New XFUNDS ETF toggles between bitcoin overnight and Treasuries by day
The Block
XFUNDS has launched the NGHT ETF, which captures bitcoin overnight returns while holding U.S. Treasuries during daytime market hours.Summary
The newly launched Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) by XFUNDS employs a dual-strategy asset allocation. The fund gains indirect exposure to bitcoin during overnight hours to capture historical alpha, then shifts to cash and U.S. government bonds during U.S. market hours to avoid correlation with traditional stocks. This launch occurs amid heightened competition in the bitcoin ETF space, notably coinciding with the debut of Morgan Stanley’s low-cost spot bitcoin ETF (MSBT).
(Source：The Block)