Hashdex Nasdaq CME Crypto Index ETF

What they do

The Trust is an exchange-traded fund that provides price exposure to the crypto assets that are constituents of its reference index, rather than requiring investors to buy and hold digital assets directly. It does not purchase or sell digital assets except in connection with creation and redemption of 10,000-share Baskets with Authorized Participants, or to pay expenses. Hashdex Asset Management Ltd. is the sponsor and employs a passive strategy intended to track index changes regardless of direction. Crypto assets are held with Coinbase Custody, BitGo and Fidelity Digital Asset Services, while U.S. Bank National Association holds cash.

Revenue drivers

• Index-tracking crypto exposure — The Trust's only business is holding Index Constituents to track the daily price changes of the Index, less operational expenses and liabilities; its performance and asset base depend on crypto asset prices and index composition.
• Share creation and redemption — Shares are created and redeemed in 10,000-share Baskets with Authorized Participants; these transactions change Trust size and the asset base over which expenses are charged.
• Fee/expense structure — The Trust bears operational expenses and liabilities that are subtracted from NAV and index performance; the filings do not disclose a separate fee schedule or revenue line in the excerpts provided.

Recent performance

The Trust reported annual net income of $-2.0 million for 2025. As of June 30, 2026, total assets were $190.1 million and total liabilities were $31,542. The 10-K was filed March 25, 2026 and the 10-Q was filed August 12, 2026. The filings show a change in the reference index effective January 20, 2026, from the Nasdaq Crypto US Settlement Price Index to the Nasdaq CME Crypto Settlement Price Index. No further period-over-period revenue or NAV detail is available in the provided excerpts.

Strategy

The Sponsor employs a passive investment strategy intended to track changes in the Index regardless of its direction, and will not attempt to outperform it. Effective January 20, 2026, the Trust transitioned its reference index from the NCIUSS to the NCIS, which the filings state applies substantially identical methodologies and reflects the same constituents. The Trust was renamed Hashdex Nasdaq CME Crypto Index ETF from Hashdex Nasdaq Crypto Index US ETF on that transition date and operates under a Fifth Amended and Restated Trust Agreement dated January 20, 2026. The Trust's objective remains aligning daily NAV changes with daily Index price changes, minus operational expenses and liabilities.

Risks

• Index tracking risk — Because the Trust seeks to track the Index, changes in the price of the Shares may vary from changes in the individual Index Constituents' prices and from the Index itself.
• Crypto asset price risk — The Trust's total assets are concentrated in Index Constituents, so adverse crypto asset price moves directly reduce NAV and share value.
• Custody concentration risk — Crypto assets are held by Coinbase Custody, BitGo and Fidelity Digital Asset Services, so failure or loss at a Crypto Custodian could impair Trust assets.
• Regulatory status risk — The Trust is not registered as an investment company under the Investment Company Act and is not a commodity pool under the CEA, and the Sponsor is not registered with the SEC as an investment adviser or with the CFTC as a commodity pool operator.

Outlook

The filings do not provide management guidance on future revenue, earnings or asset levels. Management states the Trust will continue its passive strategy of tracking the Index, now the Nasdaq CME Crypto Settlement Price Index, minus operational expenses and liabilities. The forward-looking statement language notes that actual results may differ materially due to commodity market movements, regulatory changes and general economic conditions.