NGHT is an actively managed exchange-traded fund with the primary goal of capturing Bitcoin's returns during non-U.S. trading hours. To achieve this, the fund significantly reduces its Bitcoin exposure during the standard U.S. daytime trading session. This approach is rooted in the historical observation that Bitcoin's performance and volatility characteristics often differ substantially between night and day trading periods. The ETF does not directly hold Bitcoin. Instead, it leverages a Cayman Islands-based subsidiary to gain overnight exposure through various derivative instruments, including Bitcoin futures, options, swaps, or other Bitcoin-linked exchange-traded products. Each day, shortly after the U.S. equity market opens, the fund's holdings are converted into cash or U.S. Treasury securities. During the trading day, the fund may strategically utilize Bitcoin options to mitigate risk or ensure seamless transitions between trading sessions, while holding Treasury bills as collateral. It is important to note that the fund's performance may deviate from direct overnight Bitcoin returns. This divergence can be attributed to factors such as operational expenses, trading costs, market liquidity, valuation methodologies, tracking discrepancies, and the specific mechanics of the investment instruments employed. Additionally, the fund maintains the flexibility to utilize reverse repurchase agreements for borrowing purposes, enhancing its overall management capabilities.

Nicholas Bitcoin and Treasuries AfterDark ETF

NGHT is an actively managed ETF. It aims to capture bitcoins overnight return profile by reducing exposure during US daytime trading hours. Historically night trading has exhibited different return and volatility characteristics. The ETF does not hold bitcoin directly, it will use a Cayman Island subsidiary to hold bitcoin futures, options, swaps, or other bitcoin ETPs, overnight. The exposure will shift to cash or US Treasuries each day, shortly after the US equity market opens for trading. During the trading day the fund may use bitcoin options to manage risk or smooth transitions between trading sessions and hold Treasury bills as collateral. Performance may differ from bitcoin returns overnight due to expenses, trading costs, liquidity, valuation methods, tracking error, and mechanics of investment instruments used. The fund can also use reverse repurchase agreements as a form of borrowing and increase flexibility in managing the fund.

Gross margin	80.55%
Operating margin	-2.99%
Pretax margin	-10.48%
Net margin	-8.98%
Effective tax rate	19.14%
ROA	-5.21%
ROE	-28.23%
D/E	3.59x
Interest coverage ratio	-0.58x

P/E	–
P/S	0.14x
P/B	0.35x
P/CF	0.78x
P/FCF	-12.52x
P/OCF	0.78x
PEG	-0.01x
EV multiple	10.28x

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NGHT Stock Price, Chart, Stats & News

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