Recent public coverage includes mention of DEFI as a notable crypto ETF option for Q4 2023.

• The Fund is highlighted as one of the top three crypto ETFs to consider for investment in Q4 2023, reflecting market interest in regulated bitcoin investment vehicles [N1].

The Fund provides a cost-effective and regulated vehicle for investors to gain exposure to bitcoin price movements through a spot bitcoin ETF structure. Its use of a well-established benchmark and custody arrangements with reputable custodians support investor confidence. The transition to direct bitcoin holdings aligns the Fund's assets closely with its benchmark, potentially improving tracking performance. The Fund's listing on NYSE Arca and relationships with major authorized purchasers facilitate liquidity and market access.

The Fund's performance is subject to bitcoin market volatility and regulatory risks that may affect adoption and trading. The Sponsor's broad authority to change investment objectives and strategies without shareholder approval introduces uncertainty. Conflicts of interest may arise due to the Sponsor's management of other investment vehicles. The Fund incurs operational expenses and transaction costs that may cause tracking error relative to the benchmark. Limited financial disclosures and net losses highlight operational challenges.

The Fund's moat derives from its regulatory compliance as a Delaware statutory trust offering a bitcoin ETF on a major exchange, its use of a recognized benchmark administered by Nasdaq, and its custody arrangements with established custodians. The Fund's passive investment strategy and operational infrastructure, including authorized purchasers and market makers, support liquidity and tracking accuracy. However, the Fund operates in a competitive environment with other bitcoin investment vehicles and faces risks related to bitcoin market volatility and regulatory developments.

• Bitcoin Market Volatility: The Fund's value is directly linked to bitcoin prices, which are subject to high volatility and speculative activity, potentially leading to significant investment losses.
• Regulatory Environment: Evolving U.S. regulations on cryptocurrencies may delay, restrict, or impede the Fund's operations and investor adoption.
• Sponsor Conflicts of Interest: The Sponsor manages other investment vehicles and has broad discretion over the Fund's operations, which may create conflicts with shareholder interests.
• Tracking Error and Expenses: Operational expenses, brokerage commissions, and transaction fees may cause the Fund's NAV to deviate from the benchmark price.
• Liquidity Risks: Redemptions below minimum share levels may limit liquidity and affect shareholders' ability to sell shares in the secondary market.

• Hashdex Commodities Trust is a Delaware statutory trust organized on February 10, 2023, currently consisting of one series: Hashdex Bitcoin ETF (ticker DEFI).
• The Fund's investment objective is to track the daily changes of the Nasdaq Bitcoin Reference Price - Settlement (NQBTCS) benchmark, less expenses from operations.
• The Fund's assets consist primarily of bitcoin and limited amounts of cash.
• The Fund issues shares representing fractional undivided beneficial interests and trades on NYSE Arca under the symbol DEFI.
• The Fund is the successor to the Hashdex Bitcoin Futures ETF following a merger completed on January 3, 2024.
• The Fund converted its investment strategy to hold spot bitcoin directly as of March 27, 2024, with a policy to hold at least 95% of assets in physical bitcoin and up to 5% in cash.
• Hashdex Asset Management Ltd. became the sponsor of the Trust effective January 16, 2026, replacing Tidal Investments LLC.
• The Fund's bitcoin holdings are custodied by BitGo Trust Company, Inc., and cash holdings by U.S. Bank, N.A.
• The Fund uses a passive investment strategy to track the Benchmark and does not use leverage.
• Shares are created and redeemed in baskets of 10,000 shares by Authorized Purchasers, including several major financial institutions.
• The Fund pays a management fee of 0.25% per annum of daily NAV to the Sponsor.
• The Fund's NAV is calculated daily based on the closing level of the Benchmark, with procedures for fair valuation if the Benchmark is unavailable or unreliable.
• The Fund's assets do not include any investments other than bitcoin and cash.
• The Fund's Sponsor pays routine operational and administrative expenses, while the Fund pays brokerage commissions and transaction fees related to bitcoin trading.
• The Fund had cash and equivalents of $52,133 as of December 31, 2025, and reported a net loss of $474,450 for the fiscal year ending December 31, 2025.
• The Fund's shares trade on the secondary market, and retail investors transact through brokers rather than directly creating or redeeming shares.
• The Fund's benchmark is governed by Nasdaq's Index Management Committee and is calculated daily based on weighted prices from multiple core bitcoin exchanges.
• The Fund's Sponsor has broad authority to change investment objectives, benchmarks, or strategies without shareholder approval.
• The Fund's Sponsor may face conflicts of interest due to managing other investment vehicles and has limited fiduciary duties to shareholders.
• The Fund's bitcoin holdings are insured against certain risks including theft, fraud, and physical loss.
• Authorized Purchasers pay a $300 fee per basket order for creation and redemption, which is paid to the Cash Custodian.
• The Fund's shares are issued in registered form and held in book-entry form through the Depository Trust Company (DTC).
• The Fund's Sponsor maintains a public website with information about the Fund at https://hashdex-etfs.com/defi.
• The Fund's investment strategy and operations are detailed in the latest 10-K filed on March 31, 2026.
• Financial figures are summarized from the latest available SEC filings and are provided for informational purposes only — not financial advice.