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Listed Funds Trust - Horizon Kinetics Blockchain Development ETF(BCDF)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for BCDF
10/14/2026: BCDF (1-star) is currently NOT-A-BUY. Pass it for now.
BCDF is an actively managed ETF that provides targeted exposure to companies involved in blockchain technology and digital asset infrastructure, utilizing a research-driven strategy led by Horizon Kinetics. Its primary strength lies in the depth of its management team’s thematic research, offering an alternative to passive sector funds. The fund is most suitable for long-term growth investors who possess a high risk tolerance and desire thematic exposure to the evolution of blockchain tech. Primary risks include high volatility, sector concentration, and potential regulatory hurdles facing the underlying digital asset companies. Investors should monitor sector-wide regulatory developments and the pace of enterprise blockchain adoption as key performance catalysts.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
ETF holdings, costs, diversification, valuation, risks, and market conditions provide supporting context about the fund.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Strong fit | The fund provides targeted exposure to high-growth potential companies within the nascent blockchain industry. |
| Momentum investor | Strong fit while signal remains positive | Investors may find opportunity here when sector sentiment is bullish and capital flows into digital asset technology. |
| Value investor | Mixed fit | While Horizon Kinetics employs a research-driven approach, many blockchain companies trade at high valuations due to growth expectations. |
| Dividend/Income investor | Weak fit | The fund focuses on capital appreciation and does not prioritize dividend income for shareholders. |
| Low-risk investor | Weak fit | The extreme volatility associated with blockchain and digital assets makes this unsuitable for conservative risk profiles. |
Investor Profile
Ideal Investor Profile
The ideal investor is a sophisticated individual with a high risk tolerance who believes in the long-term potential of blockchain infrastructure and wants active management to navigate the space.
Suitability
BCDF is best suited for long-term investors willing to tolerate extreme volatility as part of a thematic allocation, rather than for active traders or conservative, income-focused investors.
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Volatility | High | The digital asset sector is prone to dramatic price swings, which directly impacts the fund's net asset value. |
| Market risk | High | General market sentiment towards emerging technologies significantly influences the performance of these holdings. |
| Concentration | Medium / high | The fund is concentrated in a specialized industry, leaving it vulnerable to sector-specific downturns. |
| Tracking/expense | Medium | As an active fund, the expense ratio is higher than passive alternatives, which can erode returns over time. |
| Liquidity | Medium | Lower average trading volume can result in larger bid-ask spreads for traders entering or exiting positions. |
| Business/sector quality | High | Many firms in this space are still in the early stages of development and face significant regulatory and operational hurdles. |
Risk Analysis
Volatility
BCDF exhibits high historical volatility, consistent with the speculative nature of the companies involved in the blockchain industry.
Market Risk
The fund faces systemic risk from the digital asset market, which is sensitive to regulatory news, interest rate changes, and technological disruption.
What the ETF Owns
| Exposure Type | Exposure | Weight (%) | Retail Investor Read |
|---|---|---|---|
| Industry | Financial Exchanges and Digital Asset Custodians | 45 | These holdings represent core infrastructure providers that facilitate the trading and security of digital assets. |
| Industry | Blockchain Technology Developers and Software | 35 | Companies in this segment build the foundational software and protocols necessary for blockchain adoption. |
| Industry | Digital Asset Mining and Infrastructure | 15 | This exposure focuses on the hardware and energy-intensive companies that support blockchain network operations. |
| Cash/collateral | Cash and Cash Equivalents | 5 | Small cash reserves are held for liquidity needs and tactical investment flexibility. |
Price Behavior
Steady Uptrend
The stock demonstrates consistent and steady upward price momentum.
Very Smooth
The stock has followed a highly orderly price path with minimal short-term disruption.
Analysis of Past Performance
Type ETF | Historic Profit 11.01% | Avg. Invested days 50 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  3.0 | ETF Returns Performance  3.0 |
| Profits based on simulation | Last Close 10/14/2026 |
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