IMPORTANT RISK DISCLOSURES

To access the Top 10 Holdings for INFL, please click here: INFL Top 10 Holdings
To access the Prospectus for INFL, please click here: INFL Prospectus
To access INFL Performance, please click here: INFL Performance
To access INFL Gross Expense Ratio, please click here: INFL Expense Ratio
Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a statutory prospectus and summary prospectus by contacting 646-495-7333. Read it carefully before investing.
Any performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For performance current to most recent month end please call 646-495-7333.
The Horizon Kinetics Inflation Beneficiaries ETF (Symbol: INFL) is an exchange traded fund managed by Horizon Kinetics Asset Management LLC (“HKAM”).
Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. The Fund’s investments in securities linked to real assets involve significant risks, including financial, operating, and competitive risks. Investments in securities linked to real assets expose the Fund to potentially adverse macroeconomic conditions, such as a rise in interest rates or a downturn in the economy in which the asset is located.
The Fund is non‐diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.
Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.
Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice. INFL does not invest in private REITS.
The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets.
The Fund may invest in the securities of smaller and mid‐capitalization companies, which may be more volatile than funds that invest in larger, more established companies. The fund is actively managed and may be affected by the investment adviser’s security selections.
Diversification does not assure a profit or protect against a loss in a declining market.
HKAM does not provide tax or legal advice, all investors are encouraged to consult their tax and legal advisors regarding an investment in the Fund. You may obtain additional information about HKAM at our website at www.horizonkinetics.com.
DEFINITIONS
Basis points: Basis points are a common unit of measure for percentages in finance. One basis point is equal to 1/100th of 1%.
Cash Flow: Cash Flow (CF) is the increase or decrease in the amount of money a business, institution, or individual has.
A capital expenditure (CapEx): is the payment with cash or credit to purchase long-term physical or fixed assets used in a business’s operations. It is an investment that affects cash flow, balance sheet, and valuation.
No part of this material may be copied, photocopied, or duplicated in any form, by any means, or redistributed without the express written consent of HKAM.
The Horizon Kinetics Inflation Beneficiaries ETF (INFL) is distributed by Foreside Fund Services, LLC (“Foreside”). Foreside is not affiliated with INFL or Horizon Kinetics LLC or its subsidiaries.