XFUNDS by Nicholas Wealth announced the launch of the Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT), a first-of-its-kind actively managed fund designed to capture Bitcoin’s overnight trading dynamics.
Developed in partnership with Tidal Investments LLC, the NGHT ETF introduces a structured strategy that seeks to isolate Bitcoin’s overnight “alpha” while reducing exposure to daytime market volatility.
The fund gains indirect exposure to Bitcoin overnight through derivatives such as futures, options, and exchange-traded products, and then reallocates assets into short-term U.S. Treasuries and cash equivalents during U.S. market hours. This approach is designed to balance risk and return by focusing on periods when Bitcoin trading behavior differs from that in traditional equity markets.
Importantly, the ETF does not directly invest in Bitcoin or track its spot price; instead, it offers indirect exposure through financial instruments. The strategy reflects increasing investor interest in more nuanced and risk-managed approaches to digital asset exposure.
The launch expands XFUNDS’ ETF lineup, combining thematic strategies with derivatives-based income and risk management across asset classes.
The introduction of NGHT comes as Bitcoin’s 24/7 trading environment continues to evolve, with global activity outside traditional U.S. market hours increasingly influencing price movements.
KEY QUOTE:
“Bitcoin trades 24/7, and its behavior is increasingly driven by global activity outside U.S. market hours. NGHT is the first ever ETF strategy built to systematically isolate Bitcoin’s overnight alpha while reducing exposure to global market volatility during trading hours to create a more balanced approach to bitcoin exposure.”
David Nicholas, Chief Executive Officer, XFUNDS by Nicholas Wealth
