Fee Wars Go Nuclear: Hashdex Cuts NCIQ to a Skinny 0.25% in ETF Race to Zero

Hashdex has just lobbed another grenade into the crypto ETF fee trench. The firm has permanently slashed the management fee on its multi-asset crypto ETF, the Hashdex Nasdaq CME Crypto Index ETF (NCIQ), from 0.50% to a lean 0.25% annually. The race to the bottom just found a new gear.

The change, effective immediately, was disclosed in a March 16, 2026 filing with the SEC. This makes a previous temporary fee waiver permanent, essentially locking in the discount for investors who probably didn't even notice it was temporary. Every basis point counts when you're fighting for bagholder attention.

Hashdex claims the move is about building more accessible crypto products for advisors, institutions, and high-net-worth individuals. Translating from corporate-speak: they're sharpening their pencils down to the nub to compete for investor dollars in a market more crowded than a Telegram group during a pump. Accessibility, it seems, starts with cheaper rent.

NCIQ launched in February 2025 as the first U.S. multi-asset spot crypto ETF. It tracks the Nasdaq CME Crypto Index, offering exposure to seven different crypto assets. This basket approach sets it apart from single-coin ETFs, letting you diversify your portfolio without having to pick winners—a classic degen dilemma solved.

The company pitches NCIQ as a one-stop shop for diversified crypto exposure, designed to evolve with the market and regulations. The fee cut, they argue, supports long-term access to this broader allocation strategy. In other words, they want you to set it and forget it, so you can get back to scrolling charts for the next 100x.

It's part of a wider trend where ETF issuers are feverishly tweaking fees, benchmarks, and structures to stand out. As of March 10, 2026, Hashdex manages roughly $1 billion in global assets across its index products in the U.S., Latin America, and Europe. A billion here, a billion there, and pretty soon you're talking about real money.

NCIQ's custody is handled by a veritable Avengers roster of crypto finance: Coinbase Custody, BitGo Trust, and Fidelity Digital Assets Services. Nasdaq wears two hats, serving as both the listing exchange and the index administrator. Because in crypto, you haven't really made it until you've got a triple-custody, multi-role setup watching your back.