XFUNDS, in collaboration with Tidal Investments, has introduced the Nicholas Bitcoin and Treasuries AfterDark ETF (NYSE:NGHT), an actively managed fund that targets Bitcoin's overnight return profile. This innovative fund is designed to capture gains generated outside U.S. trading hours while mitigating exposure to daytime market volatility. The NGHT ETF employs a structured allocation model, taking indirect exposure to Bitcoin during overnight hours through futures, options, and exchange-traded products (ETPs). During the day, it rotates into short-term U.S. Treasuries and cash equivalents for stability. According to David Nicholas, CEO of XFUNDS, the strategy recognizes that Bitcoin's price movements are increasingly influenced by global markets operating beyond U.S. trading hours. By focusing on this 'overnight alpha,' the NGHT ETF aims to provide a balanced risk profile for investors, effectively allowing them to 'clock in' for Bitcoin's night shift while avoiding the noise of daytime trading.