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NCIQ

GradeANASDAQ Global Select

Hashdex Nasdaq Crypto Index US ETF

Crypto · Hashdex · Inception 2025-02-13 · SEC filings

$21.36−0.55 (−2.51%)

As of Sep 23, 2026, 2:20 PM EDT

History starts Feb 13, 2025.
Intraday session: down, 58 prints from 21.91 to 21.36. Range 21.27 to 21.84. Use the arrow keys to read each point.$21.20$21.60$21.8010 AM12 PM2 PM4 PM
Expense ratio
0.25%
Fund size
$517M
1Y return
−28.2%
Yield · Last 12 months
—
Volume · 30D
0.1M sh
NAV per share
$21.97
52W range
low $14.38high $34.26

The ETF.net NCIQ Grade

A

74/ 100

Rank 2 of 10 in Spot Crypto Basket⁠

Confidence Medium

Six-pillar profile for NCIQ. Scores out of 100: Cost 75, Risk 34, Mission 100, Tradability 73, Holdings not scored, Durability 61. Strongest: Mission (100). Weakest: Risk (34). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 74 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 75
    Category rank3/10 · top 30%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 100
    Category rank4/6 · mid-pack

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 34
    Category rank8/9 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 73
    Category rank1/10 · top 10%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 61
    Category rank3/10 · top 30%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on NCIQ

ETF.net Research

AA 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

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

  1. 01Charges 0.25% a year, well under half the 0.59% median for multi-coin crypto baskets such as GDLC and KRYP.
  2. 02Narrow, 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.
  3. 03One ticker buys the whole index basket, so no exchange accounts, wallets or self-custody to manage.

Worth knowing

  1. 01Structured as a trust rather than a registered fund, so the protections investors get under the Investment Company Act do not apply here.
  2. 02Generally pays no cash distributions, so any return has to come from price moves alone.
  3. 03Crypto prices swing hard, and with a January 2025 launch the live track record is still short.

NCIQ Holdings

As of Sep 20, 2026, 6:36 AM
Asset class
Other
Holdings
—
Top-10 weight
100%
Largest holding
Bitcoin73.7%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Bitcoin73.72%4,426$360M4
002—Ethereum12.17%22,476$59M4
003—Ripple5.05%17,599,419$25M1
004—Solana4.02%171,855$20M6
005—HYPERLIQUID3.57%188,781$17M3
006—Cardano0.49%10,771,309$2M2
007—Chainlink0.44%174,882$2M2
008—Stellar0.31%8,083,322$2M1
009—Bitcoin Cash0.21%4,127$1M1
010—Cash & Other0.01%70,952$71K674

Showing 1–10 of 10 holdings

NCIQ Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

NCIQ$7,177
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. NCIQ $7,177. SPY $11,723. Use the arrow keys to read each point.$4,224$8,272$12,320Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for NCIQ. Periods over one year show the average yearly return.
PeriodNCIQ
Year to date−3.6%
1 month+13.4%
3 months+37.6%
1 year−28.2%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for NCIQ
YearReturn barNCIQ
2026 YTD−3.6%
2025−9.1%

Since listing, Feb 13, 2025

NCIQ in the news

NCIQ Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

NCIQ Risk

How much the fund’s monthly returns vary, scaled to a year.
44.6%
Annualised · 18 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.01
vs 3-month T-bills · 18 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−57.0%
19 months · trough Jun 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.09
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

NCIQ Cost

Expense ratio0.25%
  • The middle half of Spot Crypto Basket funds
  • Median 0.58%

2 of the 10 Spot Crypto Basket funds charge less.

NCIQ costs $25.00 a year on $10,000. The median Spot Crypto Basket fund costs $58.50.