If You Invested in Hashdex Nasdaq CME Crypto Index ETF (NCIQ)

Hashdex Nasdaq Crypto Index US ETF (NCIQ) is an exchange-traded fund whose shares of beneficial interest are listed on The Nasdaq Stock Market LLC under the trading symbol NCIQ, according to its SEC filings. The registrant is identified in these filings as Hashdex Nasdaq Crypto Index US ETF, and it is organized as a trust (the “Trust”). The Trust is sponsored by Hashdex Asset Management Ltd., with CSC Delaware Trust Company serving as trustee, as described in multiple Form 8-K reports.

The Trust is associated with the Nasdaq Crypto US Settlement Price™ Index (NCIUSS), referred to in its filings as the “Index.” The Trust’s holdings, as disclosed in an Item 8.01 section of a Form 8-K, include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Stellar Lumens (XLM), XRP (XRP), and Cardano (ADA), all subject to quarterly rebalancing and potential additions of other Index constituents in line with the Index methodology and applicable generic listing standards. The Trust’s filings state that its sponsor monitors the Index composition and adjusts the Trust’s holdings to replicate the Index, subject to restrictions in the Index methodology and listing standards.

Structure and regulatory listing

In its SEC disclosures, the Trust describes its securities as Shares of Beneficial Interest of Hashdex Nasdaq Crypto Index US ETF, registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 and traded on The Nasdaq Stock Market LLC under the symbol NCIQ. The Trust is characterized as an emerging growth company in several Form 8-K filings, indicating that it reports under the emerging growth company framework defined in SEC rules.

The Trust has entered into a series of agreements that govern its operations. These include a Sponsor Agreement with its sponsor and multiple iterations of an Amended and Restated Trust Agreement with CSC Delaware Trust Company as trustee. The Trust Agreements, as described in Form 8-K filings, have been amended over time to reflect changes needed for the Trust to rely on generic listing rules and to support in-kind creation and redemption processes for its crypto assets. Copies of these agreements are filed as exhibits to the relevant Form 8-K reports.

Index-linked crypto asset holdings

According to a Form 8-K filed under Item 8.01 (Other Events), the Trust’s holdings are aligned with the Nasdaq Crypto US Settlement Price™ Index. The filings specify that the Trust’s holdings include BTC, ETH, SOL, XLM, XRP, and ADA, and that these holdings are subject to quarterly rebalancing and potential inclusion of additional Index constituents over time. The Trust’s sponsor states in the filings that it will continue to monitor the Index composition and adjust the Trust’s holdings as necessary to replicate the Index, within the limits of the Index methodology and the generic listing standards adopted by The Nasdaq Stock Market LLC and approved by the U.S. Securities and Exchange Commission.

The Trust’s disclosures also reference the filing of a prospectus supplement to update and supplement information contained in a Registration Statement on Form S-1, in connection with changes that allow the Trust to rely on generic listing standards and to hold additional crypto assets that are constituents of the Index.

Generic listing standards and trust agreements

Several Form 8-K filings describe the Trust’s transition to relying on generic listing standards adopted by The Nasdaq Stock Market LLC and approved by the SEC. One filing notes that, in reliance on these new generic listing rules (identified in the filing as SR-NASDAQ-2025-056), the Trust is permitted to hold additional crypto assets that are Index constituents, rather than being limited to bitcoin and ether. Another filing explains that the Third Amended and Restated Trust Agreement was executed to reflect necessary changes for the Trust to rely on the generic listing rules.

A later Form 8-K describes a Fourth Amended and Restated Trust Agreement between the Sponsor and the Trustee. This agreement is stated to make changes to the prior Trust Agreement in order to allow for in-kind creation and redemption transactions. The filing notes that a copy of this Trust Agreement is filed as an exhibit, and that these changes support the Trust’s ability to operate in reliance on Nasdaq’s generic listing standards.

In-kind creations and redemptions

In a Form 8-K filed under Item 8.01, the Trust discloses that The Nasdaq Stock Market LLC filed an immediately effective proposed rule change (SR-NASDAQ-2025-078) to permit the Hashdex Nasdaq Crypto Index US ETF to operate under the generic listing standards in Nasdaq Rule 5711(d). In connection with this transition, the Trust may implement in-kind creation and redemption processes for its crypto assets, as an alternative to its cash creation and redemption processes.

The filing explains that the Trust will permit authorized participants to submit orders to create or redeem baskets in exchange for Trust shares. Baskets are created or redeemed upon the Trust’s confirmation of receipt or delivery of the appropriate amount of crypto assets to or from its account with one of the Trust’s crypto custodians. On the settlement date, the Trust delivers or redeems shares to or from the authorized participant in exchange for crypto assets received from, or delivered to, the authorized participant or its designated agent or client. If an in-kind order cannot be settled in a timely manner, the authorized participant may elect an alternative settlement method consistent with the Trust’s procedures.

Staking-related infrastructure services

Another Form 8-K, filed under Item 1.01, describes a Master Infrastructure-as-a-Service Agreement (referred to as the Coinbase Cloud MSA) between the Trust and Coinbase Cloud Pte. Ltd. Under this agreement, Coinbase Cloud is to provide infrastructure and related technical services necessary to enable the Trust to participate in staking activities with respect to certain eligible crypto assets held by the Trust. The filing states that the Trust will announce the start of staking activities at a later date.

According to the same filing, Coinbase Cloud will provide infrastructure and technical services for specific crypto asset networks as set forth in order schedules. These services include network participation, which may involve staking, validating, and helping to secure supported blockchain networks, and managed services such as network upgrades, monitoring, and maintenance. The filing notes that the Coinbase Cloud MSA has an initial term and includes a service fee calculated as a percentage of gross staking rewards earned by the Trust. It also states that staked crypto assets remain under the control of the Trust’s designated crypto custodian at all times, and that Coinbase Cloud is not permitted to rehypothecate or otherwise use the Trust’s crypto assets for its own benefit.

Management fee arrangements

In a Form 8-K addressing an amendment to the Sponsor Agreement, the Trust discloses a temporary reduction of the Sponsor’s management fee. The filing explains that the Trust and the Sponsor entered into an amendment to extend a temporary reduction of the Sponsor’s management fee to a specified percentage per annum through a stated date, after which a higher standard annual management fee will apply. The full text of this amendment is filed as an exhibit to that Form 8-K.

Location and regulatory classification

Across multiple Form 8-K filings, the Trust lists its principal executive offices as being located in New York, New York, with an address in that city. While specific street address details are provided in the filings, the key evergreen point is that the Trust identifies New York, New York as the location of its principal executive offices. The Trust’s securities are registered under the Securities Exchange Act of 1934, and the filings consistently identify the Trust as an emerging growth company, indicating that it follows the reporting framework applicable to such entities.

Key characteristics summarized

• The registrant is identified as Hashdex Nasdaq Crypto Index US ETF, organized as a trust with a sponsor and trustee as described in its Trust Agreements.
• Shares of beneficial interest trade on The Nasdaq Stock Market LLC under the symbol NCIQ, as disclosed in multiple Form 8-K filings.
• The Trust’s holdings, as described in its SEC filings, include BTC, ETH, SOL, XLM, XRP, and ADA, aligned with the Nasdaq Crypto US Settlement Price™ Index and subject to quarterly rebalancing.
• The Trust has amended its Trust Agreement to rely on Nasdaq’s generic listing standards and to support in-kind creations and redemptions of baskets of shares for crypto assets.
• The Trust has entered into a Master Infrastructure-as-a-Service Agreement with Coinbase Cloud Pte. Ltd. to provide infrastructure and technical services for potential staking activities on certain eligible crypto assets.
• An amendment to the Sponsor Agreement provides for a temporary reduction in the Sponsor’s management fee for a defined period, with a standard management fee applying thereafter, as described in the relevant Form 8-K.

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