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Launched

Nicholas Bitcoin and Treasuries AfterDark ETF

NGHTNasdaqDThis 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.

$23.13+0.15 (+0.67%)

At close: Oct 13, 2026, 4:00 PM

D38/ 100

Rank 4 of 7 in Bitcoin Derivatives

D38/100Rank 4 of 7inBitcoin Derivatives
Intraday session: up, 17 prints from 22.97 to 23.13. Range 23.09 to 23.31. Use the arrow keys to read each point.23.2023.3010 AM12 PM2 PM4 PM
Expense ratio
0.97%
Fund size
$25M
1Y total return
—
Yield · Last 12 months
—
Holdings
3
Avg volume · 30D
0M sh
NAV per share
$22.94
52W range
low $14.75high $31.42
Launched

The ETF.net NGHT Grade

Based on 4 of 6 pillars

D

Score 38 out of 100

Category
Bitcoin Derivatives⁠
Rank
4 of 7
Six-pillar profile for NGHT. Scores out of 100: Cost 33, Risk 49, Mission not scored, Tradability 36, Holdings not scored, Durability 50. Strongest: Durability (50). Weakest: Cost (33). Based on 4 of 6 pillars.

Score 38 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.
    C49 out of 100
    Rank 2 of 5

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D36 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

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

  1. 01A genuinely unusual mandate in a crowded corner: an active strategy aimed at bitcoin's overnight window, not plain round-the-clock futures exposure.
  2. 02Fee of 0.97% sits right at the median for bitcoin-derivative ETFs, so the specialty strategy is not priced as a luxury.
  3. 03Runs 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

  1. 01Small asset base and light trading, so bid-ask spreads can run wider than the household names in the bitcoin-derivatives group.
  2. 02A 2026 launch means a short track record, and the risk picture rests on limited live data.
  3. 03The result rides on a manager capturing an overnight pattern. Nothing in the structure locks that in, and bitcoin's swings pass straight through.

NGHT Holdings

As of Oct 12, 2026
Asset class
Other
Holdings
3
Top-10 weight
195%
Largest holding
Ishares Bitcoin Trust Etf-Swap-Cant-L99.8%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Ishares Bitcoin Trust Etf-Swap-Cant-L99.76%530,794$25M1
002—United States Treasury Bill 11/19/202694.89%23,600,000$24M56
003—First American Government Obligations Fund 12/01/20310.42%103,650$104K529

Showing 1–3 of 3 holdings

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$10,495
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,332
Jul 10, 2026 to Oct 12, 2026. NGHT $10,495. SPY $10,332. Use the arrow keys to read each point.$6,411$8,760$11,109Jul 2026Aug 2026Oct 2026

Jul 10, 2026 – Oct 12, 2026

Returns run to the Oct 12, 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 year—
1 month+4.3%
3 months+5.0%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper year—

As of the close, 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−12.7%

History from Apr 8, 2026

NGHT in the news

Filtered to NGHT · Bitcoin Derivatives

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 12, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Apr 2026. No distributions yet.

NGHT Risk

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.

NGHT Cost

Expense ratio0.97%
  • The middle half of Bitcoin Derivatives funds
  • Median 0.95%

4 of the 7 Bitcoin Derivatives funds charge less.

NGHT costs $97.00 a year on $10,000. The median Bitcoin Derivatives fund costs $95.00.

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