Core Insights - Tidal Trust II has filed with the SEC for a Bitcoin ETF aimed at providing exposure during US market closures, amidst concerns of price manipulation and heavy outflows in the spot BTC ETF market [1][6] Group 1: ETF Filing Details - The Form N-1A proposes the addition of two ETFs: Nicholas Bitcoin and Treasuries AfterDark ETF, and Nicholas Bitcoin Tail ETF [2] - The AfterDark ETF will not hold Bitcoin directly but will gain exposure through Bitcoin futures, options, and ETFs or ETPs listed in the US [2][3] Group 2: Investment Strategy - The fund aims for long-term capital appreciation by targeting Bitcoin's overnight return profile while holding short-term US Treasuries and cash equivalents during daytime trading [3] - The fund will trade Bitcoin futures during US overnight hours and close positions shortly after the US market opens, while also utilizing Bitcoin options to establish synthetic long positions [4] Group 3: Market Context and Analyst Commentary - Bloomberg's senior ETF analyst noted that a significant portion of Bitcoin's gains occurs during after-hours trading, suggesting that the AfterDark ETF could potentially yield better returns [5] - Industry analysts have raised concerns about price manipulation during US daytime trading, with observed patterns of Bitcoin price drops around market openings [6]

Group 1 - Tidal Trust II has filed for an exchange-traded fund (ETF) that will provide Bitcoin exposure only when U.S. markets are closed, named the Nicholas Bitcoin and Treasuries AfterDark ETF [1] - The ETF will not hold Bitcoin as an underlying asset but will track Bitcoin's performance through futures contracts, options on indices, and spot Bitcoin ETFs [2] - The fund aims to capitalize on the observation that most of Bitcoin's gains occur after hours, as noted by Bloomberg Intelligence Senior ETF Analyst Eric Balchunas [2] Group 2 - Tidal Financial Group, which filed for the ETF, is known for offering "white label ETF solutions" and has a product line branded as "XFunds by Nicholas Wealth" [3] - The firm currently manages an actively-managed fund trading on the NYSE under the ticker "BLOX," which provides exposure to blockchain-related firms [4] - Bitcoin's price was approximately $92,700, reflecting a 1.6% increase over the past day, although it has decreased nearly 4% over the past year [4]