# BHDG (Nicholas Bitcoin Tail ETF)

Nicholas · Crypto ETFs · data as of Oct 20, 2026

From its Mar 18, 2026 launch to Oct 20, 2026, BHDG lost 17.3%, against 16.1% for bitcoin.

## Key facts

- BHDG, total return, since launch, Mar 18, 2026: −17.3%, as of Oct 20, 2026.
- BHDG, bitcoin over the same days: +16.1%, as of Oct 20, 2026.
- BHDG, difference against Bitcoin, compounded: −28.8%, as of Oct 20, 2026.
- BHDG, days it has traded: 150, as of Oct 20, 2026.
- BHDG, net assets: $21m (SEC N-PORT, whole fund, as filed for Jul 31, 2026).
- BHDG, expense ratio: 0.97% (485BPOS XBRL).

## BHDG over each window to Oct 20, 2026

| Window | Total return | Bitcoin | Difference, percentage points |
| --- | --- | --- | --- |
| 1 month | −3.5% | +1.6% | −5.1 pts |
| 3 months | −9.8% | +24.2% | −27.4% of its growth |
| 6 months | −10.5% | +10.0% | −18.6% of its growth |
| Since launch | −17.3% | +16.1% | −28.8% of its growth |

## BHDG key stats

- High since Mar 18, 2026, daily closes to Oct 20, 2026: $26.67 on Mar 27, 2026 (computed by ETFIQ from Tiingo daily prices)
- Low since Mar 18, 2026, daily closes to Oct 20, 2026: $20.60 on Oct 5, 2026 (computed by ETFIQ from Tiingo daily prices)
- Close on Oct 20, 2026, within that range: $21.15, 9% of the way from the low to the high (computed by ETFIQ from Tiingo daily prices)

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sponsor | Nicholas | ETFIQ |
| Holds | options on Bitcoin | ETFIQ |
| Measured against | Bitcoin at 4pm New York, the coin it reaches | ETFIQ |
| Cash fund | 86.9% of net assets | N-PORT, Jul 31, 2026 |
| Other security | 2.4% of net assets | N-PORT, Jul 31, 2026 |
| Derivatives | 4.3% of net assets | N-PORT, Jul 31, 2026 |
| Other assets less other liabilities | 6.5% of net assets, from the filing’s own totals | N-PORT, Jul 31, 2026 |
| Expense ratio | 0.97% | 485BPOS XBRL |
| Net assets | $21m | SEC N-PORT, whole fund, as filed for Jul 31, 2026 |
| Staking | the chain has none, so no fund holding it can pay a staking yield | ETFIQ |
| First traded | Mar 18, 2026 | ETFIQ |
| Days traded | 150 | ETFIQ |
| Days it closed unchanged | 1 | ETFIQ |
| Quoted | on an exchange, every trading day | ETFIQ |
| Price | $21.15 | ETFIQ |

## Money in and out, to Jul 31, 2026

Monthly figures only. Jul 2026: +$473k, from SEC Form N-PORT.

Computed by ETFIQ from the change in shares outstanding times the previous day’s NAV. Every day and month: <https://etfiq.com/data/flows/funds/bhdg.json>. Method: https://etfiq.com/methodology/flows

## Questions

### Does BHDG track Bitcoin?

Over the time since launch to Oct 20, 2026 it returned −17.3% against Bitcoin’s +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’s own closes and the coin’s own closes over the same two dates.

### Does BHDG stake?

BHDG holds options on Bitcoin rather than Bitcoin itself, so there is nothing for it to stake.

### What is BHDG?

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.


## Cite this page

ETFIQ, BHDG, crypto ETFs, data as of Oct 20, 2026. https://etfiq.com/funds/bhdg
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at <https://etfiq.com/data/>.

HTML: https://etfiq.com/funds/bhdg  ·  JSON: https://etfiq.com/funds/bhdg.json