Benchmark excellence meets the crypto opportunity.
Raising the Standard for Crypto Investing
In 2019, Hashdex partnered with Nasdaq to develop a digital asset benchmark to meet the high standards of professional investors: the Nasdaq CME Crypto™ Index (NCI™).
The index connects crypto to Nasdaq’s 50 years of experience building financial market infrastructure with crypto, establishing a long-term benchmark for investors seeking exposure to this asset class.
Index-based investing isn’t just a strategy for Hashdex - it’s our foundation. We launched the world’s first crypto index ETF and the first multi-asset crypto ETF in the U.S. Hashdex continues to serve hundreds of thousands of investors across eight countries.
Hashdex Founded
Launched to simplify access to the crypto opportunity
Nasdaq Partnership
Co-developed the Nasdaq CME Crypto™ Index
World's First Crypto Index ETF
Pioneered access to digital assets through ETFs
First Multi-Asset Crypto ETP in the US (NCIQ)
Allowed US investors access to an ETF tracking the NCI™
Why Index-Based Investing?
Diversified Exposure
Captures crypto’s growth potential across a variety of investment theses.
Disciplined Methodology
Dynamic, rules-based approach that adapts as the market evolves.
Institutional Infrastructure
Index constituents meet rigorous requirements for liquidity and other factors.
Familiar Approach
Passive exposure built on the same framework used in other asset classes.
A Three-Pillar Framework
The Nasdaq CME Crypto™ Index (NCI™) is built on three fundamental principles that guide every aspect of its construction and evolution:
1. Representative
Captures diverse market share by selecting a basket of constituent assets on the basis of relative market significance, not according to a predetermined number of assets.
2. Investible
Utilizes straightforward, automated rules and exhaustive selection criteria, including exchange and custody standards that allow the Index to be easily replicated.
3. Adaptable
Designed to adjust the Index composition over time to ensure that it remains a flexible representation of the asset class as it evolves.
Rigorous Asset Selection Process
Not all digital assets are suitable for investment. The Nasdaq CME Crypto™ Index applies several filters to determine eligibility - ensuring that index constituents all meet strict standards.
Custodians safeguard digital assets against theft and loss
Limiting inclusion to assets supported by at least one Qualified Custodian ensures a set of assets with sufficient market maturity, as custodians assess security risks, legal risks, and market demand when deciding to offer custody services
Qualified Custodians: Coinbase, Gemini, BitGo, Fidelity, Zodia, Komainu
Nasdaq's pricing methodology requires a minimum of 2 price inputs from Qualified Exchanges as a mechanism to reduce the potential impact of manipulation on the index price
Limiting inclusion to assets listed on at least 2 Qualified Exchanges ensures that only assets with established "institutional" infrastructure are included
Qualified Exchanges: Coinbase, Kraken, Bitstamp, Gemini, ItBit, LMAX Digital
An asset must have an average daily trading volume in the USD pair across all Qualified Exchanges of at least 0.5% of the asset with the highest average daily volume.
Assets already constituents of the index will be removed if their average daily volume in the USD pair falls below 0.25% of the asset with the highest average daily volume.
Aligns with the principles of Nasdaq's generic listing standards for Commodity-Based Trust Shares
On October 30, 2025, the NCI eligibility criteria were updated to align with the principles of Nasdaq's generic listing standards for Commodity-Based Trust Shares, ensuring that U.S.-listed ETPs can effectively track the index
The index excludes digital assets pegged to the value of other assets, whether through fiat or crypto collateralization, algorithmic strategies, or any other mechanism
The market capitalization of each asset is calculated by multiplying the asset's price on Qualified Exchanges by the asset's supply, as defined in the methodology and calculated by Nasdaq's calculation agent, CF Benchmarks
Assets representing 0.5% or more of the total market capitalization of all eligible assets are considered for inclusion
The Nasdaq Index Management Committee reserves the right to additionally exclude any assets based on one or more factors
After passing through all filters, the methodology uses free-float market capitalization weighting, with quarterly reconstitution on the first business day of March, June, September, and December
The NCI™ Criteria in Action
Not all digital assets are suitable for investment. The Nasdaq CME Crypto™ Index applies several filters to determine eligibility - ensuring that index constituents all meet strict standards
Evaluation Universe
1673 crypto assets
Suffcient Core Custodian
1474 crypto assets
Suffcient Core Exchange
265 crypto assets
Suffcient Liquidity
23 crypto assets
Aligned with Nasdaq standards for Commodity-Based Trust Shares
15 crypto assets
Sufficient Free Floating Pricing
14 crypto assets
Eligible Assets
12 crypto assets
Sufficient Market Capitalization
7 crypto assets
Final Constituents
7 crypto assets
Governance & Calculation
Independent Calculation
The index is calculated by CF Benchmarks Limited, an FCA-regulated benchmark administrator, ensuring independence and regulatory compliance.
Index Management Committee
Comprised of senior members across Nasdaq's Legal, Risk, Compliance, Trading, Surveillance, IT, and Index teams. The committee provides final oversight and reserves the right to exclude assets based on reputational, legal, regulatory, or security concerns.
Transparent Pricing Methodology
Real-time pricing aggregates data from Core Exchanges with penalty factors for abnormal price, volatility, and volume - reducing manipulation risk and ensuring price accuracy.
Current Index Composition
Performance & Portfolio Impact*
Since inception
VS. S&P 500 (SAME PERIOD)
Even modest crypto exposure can meaningfully enhance traditional portfolio returns.
With 1% NCI™ Allocation:
With 2% NCI™ Allocation:
With 5% NCI™ Allocation:
Past performance is not indicative of future results. *Returns shown prior to February 1, 2021 are based on backtested performance. Results from February 2, 2021 onward reflect actual trading performance.
Investment Access
Products Powered by the Nasdaq CME Crypto™ Index (NCI™)
The Nasdaq CME Crypto™ Index (NCI™) serves as the underlying benchmark for a family of investment products available to global investors:
NCIQ
Hashdex Nasdaq CME Crypto™ Index US ETF (First multi-asset crypto ETP in the US)
HASH
Hashdex Nasdaq CME Crypto™ Index Europe ETP Listed: SIX Swiss Exchange, Deutsche Börse Xetra, Euronext Paris, Euronext Amsterdam
HASH11
Hashdex Nasdaq CME Crypto™ Index ETF (Largest crypto ETF in Brazil)
