MutualFundWire.com: For ETF #8, a GA Boutique Hedges Against Bitcoin Declines, And ...

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Friday, March 20, 2026

For ETF #8, a GA Boutique Hedges Against Bitcoin Declines, And ...

The folks at a boutique asset manager near Atlanta are teaming with a Midwestern ally to launch an eighth exchange-traded fund, and they're prepping a ninth ETF, too. Both funds are focused on a high-profile cryptocurrency.

David Alexis Nicholas
BluePath Capital Management, LLC (dba Nicholas Wealth Management)
President, Principal Owner

On Wednesday (March 18), David Nicholas founder and president of Nicholas Wealth Management, revealed the launch of the Nicholas Bitcoin Tail ETF (BHDG on the Nasdaq), and the Nicholas Wealth team also filed to launch the Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT). Marietta, Georgia-based Nicholas Wealth will serve as subadvisor to both ETFs, while Milwaukee, Wisconsin-based Tidal Investments LLC [profile] will serve as investment advisor.

BHDG and NGHT both come with expense ratios of 97 basis points. NGHT has not yet launched, but BHDG now has about $2.06 million in AUM*.

NGHT will be PMed by a four-person team. Those portfolio managers will include:

Stephen Foy, PM at Tidal;

Christopher Mullen, PM at Tidal;

Jay Pestrichelli, PM at Tidal;

and David Nicholas himself.

BHDG is also PMed by a four-person team. Those PMs include:

Matt Brandt, PM at Tidal;

Scott Snyder, PM at Tidal;

David Nicholas;

and Pestrichelli.

For BHDG, the underlying strategy will use options, on bitcoin funds (ETFs and/or ETPs) or on a bitcoin index, "to hedge against significant bitcoin declines." As for NGHT, it strategy will be designed to use bitcoin futures, bitcoin funds, and options and swaps and options on those funds to provide long bitcoin exposure overnight while shifting to cash during U.S. daytime trading hours.

"Volatility is a defining feature of Bitcoin, and we believe investors need more deliberate ways to engage with it," Nicholas states. "Accessing this asset has often meant accepting its full price swings without much control over how that exposure is structured. With BHDG, investors can have more flexibility in accessing Bitcoin while intentionally managing risk."

NGHT and BHDG are each actively managed, non-diversified series of Tidal Trust II. The ETFs' other service providers include:

Cohen & Company, Ltd. as independent accounting firm;

ACA's Foreside Fund Services, LLC as distributor;

Sullivan & Worcester LLP as counsel;

Tidal ETF Services LLC as administrator;

U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services) as fund accountant, sub-administrator, and transfer agent; and

U.S. Bank N.A. as custodian.