Hashdex NCIQ Adds Hyperliquid HYPE as Ninth Crypto Asset

The September 1 quarterly reconstitution of the Nasdaq CME Crypto Index added HYPE to Hashdex’s NCIQ. The token received an estimated 3.36% weighting in the multi-asset crypto product.

Hashdex NCIQ Hyperliquid HYPE exposure became official on September 1 after a quarterly reconstitution of the Nasdaq CME Crypto Index added Hyperliquid’s native token as an index constituent, according to a prospectus supplement filed with the U.S. Securities and Exchange Commission. Moreover, the change expands the Hashdex Nasdaq CME Crypto Index ETF from eight crypto assets to nine.

The filing, submitted as a Rule 424(b)(3) prospectus supplement under Registration No. 333-280990, updates the fund’s disclosures following the index’s September rebalancing. It also introduces new risk disclosures specific to Hyperliquid. Furthermore, it provides updated estimated constituent weightings.

Hashdex separately announced the change on September 1. The company said HYPE had been added to the Nasdaq CME Crypto Index after meeting the applicable eligibility requirements.

SEC Filing Confirms HYPE’s Addition to NCIQ

According to the SEC filing, the purpose of the supplement is to reflect the quarterly reconstitution and rebalancing of the index. The changes are effective September 1, 2026, under which Hyperliquid became an Index Constituent.

The updated list of constituents includes Bitcoin, Ether, XRP, Solana, Cardano, Chainlink, Stellar, Bitcoin Cash and Hyperliquid. The addition means NCIQ now provides exposure to nine digital assets through its benchmark-linked structure.

The filing estimates HYPE’s weighting at 3.36% following the reconstitution. Bitcoin remains the dominant constituent at 74.36%, followed by Ether at 11.88%, XRP at 5.21% and Solana at 3.79%. The remaining assets carry substantially smaller weightings.

The change also altered the relative weights of existing constituents. That illustrates an important feature of market-cap-weighted crypto indexes. For example, adding a new eligible asset does not simply increase the number of holdings. Instead, it can reduce the proportional exposure to other assets.

As of September 1, Hashdex reported NCIQ net assets of approximately $431.37 million. The net asset value was $19.50, with a closing market price of $19.46 for that date.

Why Hyperliquid Qualified for The Index

Hashdex said HYPE’s inclusion followed its addition to the Nasdaq CME Crypto Index after satisfying the index’s eligibility standards. These requirements include liquidity, market capitalization, qualified custody support, and applicable listing standards for crypto asset exchange-traded products.

Nasdaq describes the broader Nasdaq CME Crypto Index as a rules-based benchmark designed to track a significant and investible portion of the digital-asset market. The index applies liquidity, exchange and custody criteria. Moreover, it is rebalanced and reconstituted quarterly.

This distinction matters because HYPE’s inclusion was not presented in the SEC filing as a discretionary purchase decision by an active fund manager. Instead, the change followed the benchmark’s scheduled reconstitution process.

Hashdex Chief Investment Officer Samir Kerbage said in the company’s announcement that NCIQ was designed to expand as the crypto market matured. He added that HYPE’s inclusion reflected the evolution of the index methodology and eligible asset universe.

That statement represents Hashdex’s assessment of the development. The SEC filing itself provides the regulatory disclosure underlying the change but does not characterize HYPE’s future investment performance.

The Filing Adds New Warnings About Hyperliquid

The prospectus supplement does more than add HYPE to the constituent list.

Hashdex added a risk disclosure stating that Hyperliquid has a limited operating history, concentrated ownership and governance, and heightened regulatory uncertainty. This uncertainty could adversely affect the value of NCIQ shares.

According to the filing, the Hyperliquid network and HYPE became operational in 2024, giving the asset a shorter operating history than the ETF’s other index constituents. The supplement warns that this limited history may make it more difficult to assess long-term performance, network security, and viability.

The filing also highlights risks involving extreme price volatility, technical failures, network attacks, reduced liquidity and loss of market confidence.

Another limitation is permanence. HYPE’s September 1 addition does not guarantee that it will remain in the index indefinitely. The filing explicitly notes that HYPE may cease to be an Index Constituent after a future reconstitution.

The supplement further notes that the market for HYPE derivatives is smaller and less established than those for Bitcoin and Ether. This could affect liquidity, price discovery and the ETF’s arbitrage mechanism.

Why The NCIQ Addition Matters For Crypto Index Investing

HYPE’s inclusion is notable because it places the token inside a U.S.-listed multi-asset crypto exchange-traded product. This is different from a single-asset investment vehicle.

NCIQ launched in February 2025 and initially provided exposure to two crypto assets. Later, it expanded through subsequent index changes, according to Hashdex. The latest update brings the portfolio to nine constituents.

For the broader market, the development demonstrates how rules-based crypto indexes can gradually broaden beyond Bitcoin and Ether. This happens as additional assets meet liquidity, custody and other eligibility requirements.

However, inclusion should not be interpreted as an endorsement of HYPE’s price prospects. Index eligibility and investment suitability are different questions. Additionally, the prospectus itself contains extensive warnings about the risks associated with HYPE and crypto assets more broadly.

Independent coverage from Benzinga and Crypto Briefing also characterized the development as an expansion of diversified crypto index exposure. However, these reports relied on the underlying Hashdex announcement and index information for the core facts.

What Happens Next for HYPE in NCIQ

The immediate question is not whether HYPE has been added the SEC filing confirms that change. Rather, the main issue is how the asset’s weighting evolves as market values and future index reconstitutions change.

Hashdex’s product page lists HYPE among NCIQ’s constituents and shows the fund’s composition as subject to change.

Readers and investors should monitor future Nasdaq CME Crypto Index reconstitutions. They should also watch for changes to HYPE’s liquidity and custody infrastructure, and regulatory developments affecting the Hyperliquid ecosystem.

They should also watch whether HYPE maintains its eligibility under the benchmark methodology. The September 1 filing makes clear that index membership can change at subsequent reconstitution dates.

MemeBlock analysis: The most durable significance of the announcement is institutional access through a rules-based multi-asset product. This is more important than any short-term implication for HYPE’s market price. No causal connection between the index addition and a specific HYPE price movement is asserted here. That is because independently verified, timestamped market data establishing such a relationship was not used for this report.