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Launched

Nicholas Bitcoin and Treasuries AfterDark ETF

NGHTNasdaqNicholasxDThis fund gets its cryptocurrency exposure through futures contracts rather than holding coins directly. Futures-based returns can differ from the spot price of the coin.

$20.38+0.13 (+0.66%)

At close: Nov 2, 2026, 4:00 PM ET

D35/ 100

Rank 5 of 7 in Bitcoin Derivatives

D35/100Rank 5 of 7inBitcoin Derivatives
Intraday session: up, 79 prints from 20.25 to 20.38. Range 20.00 to 20.51. Use the arrow keys to read each point.20.0020.1020.5010 AM12 PM2 PM4 PM
Expense ratio
0.97%
Fund size
$22M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
12.5K sh
52W range
low $14.75high $31.42
Launched

The ETF.net NGHT Grade

Based on 4 of 6 pillars

D

Score 35 out of 100

Category
Bitcoin Derivatives⁠
Rank
5 of 7
Six-pillar profile for NGHT. Scores out of 100: Cost 33, Risk 38, Mission not scored, Tradability 33, Holdings not scored, Durability 50. Strongest: Durability (50). Weakest: Tradability (33). Based on 4 of 6 pillars.

Score 35 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D33 out of 100
    Rank 5 of 7

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D38 out of 100
    Rank 6 of 6

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D33 out of 100
    Rank 6 of 7

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C50 out of 100
    Rank 4 of 7

Our read on NGHT

ETF.net Research

In short

DMost bitcoin funds ride the coin around the clock. NGHT works the night shift: an actively managed commodity pool built to capture bitcoin's overnight return profile, with Treasuries riding alongside.

Stated mandate

The Fund seeks long-term capital appreciation through an actively managed strategy designed to capture bitcoin's overnight return profile.

Why people hold it

  • A genuinely unusual mandate in a crowded corner: an active strategy aimed at bitcoin's overnight window, not plain round-the-clock futures exposure.
  • Fee of 0.97% sits right at the median for bitcoin-derivative ETFs, so the specialty strategy is not priced as a luxury.
  • Runs as a commodity pool taking bitcoin exposure through derivatives, so it arrives in a regular brokerage account with no wallets, keys, or exchange logins.

Worth knowing

  • Small asset base and light trading, so bid-ask spreads can run wider than the household names in the bitcoin-derivatives group.
  • A 2026 launch means a short track record, and the risk picture rests on limited live data.
  • The result rides on a manager capturing an overnight pattern. Nothing in the structure locks that in, and bitcoin's swings pass straight through.

NGHT Performance

Launched Apr 7, 2026

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
NGHT$9,682
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,141
Jul 31, 2026 to Oct 30, 2026. NGHT $9,682. SPY $10,141. Use the arrow keys to read each point.$8,000$10,000Jul 2026Sep 2026Oct 2026

Jul 31, 2026 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for NGHT. Periods over one year show the average yearly return.
PeriodNGHT
Year to dateFund launched this yearNo data
1 month−9.4%
3 months−3.2%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for NGHT
YearReturn barNGHT
2026 YTD−23.2%

History from Apr 8, 2026

NGHT in the news

NGHT Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
No dataLast 12 months
Payout per share
No dataLast 12 months

Listed Apr 2026. No distributions yet.

NGHT Risk

Risk pillarD38 out of 100Rank 6 of 6 in Bitcoin Derivatives
How much the fund’s monthly returns vary, scaled to a year.
Launched Apr 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
Launched Apr 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
Launched Apr 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.27
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

NGHT Cost

Compare NGHT and HBIT

Overpaying vs HBIT, cheapest in Bitcoin Derivatives

$4,592

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • NGHT 0.97%

    $18,198

  • HBIT 0.70% Cheapest

    $13,606

$10,000
30 years

Cost over time

  • NGHT 0.97%
  • HBIT 0.70%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530NGHT $18,198HBIT $13,606

Year by year

YearNGHTHBITOverpaying
10$1,712$1,250$462
20$6,443$4,760$1,683
30$18,198$13,606$4,592

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