BCDFETF / FundHorizon Kinetics Blockchain Development ETF
Verdicts genuinely change. Free email alert the moment BCDF's does — no target price to set, unlike "Alert" above.
Whether this fund clears the published standards, and the filings behind that answer. The screen runs first and nothing on the trading side can override it.
Structure, momentum, positioning and levels. Separate from the Sharia verdict above, which this side never overrides.
Horizon Kinetics Blockchain Development ETF ETF · Listed Funds Trust
36 holdings · as of 2026-06-30 (3.7 months ago) The fund may have traded since. SEC Form N-PORT is filed quarterly and lags the period it covers, so these are the most recent holdings on file, not the fund’s holdings today.
This fund holds short positions, so exposure is counted gross — long and short both count as exposure rather than netting off, and the weights below therefore sum to 101% of net assets rather than 100%. Shares of the portfolio are shown as shares of that gross exposure.
NON-COMPLIANT At least 49.92% of portfolio weight is in non-compliant holdings — already over the 5% threshold, so the verdict is settled whatever the unmatched 34% turns out to be. Matching more holdings can only raise this share, never lower it.
36 holdings, 22 matched (66% of weight). Portfolio as of 2026-06-30, filed 2026-08-26. Source: SEC Form N-PORT.
11.11% of this portfolio’s income is non-permissible — weighted across holdings, computed over 66% of portfolio weight (22 of 36 holdings). The common approach purifies that proportion of income received — dividends — not of the position’s value. We report the ratio; what to do with it is a question for your own scholar.
Portfolio shares are withheld: coverage is below the floor needed to state one. The holdings themselves are below, because the names are evidence you can check.
All holdings (36)
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| US BANK MMDA - USBGFS 7 | UNSCREENED | 9.06% | no in-house ratios for this holding |
| S68.SI Singapore Exchange Ltd | NON_COMPLIANT | 8.03% | AAOIFI2.5% Usmani15.9% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic14.9% MSCI Islamic M-Seriesfail FTSE Shariah14.9% |
| URB.TO Urbana Corp | COMPLIANT | 7.08% | AAOIFI6.9% Usmani4.2% Dow Jones Islamic— S&P Shariah— MSCI Islamic4.2% MSCI Islamic M-Series— FTSE Shariah4.2% |
| CBOE Cboe Global Markets Inc | NON_COMPLIANT | 6.58% | AAOIFI4.9% Usmani14.9% Dow Jones Islamic6.2% S&P Shariah6.8% MSCI Islamic14.9% MSCI Islamic M-Series6.8% FTSE Shariah13.6% |
| X.TO TMX Group Ltd | NON_COMPLIANT | 5.19% | AAOIFI14.6% Usmani4.5% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic4.3% MSCI Islamic M-Seriesfail FTSE Shariah4.3% |
| DB1.DE Deutsche Boerse AG | NON_COMPLIANT | 4.80% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| NDAQ Nasdaq Inc | NON_COMPLIANT | 4.53% | AAOIFI17.2% Usmani34.1% Dow Jones Islamic19.3% S&P Shariah21.8% MSCI Islamic34.1% MSCI Islamic M-Series21.8% FTSE Shariah32.0% |
| 8697.T Japan Exchange Group Inc | NON_COMPLIANT | 4.48% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| CACI International Inc | UNSCREENED | 4.32% | no in-house ratios for this holding |
| Hawaiian Electric Industries I | UNSCREENED | 4.24% | no in-house ratios for this holding |
| ICE Intercontinental Exchange Inc | NON_COMPLIANT | 4.10% | AAOIFI23.2% Usmani11.8% Dow Jones Islamic22.5% S&P Shariah24.2% MSCI Islamic11.8% MSCI Islamic M-Series24.2% FTSE Shariah11.4% |
| LB Landbridge Co LLC | COMPLIANT | 4.07% | AAOIFI8.0% Usmani38.9% Dow Jones Islamic10.9% S&P Shariahpass MSCI Islamic38.9% MSCI Islamic M-Seriespass FTSE Shariah38.9% |
| GLXY Galaxy Digital Inc | NON_COMPLIANT | 4.01% | AAOIFI0.0% Usmani0.0% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic0.0% MSCI Islamic M-Seriesfail FTSE Shariah0.0% |
| WisdomTree Inc | UNSCREENED | 3.55% | no in-house ratios for this holding |
| Miami International Holdings I | UNSCREENED | 3.39% | no in-house ratios for this holding |
| Science Applications Internati | UNSCREENED | 3.16% | no in-house ratios for this holding |
| ASX.AX ASX Ltd | NON_COMPLIANT | 3.06% | AAOIFI2.6% Usmani2.0% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic1.8% MSCI Islamic M-Seriesfail FTSE Shariah1.8% |
| TW Tradeweb Markets Inc | COMPLIANT | 2.44% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| London Stock Exchange Group PL | UNSCREENED | 2.34% | no in-house ratios for this holding |
| OTC Markets Group Inc | UNSCREENED | 2.26% | no in-house ratios for this holding |
| CME CME Group Inc | NON_COMPLIANT | 1.87% | AAOIFI0.4% Usmani0.2% Dow Jones Islamic2.3% S&P Shariah2.5% MSCI Islamic0.2% MSCI Islamic M-Series2.5% FTSE Shariah0.0% |
| ENX.PA Euronext NV | NON_COMPLIANT | 1.34% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| BR Broadridge Financial Solutions | COMPLIANT | 1.30% | AAOIFI17.8% Usmani39.3% Dow Jones Islamic14.8% S&P Shariah15.1% MSCI Islamic39.3% MSCI Islamic M-Series15.1% FTSE Shariah36.4% |
| MKTX MarketAxess Holdings Inc | COMPLIANT | 1.16% | AAOIFI2.0% Usmani4.8% Dow Jones Islamic1.6% S&P Shariah1.6% MSCI Islamic4.8% MSCI Islamic M-Series1.6% FTSE Shariah4.8% |
| ENX.PA Euronext NV | NON_COMPLIANT | 0.72% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Grayscale Bitcoin Mini Trust E | UNSCREENED | 0.68% | no in-house ratios for this holding |
| 4816.T Toei Animation Co Ltd | COMPLIANT | 0.64% | AAOIFIpass Usmanifail Dow Jones Islamic— S&P Shariah— MSCI Islamicfail MSCI Islamic M-Series— FTSE Shariahfail |
| 3791.T IG Port Inc | NON_COMPLIANT | 0.63% | AAOIFI0.5% Usmani0.6% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic0.6% MSCI Islamic M-Seriespass FTSE Shariah0.6% |
| Bakkt Inc | UNSCREENED | 0.56% | no in-house ratios for this holding |
| NZX.NZ NZX Ltd | NON_COMPLIANT | 0.46% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Booz Allen Hamilton Holding Co | UNSCREENED | 0.31% | no in-house ratios for this holding |
| Fermi Inc | UNSCREENED | 0.08% | no in-house ratios for this holding |
| CRCL Circle Internet Group Inc | NON_COMPLIANT | 0.07% | AAOIFI0.1% Usmani0.0% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic0.0% MSCI Islamic M-Seriesfail FTSE Shariah0.0% |
| IREN IREN Ltd | NON_COMPLIANT | 0.05% | AAOIFI48.9% Usmani49.6% Dow Jones Islamic83.7% S&P Shariah114.2% MSCI Islamic48.1% MSCI Islamic M-Series114.2% FTSE Shariah48.1% |
| Tel Aviv Stock Exchange Ltd | UNSCREENED | 0.02% | no in-house ratios for this holding |
| Canton Strategic Holdings Inc | UNSCREENED | 0.01% | no in-house ratios for this holding |
The published standards disagree about this fund by 28 points of portfolio weight — 27.8% of it passes AAOIFI, 0.0% passes Usmani. Which number is yours depends on which standard you follow.
These bars are the financial-ratio result under each standard — debt, receivables and interest income. They do not screen what the business does, so a holding can pass every ratio here and still be questionable or non-compliant on activity. The blended verdict above accounts for both.
ratios pass on 27.8% ratios fail on 38.8% 34.0% not rated under AAOIFI
ratios pass on 0.0% ratios fail on 49.4% 51.2% not rated under Usmani
ratios pass on 20.7% ratios fail on 38.2% 41.7% not rated under Dow Jones Islamic
ratios pass on 20.7% ratios fail on 38.2% 41.7% not rated under S&P Shariah
ratios pass on 3.6% ratios fail on 49.4% 47.6% not rated under MSCI Islamic
ratios pass on 20.7% ratios fail on 38.2% 41.7% not rated under MSCI Islamic M-Series
ratios pass on 8.1% ratios fail on 44.8% 47.6% not rated under FTSE Shariah
21 of 36 listed holdings carry our own per-methodology verdicts (67% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 16 (54% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| S68.SI Singapore Exchange Ltd | 8.03% |
| CBOE Cboe Global Markets Inc | 6.58% |
| X.TO TMX Group Ltd | 5.19% |
| DB1.DE Deutsche Boerse AG | 4.80% |
| NDAQ Nasdaq Inc | 4.53% |
| 8697.T Japan Exchange Group Inc | 4.48% |
| ICE Intercontinental Exchange Inc | 4.10% |
| GLXY Galaxy Digital Inc | 4.01% |
| ASX.AX ASX Ltd | 3.06% |
| CME CME Group Inc | 1.87% |
Methodology breakdown computing — it will appear here on its own.
Trade setup
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
Why this signal?
The factors behind the read, each shown with the figure it rests on, including the ones pointing the other way.
Horizon Kinetics Blockchain Development ETF (BCDF) is currently considered not halal (non-compliant), per our own look-through to its filed holdings. See its filed holdings and the weight breakdown below for the reasoning.
🕌 In-house Compliance Research
Computing the full ratio and business-activity breakdown for BCDF — this runs off the critical path so the page paints first. It will appear here on its own.
Pinch or scroll to zoom · drag to pan — both axes move · double-click to reset
Not enough completed daily bars to compute pivots.
Price Forecast
The range is measured volatility (ATR over the horizon), not a target — a wider band means a more volatile asset, not a stronger view. The direction is the indicator tally below. Every forecast is recorded when made and scored against the real price when it comes due, including the wrong ones. Not a recommendation, and not a fatwa.
Technical Summary
Standard indicator thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20, MACD histogram sign, price vs. average) computed on daily bars. A summary of what common indicators say — not a recommendation, and not this site's own trading verdict.
Every indicator, and what it reads
| Indicator | Value | Signal |
|---|---|---|
| RSI (14) | 58.10 | NEUTRAL |
| Stochastic %K (14) | 100.00 | SELL |
| CCI (20) | 193.85 | SELL |
| Williams %R (14) | 0.00 | SELL |
| MACD (12,26,9) | 0.11 | BUY |
| ROC (10) | 3.63 | BUY |
| Momentum (10) | 1.16 | BUY |
| EMA (10) | 32.51 | BUY |
| SMA (10) | 32.44 | BUY |
| EMA (20) | 32.49 | BUY |
| SMA (20) | 32.30 | BUY |
| EMA (30) | 32.54 | BUY |
| SMA (30) | 32.47 | BUY |
| EMA (50) | 32.56 | BUY |
| SMA (50) | 32.98 | BUY |
| EMA (100) | 32.36 | BUY |
| SMA (100) | 32.12 | BUY |
| EMA (200) | 31.91 | BUY |
| SMA (200) | 31.91 | BUY |
About Horizon Kinetics Blockchain Development ETF
The fund is an actively-managed ETF that will invest primarily in equity securities of listed domestic and foreign Blockchain Development Companies, American Depository Receipts (“ADRs”) and Global Depository Receipts (“GDRs”), that the Adviser, expects to benefit, either directly or indirectly, from the use of blockchain technology in connection with the issuance, facilitation, custody, trading and administration of digital assets, including cryptocurrencies. It is non-diversified.
Background via Yahoo Finance — informational, not part of the verdict.
Average — needs more confirmation before sizing up
SMC — Top Down
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
| Timeframe | Bias | Bars |
|---|---|---|
| 📅 Daily | BULLISH | 42 |
| ⏲ 5-Min | BULLISH | 20 |
Momentum & Volume
Rate of change and relative volume against this symbol's own recent history. Momentum describes what price has done; it is not a claim about what it will do.
Peer Movement
How the rest of the sector moved over the same window. Context for a price move, never a cause of one.
Peer movement computing — it will appear here on its own.
Before you act on this
The questions worth asking about any verdict on this page, answered plainly.
Is a fund screened on its name?
No. HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A fund marketed as Islamic still gets the same look-through as any other.
What does unrated weight mean?
It is the share of the fund whose holdings HTR cannot cover far enough to rate. It is reported as unrated rather than counted as compliant, because a holding nobody screened should not look like one that passed.
Does the issuer's board make it compliant?
It matters, and it is noted, but it does not replace the look-through. The board's judgement and the holdings screen are shown separately so you can see when they agree and when they do not.
How often is this re-screened?
When the fund files new holdings, and on a rolling basis besides. The date on the verdict above is the last time this fund was actually recomputed.
Open research, not a fatwa. HTR applies published screening standards to filings and publishes what they say, including when they disagree. Nothing here is financial advice or a recommendation to buy or sell. Verdicts can change when new filings land.
Compare with
Same screen, different answers. Comparison is where the standards disagreeing becomes useful rather than confusing.
Peer screening computing — it will appear here on its own.
Insider Activity (90d)
Insider transactions reported in the last ninety days. Insiders sell for reasons that have nothing to do with a view, so a sale on its own is not a signal.
NO DATA 0 buys · 0 sells
COT Positioning — E-MINI S&P 500 - CHICAGO MERCANTILE EXCHANGE
The weekly CFTC Commitments of Traders report for the broad market it tracks, not for this symbol. Positioning context for the tape — it says nothing about this company.
NEUTRAL report date 2026-10-13 · Asset managers net 915835 (+9220)
AI Summary
Plain-language summary of the evidence already on this page — the Sharia screen, structure, momentum, and order flow above. It explains the read; it doesn't make the call. Generated on demand (a live AI call), never run automatically.