ETF Evaluator:
Nicholas Bitcoin Tail ETF ()
Follow This ETF
(as of Aug 24)
Best Performing in Digital Assets Over the Last Year
| 1090.2% | Grayscale Zcash Trust (ZEC) (ZCSH) |
| 112.1% | ProShares UltraShort Bitcoin ETF (SBIT) |
| 35.7% | ProShares Short Ether ETF (SETH) |
| 12.3% | Simplify US Equity PLUS Bitcoin Stgy ETF (SPBC) |
| 10.8% | Proshares UltraShort Ether ETF (ETHD) |
Risk
Index
Risk
Index
ETF Details
Nicholas Bitcoin Tail ETF Overview
Nicholas Bitcoin Tail ETF (BHDG) is an actively managed Miscellaneous Digital Assets exchange-traded fund (ETF). Nicholas Wealth, LLC launched the ETF in 2026.
The investment seeks long-term capital appreciation.
Under normal market conditions, the fund’s portfolio will primarily consist of: Exchange-listed options on (i) U.S.-listed ETPs and/or ETFs that seek to track the price performance of bitcoin or (ii) an index designed to reflect the price performance of bitcoin, which are intended to provide downside protection during periods of significant declines in the price of bitcoin; and Sold call options or call spread positions on Bitcoin underlying funds and/or a bitcoin index, which are used to help finance the cost of purchasing the fund’s long put options. It is non-diversified.
About Nicholas Bitcoin Tail ETF (BHDG)
There are 4 members of the management team with an average tenure of 0.41 years: Jay Pestrichelli (2026), David Nicholas (2026), Matt Brandt (2026) and Scott Snyder (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
Nicholas Bitcoin Tail ETF has 9 securities in its portfolio. The top 10 holdings constitute 103.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Nicholas Bitcoin Tail ETF is part of the Other global asset class and is within the Miscellaneous ETF group. Nicholas Bitcoin Tail ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 12.2% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Nicholas Bitcoin Tail ETF has 81.4% of the portfolio in cash.
Assets Under Management
The fund has $21 million in total assets, which is below the $564 million average for the Digital Assets category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BHDG Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Nicholas Bitcoin Tail ETF expense ratio is high compared to funds in the Digital Assets category. Nicholas Bitcoin Tail ETF has an expense ratio of 0.97%, which is the same as its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Nicholas Bitcoin Tail ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 82% for the Digital Assets category.
Recently, in the month of July 2026, Nicholas Bitcoin Tail ETF returned -6.0%, which earned it a grade of F, as the Digital Assets category had an average return of 2.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Nicholas Bitcoin Tail ETF has a trailing yield of 0.00%, which is below the 15.12% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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BHDG Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BHDG Return (NAV) | -6.0% | 3.0% | na | na | na | na |
| BHDG Return (Price) | -6.0% | 3.2% | na | na | na | na |
| NAV +/- Price Return | 0.009% | -0.263% | na | na | na | na |
| Digital Assets Avg | 2.9% | -16.7% | -32.2% | 6.2% | -17.1% | 54.9% |
| BHDG Grade (NAV) | F | A | na | na | na | na |
| +/- Category (NAV) | -9.0% | 19.7% | na | na | na | na |
| BHDG Tax-Cost Ratio | na | na | na | na | na | na |
BHDG Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BHDG Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| BHDG Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Digital Assets Avg | -30.7% | -9.9% | 65.8% | 127.8% | -72.3% | 199.4% | 175.1% | 11.8% | -81.4% | 1391.4% | 119.9% |
| BHDG Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 21 Mil |
| Share Class Assets: | $ 21 Mil |
| Turnover: | na |
| Expense Ratio: | 0.97% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 0.4 years | |||
| Average Tenure: 0.4 years | |||
| Managers (Year): Pestrichelli Jay (2026), Nicholas David (2026), Brandt Matt (2026), Snyder Scott (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 9 |
| % in Top 10 Holdings: | 103.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 12.2% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 6.5% |
| Cash: | 81.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Nicholas Wealth, LLC |
| Phone Number: | 855-563-6900 |
| Website: | |
| Inception Date: | March 3, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.97% (Rating: High) |
| Category Average Expense Ratio (%): | 0.97% |
