At a glance
BTGD charges 1.09% a year. It has $40.1M in assets; it paid 4.6% of its price in distributions over the past 12 months, annual. Over the past year it returned −41.5% with distributions reinvested (S&P 500: +11.5%).
The short version
STKd 100% Bitcoin & 100% Gold ETF (BTGD) is an actively managed ETF from Tidal Financial Group. It uses futures, other funds and borrowing to give about $1 of bitcoin exposure and $1 of gold exposure for every $1 invested. That stacked exposure sets it apart. It also costs 1.09% a year and swings hard: it fell 58.8% between October 8, 2025, and June 30, 2026.
Price history
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BTGD -41.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BTGD official prospectus, to Dec 31, 2025 | — | +34.71% | — | — | — | +61.06% |
| BTGD price data to Oct 27, 2026 | -27.2% | -41.5% | — | — | — | +12.6% |
- Over the year to Oct 27, 2026, BTGD returned -41.5%.
- Its worst full calendar year was 2025 (+34.5%); its best was 2025 (+34.5%).
- The deepest fall in its price history was 58.8% (Oct 8, 2025 to Jun 30, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -27.2% | — |
| 2025 | +34.5% | +34.71% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.1500 |
What's inside
As of Jun 30, 2026, the fund held 5 securities; the ten largest made up 25.35% of assets, and 49.61% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 29.91% | |
| ProShares Bitcoin ETF | 12.03% | |
| iShares Bitcoin Trust ETF | 6.50% | |
| SPDR Gold MiniShares Trust | 6.49% | |
| Stonex RA | -29.58% |
By country
United States 25.35%By issuer
US Treasury 29.91%Other registered funds 25.03%Companies -29.58%The bonds mature in 0 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $13.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.47%, -5.67%, -31.74%.
How it works
BTGD does not track an index. Its managers aim for notional exposure of about 100% of net assets to a bitcoin strategy and another 100% to a gold strategy. Notional exposure is the full value of the assets a contract tracks, not the cash put up. The prospectus compares it to putting $100 in a bitcoin fund, borrowing $100 and putting that in a gold fund. Gold's return, minus the cost of borrowing, is added on top of bitcoin's.
To do this, the fund uses bitcoin and gold futures plus other exchange-traded funds and products, and it favors low-cost, easy-to-trade ones. As of June 30, 2026, it held US Treasury bills (29.9% of net assets), ProShares Bitcoin ETF (BITO, 12.0%), iShares Bitcoin Trust (IBIT, 6.5%) and SPDR Gold MiniShares Trust (GLDM, 6.5%). It also held CME bitcoin futures expiring in July 2026 and gold futures expiring in August 2026. A negative 29.6% position with StoneX fits the reverse repurchase agreements listed in the prospectus, a form of short-term borrowing.
Futures expire, so the fund keeps rolling into later contracts. The price gap between contracts can add to or subtract from returns, so results can drift from the spot prices of bitcoin and gold. Portfolio turnover was 425%. Holders also pay the underlying funds' expenses indirectly. Some underlying funds, such as those that hold bitcoin or gold directly, lack the protections of the Investment Company Act of 1940.
What it really costs
- BTGD charges 1.09% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $111 in the first year and $1,329 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BTGD | $111 | $347 | $601 | $1,329 |
Structure and tax notes
- Uses bitcoin futures contracts rather than holding bitcoin directly. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Crypto prices can swing far more than stocks.
In a retirement portfolio
With leveraged bitcoin and gold exposure, 65.6% volatility and a 58.8% drawdown, it fits only as a small, high-risk slice beside a broader portfolio.
BTGD launched on October 15, 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 34.71%, according to the prospectus. It then fell 58.8% from October 8, 2025, to June 30, 2026, and had not recovered as of October 27, 2026. Anyone who had to sell shares during that drop would have locked in deep losses. Its trailing yield was 4.6% as of October 27, 2026, paid once a year, so it is not a source of steady income. The expense ratio is 1.09%. In the SEC's standard example, that means about $111 in costs on $10,000 over one year and $1,329 over ten years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want bitcoin and gold in one ticker, with leverage giving about $1 of each for every $1 invested.
- People using a small satellite slice who can sit through drops like its 58.8% fall from October 2025 to June 2026.
- Investors who understand futures rolling, borrowing costs and 425% turnover, and who accept a 1.09% expense ratio for stacked exposure.
Look elsewhere if
- Retirees who need steady income: it pays once a year, and its 4.6% trailing yield did little against a 41.5% one-year loss.
- Anyone who wants plain, unleveraged bitcoin or gold exposure without futures roll effects, borrowing costs or underlying fund fees.
- Investors who want a long track record: launched October 2024, it never went through the 2008, 2020 or 2022 downturns.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is BTGD a leveraged ETF?
Yes. BTGD uses leverage to hold about 100% of net assets in bitcoin exposure and another 100% in gold exposure, so each dollar invested tracks roughly two dollars of assets. It gets there through futures contracts, other funds and borrowing. The prospectus compares it to investing $100 in a bitcoin fund, then borrowing $100 to put in a gold fund. The cost of that borrowing comes out of returns, and losses are magnified along with gains.
What's the difference between BTGD and buying IBIT plus GLDM?
The main difference is leverage. Splitting money between iShares Bitcoin Trust (IBIT) and SPDR Gold MiniShares Trust (GLDM) gives about half a dollar of each for every dollar invested. BTGD aims for about a full dollar of each. IBIT and GLDM are among BTGD's own holdings, at 6.5% each as of June 30, 2026, alongside ProShares Bitcoin ETF and futures. BTGD also adds borrowing costs, futures roll effects and its own 1.09% expense ratio.
What is BTGD's expense ratio?
BTGD's expense ratio is 1.09%, according to its prospectus filed July 24, 2026, and includes a 0.99% management fee. In the SEC's standard example ($10,000 invested, 5% yearly return), costs come to about $111 after one year, $347 after three, $601 after five and $1,329 after ten. Holders also bear the expenses of the underlying funds it owns indirectly, along with the cost of financing its leverage, which reduces returns.
How has BTGD performed since launch?
Results have been very uneven. The prospectus shows a 34.71% return for 2025 and an average annual return of 61.06% from inception through December 31, 2025. Its strongest quarter was up 33.64% and its weakest was down 17.05%. After that, the price fell 41.5% over the year ending October 27, 2026, and was down 27.2% year to date through that date. Its deepest drop was 58.8%.
Does BTGD pay dividends?
Yes, but only once a year. Over the 12 months ending October 27, 2026, it paid $1.15 per share, a trailing yield of 4.6%. Much of the fund sits in Treasury bills and cash, which earn interest. The payout depends on the fund's results and can change, so one annual distribution is not a dependable source of regular retirement income, especially next to price swings of this size.