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BITO vs NGHT

ProShares Bitcoin ETF

BITOBNYSE Arca

Nicholas Bitcoin and Treasuries AfterDark ETF

NGHTDNasdaq

Overlap

Expense ratio

BITO −0.02pt a year

BITO0.95%NGHT0.97%

Avg volume · 30D

BITO 13789.2×the volume

BITO172MNGHT12.5K

BITO vs NGHT Performance

Jul 31, 2026 – Oct 30, 2026

+20.6%BITO−3.2%NGHT

Jul 31, 2026 to Oct 30, 2026. BITO +20.6%. NGHT −3.2%. Use the arrow keys to read each point.−20%40%Jul 2026Sep 2026Oct 2026
Expense ratio
BITO 0.95%, better
NGHT 0.97%
Fund size
BITO $1.49B
NGHT $22M
1Y total return
BITO −32.3%
NGHT No data
Yield (12M)
BITO 24.14%
NGHT No data
Holdings
BITO 3
NGHT 3
Avg volume (30D)
BITO 172M sh, better
NGHT 12.5K sh
NAV per share
BITO $10.23
NGHT $21.19
52W range

ETF.net Grade

BITO: Cost 51, Risk 46, Mission not scored, Tradability 73, Holdings 50, Durability 91. NGHT: Cost 33, Risk 38, Mission not scored, Tradability 33, Holdings not scored, Durability 50.
Pillar letters and Scores for BITO, NGHT, with each pillar’s weight
PillarBITONGHT
Cost30% weightC51HigherD33
Mission25% weightNot scoredNot scored
Risk15% weightC46HigherD38
Tradability15% weightA73HigherD33
Holdings10% weightC50Not scored
Durability5% weightA91HigherC50

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. BITO 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 ›

BITO ranks 1st 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

BITOBProShares Bitcoin ETF

NGHTDNicholas Bitcoin and Treasuries AfterDark ETF

In short

BITO The derivatives route to bitcoin: futures and swaps held inside a regular 1940 Act fund, no exchange account, no wallet, no keys. Trading since 2021, heavily traded, and it pushes futures-related gains out as a monthly distribution.

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

BITO The fund seeks capital appreciation through exposure to bitcoin, primarily using bitcoin futures and swaps rather than holding bitcoin directly.

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

  • BITO Bitcoin exposure bought like any stock. The fund uses bitcoin futures and swaps inside a 1940 Act fund wrapper instead of holding coins, so there is no crypto exchange account or private key to manage.proshares.com
  • At 0.95% a year it undercuts the typical fee in its bitcoin-derivatives group, and it stands among the stronger implementations in that small cohort.
  • One of the busiest tickers in the bitcoin-derivatives corner, and a multi-billion-dollar fund. Liquidity like that usually means you get in and out without fighting the spread.
  • A 2021 launch, which makes it one of the longer-running bitcoin funds on a US exchange. ProShares also runs the inverse version, BITI, if you want the other side of the trade.
  • 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

  • BITO You own futures and swaps, not bitcoin. Results follow the futures market, and the cost of rolling contracts forward can leave the fund behind spot bitcoin over long stretches.
  • The monthly payout comes from futures-related gains, not from an interest-paying asset, so the amount moves around with the futures book rather than arriving on a set schedule of size.
  • Bitcoin-linked swings are severe, and roughly 1% a year in fees compounds on top of that. This is the sharp end of the risk spectrum, not a core holding by design.
  • 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 BITO profile⁠

Full NGHT profile⁠

BITO 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.

BITO vs NGHT Cost

Overpaying NGHT vs BITO

$329

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

  • BITO 0.95%

    $17,869

  • NGHT 0.97%

    $18,198

$10,000
30 years

Cost over time

  • BITO 0.95%
  • 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$20K051015202530NGHT $18,198BITO $17,869

Year by year

YearBITONGHTOverpaying
10$1,678$1,712$34
20$6,322$6,443$121
30$17,869$18,198$329

Expense ratio

  • 0.95%BITO, cheaper
  • 0.97%NGHT
  • Middle half of Bitcoin Derivatives funds
  • Median 0.96%

BITO 3rd cheapest of 6 funds

NGHT 4th cheapest of 6 funds

BITO vs NGHT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
BITO 24.14%
NGHT No data
Payout (12M)
BITO $2.47
NGHT None
Last payment
BITO $0.02
NGHT No data
Ex-dividend
BITO Oct 1, 2026
NGHT No data
Paid on
BITO Oct 7, 2026
NGHT No data
Frequency
BITO Monthly
NGHT No data

Distribution history

Per share, 2023 to 2026, same scale for both

BITOMonthly · 45 paymentsAll BITO payments⁠
One bar per payment. 45 payments from 2023 to 2026 YTD. Feb 1, 2023 $0.15; Mar 1, 2023 $0.10; Apr 3, 2023 $0.46; May 1, 2023 $0.42; Jun 1, 2023 $0.43; Jul 3, 2023 $0.66; Aug 1, 2023 $0.38; Sep 1, 2023 $0.0053; Oct 2, 2023 $0.07; Nov 1, 2023 $0.14; Dec 1, 2023 $0.13; Dec 20, 2023 $0.15; Feb 1, 2024 $0.36; Mar 1, 2024 $0.73; Apr 1, 2024 $1.14; May 1, 2024 $1.68; Jun 3, 2024 $1.77; Jul 1, 2024 $1.50; Aug 1, 2024 $1.45; Sep 3, 2024 $1.21; Oct 1, 2024 $1.09; Nov 1, 2024 $0.99; Dec 2, 2024 $1.00; Dec 23, 2024 $1.11; Feb 3, 2025 $0.94; Mar 3, 2025 $0.72; Apr 1, 2025 $0.36; May 1, 2025 $0.54; Jun 2, 2025 $1.00; Jul 1, 2025 $0.78; Aug 1, 2025 $1.21; Sep 2, 2025 $0.86; Oct 1, 2025 $0.76; Nov 3, 2025 $0.84; Dec 1, 2025 $0.78; Dec 24, 2025 $0.74; Feb 2, 2026 $0.0097; Mar 2, 2026 $0.01; Apr 1, 2026 $0.0061; May 1, 2026 $0.02; Jun 1, 2026 $0.01; Jul 1, 2026 $0.01; Aug 3, 2026 $0.01; Sep 1, 2026 $0.01; Oct 1, 2026 $0.02. Use the arrow keys to read each point.$0$220232026YTD
NGHTAll NGHT payments⁠

No distribution history available.

BITO vs NGHT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BITO 51.1%NGHT No data
Return per unit of riskSharpe ratio, 3 years
BITO 0.55NGHT No data
Worst fallMax drawdown, 5 years
BITO −77.9%NGHT No data
Market sensitivityBeta, 5 years
BITO 1.74NGHT 0.27

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