Horizon Kinetics Blockchain Development ETF
$32.27−0.22 (−0.66%)
- 0.85%
- $23M
- +5.9%
- 2.35%
- 0M sh
- $32.38
- low $29.01high $36.27
The ETF.net BCDF Grade
D
Score 34 out of 100
- 18 of 20
Score 34 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F13 out of 100Rank 16 of 20Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A80 out of 100Rank 4 of 20Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F19 out of 100Rank 16 of 20Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C51 out of 100Rank 12 of 19Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C42 out of 100Rank 15 of 20
Our read on BCDF
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.
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
- Actively 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.
- The theme is a contract, not a label: the prospectus commits at least 80% of net assets plus borrowings to blockchain development companies.
- Roughly 30 names means each pick carries real weight in the portfolio, a sharp contrast to the sprawling thematic baskets that dilute their best ideas.
- Live 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
- 0.85% 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.
- A small fund that trades lightly. Spreads can run wider than on the category's heavyweights, which matters most on large or hurried orders.
- Distributions 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
- Stocks
- 35
- 58%
- Us Bank Mmda - Usbgfs 7 06/01/2031
Sectors
- Financials80.1%
- Technology11.1%
- Energy4.2%
- Utilities2.9%
- Communication1.4%
- Industrials0.4%
- Real Estate0.0%
Geography
- United States59.02%
- Canada13.02%
- Japan6.43%
- Singapore6.09%
- Germany5.82%
- Australia3.56%
- United Kingdom3.18%
- Netherlands2.37%
- 0.50%
Developed 100% · Emerging 0%
BCDF Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
BCDF$10,592
Returns run to the Oct 12, 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.
| Period | BCDF |
|---|---|
| Year to date | +7.5% |
| 1 month | −2.0% |
| 3 months | +4.2% |
| 1 year | +5.9% |
| 3 years | +16.8% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | BCDF |
|---|---|---|
| 2026 YTD | +7.5% | |
| 2025 | +11.6% | |
| 2024 | +14.9% | |
| 2023 | +25.0% | |
| 2022 | −22.7% |
BCDF in the news
Filings Digest
CoinShares to liquidate BTF and DIME on October 21
BCDF Dividends
- 2.35%
- $0.76
- $0.76 per share
- Annual
Distribution history
BCDF Risk
- 14.4%
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.
- 0.84
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.
- −27.7%
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.
- 0.76
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
0.85%
BCDF0.85%
- The middle half of Crypto Industry Stocks funds
- Median 0.66%
15 of the 20 Crypto Industry Stocks funds charge less.
Other funds in Crypto Industry Stocks
- CBLCKCorgi ETF Trust I - Corgi Crypto Infrastructure ETFExpense ratio 0.35%1 year return —
- CSTBQAmplify Stablecoin Technology ETFExpense ratio 0.69%1 year return —
- DBITQBitwise Crypto Industry Innovators ETFExpense ratio 0.85%1 year return −15.7%
- DCRPTFirst Trust SkyBridge Crypto Industry and Digital Economy ETFExpense ratio 0.85%1 year return −33.4%
- FOWNBBitwise Bitcoin Standard Corporations ETFExpense ratio 0.85%1 year return −39.7%