At a glance
BCDF charges 0.85% a year, above the 0.63% average of the 2 funds most like it (the 2nd cheapest of 3). It has $21.6M in assets, the 3rd largest of that group; it paid 2.29% of its price in distributions over the past 12 months, annual. Over the past year it returned +6.3% with distributions reinvested (S&P 500: +11.5%), 2nd of those 3 funds; over three years it returned +19.1% a year. Its ten largest positions make up 53.4% of the fund, out of 35 in all.
The short version
Horizon Kinetics Blockchain Development ETF (BCDF) is an actively managed fund holding about 20 to 50 stocks of companies its manager expects to benefit from blockchain and digital assets, though it does not hold cryptocurrency directly. Most of its 10 largest positions as of June 30, 2026 were stock exchange operators, such as Singapore Exchange, Cboe Global Markets and TMX Group. It charges 0.85% a year, above the 0.63% average of similar funds.
Price history
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BCDF +6.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BCDF official prospectus, to Dec 31, 2025 | — | +11.10% | — | — | — | +6.82% |
| BCDF price data to Oct 27, 2026 | +10.3% | +6.3% | +19.1% | — | — | +7.6% |
- Over the year to Oct 27, 2026, BCDF returned +6.3%, 2nd of 3 among similar funds.
- Its worst full calendar year was 2025 (+11.6%); its best was 2023 (+25.0%).
- The deepest fall in its price history was 27.7% (Aug 12, 2022 to Mar 15, 2023), recovered by Aug 21, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.3% | — |
| 2025 | +11.6% | +11.10% |
| 2024 | +14.8% | +15.05% |
| 2023 | +25.0% | +24.86% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.7630 | +68.4% |
| 2024 | $0.4530 | +166.5% |
| 2023 | $0.1700 |
What's inside
As of Jun 30, 2026, the fund held 35 securities; the ten largest made up 53.35% of assets, and 9.06% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Singapore Exchange Ltd | 8.03% | |
| Urbana Corp | 7.08% | |
| Cboe Global Markets Inc | 6.58% | |
| TMX Group Ltd | 5.19% | |
| Deutsche Boerse AG | 4.80% | |
| Nasdaq Inc | 4.53% | |
| Japan Exchange Group Inc | 4.48% | |
| CACI International Inc | 4.32% | |
| Hawaiian Electric Industries I | 4.24% | |
| Intercontinental Exchange Inc | 4.10% | |
| Landbridge Co LLC | 4.07% | |
| Galaxy Digital Inc | 4.01% | |
| WisdomTree Inc | 3.55% | |
| Miami International Holdings I | 3.39% | |
| Science Applications Internati | 3.16% |
By country
United States 52.68%Canada 12.27%Singapore 8.03%Japan 5.75%Germany 4.8%By asset type
Stocks 91.54%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $1.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.55%, -0.97%, -7.20%.
How it works
BCDF does not track an index. Its adviser, Horizon Kinetics Asset Management LLC, picks roughly 20 to 50 companies using a value-driven, "bottom-up" approach, judging each business and its price. It drops a holding once it no longer fits the adviser's thesis or looks attractively valued. Turnover, the share of the portfolio replaced in a year, was a low 7% per the prospectus filed April 27, 2026.
Normally, at least 80% of net assets go into what the fund calls Blockchain Development Companies. The test is broad: a company qualifies if it has publicly committed to blockchain, runs a separate blockchain unit, is classed as a blockchain company by an index or industry scheme, or, in the adviser's view, gives significant exposure to other such companies. As of June 30, 2026, the fund had 35 holdings, the 10 largest made up about 53% of assets, and cash was about 9%.
The fund does not hold cryptocurrency directly, so its returns are not designed to track bitcoin or any other coin. It may put generally no more than 5% of assets into exchange-traded products that hold crypto; these lack the investor protections of the Investment Company Act of 1940. It can own companies of any size worldwide, including emerging and frontier markets, and expects significant exposure to Canada.
What it really costs
- BCDF charges 0.85% a year, versus an average of 0.63% for the similar funds below (2nd of 3, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BCDF | $87 | $271 | $471 | $1,049 |
In a retirement portfolio
It is a small, actively managed fund built around one theme, with a short record that includes a 27.7% drop, so it fits better as a minor side position than as a foundation.
BCDF launched August 1, 2022, so its record misses the 2008 crisis, the 2020 COVID crash and the full 2022 bear market. Its deepest drop, 27.7%, ran from August 12, 2022 to March 15, 2023; it took about 17 more months to regain that peak. Withdrawals during that stretch would have come at depressed prices. Each full calendar year since has been positive, with 2025 the weakest at 11.1%.
Income is modest: a 2.29% trailing 12-month yield as of October 27, 2026, paid once a year, which does little for monthly bills. Its 0.85% expense ratio (the yearly fee) is above the 0.63% peer average; the SEC's standard example, which assumes a 5% yearly return, puts costs on $10,000 at $87 over one year and $1,049 over 10 years. Past results don't predict future ones, and a plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting blockchain exposure through established firms: most of its 10 largest holdings on June 30, 2026 were exchange operators, like Singapore Exchange.
- Those comfortable with an active manager's judgment: Horizon Kinetics uses a broad blockchain definition and trades little (7% turnover, April 2026 prospectus).
- People wanting a theme stake less tied to broad stock swings: its one-year beta, a market-sensitivity gauge, was 0.51 as of October 27, 2026.
Look elsewhere if
- Those wanting returns tied to bitcoin or other coins: BCDF does not hold cryptocurrency directly and generally limits crypto-holding funds to 5% of assets.
- Cost-conscious investors: its 0.85% expense ratio is more than double the 0.40% charged by IAI, which holds U.S. broker-dealers and securities exchanges.
- Anyone wary of tiny funds or short records: net assets were about $21.6 million as of June 30, 2026, and it launched in August 2022.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does BCDF hold bitcoin?
No. BCDF does not invest directly in bitcoin or any other cryptocurrency, and its prospectus says its performance is not meant to match any particular coin. Instead it owns stocks of companies the adviser expects to benefit from blockchain technology, including stock exchange operators and Galaxy Digital. The fund may put generally no more than 5% of assets into exchange-traded products that hold crypto, which lack the protections of the Investment Company Act of 1940.
What are BCDF's top holdings?
As of June 30, 2026, BCDF's largest holdings were Singapore Exchange (8.0%), Urbana Corp (7.1%), Cboe Global Markets (6.6%), TMX Group (5.2%) and Deutsche Boerse (4.8%), followed by Nasdaq, Japan Exchange Group, CACI International, Hawaiian Electric Industries and Intercontinental Exchange. Those 10 made up about 53% of assets, and cash was about 9%. The list includes names many people may not link with blockchain, such as Hawaiian Electric and Landbridge; the fund's definition is broad, and up to 20% of assets can sit outside it.
Does BCDF pay dividends?
Yes, but only once a year. BCDF paid about $0.76 per share over the 12 months to October 27, 2026, a trailing yield of 2.29%. A single annual payment means income arrives in one lump, not monthly or quarterly, which matters for anyone budgeting around regular cash flow. The amount can change from year to year because it depends on the dividends the fund's holdings pay.
What's the difference between BCDF and INFL?
Both are actively managed Horizon Kinetics ETFs charging 0.85% a year, and some holdings overlap. BCDF focuses on blockchain-related companies, while INFL, the Horizon Kinetics Inflation Beneficiaries ETF, targets inflation beneficiaries, as its name says. INFL is far larger, with about $1.47 billion in net assets versus about $21.6 million for BCDF as of June 30, 2026. As of October 27, 2026, INFL had returned 18% over one year and 21.4% a year over three years, versus 6.3% and 19.1% for BCDF.
Is BCDF a good investment for retirement?
It may suit a small, higher-risk slice of a retirement portfolio rather than a core holding. BCDF is a narrow theme fund with about $21.6 million in net assets as of June 30, 2026. It returned 11.1% in 2025 and 6.82% a year from its August 2022 launch through December 31, 2025, but it fell 27.7% from August 2022 to March 2023. Its 0.85% expense ratio is above the 0.63% average for similar funds, and it pays income only once a year.