX) and is for accredited non-US investors.

Hashdex has more than 250,000 investors in its products globally. Fidelity Digital Assets, Coinbase Custody and BitGo custody the digital assets it manages.

Although the US Securities and Exchange Commission has not yet approved ETFs that would invest in cryptoassets directly, several US issuers have filed for products investing in companies focused on Web3. 

Simplify Asset Management proposed a Web3 ETF in January, while fund managers First Trust, ProShares and Fidelity Investments have revealed plans in recent months to offer metaverse ETFs.

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