‘Night Effect’ ETFs to Shut Down With Overnight Stock Returns Elusive
- NSPY and NIWM will liquidate next month after underperforming
- A third NightShares fund stays open, added launch planned: CEO
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Two exchange-traded funds designed to profit from overnight gains on US stocks are set to shutter after lagging their daytime counterparts.
The $3.7 million NightShares 500 ETF (ticker NSPY) and the $1.4 million NightShares 2000 ETF (NIWM) will stop trading at the end of this month and liquidate on Aug. 10. Investment adviser for both, AlphaTrAI Funds, recommended the decision saying it was in the “best interests” of the ETFs and their shareholders, according to a filing last week with the Securities and Exchange Commission.