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Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Horizon Kinetics Inflation Beneficiaries ETF

INFL | Active ETF

$41.75

$641 M

1.60%

$0.67

0.85%

Vitals

YTD Return

34.5%

1 yr return

37.7%

3 Yr Avg Return

12.3%

5 Yr Avg Return

N/A

Net Assets

$641 M

Holdings in Top 10

51.4%

52 WEEK LOW AND HIGH

$41.0
$29.62
$41.75

Expenses

OPERATING FEES

Expense Ratio 0.85%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Horizon Kinetics Inflation Beneficiaries ETF

INFL | Active ETF

$41.75

$641 M

1.60%

$0.67

0.85%

INFL - Profile

Distributions

  • YTD Total Return 34.5%
  • 3 Yr Annualized Total Return 12.3%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 1.6%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Horizon Kinetics Inflation Beneficiaries ETF
  • Fund Family Name
    N/A
  • Inception Date
    Jan 11, 2021
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    James Davolos

Fund Description

The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing primarily in the equity securities of domestic and foreign companies that are expected to benefit, either directly or indirectly, from rising prices (inflation). The Fund’s investments in equity securities are generally expected to include common stock, ownership units of publicly traded master limited partnerships (“MLPs”), and units of royalty trusts. The Fund’s investment in equity interests of MLPs may include both general partnership interests and limited partnership interests of MLPs.
Horizon Kinetics Asset Management LLC (the “Adviser”) is the Fund’s investment adviser. The Adviser seeks to identify companies that it believes are positioned to benefit from inflationary pressures, such as companies whose revenues are expected to increase with rising consumer, producer, raw material or assets prices without a corresponding increase in expenses. Such companies may include, for example, exploration and production companies, mining companies, transportation companies, infrastructure and real estate companies, with an emphasis on “asset light” businesses with royalty, streaming, rental, brokerage, management, and leasing exposure. “Asset light” refers to companies with relatively low working capital requirements and modest financial leverage that maintain exposure to inflation drivers.This may include companies with indirect exposure to inflation drivers, such as financial exchanges that facilitate transactions in commodity, interest rate and currency instruments, as well as data providers that specialize in data and analytics in industries that are sensitive to movements in interest rates and consumer prices.The Fund may invest in the securities of companies that earn revenue from precious metals or other commodities through active (i.e., mining or production) or passive (i.e., owning royalties or production streams) means. Royalties are the rights of a company to receive a percentage of the revenues generated from production of a commodity (e.g., from mining precious metals). Production streams are arrangements in which a company provides an upfront payment in exchange for the right to purchase, typically at a fixed price determined in advance of production, all or a portion of certain metals or other commodities produced from a mine.
In selecting individual securities for the Fund’s portfolio, the Adviser employs a value-driven, “bottom-up” or fundamental approach. The Adviser’s research and analysis leverages insights from diverse sources, including internal research, to develop and refine its investment themes for the Fund and identify and take advantage of trends that have ramifications for individual companies or entire industries. The types of companies the Adviser believes are relevant to this theme are typically those that can increase revenues without a corresponding increase in expenses in an inflationary environment. Often such companies own, or directly or indirectly benefit from exposure to, underlying variables that are sensitive to inflationary pressures. The Adviser expects to sell portfolio holdings when it determines they no longer fit the Adviser’s investment thesis or are no longer attractively valued.
The Fund’s portfolio generally will include the securities of approximately 20 to 60 issuers that may range from small- to large-capitalization companies. Although the majority of the Fund’s portfolio securities are expected to be of issuers that are either domiciled in, or earn a majority of their revenues from activities within, the United States, the Fund also may have significant exposure to issuers that are either domiciled in, or earn a majority of their revenues from activities within, Australia, Canada, and Europe.
The Fund invests in various companies that operate securities exchanges, among other financial services-related activities. Generally, these companies often have complementary businesses in data services, custody and clearing. These businesses facilitate risk transfer transactions (investment, hedging and speculation), but commit no proprietary capital. As such we view these companies as “financial infrastructure” businesses, which benefit from higher transactional volumes.
As of March 31, 2024, the Fund expects to have significant exposure to companies in the Energy Sector.
Read More

INFL - Performance

Return Ranking - Trailing

Period INFL Return Category Return Low Category Return High Rank in Category (%)
YTD 34.5% -44.3% 9.5% 5.77%
1 Yr 37.7% -51.1% 24.7% 0.65%
3 Yr 12.3%* -6.4% 28.0% N/A
5 Yr N/A* -4.2% 18.3% N/A
10 Yr N/A* 1.0% 13.7% N/A

* Annualized

Return Ranking - Calendar

Period INFL Return Category Return Low Category Return High Rank in Category (%)
2023 0.0% -50.5% 18.8% N/A
2022 0.9% -27.4% 103.5% N/A
2021 N/A 3.5% 66.4% N/A
2020 N/A -64.5% 5.6% N/A
2019 N/A -9.3% 49.7% N/A

Total Return Ranking - Trailing

Period INFL Return Category Return Low Category Return High Rank in Category (%)
YTD 34.5% -44.3% 9.5% 2.56%
1 Yr 37.7% -51.1% 24.7% 0.65%
3 Yr 12.3%* -6.4% 28.0% N/A
5 Yr N/A* -4.2% 18.3% N/A
10 Yr N/A* 1.0% 13.7% N/A

* Annualized

Total Return Ranking - Calendar

Period INFL Return Category Return Low Category Return High Rank in Category (%)
2023 1.6% -50.6% 18.8% N/A
2022 2.6% -27.4% 103.5% N/A
2021 N/A 3.5% 66.4% N/A
2020 N/A -64.5% 5.6% N/A
2019 N/A -9.3% 53.2% N/A

INFL - Holdings

Concentration Analysis

INFL Category Low Category High INFL % Rank
Net Assets 641 M 2.31 M 71.6 B 17.50%
Number of Holdings 42 31 9561 88.75%
Net Assets in Top 10 379 M 452 K 5.44 B 16.88%
Weighting of Top 10 51.38% 4.2% 63.4% 18.13%

Top 10 Holdings

  1. US BANK MMDA - USBGFS 7 7.53%
  2. Texas Pacific Land Corp 7.14%
  3. PrairieSky Royalty Ltd 6.09%
  4. Viper Energy Inc 5.99%
  5. Wheaton Precious Metals Corp 5.90%
  6. Intercontinental Exchange Inc 4.64%
  7. Franco-Nevada Corp 3.85%
  8. CACI International Inc 3.47%
  9. Archer-Daniels-Midland Co 3.43%
  10. Bunge Global SA 3.33%

Asset Allocation

Weighting Return Low Return High INFL % Rank
Stocks 		92.80% 40.59% 104.41% 17.50%
Cash 		7.53% -4.41% 47.07% 81.25%
Preferred Stocks 		0.00% 0.00% 1.04% 51.25%
Other 		0.00% -7.94% 19.71% 65.63%
Convertible Bonds 		0.00% 0.00% 7.55% 45.00%
Bonds 		0.00% 0.00% 8.07% 46.88%

Stock Sector Breakdown

Weighting Return Low Return High INFL % Rank
Utilities 		0.00% 0.00% 70.33% 78.13%
Technology 		0.00% 0.00% 93.40% 95.00%
Real Estate 		0.00% 0.00% 43.48% 21.88%
Industrials 		0.00% 0.00% 53.77% 93.75%
Healthcare 		0.00% 0.00% 28.38% 76.25%
Financial Services 		0.00% 0.00% 75.07% 5.00%
Energy 		0.00% 0.00% 36.56% 2.50%
Communication Services 		0.00% 0.00% 23.15% 91.25%
Consumer Defense 		0.00% 0.00% 52.28% 10.00%
Consumer Cyclical 		0.00% 0.00% 71.20% 99.38%
Basic Materials 		0.00% 0.00% 26.39% 0.63%

Stock Geographic Breakdown

Weighting Return Low Return High INFL % Rank
US 		66.34% 6.76% 79.19% 46.88%
Non US 		26.46% 12.39% 83.06% 30.00%

INFL - Expenses

Operational Fees

INFL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.85% 0.43% 2.93% 81.88%
Management Fee 0.85% 0.30% 1.25% 50.63%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.03% 0.15% N/A

Sales Fees

INFL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

INFL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

INFL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 7.00% 145.00% 0.74%

INFL - Distributions

Dividend Yield Analysis

INFL Category Low Category High INFL % Rank
Dividend Yield 1.60% 0.00% 14.18% 8.13%

Dividend Distribution Analysis

INFL Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Annually Annually

Net Income Ratio Analysis

INFL Category Low Category High INFL % Rank
Net Income Ratio N/A -1.92% 6.98% 10.83%

Capital Gain Distribution Analysis

INFL Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

INFL - Fund Manager Analysis

Managers

James Davolos

Start Date

Tenure

Tenure Rank

Jan 11, 2021

1.38

1.4%

James joined the firm in 2005 and currently serves as an Assistant Portfolio Manager for several funds. He began his investment career with the firm in 2005, as a member of the trading desk and transitioned to the investment team in December 2006. James began his tenure on the investment team as a junior analyst covering investment and research opportunities for various strategies managed by the firm. James received a BBA in Finance from Loyola University in Maryland and was a member of the Sellinger Scholars business honors program.

Peter Doyle

Start Date

Tenure

Tenure Rank

Jan 11, 2021

1.38

1.4%

Peter is a Senior Member of Horizon Kinetics’ Research Team. He is a member of the Investment Committee and the Board and manages customized portfolios for a number of Horizon Kinetics’ private clients. Peter is also the President of the Kinetics Mutual Funds, Inc., a series of U.S. mutual funds managed by Kinetics Asset Management LLC, a subsidiary of Horizon Kinetics. Previously, Peter was with Bankers Trust Company as a Senior Investment Officer, where he also served on the Finance, Utility and REIT Research sub-group teams. Peter received a BS from St. John’s University and an MBA from Fordham University

Steven Bregman

Start Date

Tenure

Tenure Rank

Jan 11, 2021

1.38

1.4%

Steven is the Portfolio Manager of Horizon’s Core Value strategy and was a co-founder of the Firm. Steven serves on the Investment Committee, the Board and is a senior member of Horizon Kinetics’ Research Team, with oversight responsibilities for all research reports produced by the Firm. Previously, he was a senior investment officer in the Private Bank at Bankers Trust Company (1985-1994), where he was a member of the Institutional/Individual Group responsible for the bank’s larger individual relationships and for setting equity investment guidelines for the Private Bank. Steven also served as a member of the Special Situations Equity Strategy Group, and in a variety of new product development projects. By 1994 Steven managed approximately $600 million in private client assets. He received a BA from Hunter College.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 39.6 7.02 9.33

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