The current NCI index includes nine cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), as well as XRP, SOL, ADA, XLM, Chainlink (LINK), Litecoin (LTC), and Uniswap (UNI).

Despite the NCIUS index now including six assets, the actual holdings of the NCIQ ETF remain highly concentrated in Bitcoin and Ethereum (together accounting for over 87%). This allocation ratio poses a risk of tracking error for the ETF, meaning there may be a divergence between the ETF's performance and that of its tracking index.

Nasdaq expects that by incorporating a broader variety of crypto assets, the NCIQ ETF will more accurately reflect the NCI index, providing investors with a more authentic representation of the crypto market.

Awaiting SEC Approval

Whether this proposal can be approved is crucially dependent on the review by the U.S. Securities and Exchange Commission (SEC). The SEC will make a final decision on this proposal by the latest deadline of November 2, 2025, following the submission of the 19b-4 filing to apply for new products or rule changes. However, the market generally believes that approval is not difficult.