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                                                            August 20, 2024

Bruno Ramos de Sousa
Director of the Sponsor
Hashdex Nasdaq Crypto Index US ETF
Ataulfo de Paiva, no 1120, Store A
Leblon- Rio de Janeiro

       Re: Hashdex Nasdaq Crypto Index US ETF
           Registration Statement on Form S-1
           Filed July 24, 2024
           File No. 333-280990
Dear Bruno Ramos de Sousa:

       We have reviewed your registration statement and have the following
comments.

       Please respond to this letter by amending your registration statement
and providing the
requested information. If you do not believe a comment applies to your facts
and circumstances
or do not believe an amendment is appropriate, please tell us why in your
response.

       After reviewing any amendment to your registration statement and the
information you
provide in response to this letter, we may have additional comments.

Registration Statement on Form S-1
Cover Page

1.     Refer to the first paragraph. Please clarify here and throughout,
consistent with your
       disclosure on page 48, that the listing standard will limit the Trust to
holding only bitcoin
       and ether, regardless of whether additional components are added to the
Index. In
       addition, please explain that the listing standard would need to be
amended for the Trust
       to hold any additional crypto assets. Please also revise your disclosure
on page 1 to clarify
       that there may be circumstances in which you are unable to replicate the
holdings of the
       Index and the Trust may therefore be unable to meet its investment
objective.
2.     Please revise your disclosure here and throughout the prospectus to
clearly and explicitly
       disclose that the Index currently has only two components: bitcoin and
ether. Please also
       discuss the possibility and likelihood of additional components being
added to the Index.
       Finally, please disclose that if any crypto asset other than bitcoin and
ether becomes
       eligible for inclusion in the Index, the Sponsor will transition to a
sample replication
       strategy, with only bitcoin and ether in the same proportions determined
by the Index.
 August 20, 2024
Page 2

3.     Please disclose here and in the Prospectus Summary that the Trust,
Sponsor, Custodian, or
       any other person associated with the Trust will not, directly or
indirectly, engage in action
       where any portion of the Trust   s ether becomes subject to the Ethereum
proof-of-
       stake validation or is used to earn additional ether or generate income
or other earnings.
4.     Please disclose that you are offering an indeterminate number of shares.
Prospectus Summary, page 1

5.     Please revise your Prospectus Summary to:
           Disclose that the Trust may only conduct cash creations and
redemptions and that it
           would need regulatory approval to commence in-kind creations and
redemptions;
           Clarify here that the timing of in-kind regulatory approval is
unknown and that there
           is no guarantee that the Exchange will receive in-kind regulatory
approval; and
           Disclose how you will inform shareholders if the Exchange receives
in-kind
           regulatory approval and if the Sponsor chooses to allow in-kind
creations and
           redemptions.
Trust Overview, page 1

6.     You state that the Trust will not utilize leverage. Please clarify, if
true, that the Trust will
       not utilize derivatives or any similar arrangements in seeking to meet
its investment
       objective.
Trust Legal Structure, page 2

7.     We note your references throughout the document that the trust is "a
series of a Delaware
       statutory trust" and to "other series of the Trust." Please disclose
whether any other series
       of the Trust exist and identify them. Also disclose the year of
organization of the Trust
       and the Sponsor.
The Offering, page 4

8.     Please disclose here the minimum number of Baskets and associated Shares
specified for
       the Trust. Also disclose how the Sponsor will determine if and when the
minimum level
       of Shares will change, and how the Sponsor will notify Shareholders of
such a change.
Trust Expenses, page 5

9.     Please revise your disclosure regarding the Management Fee and Trust
Expenses to
       address the following:
           Clarify whether the cash balance will be sufficient to pay all fees
and expenses,
           including the Management Fee, or whether crypto assets will be
exchanged for cash
           to pay certain fees and expenses;
           Disclose who will calculate the Management Fee, the methodology that
will be used
           to calculate the Management Fee, and how payment will be made;
           Reconcile your disclosure that the Sponsor will pay all of the
routine operational,
           administrative, and other ordinary expenses of the Trust, including
but not limited to,
           fees and expenses of the Administrator with the compensation table
on page 71 that
           payment to the Sponsor will be separate from the payment to the
Administrator. Also
 August 20, 2024
Page 3

            clarify whether the annual payment to the Trustee is also covered
by the Management
            Fee; and
              Clarify what you mean by the statement that the Sponsor pays
certain fees and
            expenses "generally as determined by the Sponsor," including
whether the Sponsor
            can change the categories of fees and expenses it determines to
pay.
Risk Factors, page 8

10.    Please add a separately captioned risk factor addressing the fact that
the Trust will not
       stake the ether it holds, so an investment in the Trust   s shares will
not realize the
       economic benefits of staking.
Risks Related to Crypto Asset Markets, page 8

11.    Please include a risk factor discussing the particular risks associated
with the limited
       operational history of the Index.
"Forks" in the Index Constituents Networks could have adverse effects, page 10

12.    Please revise to provide an example of the impact that hard forks have
had on crypto
       assets, including quantitative information regarding the price of the
impacted crypto asset
       immediately before and after the fork.
Crypto platforms are largely unregulated and may be more exposed to fraud and
failure, page 11

13.    We note the use of the term "unregulated" when referring to certain
crypto asset trading
       markets. Please revise to qualify your use of this term by clarifying
that such markets may
       be subject to regulation in a relevant jurisdiction but may not be
complying.
Networked systems are vulnerable to attacks, page 13

14.    Please discuss the risk of attacks on the Ethereum Network, including
the levels of
       concentration of staked ether (i.e., 33% and 66%) that could pose risks
and the possibility
       of obtaining control over the Ethereum network through the influence
over core
       developers. We note in this regard that at times, there has been a
single entity that
       has reportedly controlled around or in excess of 33% of the total staked
ether on the
       Ethereum network, which poses centralization concerns and could permit
the entity to
       attempt to interfere with transaction finality or block confirmations.
Address the concern
       that if such an entity, or a bad actor with a similar sized stake, were
to attempt to interfere
       with transaction finality or block confirmations, it could negatively
affect the use and
       adoption of the Ethereum network, the value of ether, and thus the value
of your
       shares. Additionally, illustrate the risks presented by providing
examples of previous
       attacks on the Bitcoin Network and Ethereum Network and the resulting
impacts.
Risks to the Index Constituents from other parts of the crypto assets market,
page 14

15.    Please place these risks in context by describing how the prices of
bitcoin and ether may
       be affected by stablecoins, the activities of stablecoin issuers, and
their regulatory
       treatment.
 August 20, 2024
Page 4
Risks Related to Ether and the Ethereum Network, page 18

16.    Please include a risk factor discussing centralization concerns around a
single persons or
       entity controlling a large percentage of the validating stake. Please
also discuss the risks
       of centralization that liquid staking applications, such as Lido, may
pose.
17.    Please disclose the risks or challenges posed by the emergence of other
public,
       permissionless blockchains that are similarly designed to support the
development,
       deployment, and operation of smart contracts, and explain the potential
impact on the
       demand for and value of ether and an investment in the Trust. Please
also explain that the
       Ethereum blockchain has historically faced scalability challenges and
that these
       alternative blockchains generally attempt to compete with Ethereum by
offering faster
       transaction processing and lower fees. Finally, explain that further
development and use
       of the blockchain for its intended purpose are, and may continue to be,
substantially
       dependent on    Layer 2    solutions; briefly describe Layer 2 networks
and any risks or
       challenges that they pose to the blockchain and ether.
18.    We note your disclosure on page 18 that "[t]here is no guarantee that
the Ethereum
       community will embrace Ethereum 2.0, and the new protocol may never
fully scale."
       Please expand your disclosure to discuss additional updates and changes
to the Ethereum
       network that have occurred or are currently being considered, and
discuss how these
       updates and changes may impact an investment in the Trust.
Changes in the Trust's NAV may not correlate well with changes in the price of
the Index, page
22

19.    Please address the correlation risks if additional components are added
to the Index and
       the Trust cannot hold them.
Correlation Risk, page 22

20.    Please include risk factor disclosure to discuss the impact of the use
of cash creations and
       redemptions on the efficiency of the arbitrage mechanism and how this
compares to the
       use of in-kind creations and redemptions.
Crypto asset markets in the U.S. exist in a state of regulatory uncertainty,
page 25

21.    Please remove the first three sentences of the first paragraph on page
26 as this disclosure
       lacks the appropriate context for the referenced statements.
The Trust's Operating Risks, page 29

22.    Please revise this risk factor to address the risks associated with
having to replace the
       Prime Execution Agent. Also address the risks associated with the
insolvency, business
       failure or interruption, default, failure to perform, security breach,
or other problems
       affecting the Prime Execution Agent.
Lack of recourse, page 34

23.    We note your disclosure that the Crypto Custodians have limited
liability even in the
       event of fraud. When known, please specify the limitations on liability
in the Crypto
       Custody Agreement.
 August 20, 2024
Page 5

The development and commercialization of the Trust is subject to competitive
pressures, page 39

24.    The risks described here are presented as hypothetical. Please
specifically identify the
       competitive forces that the Trust and Sponsor face with regard to
exchange-traded
       products offering exposure to the crypto assets market, including
whether the timing of
       the Trust's entry on the market may have an impact on its performance.
In this regard, we
       note that several applications for spot exchange-traded crypto products
have been
       approved and are currently listed and trading.
Overview of the Index Constituents' Industry, page 46

25.    Please expand this section to address the following:
           Compare and contrast bitcoin and the Bitcoin network with ether and
the Ethereum
           network;
           Disclose in more detail how a bitcoin and ether transaction works,
including the
           function of the blockchain, wallets, public and private keys, and
validation;
           Provide a description of the market participants in the Bitcoin and
Ethereum industry;
           Describe the various use cases for the Bitcoin and Ethereum networks
and for bitcoin
           and ether;
           Describe the spot and futures bitcoin and ether markets and the
regulation of bitcoin
           and ether futures; and
           Discuss government oversight of Bitcoin, Ethereum, and crypto asset
markets,
           including probable future regulatory proposals that may materially
affect an
           investment in the Trust.
Ethereum Industry, page 47

26.    Please discuss modifications to the Ethereum protocol and discuss recent
planned forks,
       including "Dencun" and EIP 4844.
Business of the Trust
The Trust's Benchmark, page 49

27.    You state here that the Index will be reconstituted and rebalanced
quarterly. Please revise
       your disclosure to describe the mechanics of rebalancing, along with a
discussion of who
       will bear the costs and how those costs may impact the performance of
the product. Please
       also tell us about, and revise your disclosure to explain, any
correlation risk that results
       from tracking the Index on a daily basis and rebalancing on a quarterly
basis.
Index Constituents Criteria, page 49

28.    Please revise to clarify what you mean by    U.S. regulated digital
asset trading platform,
       including examples, as appropriate.
29.    Please supplementally tell us why none of the other high market
capitalization crypto
       assets meet the Index criteria. In your response, please provide a few
examples of such
       crypto assets and the reason(s) they do not qualify.
 August 20, 2024
Page 6
Custody of Crypto Assets, page 54

30.    Please describe the    similarly secure technology" used by the Crypto
Custodians for
       safekeeping the Trust's crypto assets.
Creation and Redemption of Shares, page 58

31.    Please disclose how the Sponsor will inform Shareholders that it has
engaged additional
       Crypto Trading Counterparties.
32.    Please disclose which party will be responsible for fees relating to
on-chain transactions.
       In this regard, we note your disclosure on page 59 that transfers from
the Trust's Trading
       Balance to the Trust's Vault Balance are "on-chain" transactions
represented on the crypto
       asset blockchain and that "any costs related to transactions and
transfers from the Trust   s
       Trading Balance to the Trust   s Vault Balance are not borne by the
Trust or its
       Shareholders."
Issuance of Baskets, page 58

33.    Please provide additional information about the Trade Credit Lender and
the Trade
       Financing Agreement referenced on pages 59 and 60, including:
           The material terms of the Trade Financing Agreement, including the
term and
           termination provisions;
           The maximum amount of Trade Credit that the Trade Financing
Agreement permits
           to be outstanding at any one time;
           The Trade Credit interest rate;
           The Sponsor   s policy regarding whether the intention is to
generally fund the Trading
           Balance at the Prime Execution Agent with sufficient cash or the
Constituent Index to
           pay fees and expenses, or whether it regularly expects to utilize
the Trade Financing
           Agreement for fees and expenses;
           To the extent the execution price of the Constituent Index acquired
exceeds the cash
           deposit amount, disclose who bears the responsibility for this
difference; and
           For creation and redemption transactions, whether or not the
interest payable on
           Trade Credits utilized under the Trade Financing Agreement are
included in the
           execution price and therefore the responsibility of the Authorized
Participants. If they
           are the responsibility of the Trust, revise your risk factor
disclosure to explain the
           impact these interest payments will have on the net assets of the
Trust over time.
The Trust Agreement, page 62

34.    Please describe the specific circumstances under which the Trust
Agreement may be
       amended and disclose the termination provisions of the Trust.
Sponsor, page 66

35.    Please describe the conflicts of interest that may arise because the
Sponsor serves as the
       sponsor, investment manager, or investment adviser to investment
vehicles other than the
       Trust. Also discuss the Sponsor's experience sponsoring exchange-traded
products and
       specifically its experience related to crypto asset markets. Revise your
risk factors on page
       40 as appropriate.
 August 20, 2024
Page 7

36.    You state on pages 30-31 that the Sponsor "relies heavily on key
personnel to manage its
       activities." Please identify the key personnel and provide the
disclosure called for by Item
       401 of Regulation S-K.
The Trust's Service Providers, page 66

37.    Please revise to:
           Identify any Crypto Trading Counterparties with whom the Sponsor has
entered into
           an agreement;
           Describe the approval process of the Crypto Trading Counterparty,
including any
           specific criteria for engagement as a Crypto Trading Counterparty,
such as whether
           the Crypto Trading Counterparty may be an affiliate of the Trust
and/or Sponsor;
           and
           Disclose the material terms of any agreement you have with the
Crypto Trading
           Counterparty, including whether and to what extent there will be any
contractual
           obligations on the part of the Crypto Trading Counterparty to
participate in cash
           orders for creations or redemptions.
38.    Please provide a separately captioned section to describe the Prime
Execution Agent,
       including without limitation:
           The material provisions of any material agreement between any
transaction party and
           the Prime Execution Agent;
           The Prime Execution Agent   s experience and operating history;
           The Prime Execution Agent's policies and procedures with respect to
any assets held
           by it on behalf of the Trust;
           How the Prime Execution Agent will be compensated;
           Who will be responsible for any fees associated with crypto
transactions between the
           Authorized Participants, Crypto Custodian and Prime Execution Agent;
           Whether or not assets of the Trust held at the Prime Execution Agent
will be held in
           segregated accounts;
           How much of the Trust's assets will be held at the Prime Execution
Agent; and
           Whether there are any limits on the percentage or amount of Trust's
assets that may be
           held at the Prime Execution Agent at any point in time.
Crypto Custodian, page 69

39.    Please discuss the extent of any insurance policy held by the Crypto
Custodian(s),
       including the amount of coverage, the extent to which the insurance is
shared among other
       customers, and any coverage limitations. Also add risk factor disclosure
as appropriate.
Conflicts of Interest, page 84

40.    Please disclose all existing and potential conflicts of interest between
your Sponsor and its
       affiliates and the Trust. Please also clarify whether the Sponsor or any
insiders have
       exposure related to the Index Constituents that could create conflicts
of interest and
       disclose whether you have a code of conduct or other requirements for
pre-clearance of
       transactions related to the Index Constituents that apply to your
employees, the Sponsor,
 August 20, 2024
Page 8

       or any of its affiliates.
Exhibit Index, page II-2

41.    Please file a tax opinion or tell us why the tax consequences of the
Shares are not material
       to investors. Refer to Item 601(b)(8) of Regulation S-K and, for
guidance, section III of
       Staff Legal Bulletin No. 19 (Oct. 14, 2011).
General

42.    Please update your disclosure regarding the markets for bitcoin and
ether and limitations
       on supply as of the latest practicable date. By way of example:
           Update the number of bitcoin in circulation;
           On page 17, update the market capitalization of crypto assets and
bitcoin;
           In the carryover risk factor on pages 15-16 discuss when the last
halving occurred;
           Disclose the year by which it is estimated that the current 21
million supply cap for
           outstanding bitcoin will be reached;
           Quantify the amount of ether outstanding and the amount of ether
issued and burned
           as of a recent date; and
           Disclose the market capitalization of ether.
43.    Please provide the address and telephone number of your agent for
service.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

       Please contact Kate Tillan at 202-551-3604 or Jason Niethamer at
202-551-3855 if you
have questions regarding comments on the financial statements and related
matters. Please
contact Irene Paik at 202-551-6553 or Justin Dobbie at 202-551-3469 with any
other questions.



                                                            Sincerely,

                                                            Division of
Corporation Finance
                                                            Office of Crypto
Assets
cc:   Adam T. Teufel
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