BHDG – Nicholas Bitcoin Tail ETF – ETF Investment Strategy | Morningstar

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Strategy

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.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
BHDG	Nicholas Bitcoin Tail ETF	ETF	Open	—	—	Mar 3, 2026	$15.37M	0.950%	—	—	—

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