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
12.2 M
ASSETS UNDER MGMT
85 bp
EXPENSES
Fund Basics
| Fund sponsor | Horizon Kinetics LLC |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Aug 01, 2022 |
| Assets (mns) | $12 |
| Expense ratio | 85 bp |
| Currency | CAD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| CASH & OTHER | 8.9 % |
| CACI INTERNATIONAL INC -CL A | 7.9 % |
| CBOE HOLDINGS INC | 5.9 % |
| INTERCONTINENTALEXCHANGE INC | 5.7 % |
| TMX GROUP INC | 5.2 % |
| URBANA CORP | 4.8 % |
| GALAXY DIGITAL HOLDINGS LTD. | 4.8 % |
| TRADEWEB MARKETS, INC. CLASS A | 4.7 % |
| NASDAQ OMX GROUP/THE | 4.7 % |
| SINGAPORE EXCHANGE LTD | 4.7 % |
Constituent Breakdown
| Number of holdings | 24 |
| Herfindahl-Hirschman Index | 488 |
| Wgt avg mkt cap (mns) | $20,519 |
| Large cap (>$10bn) | 51.5% |
| Mid cap ($2-10bn) | 38.2% |
| Small cap (<$2bn) | 10.3% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 51.4 % |
 |
JAPAN | 6.3 % |
 |
CANADA | 5.2 % |
 |
SINGAPORE | 4.7 % |
 |
BRITAIN | 4.4 % |
 |
GERMANY | 4.3 % |
 |
AUSTRALIA | 3.9 % |
Historical Performance
Standardized Performance (as of 09/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 12.7% | 32.0% | 15.9% | -- | -- | -- | 7.9% | Volatility | 13.0% | 13.5% | -- | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.90 | 71% |
| MSCI EAFE | 0.78 | 59% |
| MSCI Emg Mkts | 0.61 | 45% |
Liquidity Measures
| Avg. volume (000) | 1 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.49% |
| ADV of underlying (mns) | $2,191 |
Technical Indicators
| Recent close | $28.65 |
| 30d moving avg. | $27.18 |
| Annualized volatility | 17.8% |
| Relative strength (RSI) | 51 |
| Short interest (ETF) | 0.7% |
| 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
| Ticker | Fund Name | Overlap vs. BCDF |
Expenses vs. BCDF |
ALTAR Score™ vs. BCDF |
|---|---|---|---|---|
| INFL | Horizon Kinetics Inflation Beneficiaries ETF | 20.3% | 0 bp | -0.1% |
| IAI | iShares U.S. Broker-Dealers & Securities Exchanges ETF | 16.8% | -45 bp | +0.4% |
| KCE | SPDR S&P Capital Markets ETF | 11.5% | -50 bp | +2.0% |
| FDFF | Fidelity Disruptive Finance ETF | 10.9% | -35 bp | +0.3% |
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 | --% |
Based on closing prices from 10/17/2024
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
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 Rating
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.
ALTAR Score™
BCDF
4.1%
Cat. Avg
4.1%
ALTAR Score™ Calculation
Category Overview
There are 361 funds in the Global Equity category, with an average ALTAR Score™
of 4.1% and a standard deviation of
4.6%. BCDF's ALTAR Score™ is approximately
0.0 standard deviations
above
the category average. This places BCDF in the 51st percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
BCDFSELL
U/W
HOLD
O/W
BUY
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. | 75.0 | 38.7 | 113.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .