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BHDG

This fund does not currently behave like the group it was assigned to, so its grouping is being re-reviewed. Grading pauses until the review resolves, because a letter measured against the wrong peer group would be a statement about the wrong funds.NASDAQ Global Market

Nicholas Bitcoin Tail ETF

Nicholasx · Inception 2026-03-17

$20.91+0.29 (+1.41%)

As of Sep 23, 2026, 12:33 PM EDT

History starts Mar 18, 2026.History starts Mar 18, 2026.
Intraday session: up, 3 prints from 20.62 to 20.91. Range 20.59 to 20.95. Use the arrow keys to read each point.$20.60$20.70$20.8010 AM12 PM2 PM4 PM
Expense ratio
0.97%
Fund size
$16M
1Y return
—
Yield · Last 12 months
—
Volume · 30D
0M sh
NAV per share
$22.02
52W range
low $20.51high $26.78

Our read on BHDG

ETF.net Research

Most bitcoin funds sell you the ride. BHDG sells the airbag: an actively managed options book built to hedge deep drops in bitcoin and bitcoin-linked holdings, wrapped as a commodity pool rather than a standard fund.

Stated mandate

The Fund seeks long-term capital appreciation through an actively managed options strategy intended to hedge against significant declines in bitcoin and bitcoin-related investments.

Why people hold it

  1. 01A tail hedge, not another direction bet. The options book is built to answer severe bitcoin declines, rather than sitting short around the clock the way an inverse fund like BITI does.
  2. 02Built to sit beside bitcoin exposure instead of replacing it: the stated objective is hedging bitcoin and bitcoin-related investments while seeking long-term capital appreciation.
  3. 03The 0.97% fee lands in line with the typical bitcoin-derivatives ETF, and here you are paying for an active options desk rather than a passive futures roll.
  4. 04Stands in the upper half of its bitcoin-derivatives peer group, with measured risk behavior steadier than most funds in that crowd.

Worth knowing

  1. 01It is a commodity pool, not a registered 1940 Act fund. Tax reporting and investor protections work differently from a plain-vanilla ETF.
  2. 02Hedges are bought with option premium, an ongoing cost the fund carries in quiet markets as well as violent ones.
  3. 03Launched in 2026, small and thinly traded, so there is little history to judge the options book by and spreads can run wider than the cohort's heavyweights.

BHDG Holdings

As of Sep 20, 2026, 9:02 AM
Asset class
Other
Holdings
—
Top-10 weight
100%
Largest holding
First American Government Obligations Fund 12/01/203182.9%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—First American Government Obligations Fund 12/01/203182.90%13,809,606$14M625
002—IBIT US 11/20/26 P4310.91%7,800$2M1
003—Cash & Other3.19%530,617$531K674
004—United States Treasury Bill 10/15/20262.99%500,000$499K53
005—IBIT US 09/18/26 P35<0.01%1,247$1K1

Showing 1–5 of 5 holdings

BHDG Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

BHDG$8,377
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. BHDG $8,377. SPY $10,415. Use the arrow keys to read each point.$8,208$9,430$10,652Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BHDG. Periods over one year show the average yearly return.
PeriodBHDG
Year to dateFund launched this year—
1 month−9.2%
3 months−16.2%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BHDG
YearReturn barBHDG
2026 YTD−19.4%

History from Mar 18, 2026

BHDG in the news

ETF.net Research hasn’t filed on BHDG yet — coverage lands here as it’s written.

BHDG Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Mar 2026. No distributions yet.

BHDG Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Mar 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Mar 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Mar 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−1.00
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

BHDG Cost

Expense Ratio
0.97%