BCDF - ETF AI Analysis

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Horizon Kinetics Blockchain Development ETF (BCDF)

Rating:66Neutral

Price Target:―

BCDF, the Horizon Kinetics Blockchain Development ETF, earns a solid overall rating largely because many of its biggest positions—like Singapore Exchange, Intercontinental Exchange, Nasdaq, and Deutsche Boerse—show strong financial performance, positive growth outlooks, and generally supportive technical trends, even if some look a bit expensive. These high-quality exchange and market-infrastructure companies help offset weaker spots such as Hawaiian Electric, which faces financial challenges and bearish momentum. The main risk is that the fund is heavily tilted toward a single type of business—exchanges and related financial infrastructure—so its performance is closely tied to how that niche of the market does.

Positive Factors

Solid Recent Performance

The ETF has shown steady gains over the past month, three months, and year-to-date, indicating positive recent momentum.

Strong Contribution from Key Holdings

Several of the largest positions, including companies like Galaxy Digital, Caci International, and Cboe Global Markets, have delivered strong year-to-date performance that supports the fund’s returns.

Global Exposure Within a Focused Theme

Holdings spread across the U.S., Canada, Asia, and Europe provide some geographic diversification while still targeting blockchain-related development.

Negative Factors

High Expense Ratio

The fund’s expense ratio is relatively high, which means more of the returns are used to cover fees instead of going to investors.

Heavy Concentration in Financials

With most of the portfolio in financial companies, the ETF is heavily exposed to risks specific to that sector rather than being broadly diversified.

Small Asset Base

The relatively low assets under management suggest the fund is still small, which can sometimes mean less trading liquidity and a higher chance it could be closed in the future.

BCDF vs. SPDR S&P 500 ETF (SPY)

AUM21.36M

RegionGlobal

Expense Ratio0.85%

Beta0.61

IssuerHorizon Kinetics

Inception DateAug 01, 2022

Dividend Yield2.37%

Asset ClassEquity

Index TrackedNo Underlying Index

Share Statistics

EPS (TTM)N/A

Shares OutstandingN/A

10 Day Avg. Volume1,490

30 Day Avg. Volume2,105

Financial Highlights & Ratios

PEG RatioN/A

Price to Book (P/B)N/A

Price to Sales (P/S)N/A

P/FCF RatioN/A

Enterprise Value/Market CapN/A

Enterprise Value/RevenueN/A

Enterprise Value/Gross ProfitN/A

Enterprise Value/EbitdaN/A

Forecast

1Y Price Target

35.97

Price Target Upside― Downside

Rating ConsensusModerate Buy

Number of Analyst Covering34

EPS Forecast (FY)N/A

Revenue Forecast (FY)N/A

BCDF Summary

The Horizon Kinetics Blockchain Development ETF (BCDF) is a theme-based fund that focuses on companies involved in blockchain technology, rather than tracking a traditional stock index. It mainly holds financial and technology firms that help run markets and digital assets, including well-known names like Nasdaq and Intercontinental Exchange. Someone might invest in this ETF to get diversified exposure to the growth of blockchain without picking individual blockchain stocks. However, it is a niche, blockchain-focused fund, so its price can be quite volatile and may rise or fall more than the overall stock market.

How much will it cost me?The Horizon Kinetics Blockchain Development ETF (BCDF) has an expense ratio of 0.85%, which means you’ll pay $8.50 per year for every $1,000 invested. This is higher than average because it is actively managed and focuses on a niche sector like blockchain technology, which requires specialized research and expertise.

What would affect this ETF?The Horizon Kinetics Blockchain Development ETF (BCDF) could benefit from growing adoption of blockchain technology across industries, as well as increased interest in decentralized finance and digital transactions. However, it may face challenges from regulatory scrutiny on blockchain and cryptocurrency markets, as well as potential economic downturns that could impact its financial and technology sector-heavy portfolio.

BCDF Top 10 Holdings

BCDF is essentially a bet on the global exchange-and-finance plumbing behind blockchain, with heavy exposure to market operators rather than flashy crypto tokens. Cboe Global Markets and Singapore Exchange are doing much of the heavy lifting, with steadily rising trends that help offset weakness elsewhere. On the flip side, Nasdaq, TMX Group, and Intercontinental Exchange have been lagging, acting like sandbags on recent returns. The fund is highly concentrated in financials and spread across the U.S., Canada, Europe, and Asia, giving it a global but thematically narrow profile.

Name	Company Name	Weight %	Market Value	Market Cap	Yearly Gain	Overall Rating
CBOE	Cboe Global Markets	7.46%	$1.59M	$31.37B	38.39%	75 Outperform
URB.A	Urbana	7.34%	$1.57M	C$367.57M	52.24%	69 Neutral
S68	Singapore Exchange	5.74%	$1.23M	S$19.49B	43.09%	80 Outperform
CACI	Caci International	5.26%	$1.12M	$13.48B	89.65%	78 Outperform
TMXXF	TMX Group	5.19%	$1.11M	$9.38B	-4.35%	70 Outperform
ICE	Intercontinental Exchange	5.11%	$1.09M	$93.21B	-5.24%	80 Outperform
NDAQ	Nasdaq	4.79%	$1.02M	$49.78B	5.80%	78 Outperform
HE	Hawaiian Electric	4.58%	$977.74K	$2.67B	47.24%	52 Neutral
8697	Japan Exchange Group	4.43%	$946.67K	¥2.18T	22.13%	75 Outperform
DB1	Deutsche Boerse	4.43%	$946.28K	€41.79B	-7.93%	76 Outperform

BCDF Technical Analysis

Technical Analysis Sentiment

Positive

Last Price―

Price Trends

50DMA

31.04

Positive

100DMA

30.77

Positive

200DMA

30.52

Positive

Market Momentum

MACD

0.14

Negative

RSI

66.47

Neutral

STOCH

91.51

Negative

Evaluating momentum and price trends is crucial in ETF analysis to make informed investment decisions. For BCDF, the sentiment is Positive. The current price of undefined is equal to the 20-day moving average (MA) of 30.81, equal to the 50-day MA of 31.04, and equal to the 200-day MA of 30.52, indicating a bullish trend. The MACD of 0.14 indicates Negative momentum. The RSI at 66.47 is Neutral, neither overbought nor oversold. The STOCH value of 91.51 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BCDF.

BCDF Peer Comparison

Comparison Results

Name	Price	Price Target	AUM	Expense Ratio	Overall Rating
BCDF	―	―	$21.36M	0.85%	66 Neutral
FFND	―	―	$92.61M	1.00%	70 Neutral
AIFD	―	―	$92.03M	0.75%	72 Outperform
YNOT	―	―	$87.47M	0.75%	74 Outperform
HECO	―	―	$73.95M	0.90%	62 Neutral
DECO	―	―	$14.29M	0.65%	62 Neutral

Performance Comparison

BCDF

Horizon Kinetics Blockchain Development ETF

32.18

5.31

19.76%

FFND

Future Fund Active ETF

―

AIFD

TCW Artificial Intelligence ETF

―

YNOT

Horizon Digital Frontier ETF

―

HECO

SPDR Galaxy Hedged Digital Asset Ecosystem ETF

―

DECO

SPDR Galaxy Digital Asset Ecosystem ETF

―

Glossary

BuyAn ETF rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the ETF is likely to deliver higher returns compared to other ETFs in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldAn ETF rated as a "Hold" s expected to perform in line with the overall market or a specific benchmark. This rating indicates that the ETF is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellAn ETF rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the ETF may deliver lower returns compared to other ETFs in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst ETF Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in ETFs carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: ―

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