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
$ 24.7 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 +
| CASH & OTHER | 7.5 % |
| CBOE HOLDINGS INC | 7.1 % |
| SINGAPORE EXCHANGE LTD | 6.6 % |
| URBANA CORP | 6.6 % |
| TMX GROUP INC | 5.5 % |
| CACI INTERNATIONAL INC -CL A | 5.1 % |
| DEUTSCHE BOERSE AG | 5.0 % |
| NASDAQ OMX GROUP/THE | 4.9 % |
| INTERCONTINENTALEXCHANGE INC | 4.7 % |
| WISDOMTREE INVESTMENTS INC | 4.6 % |
Constituent Breakdown
| Number of holdings | 27 |
| Herfindahl-Hirschman Index | 466 |
| Wgt avg mkt cap (mns) | $17,039 |
| Large cap (>$10bn) | 49.2% |
| Mid cap ($2-10bn) | 27.9% |
| Small cap (<$2bn) | 0.5% |
| Developed mkts. | 77.6% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 47.8 % |
 |
SINGAPORE | 6.6 % |
 |
CANADA | 5.5 % |
 |
JAPAN | 5.1 % |
 |
GERMANY | 5.1 % |
 |
AUSTRALIA | 3.0 % |
 |
BRITAIN | 2.9 % |
 |
NETHERLANDS | 2.1 % |
Historical Performance
Standardized Performance (as of 08/31/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 12.9% | 9.3% | 12.6% | 16.2% | -- | -- | -- | 7.2% |
| Dividend Yield | 0.0% | 2.7% | 2.3% | 1.9% | -- | -- | -- | 1.4% |
| Total Returns | 12.9% | 12.1% | 15.0% | 18.1% | -- | -- | -- | 8.6% | Ann. Volatility | 15.0% | 15.0% | 15.7% | 15.0% | -- | -- | -- | 16.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.49 | 18% |
| MSCI EAFE | 0.36 | 14% |
| MSCI Emg Mkts | 0.14 | 5% |
Liquidity Measures
| Avg. volume (000) | 1 |
| ADV traded (mns) | $0 |
| Turnover | 0.1% |
| Avg. Bid/Ask (% of price) | 0.82% |
Technical Indicators
| 30d moving avg. (EMA) | $32.13 |
| Relative strength (RSI) | 64 |
| MACD/Signal | 0.54/0.45 |
| Bollinger Bands (Upper/Lower) | $33.69/$30.82 |
| 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 |
|---|---|---|---|---|
| KBWR | Invesco KBW Regional Banking ETF | 38.2% | -50 bp | +4.9% |
| INFL | Horizon Kinetics Inflation Beneficiaries ETF | 22.3% | 0 bp | -1.1% |
| IAI | iShares U.S. Broker-Dealers & Securities Exchanges ETF | 14.7% | -45 bp | +0.1% |
| KCE | State Street SPDR S&P Capital Markets ETF | 13.8% | -50 bp | +1.7% |
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.
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
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
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
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 9/6/2026
Peer Group Comparison
Sample data. Subscribe for access.
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.
Some content on this tab for Individual & Professional subscribers only. Start your FREE trial
ETF Research Center Rating
4.1%
ALTAR SCORE™
46th
PERCENTILE
NEUTRAL
ETFRC RATING
There are 734 funds in the Global Equity category with an average
ALTAR Score™ of 4.3% 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 46th percentile
among funds in the category.
Sell-Side Consensus
$37.44
PRICE TARGET
+10.1%
UPSIDE
Bid/Ask Spreads
82 bp
AVG SPREAD
27 —
544 bp
RANGE