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Launched

Horizon Kinetics Blockchain Development ETF

BCDFNYSE ArcaHorizon KineticsD

$33.93+0.05 (+0.15%)

At close: Nov 2, 2026, 4:00 PM ET

D36/ 100

Rank 18 of 20 in Crypto Industry Stocks

D36/100Rank 18 of 20inCrypto Industry Stocks
Intraday session: up, 73 prints from 33.88 to 33.93. Range 33.88 to 33.93. Use the arrow keys to read each point.33.8933.9033.9133.9210 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$25M
1Y total return
+11.5%
Yield · Last 12 months
2.25%
Holdings
35
Avg volume · 30D
912 sh
52W range
low $29.01high $36.27
Launched

The ETF.net BCDF Grade

Based on 5 of 6 pillars

D

Score 36 out of 100

Category
Crypto Industry Stocks⁠
Rank
18 of 20
Six-pillar profile for BCDF. Scores out of 100: Cost 13, Risk 94, Mission not scored, Tradability 20, Holdings 45, Durability 44. Strongest: Risk (94). Weakest: Cost (13). Based on 5 of 6 pillars.

Score 36 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 100
    Rank 16 of 20

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A94 out of 100
    Rank 2 of 20

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F20 out of 100
    Rank 17 of 20

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C45 out of 100
    Rank 14 of 19

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C44 out of 100
    Rank 14 of 20

Our read on BCDF

ETF.net Research

In short

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

  • 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 Performance

Launched Aug 1, 2022

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$11,152
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. BCDF $11,152. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+12.1%
1 month+5.9%
3 months+5.6%
1 year+11.5%
3 yearsper year+19.2%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+12.1%
2025+11.6%
2024+14.9%
2023+25.0%
2022−22.7%

History from Aug 2, 2022

BCDF in the news

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 Oct 30, 2026.
2.25%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

$10,000 in BCDF 3 years ago paid $642 in dividends.

BCDF Risk

Risk pillarA94 out of 100Rank 2 of 20 in Crypto Industry Stocks
How much the fund’s monthly returns vary, scaled to a year.
14.6%
Annualised · 36 months to Oct 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.
0.98
vs 3-month T-bills · to Oct 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%
50 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.
0.76
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.

FMP measures it over up to five years of monthly returns.

BCDF Cost

Compare BCDF and STCE

Overpaying vs STCE, cheapest in Crypto Industry Stocks

$10,050

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BCDF 0.85%

    $16,199

  • STCE 0.30% Cheapest

    $6,149

$10,000
30 years

Cost over time

  • BCDF 0.85%
  • STCE 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BCDF $16,199STCE $6,149

Year by year

YearBCDFSTCEOverpaying
10$1,508$545$963
20$5,706$2,113$3,593
30$16,199$6,149$10,050

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