{
 "ticker": "BHDG",
 "name": "Nicholas Bitcoin Tail ETF",
 "issuer": "Nicholas",
 "desk": "crypto",
 "url": "https://etfiq.com/funds/bhdg",
 "html": "https://etfiq.com/funds/bhdg",
 "markdown": "https://etfiq.com/funds/bhdg.md",
 "as_of": "2026-10-20",
 "verdict": "From its Mar 18, 2026 launch to Oct 20, 2026, BHDG lost 17.3%, against 16.1% for bitcoin.",
 "key_facts": [
  {
   "key": "total_return_since_launch",
   "label": "Total return, since launch, Mar 18, 2026",
   "value": "\u221217.3%",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "as_of": "2026-10-20",
   "sentence": "BHDG, total return, since launch, Mar 18, 2026: \u221217.3%, as of Oct 20, 2026.",
   "cite": {
    "value": "\u221217.3%",
    "as_of": "2026-10-20",
    "source": "computed by ETFIQ from Tiingo daily prices",
    "url": "https://etfiq.com/funds/bhdg#fact-total-return-since-launch",
    "text": "BHDG, total return, since launch, Mar 18, 2026: \u221217.3%, as of Oct 20, 2026."
   }
  },
  {
   "key": "bitcoin_over_the_same_days",
   "label": "Bitcoin over the same days",
   "value": "+16.1%",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "as_of": "2026-10-20",
   "sentence": "BHDG, bitcoin over the same days: +16.1%, as of Oct 20, 2026.",
   "cite": {
    "value": "+16.1%",
    "as_of": "2026-10-20",
    "source": "computed by ETFIQ from Tiingo daily prices",
    "url": "https://etfiq.com/funds/bhdg#fact-bitcoin-over-the-same-days",
    "text": "BHDG, bitcoin over the same days: +16.1%, as of Oct 20, 2026."
   }
  },
  {
   "key": "difference_against_bitcoin_compounded",
   "label": "Difference against Bitcoin, compounded",
   "value": "\u221228.8%",
   "source": null,
   "as_of": "2026-10-20",
   "sentence": "BHDG, difference against Bitcoin, compounded: \u221228.8%, as of Oct 20, 2026.",
   "cite": {
    "value": "\u221228.8%",
    "as_of": "2026-10-20",
    "source": null,
    "url": "https://etfiq.com/funds/bhdg#fact-difference-against-bitcoin-compounded",
    "text": "BHDG, difference against Bitcoin, compounded: \u221228.8%, as of Oct 20, 2026."
   }
  },
  {
   "key": "days_it_has_traded",
   "label": "Days it has traded",
   "value": "150",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "as_of": "2026-10-20",
   "sentence": "BHDG, days it has traded: 150, as of Oct 20, 2026.",
   "cite": {
    "value": "150",
    "as_of": "2026-10-20",
    "source": "computed by ETFIQ from Tiingo daily prices",
    "url": "https://etfiq.com/funds/bhdg#fact-days-it-has-traded",
    "text": "BHDG, days it has traded: 150, as of Oct 20, 2026."
   }
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$21m",
   "source": "SEC N-PORT, whole fund, as filed for Jul 31, 2026",
   "as_of": "2026-07-31",
   "sentence": "BHDG, net assets: $21m (SEC N-PORT, whole fund, as filed for Jul 31, 2026).",
   "cite": {
    "value": "$21m",
    "as_of": "2026-07-31",
    "source": "SEC N-PORT, whole fund, as filed for Jul 31, 2026",
    "url": "https://etfiq.com/funds/bhdg#fact-net-assets",
    "text": "BHDG, net assets: $21m (SEC N-PORT, whole fund, as filed for Jul 31, 2026)."
   }
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.97%",
   "source": "485BPOS XBRL",
   "as_of": "2026-10-20",
   "sentence": "BHDG, expense ratio: 0.97% (485BPOS XBRL).",
   "cite": {
    "value": "0.97%",
    "as_of": "2026-10-20",
    "source": "485BPOS XBRL",
    "url": "https://etfiq.com/funds/bhdg#fact-expense-ratio",
    "text": "BHDG, expense ratio: 0.97% (485BPOS XBRL)."
   }
  }
 ],
 "fields": [
  {
   "key": "sponsor",
   "label": "Sponsor",
   "value": "Nicholas",
   "source": null
  },
  {
   "key": "holds",
   "label": "Holds",
   "value": "options on Bitcoin",
   "source": null
  },
  {
   "key": "measured_against",
   "label": "Measured against",
   "value": "Bitcoin at 4pm New York, the coin it reaches",
   "source": null
  },
  {
   "key": "cash_fund",
   "label": "Cash fund",
   "value": "86.9% of net assets",
   "source": "N-PORT, Jul 31, 2026"
  },
  {
   "key": "other_security",
   "label": "Other security",
   "value": "2.4% of net assets",
   "source": "N-PORT, Jul 31, 2026"
  },
  {
   "key": "derivatives",
   "label": "Derivatives",
   "value": "4.3% of net assets",
   "source": "N-PORT, Jul 31, 2026"
  },
  {
   "key": "other_assets_less_other_liabilities",
   "label": "Other assets less other liabilities",
   "value": "6.5% of net assets, from the filing\u2019s own totals",
   "source": "N-PORT, Jul 31, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.97%",
   "source": "485BPOS XBRL"
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$21m",
   "source": "SEC N-PORT, whole fund, as filed for Jul 31, 2026"
  },
  {
   "key": "staking",
   "label": "Staking",
   "value": "the chain has none, so no fund holding it can pay a staking yield",
   "source": null
  },
  {
   "key": "first_traded",
   "label": "First traded",
   "value": "Mar 18, 2026",
   "source": null
  },
  {
   "key": "days_traded",
   "label": "Days traded",
   "value": "150",
   "source": null
  },
  {
   "key": "days_it_closed_unchanged",
   "label": "Days it closed unchanged",
   "value": "1",
   "source": null
  },
  {
   "key": "quoted",
   "label": "Quoted",
   "value": "on an exchange, every trading day",
   "source": null
  },
  {
   "key": "price",
   "label": "Price",
   "value": "$21.15",
   "source": null
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Total return": "\u22123.5%",
   "Bitcoin": "+1.6%",
   "Difference, percentage points": "\u22125.1 pts"
  },
  {
   "window": "3 months",
   "Total return": "\u22129.8%",
   "Bitcoin": "+24.2%",
   "Difference, percentage points": "\u221227.4% of its growth"
  },
  {
   "window": "6 months",
   "Total return": "\u221210.5%",
   "Bitcoin": "+10.0%",
   "Difference, percentage points": "\u221218.6% of its growth"
  },
  {
   "window": "Since launch",
   "Total return": "\u221217.3%",
   "Bitcoin": "+16.1%",
   "Difference, percentage points": "\u221228.8% of its growth"
  }
 ],
 "questions": [
  {
   "q": "Does BHDG track Bitcoin?",
   "a": "Over the time since launch to Oct 20, 2026 it returned \u221217.3% against Bitcoin\u2019s +16.1%, which leaves it 28.8% behind once both returns are compounded. That difference carries the fee and what the strategy did, and ETFIQ computes it from the fund\u2019s own closes and the coin\u2019s own closes over the same two dates."
  },
  {
   "q": "Does BHDG stake?",
   "a": "BHDG holds options on Bitcoin rather than Bitcoin itself, so there is nothing for it to stake."
  },
  {
   "q": "What is BHDG?",
   "a": "Nicholas Bitcoin Tail ETF, a fund registered under the Investment Company Act that holds options on Bitcoin to reach Bitcoin, from Nicholas, first traded Mar 18, 2026. It files a monthly N-PORT listing what it holds."
  }
 ],
 "key_stats": [
  {
   "key": "high52",
   "label": "High since Mar 18, 2026, daily closes to Oct 20, 2026",
   "value": "$26.67 on Mar 27, 2026",
   "as_of": "2026-03-27",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "number": 26.6666,
   "window": {
    "from": "2026-03-18",
    "to": "2026-10-20"
   }
  },
  {
   "key": "low52",
   "label": "Low since Mar 18, 2026, daily closes to Oct 20, 2026",
   "value": "$20.60 on Oct 5, 2026",
   "as_of": "2026-10-05",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "number": 20.6,
   "window": {
    "from": "2026-03-18",
    "to": "2026-10-20"
   }
  },
  {
   "key": "inrange",
   "label": "Close on Oct 20, 2026, within that range",
   "value": "$21.15, 9% of the way from the low to the high",
   "as_of": "2026-10-20",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "number": 21.15
  }
 ],
 "flows": {
  "as_of": "2026-07-31",
  "coverage": "monthly",
  "computed_by": "ETFIQ, from the change in shares outstanding times the previous day\u2019s NAV",
  "method": "https://etfiq.com/methodology/flows",
  "data": "https://etfiq.com/data/flows/funds/bhdg.json",
  "windows": [],
  "latest_month": {
   "month": "2026-07",
   "net_flow_usd": 472761,
   "net_flow": "+$473k",
   "source": "SEC Form N-PORT"
  }
 },
 "generated": "2026-10-21",
 "license": "https://etfiq.com/license/",
 "license_text": "Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.",
 "citation": "ETFIQ, BHDG, crypto ETFs, data as of Oct 20, 2026. https://etfiq.com/funds/bhdg"
}