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Launched

Nicholas Bitcoin Tail ETF

BHDGNasdaqNicholasxThis 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.

$23.28+0.68 (+2.99%)

As of Nov 10, 2026, 11:02 AM ET

Under classification review
Intraday session: up, 18 prints from 22.60 to 23.28. Range 22.74 to 23.34. Use the arrow keys to read each point.22.8023.0010 AM12 PM2 PM4 PM
Expense ratio
0.97%
Fund size
$15M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
7
Avg volume · 30D
5.98K sh
52W range
low $20.09high $26.78
Launched

The ETF.net BHDG Grade

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Under classification review

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.

Our read on BHDG

ETF.net Research

In short

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

  • A 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.
  • Built 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.
  • The 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.
  • Stands in the upper half of its bitcoin-derivatives peer group, with measured risk behavior steadier than most funds in that crowd.

Worth knowing

  • It is a commodity pool, not a registered 1940 Act fund. Tax reporting and investor protections work differently from a plain-vanilla ETF.
  • Hedges are bought with option premium, an ongoing cost the fund carries in quiet markets as well as violent ones.
  • Launched 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 Performance

Launched Mar 17, 2026

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

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
BHDG$9,586
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$9,758
Aug 7, 2026 to Nov 9, 2026. BHDG $9,586. SPY $9,758. Use the arrow keys to read each point.$9,000$9,500$10,000Aug 2026Sep 2026Nov 2026

Aug 7, 2026 – Nov 9, 2026

Returns run to the Nov 9, 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 yearNo data
1 month+7.2%
3 months−4.1%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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−11.6%

History from Mar 18, 2026

BHDG in the news

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 Nov 9, 2026.
No dataLast 12 months
Payout per share
No dataLast 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.

FMP measures it over up to five years of monthly returns.

BHDG Cost

BHDG cost

$18,198

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BHDG 0.97%

    $18,198

$10,000
30 years

Cost over time

  • BHDG 0.97%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BHDG $18,198

Year by year

YearBHDG
10$1,712
20$6,443
30$18,198