BCDF Horizon Kinetics Blockchain Development ETF

ETF

ETF quote, holdings, sector allocation, technicals, and options analytics. Fibonacci levels

Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.

BCDF — —
Key stats
About

Horizon Kinetics Blockchain Development ETF (BCDF) ETF

No description available.

Exchange
ARCX
Inception
2022-08-01
Has Options
No
Fund profile
holdings as of Jun 30, 2026SEC filingthrough Jun 2026flows, SEC filings
Expense ratio
0.85%
prospectus, filed Apr 27, 2026
Assets
$24M
shares × price, Oct 26, 2026
Trailing yield
2.28%
paid annual
Average daily volume
$29K
30 sessions
Holdings
36
top 10 are 53.4%
Listed
Aug 1, 2022
NYSE Arca
Closure risk, 12 months
10%
elevated: trading volume · model
FrenzyCap ETF score
14
how it is built
Cost5
Liquidity0
Scale14
Diversification47

Moves with. US large-cap stocks (16% of its variance, beta 0.48); Bitcoin (14% of its variance, beta 0.11). These factors explain 33% of its daily moves over the last year, so most of what drives this fund is something else.

Stated objective. The Horizon Kinetics Blockchain Development ETF (the Blockchain Development ETF or the Fund) seeks long-term growth of capital. (from the fund's prospectus)

All 36 holdingsFlow historySimilar fundsOverlap toolAll Fintech & Blockchain ETFs

Fund flows
through Jun 2026SEC filings
Jun 2026
+$796K
latest reported month
Latest 3 months
+$1.6M
+7.3% of assets
Latest 12 months
+$4.0M
+18.4% of assets
Jul 2025: +$800KAug 2025: $0AugSep 2025: $0Oct 2025: +$791KOctNov 2025: −$774K−$774KDec 2025: $0DecJan 2026: +$1.6M+$1.6MFeb 2026: $0FebMar 2026: $0Apr 2026: +$788KAprMay 2026: $0Jun 2026: +$796KJun
View as a table
Net flows of BCDF by month, Jul 2025 to Jun 2026
MonthNet flow
Jun 2026+$796K
May 2026$0
Apr 2026+$788K
Mar 2026$0
Feb 2026$0
Jan 2026+$1.6M
Dec 2025$0
Nov 2025−$774K
Oct 2025+$791K
Sep 2025$0
Aug 2025$0
Jul 2025+$800K

Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 47 months ago

Similar funds
FundOverlapFeeAssets1Y
FDIQInvesco Exchange-Traded Fund Trust II Invesco Bloomberg Financial Data Providers ETF31%0.35%$43M—compare
INFLHorizon Kinetics Inflation Beneficiaries ETF26%0.85%$1.5B+16.6%compare
IAIiShares U.S. Broker-Dealers & Securities Exchanges ETF16%0.37%$1.3B+3.6%compare
KCEState Street SPDR S&P Capital Markets ETF14%0.35%$436M+3.3%compare
TKNQAmplify Tokenization Technology Leaders ETF11%0.69%$1.2M—compare

Ranked by how much of the two portfolios is the same securities.

Look-through: what the holdings say
weights as of Jun 30, 2026SEC filing
Holdings vs fair value
+28.8%
63% under, 0% over · 55% covered
Price / earnings
24.7
9% loss-making · 55% covered
Price / book · sales
2.8 · 0.5
revenue growth +14.7%
Above 200-day average
75%
60% above 50-day · by weight
Insider buying
9%
of weight had net insider buying, 90 days; 32% net selling
13F holders
+0.6%
change in shares held by institutions, latest quarter
Reporting earnings
27.9%
of weight in 7 days; 37.8% in 14
Largest contributors below fair value
Largest contributors above fair value

Each figure is the fund's holdings weighted by position size, using our data on those stocks, and covers only the share of the stock holdings stated. Positive fair value means the holdings trade below our estimate.

What changed in the portfolio
Dec 31, 2025 → Mar 31, 2026
ActionHoldingWeight beforeWeight afterShares vs flows
ExitHellenic Exchanges - Athens St0.77%——
IncreaseFRMIFermi Inc0.02%0.05%+324.1%
ExitFRGEForge Global Holdings Inc0.02%——

0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 6.6%. Full holdings and history

Under the hood
fiscal year to Dec 31, 2025SEC census
Authorized participants
2 active
of 2 with agreements; top 3 did 100%
Created · redeemed
$5.3M · $774K
over the fiscal year
Redemptions in kind
39%
creations 60% in kind
Creation unit
25,000
shares
Securities lending
2.27%
of assets on loan on average; earned 9.1 bp
Diversification status
Non-diversified
may concentrate in fewer issuers

From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.

ETF Profile
holdings as of 2026-06-30
Holdings
36
AUM
$21.7M
Provider
Nport
Inception
2022-08-01
Exchange
ARCX
Data As Of
2026-06-30
Expense Ratio
0.85%
Dividend Yield
2.28%
Distribution
Annual
Recent distributions
Ex-Date Pay Date Amount Type
2025-12-23 2025-12-24 $0.7633 CD
2024-12-24 2024-12-26 $0.4530 CD
2023-12-27 2023-12-29 $0.1700 SC
2022-12-28 2022-12-30 $0.0524 CD
2022-09-28 2022-09-30 $0.0219 CD
Asset Allocation
Top Holdings
top 36 of 36 holdings
Symbol Name Weight % Asset Class Country
— US BANK MMDA - USBGFS 7 9.06% Short-term investment US
— Singapore Exchange Ltd 8.03% Equity (common) SG
— Urbana Corp 7.08% Equity (common) CA
CBOE Cboe Global Markets Inc 6.58% Equity (common) US
TMXXF TMX Group Ltd 5.20% Equity (common) CA
— Deutsche Boerse AG 4.80% Equity (common) DE
NDAQ Nasdaq Inc 4.53% Equity (common) US
— Japan Exchange Group Inc 4.48% Equity (common) JP
CACI CACI International Inc 4.32% Equity (common) US
HE Hawaiian Electric Industries I 4.24% Equity (common) US
ICE Intercontinental Exchange Inc 4.10% Equity (common) US
LB Landbridge Co LLC 4.07% Equity (common) US
GLXY Galaxy Digital Inc 4.01% Equity (common) US
WT WisdomTree Inc 3.55% Equity (common) US
MIAX Miami International Holdings I 3.39% Equity (common) US
SAIC Science Applications Internati 3.16% Equity (common) US
— ASX Ltd 3.06% Equity (common) AU
TW Tradeweb Markets Inc 2.44% Equity (common) US
LDNXF London Stock Exchange Group PL 2.34% Equity (common) GB
OTCM OTC Markets Group Inc 2.26% Equity (common) US
CME CME Group Inc 1.87% Equity (common) US
— Euronext NV 1.34% Equity (common) NL
BR Broadridge Financial Solutions 1.30% Equity (common) US
MKTX MarketAxess Holdings Inc 1.16% Equity (common) US
— Euronext NV 0.72% Equity (common) NL
BTC Grayscale Bitcoin Mini Trust E 0.68% Equity (common) US
— Toei Animation Co Ltd 0.64% Equity (common) JP
— IG Port Inc 0.63% Equity (common) JP
BKKT Bakkt Inc 0.56% Equity (common) US
— NZX Ltd 0.46% Equity (common) NZ
BAH Booz Allen Hamilton Holding Co 0.31% Equity (common) US
FRMI Fermi Inc 0.08% Equity (common) US
CRCL Circle Internet Group Inc 0.07% Equity (common) US
— IREN Ltd 0.05% Equity (common) AU
— Tel Aviv Stock Exchange Ltd 0.02% Equity (common) IL
CNTN Canton Strategic Holdings Inc 0.01% Equity (common) US
Geographic Breakdown
Non-Equity Breakdown
Horizon Kinetics Blockchain Development ETF · NPORT-P period 2026-06-30 (filed 2026-08-26)
Net assets: $22M · 36 total positions · equity 91.54% · non-equity 9.06%
Non-equity holdings — 1 positions, 9.06% of NAV
Category Weight Value Positions
Short-term investment 9.06% $2.0M 1
Chart
Seasonality
Month'22'23'24'25'26Avg
Jan--8.54%-1.76%0.17%3.54%2.62%
Feb---4.23%3.68%-0.29%2.35%0.38%
Mar--1.24%0.83%0.70%-4.47%-0.42%
Apr---0.61%-5.00%5.07%5.67%1.28%
May--0.46%3.74%1.08%-1.07%1.05%
Jun--2.11%1.02%3.32%-7.16%-0.18%
Jul--3.52%5.37%-0.31%6.49%3.77%
Aug-7.08%-2.82%5.69%0.29%5.59%0.33%
Sep-11.71%-2.90%5.22%2.07%-5.43%-2.55%
Oct-1.28%0.35%1.05%-1.26%4.61%*0.69%
Nov-0.87%7.30%6.68%0.04%--3.29%
Dec-5.67%5.73%-6.67%-1.27%---1.97%
Total-24.27%19.32%20.54%9.84%9.30%6.95%
Technical Indicators

Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.

Trend Indicators
  • SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
  • EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
  • MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
  • ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
  • +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
  • RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
  • Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
  • Williams %R — inverted scale: <−80 oversold, >−20 overbought.

Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.

Volume & Volatility
  • Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
  • OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
  • Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
  • ATR / True Range — average daily $ move; sizing and stop-loss reference.
  • HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.

Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →

Trend Indicators

SMA 20: $32.46
SMA 50: $33.01
SMA 200: $31.94
Current: $33.53
EMA 12: $32.88
EMA 26: $32.73
MACD: 0.1522 | Signal: 0.1803
BEARISH
ADX (14): 20.34
WEAK TREND
+DI: 56.37
−DI: 30.18

Momentum Oscillators

RSI (14): 64.46
NEUTRAL
Stoch %K: 99.80
Stoch %D: 99.86
Williams %R: 0.00

Volume & Volatility

BB Upper: $33.48
BB Lower: $31.45
OVERBOUGHT
OBV: -38,701
Vol SMA 20: 1,144
Vol ROC: -91.03%
ATR: $0.26
True Range: $0.08
HV 20: 12.0%
HV 30: 12.8%
HV 60: 12.0%

Data Summary

Data Points: 500
Last Updated:
Date Range: 2024-10-25T00:00:00 – 2026-10-26T00:00:00
AI Analysis

LLM Stock Analysis Report

Executive Summary

Overall assessment: NEUTRAL (confidence level: 6/10)

Key drivers:

  • Bullish technical signals from MACD and ADX
  • Neutral sentiment from recent news headlines
  • Low volatility, indicating a stable market environment

Primary risks:

  • Downtrend risk if price fails to break above $34.57 Bollinger Bands resistance
  • Volatility could increase with upcoming earnings release (if available)

Investment thesis: BCDF is a low-volatility stock with strong technical signals and neutral news sentiment, making it suitable for investors seeking stability.

Recent news sentiment impact: The recent headlines have had a neutral impact on the stock price, failing to trigger significant moves.

Technical Analysis

Trend direction:

  • Short-term (1-4 weeks): Bullish
  • Medium-term (1-3 months): Neutral
  • Long-term (3-12 months): Bullish

Support/resistance levels:

  • Lower Bollinger Band: $32.84
  • Middle Bollinger Band: $33.71
  • Upper Bollinger Band: $34.57
  • SMA 20: $33.71
  • SMA 50: $32.36
  • SMA 200: $31.64

Momentum signals:

  • RSI: 59.95 (neutral)
  • MACD signal line crossover: Bullish
  • Bollinger Bands position: Neutral

Volume analysis:

  • Volume SMA 20: 1170.05
  • On-Balance Volume (OBV): -18552.58
  • Volume Rate of Change: 103.54%

News & Sentiment Analysis

Recent headlines summary:

  • Nasdaq Expands Latin America Presence With Nuam Partnership (Benzinga, 2025-03-18) - Neutral sentiment
  • Cboe Upgraded To Buy: Deutsche Bank Sees Strong Revenue Growth And Margin Gains Through 2025 (Benzinga, 2024-11-11) - Neutral sentiment

Sentiment assessment:

  • Aggregate news sentiment: NEUTRAL

Catalyst identification:

  • Earnings release (if available)

Market narrative:

  • News headlines have had a neutral impact on the stock price, failing to trigger significant moves.

Risk & Volatility Assessment

Beta interpretation:

  • Beta: 0.50 (vs SPY) - Low volatility

Volatility regime:

  • Current vs historical volatility levels: Stable market environment with low volatility.

Options market signals:

  • IV Premium vs HV30: N/A (positive = implied richer than realized)

Downside protection:

  • Support levels: $32.84 (lower Bollinger Band)
  • Risk management considerations: Stop-loss levels at $33.44 and position sizing considerations

Market Context & Positioning

Sector performance:

  • Relative strength vs sector/market: Neutral

Institutional activity:

  • Volume patterns suggesting institutional interest: None available

Correlation analysis:

  • How stock moves relative to market (R-squared interpretation): Low correlation with the market.

Relative valuation:

  • Position within trading range: Within a neutral range between $32.36 and $34.57.

Key Levels & Action Items

Critical price levels:

  • Support/resistance to monitor:
    • Lower Bollinger Band: $32.84
    • Middle Bollinger Band: $33.71
    • Upper Bollinger Band: $34.57

Breakout/breakdown levels:

  • Technical levels that could trigger significant moves:
    • SMA 20: $33.71
    • SMA 50: $32.36

Time-sensitive catalysts:

  • Earnings release (if available)

Risk management:

  • Stop-loss levels at $33.44 and position sizing considerations.

Please note that this is a hypothetical analysis, and actual results may vary based on the provided data.

Generated

BCDF Options Activity & IV Rank

Loading options activity...
Spread Scanner GPU

Each spread is ranked by a composite score built in three stages. Full documentation →

Stage 1 — Base Score (GPU scanner)

score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.

Stage 2 — Skew Adjustment (±25% cap)

RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.

Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
  • RSI <40 bullish / >60 bearish
  • MACD crossover + histogram trend
  • Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
  • Stochastic %K <20 / >80
  • Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
  • Blended ATR + straddle expected-move penalty
  • Bollinger Band signal (+ counter-trend penalty)
  • BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
  • IV rank ≥ 75 → strong boost for credit spreads
  • IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
  • Min open interest across all legs
  • OI < 100 → −0.10 · OI < 500 → −0.05

score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →

Enter a ticker to scan for optimal spread opportunities.

Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.

Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Metric:
Wing vs ATM
IV(put wing) − IV(ATM), in vol points

How much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.

  • Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
  • Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
  • Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
  • Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each side

Which side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.

  • Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
  • Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
  • Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
  • Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together

Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:

  • High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
  • Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
  • Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d —
— pts EXTREME
ATM — / Wing —
30 DTE / 10d —
— pts EXTREME
ATM — / Wing —

Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.

Volatility Surface

Enter a ticker to render the implied volatility surface.

Volatility Smile

Enter a ticker to render the implied volatility smile.

IV Rank (7 DTE)
IV Rank (30 DTE)
Straddle Price (30 DTE)
Beta Analysis

Risk Metrics

Beta: 0.4679
Alpha: -0.12%
Correlation: 0.3938
R-Squared: 15.5%
Stock Volatility: 15.2%
Market Volatility: 12.8%

Analysis Details

Benchmark: SPY
Data Points: 250
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Beta & Alpha Over Time

BCDF Institutional Ownership (13F)

Latest filings — 2026-09-30

Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.

  • Shares — long equity positions in this name, aggregated across share classes.
  • Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
  • % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
  • Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.

Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.

10 filers427,496 shares$12.74M value
# Filer Shares Value % of Total % of Float Period
1 HORIZON KINETICS ASSET MANAGEMENT LLC 179,946 $5.36M 42.09% — 2026-06-30
2 Advisory Services Network, LLC Custodian 71,003 $2.12M 16.61% — 2026-06-30
3 Atlas Wealth Partners, LLC 69,736 $2.08M 16.31% — 2026-06-30
4 EagleClaw Capital Managment, LLC 31,760 $946.43K 7.43% — 2026-06-30
5 HighTower Advisors, LLC 28,360 $845.11K 6.63% — 2026-06-30
6 Moors & Cabot, Inc. 21,815 $650.08K 5.10% — 2026-06-30
7 Jane Street Group, LLC Custodian 16,838 $501.76K 3.94% — 2026-06-30
8 One Charles Private Wealth Services, LLC 7,245 $215.90K 1.69% — 2026-06-30
9 Manchester Capital Management LLC 500 $16.02K 0.13% — 2026-09-30
10 Steward Partners Investment Advisory, LLC 293 $8.73K 0.07% — 2026-06-30
# Filer Notional Value % of Total Period
# Filer Notional Value % of Total Period
BCDF Constituent Performance

Click any bar to view the full quote for that stock.

BCDF Constituents (20 of 23)
Symbol Name Weight % Price 1 Day 1 Week 1 Month
CBOE Cboe Global Markets Inc 6.58% $335.25 -1.52%+9.39%+32.37%
NDAQ Nasdaq Inc 4.53% $104.72 +2.11%+12.36%+13.06%
CACI CACI International Inc 4.32% $665 +4.89%+7.87%+7.88%
HE Hawaiian Electric Industries I 4.24% $8.21 -2.38%-2.49%-8.27%
ICE Intercontinental Exchange Inc 4.10% $160.05 -1.65%+1.04%+4.67%
LB Landbridge Co LLC 4.07% $79.58 +0.56%-0.59%-1.41%
GLXY Galaxy Digital Inc 4.01% $15.68 +6.81%-0.25%-32.44%
WT WisdomTree Inc 3.55% $20.98 -1.04%-1.64%-12.80%
MIAX Miami International Holdings I 3.39% $33.16 -2.41%+5.14%-2.21%
SAIC Science Applications Internati 3.16% $148.51 +1.91%+11.55%+13.43%
TW Tradeweb Markets Inc 2.44% $123.45 +0.72%+7.63%+22.51%
CME CME Group Inc 1.87% $308.06 +0.77%+4.95%+17.03%
BR Broadridge Financial Solutions 1.30% $181.09 -1.19%+3.41%+11.15%
MKTX MarketAxess Holdings Inc 1.16% $165.02 +0.21%+0.30%+0.66%
BTC Grayscale Bitcoin Mini Trust E 0.68% $35.29 -1.67%-2.35%-4.26%
BKKT Bakkt Inc 0.56% $4.79 -5.34%-12.91%-40.12%
BAH Booz Allen Hamilton Holding Co 0.31% $83.36 +6.44%+12.56%+18.66%
FRMI Fermi Inc 0.08% $2.54 -0.39%-15.89%-40.38%
CRCL Circle Internet Group Inc 0.07% $79.84 -7.07%-1.88%-6.95%
CNTN Canton Strategic Holdings Inc 0.01% $1.82 -2.15%+7.69%-32.34%