NCIQ — what changed in the latest 10-Q
A section-by-section comparison of NCIQ's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-12 vs the prior 10-Q · 2026-05-12
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +8 | −6 | ~5 | 40 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3), Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-12
The Trust’s net assets increased from $125,608,529 as of June 30, 2025 to $190,069,351 as of June 30, 2026. This change was driven primarily by net capital inflows from the creation of Shares, partially offset by the net decrease in net assets resulting from operations during the period.
For the three months ended June 30, 2026, compared to the three months ended June 30, 2025:
For the six months ended June 30, 2026, compared to the period from February 14, 2025 (commencement of operations) to June 30, 2025:
Total fees and other expenses (excluding Management Fees) $— $50
^ The Trust commenced operations on February 14, 2025 and no operations occurred prior to this date.
Text removed vs the prior filing · source: 10-Q · 2026-05-12
The Trust’s net assets decreased from $121,287,477 as of December 31, 2025 to $98,081,994 as of March 31, 2026. For the comparable period, net assets were $88,730,642 for the period from February 14, 2025 (commencement of operations) to March 31, 2025. This change was driven primarily by net capital…
For the three months ended March 31, 2026, compared to the period from February 14, 2025 (commencement of operations) to March 31, 2025:
^ Commencement of operations. No Operations occurred prior to this date.
The graphs below show the actual Shares outstanding, total net assets and NAV per Share for the Trust from commencement of operations to March 31, 2026 and serves to illustrate the relative changes of these components.
The following graphs illustrate changes in the Trust’s NAV, as reflected by the graph “Comparison of NAV to Index” for the period ended March 31, 2026 and the period from February 14, 2025 (commencement of operations) to March 31, 2025.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice