# Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/nght for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Nicholasx · Asset class: Alternatives - Strategy: Actively Managed · Inception: 2026-04-07 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... ## Key Facts | Metric | Value | |---|---| | Price | $21.52 | | Expense Ratio | 0.97% | | Assets Under Management | $23.1M | | NAV | $22.03 | | Holdings Count | 0 | | Distribution Yield (TTM) | — | | Annual Distribution (TTM) | — /share | | Distribution Frequency | — | | 52-Week Range | $14.75 – $31.42 | | Beta | 0.27 | ## Frequently Asked Questions ### 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 $23.1M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Does NGHT pay a dividend? Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) currently distributes little or no income. Trailing-twelve-month yield is —. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does NGHT pay dividends? Nicholas Bitcoin and Treasuries AfterDark ETF pays dividends on its published schedule. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is NGHT's dividend yield? NGHT's trailing-twelve-month yield is —, calculated from the sum of dividends over the past year divided by the current price. ### When is NGHT's next ex-dividend date? NGHT hasn't announced its next ex-date yet. Once declared it'll appear at the top of the dividend history table on this page. ### How much will NGHT's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.97% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does NGHT charge its expense ratio? The expense ratio is deducted in tiny daily slices from NGHT's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does NGHT cost more than a fund like VOO? NGHT is actively managed (current expense ratio 0.97%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether NGHT's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to NGHT? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as NGHT (0.97%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/nght - Distribution history: https://www.dividenddata.com/funds/nght/dividend - Holdings & diversification: https://www.dividenddata.com/funds/nght/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/nght/expenses - Peer comparison: https://www.dividenddata.com/funds/nght/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.