Brazilian asset management firm Hashdex announced on Tuesday that it is launching a Web3-related exchange-traded fund (ETF) on the country’s domestic stock exchange B3. The product will be launched on March 30 under the ticker symbol WEB311.
The ETF will follow the price performance of ‘CF Web 3.0 Smart Contract Platforms Index,’ an indicator developed by crypto market index provider CF Benchmarks. The index will allocate the funds to digital assets native to smart contract blockchains Ethereum (ETH), Cardano (ADA), Solana (SOL), Polkadot (DOT), Algorand (ALGO), Tezos (XTZ), and Cosmos (ATOM).
Marcelo Sampaio, co-founder and CEO at Hashdex, said in the press release:
“We believe Web3 represents the future of the internet and is a further indication of the possibilities offered through blockchain technology. 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.”
In February, the company launched an ETF linked to an index of DeFi-related stocks in Brazil. The index was also developed in collaboration with CF Benchmarks.