Hashdex expands Crypto Index US ETF under SEC generic listing standards
Hashdex announced that its U.S. exchange-traded product, the Hashdex Nasdaq Crypto Index US ETF (NCIQ), has expanded its holdings to include new assets such as XRP and Stellar. The move follows recent regulatory changes in the U.S., where the SEC approved generic listing standards for spot commodity ETPs and also gave the green light to a multi-asset crypto fund from Grayscale. These steps mark a significant shift toward clearer and more streamlined rules for crypto-based exchange-traded products.
For investors, the inclusion of XRP and Stellar in the Hashdex NCIQ ETF broadens exposure beyond the dominant cryptocurrencies, adding diversification and access to assets with distinct use cases in payments and cross-border transfers. The regulatory progress also signals growing acceptance of crypto ETPs, potentially boosting confidence and participation in the market.
What changed at a glance
NCIQ exposure broadened
Hashdex disclosed the basket expansion; Nasdaq and EDGAR list NCIQ as an active product. As of Sept. 25, the fund’s official page shows exposure to BTC, ETH, XRP, SOL, ADA, and XLM (weights vary).Regulatory context
On Sept. 17, the SEC approved generic listing standards for Commodity-Based Trust Shares, enabling exchanges to list qualifying spot-commodity ETPs (including digital assets) without a stand-alone 19b-4 filing. The Commission also approved Grayscale’s Digital Large Cap fund the same day.Market outlook
Reporting indicates a wave of multi-asset crypto filings and launches under the new framework.
Hashdex NCIQ ETF adds XRP and Stellar
Hashdex’s U.S. product seeks to track the Nasdaq Crypto US Settlement Price™ Index methodology. Adding XRP and Stellar (XLM) increases diversification beyond Bitcoin and Ether, aligning the U.S. fund more closely with multi-asset crypto benchmarks. As of Sept. 25, Hashdex’s own NCIQ page lists the following constituents and approximate weights: BTC, ETH, XRP, SOL, ADA, and XLM (subject to change). The product is structured as a commodity-based trust share ETP, not a 1940-Act ETF.
Hashdex NCIQ ETF adds XRP and Stellar
Hashdex’s site shows the live composition and weights (e.g., BTC and ETH as the largest components with smaller allocations to XRP, SOL, ADA, and XLM). Investors should check the NCIQ holdings page for the latest weights, as the basket can update per index rules and generic listing eligibility.
Why now? The SEC’s generic listing standards
On Sept. 17, 2025, the SEC approved substantially identical proposals by Nasdaq, Cboe BZX, and NYSE Arca to adopt generic listing standards for Commodity-Based Trust Shares. This allows qualifying products (including those holding spot digital assets) to list and trade without a bespoke rule filing, provided they satisfy the exchanges’ surveillance and eligibility requirements under Rule 19b-4(e). The same release notes approval of Grayscale’s multi-asset product based on the CoinDesk 5 Index.
How this fits with Grayscale’s multi-asset ETP
Grayscale’s Digital Large Cap fund (GDLC) was approved and uplisted as a multi-asset crypto ETP, offering exposure to BTC, ETH, XRP, SOL, and ADA. With Grayscale’s product live and Hashdex expanding NCIQ’s basket, U.S. investors now have more than one way to access diversified crypto exposure through exchange-traded vehicles. Grayscale Funds
Market impact and investor considerations
Access & diversification
Multi-asset ETPs can reduce single-asset concentration risk versus BTC-only exposure.Structure & custody
Commodity-based trust shares aim to hold the underlying assets (or eligible instruments) directly, with specialized custodians and surveillance sharing arrangements at the exchange level. Review each fund’s documents for fees, tracking, and creation/redemption mechanics.Liquidity & price discovery
Trading spreads, volume, and creation/redemption efficiency will influence total cost.Regulatory risk
Eligibility, surveillance, and index rules matter. The SEC’s framework streamlines listings but doesn’t remove issuer or exchange responsibilities.
<section id=”howto”> <h3>How to evaluate a multi-asset crypto ETP</h3> <ol> <li id=”step1″><strong>Step 1:</strong> Confirm the product’s structure (commodity-based trust share vs. 1940-Act ETF) and read the prospectus summary.</li> <li id=”step2″><strong>Step 2:</strong> Check the live holdings and weights on the sponsor’s site to verify which coins are included today.</li> <li id=”step3″><strong>Step 3:</strong> Compare total costs (management fee + typical bid/ask spread + creation/redemption costs).</li> <li id=”step4″><strong>Step 4:</strong> Review index methodology and reconstitution rules to understand when assets can be added/removed.</li> <li id=”step5″><strong>Step 5:</strong> Assess liquidity (AUM, average volume) and your brokerage’s routing/commissions before trading.</li> </ol> <p><em>Note: Process may vary by provider. Always confirm requirements before acting.</em></p> </section>
Context & Analysis
The SEC’s generic listing standards shorten time-to-market for commodity-based ETPs that meet preset criteria, moving crypto products toward a more rules-based regime. Grayscale’s approval and Hashdex’s basket expansion signal a shift from single-asset products toward diversified crypto exposures in U.S. markets. Still, performance dispersion among non-BTC assets and evolving surveillance expectations could shape investor adoption.
Conclusion
Hashdex has expanded the holdings of its Nasdaq Crypto Index US ETF (NCIQ), just days after the SEC approved generic listing standards for spot commodity ETPs and cleared Grayscale’s multi-asset crypto fund. This step reflects a broader push toward regulated, exchange-traded access to digital assets in the U.S., offering investors more diversified exposure.
The development signals a shift in how crypto products can be introduced under clearer rules. The real test now will be investor appetite, market liquidity, and the pace at which other issuers launch similar multi-asset ETFs to meet growing demand.
FAQs
Q : What is NCIQ?
A : NCIQ is the Hashdex Nasdaq Crypto Index US ETF, a commodity-based trust share ETP listed on Nasdaq.
Q : Which assets does NCIQ hold today?
A : As of Sept. 25, the NCIQ site shows BTC, ETH, XRP, SOL, ADA, and XLM; weights can change.
Q : Why did Hashdex expand its basket now?
A : The SEC approved generic listing standards for commodity-based trust shares (including digital assets), streamlining listings and coinciding with approval of Grayscale’s multi-asset ETP.
Q : Is NCIQ a 1940-Act ETF?
A : No. It’s an exchange-traded product structured as a commodity-based trust share, not a 1940-Act fund.
Q : How does this compare with Grayscale’s fund?
A : Grayscale’s GDLC tracks the CoinDesk 5 Index (BTC, ETH, XRP, SOL, ADA) and was approved alongside the new standards.
Q : Does the SEC endorsement guarantee inflows?
A : No. Approval streamlines listing; investor demand and market conditions drive flows.
Q : Will more coins be added to NCIQ?
A : Potentially, per index rules and eligibility under generic listing standards; check the sponsor’s updates.