Crypto asset manager Hashdex goes live with web3 ETF

Crypto asset manager Hashdex launched a Web3 exchange-traded fund (ETF) Thursday on Brazil’s B3 stock exchange, highlighting its growing portfolio of crypto-related products.

The ETF, known as WEB311, currently has 29.42 million Brazilian reais ($6.1 million) in net assets. The fund has attracted 1,270 investors to date, a Hashdex spokesperson told The Block. 

Hashdex developed WEB311 with crypto index provider CF Benchmarks, and said it "replicates" the so-called “CF Web 3.0 Smart Contract Platforms Index.” At launch, it includes exposure to seven digital assets used for smart contract blockchains: Ethereum and Cardano (22.5%), Solana (22.1%), Polkadot (19.5%), Algorand (8.8%), Tezos (3.5%) and Cosmos (1.1%). 


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The WEB311 ETF is the latest in a list of crypto-related offerings Hashdex has released since launching the Hashdex Nasdaq Crypto Index ETF (HASH11) last year. That ETF now has more than 150,000 investors, Hashdex said in a March 15 announcement. It has also listed Bitcoin and Ethereum ETFs (BITH11 and ETHE11) in Brazil. 

In February, Hashdex and QR Capital both launched DeFi ETFs in Brazil. Hashdex’s DeFi ETF, DEFI11, currently has nearly $12.6 million in net assets, whereas QR Capital’s QDFI11 has about $9 million. 

"We believe Web3 represents the future of the internet and is a further indication of the possibilities offered through blockchain technology," Hashdex CEO and co-founder Marcelo Sampaio said in a March 15 statement. "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."

About Author

Kristin Majcher is a senior correspondent at The Block, based in Colombia. She covers the Latin America market. Before joining, she worked as a freelancer with bylines in Fortune, Condé Nast Traveler and MIT Technology Review among other publications.