ETF Evaluator:
Horizon Kinetics Blockchain Dev ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Digital Assets Over the Last Year
| 1090.2% | Grayscale Zcash Trust (ZEC) (ZCSH) |
| 112.1% | ProShares UltraShort Bitcoin ETF (SBIT) |
| 35.7% | ProShares Short Ether ETF (SETH) |
| 12.3% | Simplify US Equity PLUS Bitcoin Stgy ETF (SPBC) |
| 10.8% | Proshares UltraShort Ether ETF (ETHD) |
Risk
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Risk
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ETF Details
Horizon Kinetics Blockchain Dev ETF Overview
Horizon Kinetics Blockchain Dev ETF (BCDF) is an actively managed Miscellaneous Digital Assets exchange-traded fund (ETF). Horizon Kinetics launched the ETF in 2022.
The investment seeks long-term growth of capital.
The fund is an actively-managed ETF that will invest primarily in equity securities of listed domestic and foreign Blockchain Development Companies, American Depository Receipts (“ADRs”) and Global Depository Receipts (“GDRs”), that the Adviser, expects to benefit, either directly or indirectly, from the use of blockchain technology in connection with the issuance, facilitation, custody, trading and administration of digital assets, including cryptocurrencies. It is non-diversified.
About Horizon Kinetics Blockchain Dev ETF (BCDF)
There are 4 members of the management team with an average tenure of 4.00 years: James Davolos (2022), Brandon Colavita (2022), Peter Doyle (2022) and Steven Bregman (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and NASDAQ Composite TR USD index with a weighting of 100%. Horizon Kinetics Blockchain Dev ETF has 36 securities in its portfolio. The top 10 holdings constitute 54.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Horizon Kinetics Blockchain Dev ETF is part of the Other global asset class and is within the Miscellaneous ETF group. Horizon Kinetics Blockchain Dev ETF has 38.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 53.5% There is 38.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Horizon Kinetics Blockchain Dev ETF has 7.8% of the portfolio in cash.
Assets Under Management
The fund has $23 million in total assets, which is below the $564 million average for the Digital Assets category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BCDF Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Horizon Kinetics Blockchain Dev ETF expense ratio is high compared to funds in the Digital Assets category. Horizon Kinetics Blockchain Dev ETF has an expense ratio of 0.85%, which is 12% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Horizon Kinetics Blockchain Dev ETF has a portfolio turnover rate of 7%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 82% for the Digital Assets category.
Recently, in the month of July 2026, Horizon Kinetics Blockchain Dev ETF returned 8.0%, which earned it a grade of B, as the Digital Assets category had an average return of 2.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Horizon Kinetics Blockchain Dev ETF has a trailing yield of 2.37%, which is below the 15.12% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Horizon Kinetics Blockchain Dev ETF Grades
Year to date, the ETF has returned 7.3%, 38.0 percentage points better than the category, which translates into a grade of A. The fund has returned 5.9% over the past year (grade of A) and 14.3% over the past three years (grade of B).
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BCDF Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BCDF Return (NAV) | 8.0% | -0.7% | 5.9% | 14.3% | na | na |
| BCDF Return (Price) | 7.6% | -1.1% | 5.5% | 14.2% | na | na |
| NAV +/- Price Return | 0.403% | 0.406% | 0.359% | 0.084% | na | na |
| Digital Assets Avg | 2.9% | -16.7% | -32.2% | 6.2% | -17.1% | 54.9% |
| BCDF Grade (NAV) | B | A | A | B | na | na |
| +/- Category (NAV) | 5.1% | 16.0% | 38.1% | 8.1% | na | na |
| BCDF Tax-Cost Ratio | na | na | 1.0% | 0.6% | na | na |
BCDF Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BCDF Return (NAV) | 7.3% | 11.1% | 15.0% | 24.9% | na | na | na | na | na | na | na |
| BCDF Return (Price) | 6.2% | 11.6% | 14.8% | 25.0% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.157% | 0.046% | -0.014% | 0.004% | na | na | na | na | na | na | na |
| Digital Assets Avg | -30.7% | -9.9% | 65.8% | 127.8% | -72.3% | 199.4% | 175.1% | 11.8% | -81.4% | 1391.4% | 119.9% |
| BCDF Grade (NAV) | A | A | F | F | na | na | na | na | na | na | na |
| +/- Category | 38.0% | 21.0% | -50.7% | -102.9% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | 13.9% |
| Category Risk Index: | 0.16 |
| Category Risk Rating: | Low |
| Total Risk Index: | 1.14 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 2.4% |
| Total Assets: | $ 23 Mil |
| Share Class Assets: | $ 23 Mil |
| Turnover: | 7.0% |
| Expense Ratio: | 0.85% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 4.0 years | |||
| Average Tenure: 4.0 years | |||
| Managers (Year): Davolos James (2022), Colavita Brandon (2022), Doyle Peter (2022), Bregman Steven (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 36 |
| % in Top 10 Holdings: | 54.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 38.0% |
Portfolio Allocation |
|
| Domestic Stock: | 53.5% |
| Foreign Stock: | 38.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.7% |
| Cash: | 7.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Horizon Kinetics |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | August 1, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.85% (Rating: High) |
| Category Average Expense Ratio (%): | 0.97% |
