Recent SEC filings document key operational and structural changes including the fund's name and index transition, fee amendments, and infrastructure agreements enabling staking and in-kind transactions.

• The Trust changed its name and underlying index effective January 20, 2026, from Nasdaq Crypto US Settlement Price Index to Nasdaq CME Crypto Settlement Price Index as disclosed in the 8-K filing [S1].
• An Amendment to the Sponsor Agreement extended a temporary management fee reduction to 0.25% per annum through December 31, 2026, after which the standard 0.50% fee applies [S1].
• The Trust amended its Authorized Participant Agreement to permit in-kind creation and redemption transactions involving digital assets, enhancing operational flexibility [S1].
• A Master Infrastructure-as-a-Service Agreement with Coinbase Cloud was executed to enable staking activities for eligible crypto assets held by the Trust, with Coinbase Cloud providing network participation and managed services [S1].
• The Trust reported a net loss of approximately $1.98 million for the fiscal year ending December 31, 2025, with no revenue or liquidity ratios disclosed [S1].
• Risk factors remain consistent with the initial Registration Statement on Form S-1 declared effective February 13, 2025, with no material changes reported [S2].

The fund's transition to the Nasdaq CME Crypto Settlement Price Index and the extension of reduced management fees may improve its market positioning and cost competitiveness. The establishment of infrastructure agreements for staking activities and the introduction of in-kind creation and redemption processes could enhance operational flexibility and investor appeal. These developments may support the fund's ability to attract assets and provide diversified crypto exposure through a regulated ETF structure.

The fund reported a net loss for the fiscal year ending December 31, 2025, with no disclosed revenue or liquidity metrics, indicating limited financial scale or operational profitability at this stage. The crypto asset market's inherent volatility and regulatory uncertainties pose risks to the fund's performance and investor demand. Additionally, the fund's reliance on third-party infrastructure providers and the evolving nature of crypto indices may introduce operational and market risks. The absence of detailed financial disclosures limits visibility into the fund's financial health and resilience.

The ETF's moat derives from its association with Nasdaq-branded crypto indices and its listing on a major exchange, providing investor access to crypto asset exposure in a regulated vehicle. The Trust's agreements with infrastructure providers like Coinbase Cloud for staking services and the ability to conduct in-kind transactions may enhance operational efficiency and appeal to institutional participants. However, as an ETF tracking a crypto index, the fund's competitive differentiation is primarily linked to its index methodology, fee structure, and operational capabilities rather than proprietary technology or unique assets.

• Market and Regulatory Risks: The fund is exposed to the volatility of crypto asset markets and potential regulatory changes that could materially affect its operations and investor demand.
• Operational Risks: Dependence on third-party service providers for infrastructure and staking activities introduces risks related to service continuity, security, and compliance.
• Financial Transparency Risks: Limited disclosure of revenue, cash, and liquidity ratios restricts visibility into the fund's financial health and operational sustainability.

• Hashdex Nasdaq CME Crypto Index ETF is an exchange-traded fund (ETF) registered in Delaware and listed on The Nasdaq Stock Market LLC under the ticker NCIQ.
• The ETF changed its name from Hashdex Nasdaq Crypto Index US ETF to Hashdex Nasdaq CME Crypto Index ETF effective January 20, 2026, reflecting a change in its underlying index from the Nasdaq Crypto US Settlement Price Index to the Nasdaq CME Crypto Settlement Price Index.
• The Trust operates under a Trust Agreement with a Sponsor (Hashdex Asset Management Ltd.) and a Trustee (CSC Delaware Trust Company).
• The ETF is classified as an emerging growth company as defined under SEC rules.
• The Trust entered into an Amendment to the Sponsor Agreement on November 12, 2025, extending a temporary reduction of the Sponsor's Management Fee to 0.25% per annum through December 31, 2026, after which the standard 0.50% fee applies.
• The Trust amended its Authorized Participant Agreement with Virtu Americas LLC on February 24, 2026, to permit in-kind creation and redemption transactions involving digital assets, in addition to cash transactions.
• The Trust entered into a Master Infrastructure-as-a-Service Agreement with Coinbase Cloud Pte. Ltd. on October 7, 2025, to provide infrastructure and technical services enabling participation in staking activities for eligible crypto assets held by the Trust.
• Under the Coinbase Cloud agreement, Coinbase Cloud provides network participation services including staking, validating, and securing blockchain networks, as well as managed services such as network upgrades, monitoring, and maintenance.
• Staked crypto assets remain under the control of the Trust's designated Crypto Custodian; Coinbase Cloud is not permitted to rehypothecate or use the Trust's crypto assets for its own benefit.
• The Trust reported a net loss of approximately $1.98 million USD for the fiscal year ending December 31, 2025, as disclosed in its 10-K filing dated March 25, 2026.
• No revenue, cash and equivalents, or liquidity ratios were disclosed in the latest SEC filings for the period ending December 31, 2025.
• Risk factors are disclosed in the Registration Statement on Form S-1 declared effective February 13, 2025, with no material changes reported in subsequent filings.
• The Trust's filings emphasize that additional risks and uncertainties may exist beyond those currently known or deemed immaterial, which could materially affect the business and financial condition.