Hashdex Asset Management, a global cryptocurrency-focused asset manager, and Nasdaq Global Indexes, an index provider, have launched the Hashdex Nasdaq Crypto Index U.S. ETF, the first multiasset spot crypto exchange-traded product available to U.S. investors, said a news release Feb. 14.
The new ETF, which trades on the Nasdaq stock exchange under the ticker symbol NCIQ, currently offers exposure to both spot bitcoin and ether.
A Hashdex spokesperson confirmed NCIQ is available to institutional investors.
NCIQ’s management fee is contractually set at 0.25% per year of the daily net asset value of the ETF through the end of 2025, and then rises to 0.5% thereafter.
NCIQ tracks the Nasdaq Crypto U.S. index, which was co-developed by Nasdaq Global Indexes and Hashdex to “measure the performance of a material portion of the overall crypto asset market by investing in the index constituents,” the news release said.
Currently, only bitcoin and ether are eligible for inclusion in the NCIUS.
“Since our founding, Hashdex has held the belief that a basket of crypto assets offers multiple benefits and is a great way for many investors to participate in the crypto ecosystem,” said Marcelo Sampaio, co-founder and CEO of Hashdex, in the release. “Until today, U.S. investors have been forced to either purchase coins directly or invest in single-asset vehicles.”
Samir Kerbage, CIO at Hashdex, said in the release that “with interest in crypto asset ETFs continuing to grow, reaching over $120 billion in U.S. AUM alone, we believe that what investors really need is an easy, passive way to invest in a product that is constantly evolving to capture the latest trends in the broader crypto market.”
Kerbage added that, “as the crypto market continues to develop, we expect there to be ongoing volatility with newer coins that disrupt the market share of bitcoin, ether and other dominant assets, and we expect index-based products will enable wealth managers and investors to benefit from the growth of the rapidly changing sector without needing to be actively managing single asset crypto exposure.”
Based in Rio de Janeiro, Hashdex has a total of more than $1.3 billion in assets under management.
