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

85 bp

EXPENSES

$10.3 M

ASSETS UNDER MGMT

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorHorizon Kinetics LLC
CategoryGlobal
Asset classEquity
Websitelink...
Inception dateAug 01, 2022
Assets (mns)$10
Expense ratio85 bp
CurrencyCAD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsAnnually
Taxation1099
Stock selectionProprietary
WeightingProprietary
Holdings TransparencyFull
Derivatives-basedNo
Options availableNo
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings Complete list  + 
CACI INTERNATIONAL INC -CL A 7.4 %
DEUTSCHE BOERSE AG 6.2 %
INTERCONTINENTALEXCHANGE INC 5.8 %
TMX GROUP INC 5.6 %
CBOE HOLDINGS INC 5.4 %
OSAKA SECURITIES EXCHANGE CO 5.1 %
GALAXY DIGITAL HOLDINGS LTD. 4.7 %
LONDON STOCK EXCHANGE GROUP 4.7 %
WISDOMTREE INVESTMENTS INC 4.6 %
NASDAQ OMX GROUP/THE 4.6 %
Constituent Breakdown
Number of holdings20
Herfindahl-Hirschman Index 525
Wgt avg mkt cap (mns)$19,227
Large cap (>$10bn)57.5%
Mid cap ($2-10bn)30.4%
Small cap (<$2bn)12.1%
Developed mkts.100.0%
Emerging mkts.0.0%
Country Exposure
UNITED STATES 50.6 %
JAPAN 7.5 %
GERMANY 6.2 %
CANADA 5.6 %
BRITAIN 4.7 %
SINGAPORE 4.4 %
AUSTRALIA 4.3 %
Historical Performance


Standardized Performance (as of 06/30/2024)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns -0.6% 13.3% -- -- -- -- 1.8%
Volatility 13.0% 13.5% -- -- -- -- --
Market Correlations
versus...BetaR-squared
S&P 5000.9175%
MSCI EAFE0.7760%
MSCI Emg Mkts0.6147%
Liquidity Measures
Avg. volume (000)1
Turnover0.3%
Avg. Bid/Ask (% of price)0.49%
ADV of underlying (mns)$3,286
Technical Indicators
Recent close$25.71
30d moving avg.$24.00
Annualized volatility18.1%
Relative strength (RSI)51
Short interest (ETF)1.4%
Short interest (underlying)0.0%
Distributions
Assets Under Management (mns)

Money Flows (mns)

Short Interest (as % of shares outstanding)

Long Money Flows (mns)

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Comparable ETFs Based on Overlap
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
  2019 2020 2021 2022 2023 2024E 2025E  
Sales per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Earnings per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Dividends per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Book value per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates

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Valuation Metrics
  2023 2024E Fwd Est 2025E
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 --%
3.9 23.2 3.1 1.7% --
Based on closing prices from 7/19/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
BCDF



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 Fund Rating

Our measure of an ETF's overall investment merit

ALTAR Score™

BCDF

4.9%

Cat. Avg

4.0%

Fund Category: Global

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™4.9%
Recommendation

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

Category Overview
There are 352 funds in the Global category, with an average ALTAR Score™ of 4.0% and a standard deviation of 4.8%. BCDF's ALTAR Score™ is approximately 0.2 standard deviations above the category average. This places BCDF in the 58th percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

Composite
BCDF
Peer Average
SELL
U/W
HOLD
O/W
BUY



Recent Trends


Breakdown
Expense Analysis

Peer Group Rules-Based
Global Equity ETFs
# of ETFs 191
Avg. Expense Ratio 55.4 bp
Std. Deviation 17.5 bp
BCDF (85 bp) Percentile rank 95
Peer Group Expense Ratio Distribution


Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
BCDF 85.0 48.8 133.8
Peer Avg. 77.0 49.5 126.5
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .