What this ETF is trying to do

The Horizon Kinetics Blockchain Development ETF (BCDF) is an exchange-traded fund that invests in a variety of companies. Based on its top holdings, it focuses on financial exchanges and technology-related firms.

What the numbers show

As of October 9, 2026, the share price was $32.42. To understand how the price has changed, we look at "price return" (the change in share price) and "total return" (which includes both price changes and cash distributions).

• Year-to-Date (YTD): The price return and total return are both 7.29%.

• One Year: The price return was 1.45%, while the total return was 3.99%.

• Three Years: The price return was 51.96%, and the total return was 59.36%.

For a simple example, if you had invested $10,000 exactly one year ago at the estimated price of $31.96, the price-only increase of 1.45% would mean your shares were worth approximately $10,145 before counting any cash distributions.

Income and distribution explanation

This ETF pays out cash to investors, known as distributions. The distribution yield is 2.35%. In the last 12 months, it has made one payout. The frequency of these payments is described as irregular or less frequent.

It is important for beginners to remember that a distribution yield is not the same as a total return. A high yield does not guarantee that an investor made a profit, as the share price can still go up or down.

NAV erosion explanation

"NAV erosion" happens when the internal value of a fund's assets declines over time. StockValueFinder uses an erosion-risk score to measure this. BCDF has an erosion score of 94, which is labeled as "Stable / sideways" with "good" severity. The severe erosion-risk flag is false, meaning the fund has not triggered a warning for substantial price deterioration.

Top Holdings

The fund holds 37 different assets. As of October 4, 2026, the top holdings included:

• US Bank MMDA USBGFS 7 (7.72%)

• Urbana Corp (6.66%)

• Cboe Global Markets Inc (6.59%)

• Singapore Exchange Ltd (6.13%)

• TMX Group Ltd (5.65%)

• CACI International Inc (5.21%)

• Deutsche Boerse AG (5.13%)

• Nasdaq Inc (4.94%)

• Intercontinental Exchange Inc (4.63%)

• Japan Exchange Group Inc (4.61%)

Pros

• Strong three-year total return of 59.36%.

• A "good" erosion-risk severity rating.

• Positive price returns over the short and long term.

Cons

• Distributions are irregular and infrequent.

• The one-year price return (1.45%) is much lower than the three-year return.

Beginner takeaway

BCDF is a fund that has seen significant growth over three years and currently shows a stable erosion-risk profile. While it provides some cash income, the payments are not regular. Investors should look at the total return rather than just the distribution yield to see the full picture.