Nicholas Bitcoin Tail ETF (BHDG) reports fund developments tied to its actively managed, hedge-oriented Bitcoin strategy. News centers on the ETF launch, the use of exchange-listed put options on U.S.-listed Bitcoin ETFs, ETPs or a Bitcoin index, offsetting call-option strategies, and disclosed risk categories such as derivatives, indirect equity exposure and Treasury interest-rate exposure.
XFUNDS by Nicholas Wealth (NYSE: BHDG) launched the Nicholas Bitcoin Tail ETF on March 18, 2026, an actively managed, hedge-oriented ETF designed to provide downside protection for Bitcoin-linked exposure.
The fund primarily buys exchange-listed put options on U.S.-listed Bitcoin ETFs/ETPs or a Bitcoin index and may sell calls or use call spreads to help offset hedging costs. The Fund does not invest directly in spot bitcoin and is intended for investors seeking structured downside protection rather than direct bitcoin price exposure.