Raw NCAs are encrypted.

The only known section which is not encrypted in the raw NCA is the logo section, when the NCA includes that section.

Logo section

Contains the raw FS for the logo FS, see here for mounted-FS contents.

This is a PFS0.

PFS0

Offset	Size	Description
0x0	X	Table of hashes.
X	Y	Zeros for alignment to {alignment size}.
X+Y		Start of the PFS0 header.

This is the FS which has magicnum "PFS0" at header+0.