On June 6, the Hashdex Nasdaq Crypto Index US ETF submitted an update to the U.S. Securities and Exchange Commission (SEC), detailing a revision to its benchmark index. The document notes that Nasdaq Inc. reconfigured the Nasdaq Crypto US Settlement Price Index (NCIUS) on June 2, expanding its composition beyond bitcoin ( BTC) and ethereum ( ETH) to include four additional digital assets. As stated in the filing:

Beginning on June 2, 2025, the Index introduced additional index constituents (cardano ( ADA), solana ( SOL), stellar lumens ( XLM) and XRP ( XRP)).

This ETF, trading under the ticker NCIQ, provides market capitalization-weighted exposure to BTC and ETH within a regulated exchange-traded framework. It tracks the Nasdaq Crypto US Settlement Price Index, which applies a rules-based methodology that permits inclusion of new digital assets over time.

Although the index’s asset base has broadened, existing regulatory limitations prohibit the Hashdex ETF from holding cryptocurrencies other than BTC and ETH. As a result, the ETF is unable to replicate the expanded index, creating the risk of performance divergence. The exclusion of newly incorporated assets introduces the possibility of increased tracking error, given the mismatch between the fund’s holdings and the benchmark.

The SEC filing explicitly underscores this discrepancy:

Under current regulatory restrictions, the Trust is only permitted to hold bitcoin and ether, and is not permitted to hold the new index constituents and, as such, the risk of potential tracking error is increased.

Nasdaq submitted a separate proposed rule change to the SEC on March 7, seeking permission for the ETF to adopt the broader Nasdaq Crypto Index (NCI) as its official benchmark. This index encompasses BTC, ETH, XRP, SOL, ADA, XLM, along with chainlink (LINK), litecoin ( LTC), and uniswap (UNI). Notably, XRP was incorporated into the NCI on June 3, 2024. If the SEC approves the change, the ETF would also be authorized to hold all index constituents. A final determination from the agency is expected by Nov. 2, 2025.

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