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

Although the NCIUS index has been updated to include six assets, the actual holdings of the NCIQ ETF are still highly concentrated in Bitcoin and Ethereum (together accounting for over 87%). This allocation ratio exposes the ETF to tracking error risk, meaning there could be a deviation between the ETF's performance and that of its tracking index.

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

Waiting for SEC approval

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