Nicholas Bitcoin and Treasuries AfterDark ETF
Fund Summary
NGHT is an actively managed ETF that seeks to capture bitcoin’s overnight return profile. The fund is designed to provide bitcoin exposure during U.S. overnight hours (from market close to the following market open) and to hold short-term U.S. Treasuries and other cash equivalents during U.S. daytime trading hours. This approach aims to reflect the performance of bitcoin during U.S overnight hours and reduce exposure during U.S. daytime trading hours, which historically have exhibited different return and volatility characteristics.
The Fund does not invest directly in bitcoin, ether or any other digital assets. The Fund does not invest directly in derivatives that track the performance of bitcoin, ether or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of bitcoin or ether. Investors seeking direct exposure to the price of bitcoin or ether should consider an investment other than the Fund. Although bitcoin and ether may each be referred to as a “cryptocurrency,” neither is yet widely accepted as a means of payment.
Fund Objective
The Fund is an actively managed exchange-traded fund (“ETF”) that seeks long-term capital appreciation by systematically capturing bitcoin’s overnight return profile. The Fund obtains exposure to bitcoin through Bitcoin Futures, ETPs and/or U.S. listed ETFs, both of which seek to track the price performance of bitcoin, and/or U.S. exchange-traded options on such Bitcoin Underlying Funds as well as indices providing exposure to the price return of Bitcoin Options.
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Fund Details
*The 30-Day SEC Yield is calculated with a standardized formula mandated by the SEC. The formula is based on the maximum offering price per share and does not reflect waivers in effect.
**The most recent distribution on XX/XX/XXXX contains X.XX% return of capital and XX.XX% income.
**The Distribution Rate is the annual rate an investor would receive if the most recently declared distribution remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12) and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions are not guaranteed.
Fund Data & Price
*30-Day Median Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.
Performance
The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (855) 563-6900.
Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on historical returns. Returns beyond 1 year are annualized.
A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.
Top 10 Holdings
The Fund obtains exposure to bitcoin through investment Bitcoin Futures, Options, ETPs and/or U.S. listed ETFs.
When utilizing Bitcoin Futures, the Fund trades these instruments during U.S. overnight hours and closes them out shortly after the U.S. market opens each trading day. When utilizing Bitcoin Underlying Funds, the Fund purchases a security at U.S. market close, and then sells the position around U.S. market open, thereby capturing any market movement that occurred during U.S. overnight hours. When utilizing Bitcoin Options, the Fund typically enters into options positions that establish a synthetic long bitcoin position near the close of regular U.S. trading hours. During U.S. daytime trading hours, the Fund’s assets are allocated to U.S. Treasuries, money market funds and other cash equivalents.
During U.S. daytime trading hours, when the Fund’s portfolio primarily consists of U.S. Treasury securities and other cash equivalents, the Fund may use Bitcoin Options to manage risk or seek to ensure smooth transitions between trading sessions. Such tactics may include purchasing long puts to protect against downside risk or employing short synthetic positions (a combination of a long put and short call) to temporarily offset residual long exposures or mitigate volatility.
Purchase
The Fund (NGHT) is available through various channels including via phone (855) 563-6900, broker-dealers, investment advisers, and other financial services firms, including:
This Fund is not affiliated with these financial service firms. Their listing should not be viewed as a recommendation or endorsement.