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BITI vs NGHT

ProShares Short Bitcoin ETF

BITICNYSE Arca

Nicholas Bitcoin and Treasuries AfterDark ETF

NGHTDNasdaq

Overlap

Expense ratio

NGHT −0.05pt a year

BITI1.02%NGHT0.97%

Avg volume · 30D

BITI 108.1×the volume

BITI1.35MNGHT12.5K

BITI vs NGHT Performance

Jul 31, 2026 – Oct 30, 2026

−19.4%BITI−3.2%NGHT

Jul 31, 2026 to Oct 30, 2026. BITI −19.4%. NGHT −3.2%. Use the arrow keys to read each point.−30%−10%10%Jul 2026Sep 2026Oct 2026
Expense ratio
BITI 1.02%
NGHT 0.97%, better
Fund size
BITI $73M
NGHT $22M
1Y total return
BITI +25.9%
NGHT No data
Yield (12M)
BITI 29.08%
NGHT No data
Holdings
BITI 3
NGHT 3
Avg volume (30D)
BITI 1.35M sh, better
NGHT 12.5K sh
NAV per share
BITI $19.17
NGHT $21.19
52W range

ETF.net Grade

BITI: Cost 22, Risk 39, Mission not scored, Tradability 79, Holdings 50, Durability 81. NGHT: Cost 33, Risk 38, Mission not scored, Tradability 33, Holdings not scored, Durability 50.
Pillar letters and Scores for BITI, NGHT, with each pillar’s weight
PillarBITINGHT
Cost30% weightF22D33Higher
Mission25% weightNot scoredNot scored
Risk15% weightD39HigherD38
Tradability15% weightA79HigherD33
Holdings10% weightC50Not scored
Durability5% weightA81HigherC50

Rank among Bitcoin Derivatives funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BITI and NGHT are both graded against the same 6 Bitcoin Derivatives funds, so their Grades compare head to head.

Bitcoin Derivatives⁠

Category · 6 funds
See all 6 ›

BITI ranks 2nd and NGHT 4th of 6 funds in the Bitcoin Derivatives Category.

  1. Rank 1BBITOProShares Bitcoin ETFScore 56
  2. Rank 2CBITIProShares Short Bitcoin ETFScore 44
  3. Rank 3CBNAVAmplify Fairlead Tactical Bitcoin ETFScore 40
  4. Rank 4DNGHTNicholas Bitcoin and Treasuries AfterDark ETFScore 35
  5. Rank 5FHBTCFortuna Hedged Bitcoin ETFScore 20
  6. HBITNot yet graded

Our read on each fund

ETF.net Research

BITICProShares Short Bitcoin ETF

NGHTDNicholas Bitcoin and Treasuries AfterDark ETF

In short

BITI The original US short-bitcoin fund. Live since 2022, BITI targets -1x the daily move of the Bloomberg Bitcoin Index without directly shorting any coin, and it resets every day. Cost: 1.02% a year, above the category norm.

NGHT Most 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

BITI The Fund seeks daily results, before fees and expenses, that correspond to the inverse of the daily performance of the Bloomberg Bitcoin Index.

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

Why people hold it

  • BITI The first US ETF built to go short bitcoin, trading since 2022, so there is a multi-year public record behind the mechanism rather than a brand-new launch.businesswire.com
  • Short exposure inside an ordinary brokerage account: no margin agreement, no coin borrow, no wallet. The fund uses derivatives and does not directly short bitcoin.proshares.comproshares.com 2
  • Actively traded for an inverse crypto product, and it stands in the upper half of its bitcoin-derivatives peer group.
  • The collateral behind the position throws off income: the fund intends to distribute income, if any, monthly, and capital gains at least annually.sec.gov
  • NGHT 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

  • BITI Daily reset. Over longer stretches the result is each day's return compounded, which can differ in size and even direction from -1x the index over that same span.sec.gov
  • The prospectus is blunt about the edges: a flat index over time still loses money here, and the full value of an investment can be lost within a single day.sec.govproshares.com
  • At 1.02% a year it costs above the typical fund in its category, and more than its long-side sibling BITO at 0.95%.
  • NGHT 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.

Full BITI profile⁠

Full NGHT profile⁠

BITI vs NGHT Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BITI vs NGHT Cost

Overpaying BITI vs NGHT

$814

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

  • BITI 1.02%

    $19,012

  • NGHT 0.97%

    $18,198

$10,000
30 years

Cost over time

  • BITI 1.02%
  • NGHT 0.97%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BITI $19,012NGHT $18,198

Year by year

YearBITINGHTOverpaying
10$1,797$1,712$85
20$6,746$6,443$303
30$19,012$18,198$814

Expense ratio

  • 1.02%BITI
  • 0.97%NGHT, cheaper
  • Middle half of Bitcoin Derivatives funds
  • Median 0.96%

NGHT 4th cheapest of 6 funds

BITI 5th cheapest of 6 funds

BITI vs NGHT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
BITI 29.08%
NGHT No data
Payout (12M)
BITI $5.57
NGHT None
Last payment
BITI $0.04
NGHT No data
Ex-dividend
BITI Oct 1, 2026
NGHT No data
Paid on
BITI Oct 7, 2026
NGHT No data
Frequency
BITI Monthly
NGHT No data

Distribution history

Per share, 2023 to 2026, same scale for both

BITIMonthly · 45 paymentsAll BITI payments⁠
One bar per payment. 45 payments from 2023 to 2026 YTD. Feb 1, 2023 $0.07; Mar 1, 2023 $0.04; Apr 3, 2023 $0.05; May 1, 2023 $0.14; Jun 1, 2023 $0.33; Jul 3, 2023 $0.26; Aug 1, 2023 $0.23; Sep 1, 2023 $0.29; Oct 2, 2023 $0.23; Nov 1, 2023 $0.17; Dec 1, 2023 $0.20; Dec 20, 2023 $0.19; Feb 1, 2024 $0.09; Mar 1, 2024 $0.09; Apr 1, 2024 $0.08; May 1, 2024 $0.10; Jun 3, 2024 $0.10; Jul 1, 2024 $0.08; Aug 1, 2024 $0.10; Sep 3, 2024 $0.09; Oct 1, 2024 $0.07; Nov 1, 2024 $0.06; Dec 2, 2024 $0.03; Dec 23, 2024 $0.05; Feb 3, 2025 $0.03; Mar 3, 2025 $0.03; Apr 1, 2025 $0.04; May 1, 2025 $0.03; Jun 2, 2025 $0.03; Jul 1, 2025 $0.03; Aug 1, 2025 $0.03; Sep 2, 2025 $0.03; Oct 1, 2025 $0.03; Nov 3, 2025 $0.02; Dec 1, 2025 $0.02; Dec 24, 2025 $0.04; Feb 2, 2026 $0.31; Mar 2, 2026 $0.95; Apr 1, 2026 $0.59; May 1, 2026 $0.20; Jun 1, 2026 $0.24; Jul 1, 2026 $1.45; Aug 3, 2026 $1.33; Sep 1, 2026 $0.38; Oct 1, 2026 $0.04. Use the arrow keys to read each point.$0$120232026YTD
NGHTAll NGHT payments⁠

No distribution history available.

BITI vs NGHT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BITI 46.4%NGHT No data
Return per unit of riskSharpe ratio, 3 years
BITI −0.69NGHT No data
Worst fallMax drawdown, 5 years
BITI −92.2%since Jun 2022NGHT No data
Market sensitivityBeta, 5 years
BITI −1.41NGHT 0.27

BITI and NGHT in the news

All news⁠

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