KRYP vs NCIQ

KRYPCProShares CoinDesk 20 Crypto ETF

NCIQAHashdex Nasdaq Crypto Index US ETF

In short

KRYP Most crypto index funds stop at the big two or a short list of coins. KRYP tracks the CoinDesk 20, casting a wider net, and does it as a 1940 Act fund using crypto derivatives instead of holding the coins outright.

NCIQ A passive basket of the digital assets in a Nasdaq index, run at 0.25% a year while the typical multi-coin crypto fund charges more than double that. It tracks the index and makes no attempt to beat it.

Stated mandate

KRYP The Fund seeks to track the performance of the CoinDesk 20 Index before fees and expenses through a passive investment approach.

NCIQ The Trust seeks to match the daily price changes of its reference index, after expenses and liabilities, by investing in the index's digital-asset constituents. It uses a passive strategy and does not seek to outperform the index.

Why people hold it

• KRYP Widest net in the basket aisle: a passive track of the CoinDesk 20 Index, reaching down to tokens that the 5- and 10-coin rivals (GDLC, BITW) never touch.
• Built as a 1940 Act registered fund using crypto derivatives rather than a coin-holding trust, so it carries the disclosure and structure of a conventional fund.
• At 0.58%, the fee lands right around the middle of the multi-coin index group, a fraction of what the priciest crypto basket funds charge.

• NCIQ Charges 0.25% a year, well under half the 0.59% median for multi-coin crypto baskets such as GDLC and KRYP.
• Narrow, literal mandate: match the daily moves of the Nasdaq CME Crypto Settlement Price Index after expenses, no outperformance attempt. It has hewed closely to that job.
• One ticker buys the whole index basket, so no exchange accounts, wallets or self-custody to manage.

Worth knowing

• KRYP Small and lightly traded since its 2026 launch, so bid-ask spreads can be wide and more of your real cost shows up at the trade than in the fee.
• Cheaper routes to a crypto index exist: Franklin's EZPZ and Hashdex's NCIQ both came to market at lower expense ratios.
• Exposure runs through derivatives, not the coins themselves, so results can drift from the index, and there is only a short history to judge it on.

• NCIQ Structured as a trust rather than a registered fund, so the protections investors get under the Investment Company Act do not apply here.
• Generally pays no cash distributions, so any return has to come from price moves alone.
• Crypto prices swing hard, and with a January 2025 launch the live track record is still short.

Full KRYP profile⁠

Full NCIQ profile⁠