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
$ 21.4 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 | 7.6 % |
| URBANA CORP | 7.3 % |
| CASH & OTHER | 6.7 % |
| CACI INTERNATIONAL INC -CL A | 5.3 % |
| INTERCONTINENTALEXCHANGE INC | 5.1 % |
| SINGAPORE EXCHANGE LTD | 5.1 % |
| TMX GROUP INC | 5.0 % |
| NASDAQ OMX GROUP/THE | 4.7 % |
| OSAKA SECURITIES EXCHANGE CO | 4.6 % |
| HAWAIIAN ELECTRIC INDS | 4.6 % |
Constituent Breakdown
| Number of holdings | 26 |
| Herfindahl-Hirschman Index | 445 |
| Wgt avg mkt cap (mns) | $18,683 |
| Large cap (>$10bn) | 52.1% |
| Mid cap ($2-10bn) | 13.3% |
| Small cap (<$2bn) | 4.9% |
| Developed mkts. | 74.0% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 47.2 % |
 |
JAPAN | 5.2 % |
 |
SINGAPORE | 5.1 % |
 |
CANADA | 5.0 % |
 |
GERMANY | 4.5 % |
 |
AUSTRALIA | 3.0 % |
 |
BRITAIN | 2.6 % |
 |
NETHERLANDS | 1.3 % |
Historical Performance
Standardized Performance (as of 02/28/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 5.8% | 15.1% | 13.6% | 15.7% | -- | -- | -- | 6.3% |
| Dividend Yield | 0.0% | 2.9% | 2.4% | 1.9% | -- | -- | -- | 1.5% |
| Total Returns | 5.8% | 18.0% | 15.9% | 17.6% | -- | -- | -- | 7.9% | Ann. Volatility | 16.6% | 16.7% | 15.3% | 14.9% | -- | -- | -- | 17.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.52 | 37% |
| MSCI EAFE | 0.69 | 47% |
| MSCI Emg Mkts | 0.51 | 30% |
Liquidity Measures
| Avg. volume (000) | 2 |
| ADV traded (mns) | $0 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.95% |
Technical Indicators
| 30d moving avg. (EMA) | $30.98 |
| Relative strength (RSI) | 57 |
| MACD/Signal | 0.05/-0.08 |
| Bollinger Bands (Upper/Lower) | $31.77/$29.79 |
| Short interest (% of AUM) | 0.5% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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 |
|---|---|---|---|---|
| INFL | Horizon Kinetics Inflation Beneficiaries ETF | 20.0% | 0 bp | -1.2% |
| IAI | iShares U.S. Broker-Dealers & Securities Exchanges ETF | 17.2% | -45 bp | +0.5% |
| KCE | State Street SPDR S&P Capital Markets ETF | 13.6% | -50 bp | +2.5% |
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 3/9/2026
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
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
4.2%
ALTAR SCORE™
44th
PERCENTILE
NEUTRAL
ETFRC RATING
There are 568 funds in the Global Equity category with an average
ALTAR Score™ of 4.6% and a standard deviation
of 2.7%. BCDF's ALTAR Score™ is approximately -0.1 standard
deviations above the category average. This places BCDF in the 44th percentile
among funds in the category.
Sell-Side Consensus
$35.57
PRICE TARGET
+12.0%
UPSIDE
Bid/Ask Spreads
95 bp
AVG SPREAD
30 —
939 bp
RANGE