{
 "ticker": "BCDF",
 "name": "Horizon Kinetics Blockchain Development ETF",
 "issuer": "Horizon Kinetics",
 "desk": "themes",
 "url": "https://etfiq.com/funds/bcdf",
 "html": "https://etfiq.com/funds/bcdf",
 "markdown": "https://etfiq.com/funds/bcdf.md",
 "as_of": "2026-09-11",
 "verdict": "BCDF holds 35 stocks, and 80% of its weight is outside the S&P 500.",
 "key_facts": [
  {
   "key": "already_in_the_s_p_500",
   "label": "Already in the S&P 500",
   "value": "20.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "BCDF, already in the S&P 500: 20.1%, as of Sep 11, 2026."
  },
  {
   "key": "active_share_vs_the_s_p_500",
   "label": "Active share vs the S&P 500",
   "value": "99.6%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "BCDF, active share vs the S&P 500: 99.6%, as of Sep 11, 2026."
  },
  {
   "key": "top_ten_holdings",
   "label": "Top ten holdings",
   "value": "58.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "BCDF, top ten holdings: 58.3%, as of Sep 11, 2026."
  },
  {
   "key": "total_return_1_year",
   "label": "Total return, 1 year",
   "value": "+8.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "BCDF, total return, 1 year: +8.8%, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$22m",
   "source": "SEC filing, whole fund, as filed for Jun 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "BCDF, net assets: $22m (SEC filing, whole fund, as filed for Jun 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.85%",
   "source": "485BPOS XBRL, Apr 27, 2026",
   "as_of": "2026-09-11",
   "sentence": "BCDF, expense ratio: 0.85% (485BPOS XBRL, Apr 27, 2026)."
  }
 ],
 "fields": [
  {
   "key": "theme",
   "label": "Theme",
   "value": "Blockchain and crypto equities",
   "source": "ETFIQ, editorial"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Aug 2, 2022",
   "source": null
  },
  {
   "key": "already_in_the_s_p_500_by_weight",
   "label": "Already in the S&P 500, by weight",
   "value": "20.1%",
   "source": "ETFIQ"
  },
  {
   "key": "active_share_vs_the_s_p_500",
   "label": "Active share vs the S&P 500",
   "value": "99.6%",
   "source": "ETFIQ"
  },
  {
   "key": "already_in_the_nasdaq_100_by_weight",
   "label": "Already in the Nasdaq-100, by weight",
   "value": "0.0%",
   "source": "ETFIQ"
  },
  {
   "key": "active_share_vs_the_nasdaq_100",
   "label": "Active share vs the Nasdaq-100",
   "value": "100.0%",
   "source": "ETFIQ"
  },
  {
   "key": "top_ten_holdings_weight",
   "label": "Top ten holdings weight",
   "value": "58.3%",
   "source": null
  },
  {
   "key": "holdings",
   "label": "Holdings",
   "value": "35",
   "source": null
  },
  {
   "key": "holdings_as_of",
   "label": "Holdings as of",
   "value": "Jun 30, 2026",
   "source": "SEC N-PORT"
  },
  {
   "key": "top_holdings",
   "label": "Top holdings",
   "value": "Singapore Exchange Ltd 8.8%, Urbana Corp 7.7%, Cboe Global Markets Inc 7.2%, TMX Group Ltd 5.7%, Deutsche Boerse AG 5.2%, Nasdaq Inc 4.9%, Japan Exchange Group Inc 4.9%, CACI International Inc 4.7%, Hawaiian Electric Industries I 4.6%, Intercontinental Exchange Inc 4.5%",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$22m",
   "source": "SEC filing, whole fund, as filed for Jun 30, 2026"
  },
  {
   "key": "below_its_all_time_high",
   "label": "Below its all-time high",
   "value": "\u22123.6%",
   "source": "ETFIQ"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.85%",
   "source": "485BPOS XBRL, Apr 27, 2026"
  },
  {
   "key": "fee_for_the_part_that_differs_from_the_s_p_500_active_expense_ratio",
   "label": "Fee for the part that differs from the S&P 500, active expense ratio",
   "value": "0.85%",
   "source": "ETFIQ"
  },
  {
   "key": "closest_funds_by_holdings_overlap",
   "label": "Closest funds by holdings overlap",
   "value": "TKNQ 15%, BLOK 12%, FDFF 10%",
   "source": null
  }
 ],
 "periods": [
  {
   "window": "3 months",
   "Total return": "+4.7%",
   "S&P 500": "+3.3%",
   "Gap to S&P 500": "+1.4 pts",
   "Gap to Nasdaq-100": "+5.5 pts"
  },
  {
   "window": "6 months",
   "Total return": "+6.8%",
   "S&P 500": "+16.0%",
   "Gap to S&P 500": "\u22129.2 pts",
   "Gap to Nasdaq-100": "\u221213.9 pts"
  },
  {
   "window": "1 year",
   "Total return": "+8.8%",
   "S&P 500": "+17.5%",
   "Gap to S&P 500": "\u22128.7 pts",
   "Gap to Nasdaq-100": "\u221214.2 pts"
  },
  {
   "window": "3 years",
   "Total return": "+62.0%",
   "S&P 500": "+77.9%",
   "Gap to S&P 500": "\u221215.9 pts",
   "Gap to Nasdaq-100": "\u221233.1 pts"
  },
  {
   "window": "Since launch",
   "Total return": "+35.9%",
   "S&P 500": "+97.6%",
   "Gap to S&P 500": "\u221261.8 pts",
   "Gap to Nasdaq-100": "\u221297.2 pts"
  }
 ],
 "questions": [
  {
   "q": "How much of BCDF is in S&P 500 companies?",
   "a": "By its holdings filed for Jun 30, 2026, 20% of BCDF by weight is stocks the S&P 500 already holds. Its active share against the index is 100%, so that share is the part doing something different."
  },
  {
   "q": "What does BCDF hold?",
   "a": "35 positions as filed for Jun 30, 2026, with the top ten at 58% of the fund. The largest are Singapore Exchange Ltd at 8.8%, Urbana Corp at 7.7%, Cboe Global Markets Inc at 7.2%."
  },
  {
   "q": "Has BCDF beaten the S&P 500?",
   "a": "Over the year to Sep 11, 2026 BCDF returned +8.8% with distributions reinvested, against +17.5% for the S&P 500, so it finished behind the index by 8.7 points."
  },
  {
   "q": "What does BCDF cost?",
   "a": "The prospectus expense ratio is 0.85% a year. Because 100% of the fund differs from the S&P 500, the fee on that differing part works out at 0.85%."
  }
 ],
 "generated": "2026-09-14",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}