BCDF
Horizon Kinetics Blockchain Development ETF
BCDF is actively managed to broadly invest in blockchain development companies of any market capitalization from around the world.
Global
EQUITY
Rules-Based
MANAGEMENT STYLE
$ 24.3 M
ASSETS UNDER MGMT
85 bp
EXPENSES
Fund Basics
| Inception date | Aug 01, 2022 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | Annually |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| CBOE HOLDINGS INC | 8.1 % |
| CASH & OTHER | 7.7 % |
| URBANA CORP | 6.4 % |
| TMX GROUP INC | 6.1 % |
| DEUTSCHE BOERSE AG | 5.8 % |
| CACI INTERNATIONAL INC -CL A | 5.6 % |
| NASDAQ OMX GROUP/THE | 5.4 % |
| SINGAPORE EXCHANGE LTD | 5.3 % |
| INTERCONTINENTALEXCHANGE INC | 5.0 % |
| OSAKA SECURITIES EXCHANGE CO | 4.2 % |
Constituent Breakdown
| Number of holdings | 27 |
| Herfindahl-Hirschman Index | 478 |
| Wgt avg mkt cap (mns) | $21,457 |
| Large cap (>$10bn) | 58.6% |
| Mid cap ($2-10bn) | 18.7% |
| Small cap (<$2bn) | 2.9% |
| Developed mkts. | 79.5% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 48.5 % |
 |
CANADA | 6.1 % |
 |
GERMANY | 5.9 % |
 |
SINGAPORE | 5.3 % |
 |
JAPAN | 4.9 % |
 |
AUSTRALIA | 3.5 % |
 |
BRITAIN | 3.2 % |
 |
NETHERLANDS | 2.4 % |
Historical Performance
Standardized Performance (as of 09/30/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 5.9% | 1.5% | 7.1% | 14.9% | -- | -- | -- | 5.4% |
| Dividend Yield | 0.0% | 2.6% | 2.2% | 1.9% | -- | -- | -- | 1.3% |
| Total Returns | 5.9% | 4.0% | 9.3% | 16.7% | -- | -- | -- | 6.7% | Ann. Volatility | 14.8% | 15.2% | 15.7% | 15.0% | -- | -- | -- | 16.7% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.51 | 19% |
| MSCI EAFE | 0.36 | 14% |
| MSCI Emg Mkts | 0.14 | 6% |
Liquidity Measures
| Avg. volume (000) | 1 |
| ADV traded (mns) | $0 |
| Turnover | 0.1% |
| Avg. Bid/Ask (% of price) | 0.93% |
Technical Indicators
| 30d moving avg. (EMA) | $33.02 |
| Relative strength (RSI) | 59 |
| MACD/Signal | 0.32/0.19 |
| Bollinger Bands (Upper/Lower) | $34.23/$31.62 |
| Short interest (% of AUM) | 0.2% |
Distributions
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. BCDF |
Expenses vs. BCDF |
ALTAR Score™ vs. BCDF |
|---|---|---|---|---|
| FDIQ | Invesco Bloomberg Financial Data Providers ETF | 43.1% | -50 bp | +0.2% |
| INFL | Horizon Kinetics Inflation Beneficiaries ETF | 23.9% | 0 bp | -1.0% |
| IAI | iShares U.S. Broker-Dealers & Securities Exchanges ETF | 17.2% | -48 bp | +0.4% |
| KCE | State Street SPDR S&P Capital Markets ETF | 14.7% | -50 bp | +0.8% |
| FDFF | Fidelity Disruptive Finance ETF | 10.2% | -35 bp | +0.2% |
Risk and Returns: BCDF vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/6/2026
Peer Group Comparison
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Historical Valuation Trends Sample data. Subscribe for access.
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
4.5%
ALTAR SCORE™
45th
PERCENTILE
NEUTRAL
ETFRC RATING
There are 746 funds in the Global Equity category with an average
ALTAR Score™ of 4.8% and a standard deviation
of 2.6%. BCDF's ALTAR Score™ is approximately -0.1 standard
deviations above the category average. This places BCDF in the 45th percentile
among funds in the category.
Sell-Side Consensus
$36.23
PRICE TARGET
+8.2%
UPSIDE
Bid/Ask Spreads
93 bp
AVG SPREAD
27 —
544 bp
RANGE