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NGHT

GradeDNASDAQ

Nicholas Bitcoin and Treasuries AfterDark ETF

Crypto derivatives · Crypto · Nicholasx · Inception 2026-04-07

This 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.

$22.44+0.14 (+0.65%)

As of Sep 23, 2026, 1:31 PM EDT

History starts Apr 8, 2026.History starts Apr 8, 2026.History starts Apr 8, 2026.
Intraday session: up, 24 prints from 22.30 to 22.44. Range 21.36 to 22.50. Use the arrow keys to read each point.$21.50$22.0010 AM12 PM2 PM4 PM
Expense ratio
0.97%
Fund size
$24M
1Y return
—
Yield · Last 12 months
—
Volume · 30D
0M sh
NAV per share
$21.93
52W range
low $14.75high $31.42

The ETF.net NGHT Grade

D

38/ 100

Rank 4 of 7 in Bitcoin Derivatives⁠

Confidence Low

Six-pillar profile for NGHT. Scores out of 100: Cost 33, Risk 48, Mission not scored, Tradability 37, Holdings not scored, Durability 50. Strongest: Durability (50). Weakest: Cost (33). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 38 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 33
    Category rank5/7 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 48
    Category rank3/5 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 37
    Category rank5/7 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 50
    Category rank4/7 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

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 Sep 20, 2026, 9:02 AM
Asset class
Other
Holdings
—
Top-10 weight
203%
Largest holding
United States Treasury Bill 11/19/2026101.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—United States Treasury Bill 11/19/2026101.00%24,000,000$24M48
002—ISHARES BITCOIN TRUST ETF-SWAP-CANT-L99.93%544,736$24M1
003—First American Government Obligations Fund 12/01/20311.58%372,534$373K625

Showing 1–3 of 3 holdings

NGHT Performance

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

NGHT$9,479
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. NGHT $9,479. SPY $10,415. Use the arrow keys to read each point.$5,937$8,361$10,784Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 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−2.4%
3 months−5.2%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per 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−15.3%

History from Apr 8, 2026

NGHT in the news

ETF.net Research hasn’t filed on NGHT yet — coverage lands here as it’s written.

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 Sep 22, 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.