NightShares 500 ETF
NSPY
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- NightShares 500 ETF (NSPY) is an actively managed exchange-traded fund that seeks capital appreciation by providing overnight exposure to a portfolio of large-cap U.S. stocks representative of the S&P 500 index. The fund achieves this objective through a combination of equity securities, U.S. Treasurys, futures contracts, and total return swaps, with key holdings including E-mini S&P 500 futures, BondBloxx Bloomberg short-duration U.S. Treasury ETFs, cash equivalents, and futures collateral; it operates with a net expense ratio of 0.55% and trades on NYSE Arca. Launched on June 28, 2022, NSPY targets investors seeking to capture the "Night Effect," where overnight sessions historically outperform daytime trading in U.S. large-cap equities, and is managed by a team including Max Gokhman, Andrew Serowik, Gabriel Tan, Todd Alberico, and Brian Cooper under advisor AlphaTrAI Funds, Inc., with Ultimus Fund Solutions, LLC as administrator and Brown Brothers Harriman & Co. as custodian. Headquartered in Corte Madera, California, via issuer NightShares (under AlphaTrAI Funds Inc. at 500 Tamal Plaza), the ETF focuses on the North American developed markets large-cap equity segment, with assets under management of approximately $3.65 million as of recent data. In recent developments, NightShares expanded its lineup in October 2022 with the launch of the NightShares 500 1x/1.5x ETF (NSPL), offering leveraged overnight exposure, though NSPY and sister fund NightShares 2000 ETF (NIWM) announced closures in 2024-2025 due to insufficient investor traction amid elusive overnight returns, while NSPL remains active and plans for new fund launches proceed.