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BCDF

GradeDNew York Stock Exchange Arca

Horizon Kinetics Blockchain Development ETF

Crypto · Horizon Kinetics · Inception 2022-08-01

$32.83+0.00 (+0.00%)

As of Sep 23, 2026, 9:46 AM EDT

Market opens at 9:30 AM ET.History starts Aug 2, 2022.
Intraday session: up, 8 prints from 32.27 to 32.83. Range 32.27 to 32.93. Use the arrow keys to read each point.$32.20$32.40$32.60$33.00Sep 17Sep 18Sep 21Sep 22Sep 23
Expense ratio
0.85%
Fund size
$24M
1Y return
+8.0%
Yield · Last 12 months
2.32%
Holdings
34
Volume · 30D
0M sh
NAV per share
$32.87
52W range
low $29.01high $36.27

The ETF.net BCDF Grade

D

37/ 100

Rank 18 of 21 in Crypto Industry Stocks⁠

Confidence Medium

Six-pillar profile for BCDF. Scores out of 100: Cost 13, Risk 83, Mission not scored, Tradability 28, Holdings 54, Durability 43. Strongest: Risk (83). Weakest: Cost (13). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 37 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 13
    Category rank17/21 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 83
    Category rank4/21 · top 19%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 28
    Category rank16/21 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 54
    Category rank11/20 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 43
    Category rank15/21 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on BCDF

ETF.net Research

DHorizon Kinetics skips the index and picks its own blockchain names: roughly 30 companies, actively chosen, with at least 80% of assets pledged to the theme. A concentrated, opinionated take in a corner of the market built mostly on baskets.

Stated mandate

The Fund seeks long-term growth of capital through active investment in Blockchain Development Companies. Under normal circumstances, it invests at least 80% of net assets plus investment borrowings in those companies.

Why people hold it

  1. 01Actively run, not index-shadowing. A manager chooses the roughly 30 holdings and can shift as the blockchain buildout does, instead of inheriting whatever a rules-based screen spits out.
  2. 02The theme is a contract, not a label: the prospectus commits at least 80% of net assets plus borrowings to blockchain development companies.
  3. 03Roughly 30 names means each pick carries real weight in the portfolio, a sharp contrast to the sprawling thematic baskets that dilute their best ideas.
  4. 04Live since 2022, so it has a real operating record through crypto's ugliest stretch, not a backtest. Standard 1940 Act fund wrapper: 1099 tax reporting, no K-1.

Worth knowing

  1. 010.85% a year sits above the typical blockchain-equity fund, and above index rivals like BKCH at 0.50% and BLOK at 0.70%. Active stock picking is what the premium buys.
  2. 02A small fund that trades lightly. Spreads can run wider than on the category's heavyweights, which matters most on large or hurried orders.
  3. 03Distributions land once or twice a year rather than quarterly or monthly, so any income arrives lumpy. This is a growth-of-capital mandate, not an income one.

BCDF Holdings

As of Sep 20, 2026, 9:12 AM
Asset class
Stocks
Holdings
34
Top-10 weight
57%
Largest holding
US BANK MMDA - USBGFS 7 06/01/20317.7%

Sectors

  • Financials79.9%
  • Technology10.7%
  • Energy4.3%
  • Utilities3.4%
  • Communication1.3%
  • Industrials0.4%
  • Real Estate0.0%

Geography

  • United States59.24%
  • Canada13.13%
  • Singapore6.57%
  • Japan6.33%
  • Germany5.59%
  • Australia3.18%
  • United Kingdom3.13%
  • Netherlands2.33%
  • Other countries (2)0.50%

Developed 100% · Emerging 0% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—US BANK MMDA - USBGFS 7 06/01/20317.69%1,819,524$2M7
002CBOECboe Global Markets Inc6.76%5,858$2M320
003URB-A.TOUrbana Corp6.55%261,526$2M1
004—Singapore Exchange Ltd5.94%80,850$1M4
005X.TOTMX Group Ltd5.59%34,313$1M61
006CACICACI International Inc5.35%2,018$1M150
007DB1.DEDeutsche Boerse AG5.12%3,803$1M140
008NDAQNasdaq Inc4.91%12,412$1M295
009ICEIntercontinental Exchange Inc4.73%7,193$1M309
0108697.TJapan Exchange Group Inc4.62%76,908$1M111
011WTWisdomTree Inc4.42%45,360$1M121
012LBLandbridge Co LLC4.03%11,092$953K21
013SAICScience Applications International Corp3.48%6,183$824K166
014GLXYGalaxy Digital Inc3.31%31,691$782K105
015MIAXMiami International Holdings Inc3.23%19,705$764K70

Showing 1–15 of 35 holdings

BCDF Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

BCDF$10,796
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. BCDF $10,796. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BCDF. Periods over one year show the average yearly return.
PeriodBCDF
Year to date+8.6%
1 month−3.2%
3 months+8.9%
1 year+8.0%
3 years+17.9%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BCDF
YearReturn barBCDF
2026 YTD+8.6%
2025+11.6%
2024+14.9%
2023+25.0%
2022−22.7%

History from Aug 2, 2022

BCDF in the news

ETF.net Research hasn’t filed on BCDF yet — coverage lands here as it’s written.

BCDF Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
2.32%Last 12 months
Payout per share
$0.76Last 12 months
Last payment
$0.76 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2022–2026

One bar per payment. 5 payments from 2022 to 2026 YTD. Sep 28, 2022 $0.02; Dec 28, 2022 $0.05; Dec 27, 2023 $0.17; Dec 24, 2024 $0.45; Dec 23, 2025 $0.76. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Dec 23, 2025Dec 24, 2025$0.76
Dec 24, 2024Dec 26, 2024$0.45
Dec 27, 2023Dec 29, 2023$0.17
Dec 28, 2022Dec 30, 2022$0.05
Sep 28, 2022Sep 30, 2022$0.02

BCDF Risk

How much the fund’s monthly returns vary, scaled to a year.
13.9%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.94
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−27.7%
49 months · trough Mar 2023
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.74
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

BCDF Cost

Expense ratio0.85%
  • The middle half of Crypto Industry Stocks funds
  • Median 0.65%

15 of the 20 Crypto Industry Stocks funds charge less.

BCDF costs $85.00 a year on $10,000. The median Crypto Industry Stocks fund costs $65.00.