Hashdex Nasdaq Crypto Index US ETF SEC 10-Q Report

The Hashdex Nasdaq Crypto Index US ETF, a trust designed to provide investors with price exposure to certain crypto assets included in the Nasdaq Crypto US Settlement Price Index, has released its Form 10-Q report for the third quarter of 2025. The report highlights the Trust's financial performance and key business developments, reflecting its strategy to track the Index and provide investors with a diversified exposure to the crypto market.

Financial Highlights

• Net Asset Value Per Share Performance (Beginning of Period): $27.37, reflecting the appreciation in the prices of the crypto assets in the NCIUS.
• Net Increase (Decrease) in Net Assets from Operations: $3.52, driven by the appreciation in the prices of the crypto assets.
• Net Asset Value Per Share Performance (End of Period): $30.89, indicating a 12.86% increase in the NAV for the period.
• Total Return at Net Asset Value: 12.86%, reflecting the appreciation in the prices of the crypto assets.
• Total Return at Market Value: 12.57%, indicating the market's valuation of the Trust's shares.
• Net Investment Loss: $(0.02), reflecting the management fees and other expenses incurred by the Trust.

Business Highlights

• Trust Overview: The Hashdex Nasdaq Crypto Index US ETF is designed to provide investors with price exposure to certain crypto assets included in the Nasdaq Crypto US Settlement Price Index. The Trust employs a passive investment strategy to track the Index, investing in crypto assets without utilizing leverage.
• Recent Developments: The Trust has entered into agreements with multiple trading counterparties, including Cumberland DRW LLC, Flowdesk SAS, and Enigma Securities Limited, to provide over-the-counter trading services for crypto assets.
• Amendment to Trust Agreement: The Trust executed the Third Amended and Restated Trust Agreement to align with Nasdaq's generic listing standards, allowing the Trust to hold additional crypto assets that are constituents of the Nasdaq Crypto US Settlement Price Index.
• Index Constituents: As of September 30, 2025, the Trust's portfolio includes Bitcoin, Ether, XRP, Solana, Cardano, and Stellar, with Bitcoin holding the largest weight at 73.49%.
• Investment Strategy: The Trust aims to replicate the Index's holdings and weightings, adjusting quarterly to reflect changes in the crypto asset markets. The Sponsor may exclude certain assets based on regulatory or operational concerns.
• NAV Calculation: The Trust's NAV is calculated daily based on the fair value of its crypto assets, using the Index Constituent Settlement Price. In the event of a Fair Value Event, alternative valuation methods are employed.
• Future Outlook: The Trust plans to continue tracking the Nasdaq Crypto US Settlement Price Index, with potential adjustments to its portfolio based on changes in the Index's constituents and regulatory developments.

SEC Filing: Hashdex Nasdaq Crypto Index US ETF [ NCIQ ] - 10-Q - Nov. 10, 2025