Nicholas Bitcoin and Treasuries AfterDark ETF

Frequently Asked Questions About NGHT

What does NGHT invest in?

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.

What is the expense ratio of NGHT?

Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) charges an expense ratio of 0.97%. This is the annual fee deducted from fund assets to cover management and operations.

What is the duration of NGHT?

Effective duration measures NGHT's sensitivity to interest-rate changes — a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. NGHT's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of NGHT?

NGHT's credit quality breakdown — the share of holdings rated AAA through CCC and below — is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of NGHT?

Yield to maturity (YTM) is the total return you'd earn from NGHT if every bond in the portfolio is held to maturity at the current price. NGHT's YTM is published on the fund's factsheet on the issuer's website — it differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.

How big is NGHT?

Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) manages $22.8M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.