BITB fee cut impacts Latin American pension competition

BITB undercuts NDEX on cost

Bitwise’s BITB provides a cheaper way to access Bitcoin than Hashdex’s NDEX. The September fee cut of 0.12% makes BITB a more aggressive competitor for capital in Latin American markets. BITB holds Bitcoin directly in wallets controlled by the Trust. This spot structure aims to reflect the market price of Bitcoin. Hashdex’s NDEX tracks the Nasdaq CME Crypto Index. This index includes a mix of assets such as Ethereum, XRP, and Solana. Investors use brokerage accounts to buy BITB shares to avoid the complexities of self-custody or managing private keys. You should check the bid-ask spread to understand the total cost of your trade. The BITB Bitcoin reserve reflects the total amount of Bitcoin held in wallets, though this amount may exceed the Trust Net Assets because it does not account for management fees. The Network Firm LLP conducts the Proof of Reserve examinations for the Trust. BITB holds one single asset, which contains 100% of its holdings in Equity Other. The BITB 1-month return reached 21.68% and the 3-month return was 16.56%.

Latin American pension demand grows

Latin American pension funds and mutual funds held USD 195 billion in cross-border ETFs in March 2026. Mexican Afores and mutual funds account for nearly half of the USD 195 billion held in cross-border ETFs as of March 2026, while Chilean and Colombian AFPs contribute roughly USD 85 billion of the remaining balance. Pension systems across the region added roughly USD 350 billion in assets in 2025, finishing with USD 1.1 trillion. This total reversed the USD 118 billion loss seen the prior year. The International Association of Pension Fund Supervisors published a study in June 2026. This study shows pension assets in AIOS member countries reached USD 840 billion by June 2025. Mexico offers the most room for alternative assets. The youngest SIEFOREs in Mexico can allocate up to 30% of their assets to structured instruments. This exceeds the limits in other countries. Chile increases its limit for alternative asset investments in Fund A to 19% in August 2026. The total addressable alternatives market in Chile, Peru, and Colombia is between USD 60 billion and USD 120 billion. This market includes private equity, real estate, and infrastructure. Peru saw a 41% local currency advance and Colombia saw a 35% increase. The regional mutual fund AUM surpassed USD 2 trillion for the first time, which was an increase of 31% from USD 1.6 trillion the previous year. Will the increasing regulatory flexibility in Chile and Colombia lead to more crypto index adoption?

Comparing BITB and NDEX

The NDEX fund holds multiple cryptocurrencies, while BITB remains a single-asset fund. The NDEX holdings include 73.71% Bitcoin, 12.16% Ethereum, 5.06% XRP, 4.01% Solana, and 3.54% Hyperliquid. It also contains 0.49% Cardano and 0.44% Chainlink. BITB focuses entirely on Bitcoin. The NDEX 6-month return reached 26.53%, but its 12-month return fell by 40.31%. BITB reported a 1-year return of -33.99%. The 20-day volatility for BITB is 43.31%, while its 200-day volatility is 37.35%. The BITB Beta is 2.17.

The NDEX fund is an exchange-traded product, not a mutual fund. It is not subject to regulation under the Investment Company Act of 1940. The fund value depends on the acceptance of the crypto assets and blockchain developments. If the market for crypto-based ETFs reaches a point with little additional demand, the fund may face liquidity issues. The 30-day median bid/ask spread for NDEX is 0.20%. The 1-month return for NDX at market price was 26.62%, while the NAV return was 26.99%.