The Horizon Kinetics Inflation Beneficiaries ETF is an actively managed ETF that seeks long-term growth of capital in real (inflation-adjusted) terms. It seeks to achieve its investment objective by investing primarily in domestic and foreign equity securities of companies that are expected to benefit, either directly or indirectly, from rising prices of real assets (i.e., assets whose value is mainly derived from physical properties such as commodities) such as those whose revenues are expected to increase with inflation without corresponding increases in expenses.

Data as of: 06/11/2024
  • Ticker

    INFL

  • CUSIP

    53656F623

  • ISIN

    US53656F6236

  • Fund Type

    Active Equity ETF

  • Exchange

    NYSE

  • Inception Date

    1/11/2021

  • Expense Ratio

    0.85%

  • Typical Number of Holdings

    20 to 60

  • Net Assets

    $712,872,842

Data as of: 06/12/2024
Daily Holdings
  • % Net Assets

    7.63%

  • Name

    Texas Pacific Land Corp

  • Ticker

    TPL

  • CUSIP

    88262P102

  • Shares Held

    70,974

  • Market Value

    $54,416,476

  • % Net Assets

    6.16%

  • Name

    PrairieSky Royalty Ltd

  • Ticker

    PSK CN

  • CUSIP

    BN320L4

  • Shares Held

    2,253,759

  • Market Value

    $43,918,315

  • % Net Assets

    5.97%

  • Name

    Viper Energy Inc

  • Ticker

    VNOM

  • CUSIP

    927959106

  • Shares Held

    1,121,449

  • Market Value

    $42,536,561

  • % Net Assets

    5.92%

  • Name

    Wheaton Precious Metals Corp

  • Ticker

    WPM

  • CUSIP

    962879102

  • Shares Held

    791,645

  • Market Value

    $42,218,428

  • % Net Assets

    4.50%

  • Name

    Intercontinental Exchange Inc

  • Ticker

    ICE

  • CUSIP

    45866F104

  • Shares Held

    238,474

  • Market Value

    $32,096,216

  • % Net Assets

    3.85%

  • Name

    Marsh & McLennan Cos Inc

  • Ticker

    MMC

  • CUSIP

    571748102

  • Shares Held

    130,944

  • Market Value

    $27,474,670

  • % Net Assets

    3.80%

  • Name

    Franco-Nevada Corp

  • Ticker

    FNV

  • CUSIP

    351858105

  • Shares Held

    228,269

  • Market Value

    $27,111,509

  • % Net Assets

    3.59%

  • Name

    US BANK MMDA - USBGFS 7 06/01/2031

  • Ticker

    USBGFS7

  • CUSIP

    8AMMF0FT3

  • Shares Held

    25,612,061

  • Market Value

    $25,612,061

  • % Net Assets

    3.58%

  • Name

    Glencore PLC

  • Ticker

    GLEN LN

  • CUSIP

    B4T3BW6

  • Shares Held

    4,312,901

  • Market Value

    $25,523,028

  • % Net Assets

    3.44%

  • Name

    Archer-Daniels-Midland Co

  • Ticker

    ADM

  • CUSIP

    039483102

  • Shares Held

    399,083

  • Market Value

    $24,539,614

  • % Net Assets

    3.37%

  • Name

    CACI International Inc

  • Ticker

    CACI

  • CUSIP

    127190304

  • Shares Held

    56,767

  • Market Value

    $23,988,031

  • % Net Assets

    3.26%

  • Name

    Bunge Global SA

  • Ticker

    BG

  • CUSIP

    H11356104

  • Shares Held

    219,300

  • Market Value

    $23,228,256

  • % Net Assets

    3.06%

  • Name

    Deutsche Boerse AG

  • Ticker

    DB1 GR

  • CUSIP

    7021963

  • Shares Held

    108,985

  • Market Value

    $21,789,521

  • % Net Assets

    2.99%

  • Name

    Cameco Corp

  • Ticker

    CCJ

  • CUSIP

    13321L108

  • Shares Held

    419,683

  • Market Value

    $21,324,093

  • % Net Assets

    2.77%

  • Name

    Cheniere Energy Inc

  • Ticker

    LNG

  • CUSIP

    16411R208

  • Shares Held

    125,562

  • Market Value

    $19,759,692

  • % Net Assets

    2.66%

  • Name

    Osisko Gold Royalties Ltd

  • Ticker

    OR

  • CUSIP

    68827L101

  • Shares Held

    1,136,068

  • Market Value

    $18,983,696

  • % Net Assets

    2.43%

  • Name

    Charles River Laboratories International Inc

  • Ticker

    CRL

  • CUSIP

    159864107

  • Shares Held

    82,267

  • Market Value

    $17,311,445

  • % Net Assets

    2.41%

  • Name

    TMX Group Ltd

  • Ticker

    X CN

  • CUSIP

    B8KH5G7

  • Shares Held

    641,110

  • Market Value

    $17,203,634

  • % Net Assets

    2.39%

  • Name

    ASX Ltd

  • Ticker

    ASX AU

  • CUSIP

    6129222

  • Shares Held

    406,792

  • Market Value

    $17,010,146

  • % Net Assets

    2.23%

  • Name

    Sitio Royalties Corp

  • Ticker

    STR

  • CUSIP

    82983N108

  • Shares Held

    679,044

  • Market Value

    $15,910,001

  • % Net Assets

    2.21%

  • Name

    West Fraser Timber Co Ltd

  • Ticker

    WFG

  • CUSIP

    952845105

  • Shares Held

    202,112

  • Market Value

    $15,776,863

  • % Net Assets

    2.10%

  • Name

    Singapore Exchange Ltd

  • Ticker

    SGX SP

  • CUSIP

    6303866

  • Shares Held

    2,120,068

  • Market Value

    $14,983,975

  • % Net Assets

    1.98%

  • Name

    Japan Exchange Group Inc

  • Ticker

    8697 JP

  • CUSIP

    6743882

  • Shares Held

    590,835

  • Market Value

    $14,086,008

  • % Net Assets

    1.76%

  • Name

    Nutrien Ltd

  • Ticker

    NTR

  • CUSIP

    67077M108

  • Shares Held

    235,218

  • Market Value

    $12,513,598

  • % Net Assets

    1.67%

  • Name

    Deterra Royalties Ltd

  • Ticker

    DRR AU

  • CUSIP

    BJP5T05

  • Shares Held

    4,027,384

  • Market Value

    $11,900,013

  • % Net Assets

    1.54%

  • Name

    St Joe Co/The

  • Ticker

    JOE

  • CUSIP

    790148100

  • Shares Held

    202,960

  • Market Value

    $10,990,284

  • % Net Assets

    1.52%

  • Name

    CME Group Inc

  • Ticker

    CME

  • CUSIP

    12572Q105

  • Shares Held

    54,377

  • Market Value

    $10,804,710

  • % Net Assets

    1.22%

  • Name

    Permian Basin Royalty Trust

  • Ticker

    PBT

  • CUSIP

    714236106

  • Shares Held

    700,050

  • Market Value

    $8,722,623

  • % Net Assets

    1.07%

  • Name

    Sandstorm Gold Ltd

  • Ticker

    SAND

  • CUSIP

    80013R206

  • Shares Held

    1,419,863

  • Market Value

    $7,638,863

  • % Net Assets

    1.00%

  • Name

    Wilmar International Ltd

  • Ticker

    WIL SP

  • CUSIP

    B17KC69

  • Shares Held

    3,143,302

  • Market Value

    $7,149,936

  • % Net Assets

    0.84%

  • Name

    Mesabi Trust

  • Ticker

    MSB

  • CUSIP

    590672101

  • Shares Held

    350,039

  • Market Value

    $5,999,668

  • % Net Assets

    0.81%

  • Name

    Royalty Pharma PLC

  • Ticker

    RPRX

  • CUSIP

    G7709Q104

  • Shares Held

    211,561

  • Market Value

    $5,801,003

  • % Net Assets

    0.79%

  • Name

    Topaz Energy Corp

  • Ticker

    TPZ CN

  • CUSIP

    BMV3Y21

  • Shares Held

    334,211

  • Market Value

    $5,648,842

  • % Net Assets

    0.77%

  • Name

    Sprott Inc

  • Ticker

    SII

  • CUSIP

    852066208

  • Shares Held

    128,152

  • Market Value

    $5,506,691

  • % Net Assets

    0.71%

  • Name

    Altius Minerals Corp

  • Ticker

    ALS CN

  • CUSIP

    2122355

  • Shares Held

    323,378

  • Market Value

    $5,050,177

  • % Net Assets

    0.69%

  • Name

    Dorchester Minerals LP

  • Ticker

    DMLP

  • CUSIP

    25820R105

  • Shares Held

    155,212

  • Market Value

    $4,934,189

  • % Net Assets

    0.69%

  • Name

    Sabine Royalty Trust

  • Ticker

    SBR

  • CUSIP

    785688102

  • Shares Held

    72,786

  • Market Value

    $4,949,448

  • % Net Assets

    0.60%

  • Name

    Labrador Iron Ore Royalty Corp

  • Ticker

    LIF CN

  • CUSIP

    B8L02P3

  • Shares Held

    204,872

  • Market Value

    $4,283,816

  • % Net Assets

    0.57%

  • Name

    Clarkson PLC

  • Ticker

    CKN LN

  • CUSIP

    0201836

  • Shares Held

    78,307

  • Market Value

    $4,091,088

  • % Net Assets

    0.53%

  • Name

    Brookfield Asset Management Ltd

  • Ticker

    BAM

  • CUSIP

    113004105

  • Shares Held

    100,622

  • Market Value

    $3,752,194

  • % Net Assets

    0.51%

  • Name

    San Juan Basin Royalty Trust

  • Ticker

    SJT

  • CUSIP

    798241105

  • Shares Held

    843,097

  • Market Value

    $3,600,024

  • % Net Assets

    0.16%

  • Name

    Metalla Royalty & Streaming Ltd

  • Ticker

    MTA

  • CUSIP

    59124U605

  • Shares Held

    390,000

  • Market Value

    $1,170,000

  • % Net Assets

    0.08%

  • Name

    Cash & Other

  • Ticker

    Cash&Other

  • CUSIP

    Cash&Other

  • Shares Held

    576,697

  • Market Value

    $576,697

  • % Net Assets

    0.07%

  • Name

    Lithium Royalty Corp

  • Ticker

    LIRC CN

  • CUSIP

    BMF9CX2

  • Shares Held

    100,000

  • Market Value

    $466,112

  • % Net Assets

    0.07%

  • Name

    Trident Royalties PLC

  • Ticker

    TRR LN

  • CUSIP

    BF7J253

  • Shares Held

    1,000,000

  • Market Value

    $508,459

Data as of: 06/12/2024
Daily Holdings
  • % Net Assets

    Name

    Ticker

    CUSIP

    Shares Held

    Market Value

  • 7.63%

    Texas Pacific Land Corp

    TPL

    88262P102

    70,974

    $54,416,476

  • 6.16%

    PrairieSky Royalty Ltd

    PSK CN

    BN320L4

    2,253,759

    $43,918,315

  • 5.97%

    Viper Energy Inc

    VNOM

    927959106

    1,121,449

    $42,536,561

  • 5.92%

    Wheaton Precious Metals Corp

    WPM

    962879102

    791,645

    $42,218,428

  • 4.50%

    Intercontinental Exchange Inc

    ICE

    45866F104

    238,474

    $32,096,216

  • 3.85%

    Marsh & McLennan Cos Inc

    MMC

    571748102

    130,944

    $27,474,670

  • 3.80%

    Franco-Nevada Corp

    FNV

    351858105

    228,269

    $27,111,509

  • 3.59%

    US BANK MMDA - USBGFS 7 06/01/2031

    USBGFS7

    8AMMF0FT3

    25,612,061

    $25,612,061

  • 3.58%

    Glencore PLC

    GLEN LN

    B4T3BW6

    4,312,901

    $25,523,028

  • 3.44%

    Archer-Daniels-Midland Co

    ADM

    039483102

    399,083

    $24,539,614

  • 3.37%

    CACI International Inc

    CACI

    127190304

    56,767

    $23,988,031

  • 3.26%

    Bunge Global SA

    BG

    H11356104

    219,300

    $23,228,256

  • 3.06%

    Deutsche Boerse AG

    DB1 GR

    7021963

    108,985

    $21,789,521

  • 2.99%

    Cameco Corp

    CCJ

    13321L108

    419,683

    $21,324,093

  • 2.77%

    Cheniere Energy Inc

    LNG

    16411R208

    125,562

    $19,759,692

  • 2.66%

    Osisko Gold Royalties Ltd

    OR

    68827L101

    1,136,068

    $18,983,696

  • 2.43%

    Charles River Laboratories International Inc

    CRL

    159864107

    82,267

    $17,311,445

  • 2.41%

    TMX Group Ltd

    X CN

    B8KH5G7

    641,110

    $17,203,634

  • 2.39%

    ASX Ltd

    ASX AU

    6129222

    406,792

    $17,010,146

  • 2.23%

    Sitio Royalties Corp

    STR

    82983N108

    679,044

    $15,910,001

  • 2.21%

    West Fraser Timber Co Ltd

    WFG

    952845105

    202,112

    $15,776,863

  • 2.10%

    Singapore Exchange Ltd

    SGX SP

    6303866

    2,120,068

    $14,983,975

  • 1.98%

    Japan Exchange Group Inc

    8697 JP

    6743882

    590,835

    $14,086,008

  • 1.76%

    Nutrien Ltd

    NTR

    67077M108

    235,218

    $12,513,598

  • 1.67%

    Deterra Royalties Ltd

    DRR AU

    BJP5T05

    4,027,384

    $11,900,013

  • 1.54%

    St Joe Co/The

    JOE

    790148100

    202,960

    $10,990,284

  • 1.52%

    CME Group Inc

    CME

    12572Q105

    54,377

    $10,804,710

  • 1.22%

    Permian Basin Royalty Trust

    PBT

    714236106

    700,050

    $8,722,623

  • 1.07%

    Sandstorm Gold Ltd

    SAND

    80013R206

    1,419,863

    $7,638,863

  • 1.00%

    Wilmar International Ltd

    WIL SP

    B17KC69

    3,143,302

    $7,149,936

  • 0.84%

    Mesabi Trust

    MSB

    590672101

    350,039

    $5,999,668

  • 0.81%

    Royalty Pharma PLC

    RPRX

    G7709Q104

    211,561

    $5,801,003

  • 0.79%

    Topaz Energy Corp

    TPZ CN

    BMV3Y21

    334,211

    $5,648,842

  • 0.77%

    Sprott Inc

    SII

    852066208

    128,152

    $5,506,691

  • 0.71%

    Altius Minerals Corp

    ALS CN

    2122355

    323,378

    $5,050,177

  • 0.69%

    Dorchester Minerals LP

    DMLP

    25820R105

    155,212

    $4,934,189

  • 0.69%

    Sabine Royalty Trust

    SBR

    785688102

    72,786

    $4,949,448

  • 0.60%

    Labrador Iron Ore Royalty Corp

    LIF CN

    B8L02P3

    204,872

    $4,283,816

  • 0.57%

    Clarkson PLC

    CKN LN

    0201836

    78,307

    $4,091,088

  • 0.53%

    Brookfield Asset Management Ltd

    BAM

    113004105

    100,622

    $3,752,194

  • 0.51%

    San Juan Basin Royalty Trust

    SJT

    798241105

    843,097

    $3,600,024

  • 0.16%

    Metalla Royalty & Streaming Ltd

    MTA

    59124U605

    390,000

    $1,170,000

  • 0.08%

    Cash & Other

    Cash&Other

    Cash&Other

    576,697

    $576,697

  • 0.07%

    Lithium Royalty Corp

    LIRC CN

    BMF9CX2

    100,000

    $466,112

  • 0.07%

    Trident Royalties PLC

    TRR LN

    BF7J253

    1,000,000

    $508,459

Data as of: 06/11/2024
  • Net Asset Value

    $33.16

  • NAV Change

    $-0.01

  • Median 30 Day Spread

    0.15%

  • Market Price

    $33.18

  • Market Price Change

    $0.02

  • Premium/Discount

    $0.02 | 0.07%

Historical Data

Premium/Discount Range (%)

Date

  • Greatest Premium

    0.26% 05/31/2024

  • Greatest Discount

    -0.34% 05/23/2024

  • Number of Days At

  • Premium:

    13

  • NAV:

    3

  • Discount:

    35

  • Days Within Percent of NAV

  • Percent of Days +/- 0.5% of NAV:

    100%

  • Number of Days +/- 0.5% of NAV:

    51

The Premium/Discount chart shows the difference between the daily market price of the Fund's shares and the Fund's net asset value ("NAV").

Data as of: 03/31/2024
  • NAV

  • 1 Month

    6.47%

  • YTD

    3.97%

  • 1 Year

    7.55%

  • 3 Year

    7.97%

  • 5 Year

    --

  • Since Inception Annualized

    10.20%

  • Market Value

  • 1 Month

    6.39%

  • YTD

    3.75%

  • 1 Year

    7.47%

  • 3 Year

    8.14%

  • 5 Year

    --

  • Since Inception Annualized

    10.19%

Data as of: 03/31/2024
  • 1 Month

    YTD

    1 Year

    3 Year

    5 Year

    Since Inception Annualized

  • NAV

    6.39%

    3.75%

    7.47%

    8.14%

    --

    10.19%

  • Market Value

    6.47%

    3.97%

    7.55%

    7.97%

    --

    10.20%

Latest Distribution History
  • Ex-Dividend Date

    March 27, 2024

  • Record Date

    March 28, 2024

  • Payable Date

    April 1, 2024

  • Income

    $0.15806195

  • Short Term Capital Gain

    $0.000

  • Long Term Capital Gain

    $0.000

  • Return of Capital

    $0.000

  • Total

    $0.15806195

  • Ex-Dividend Date

    December 27, 2023

  • Record Date

    December 28, 2023

  • Payable Date

    December 29, 2023

  • Income

    0.11419107

  • Short Term Capital Gain

    $0.000

  • Long Term Capital Gain

    $0.000

  • Return of Capital

    $0.000

  • Total

    0.11419107

  • Ex-Dividend Date

    September 27, 2023

  • Record Date

    September 29, 2023

  • Payable Date

    September 29, 2023

  • Income

    $0.14963458

  • Short Term Capital Gain

    $0.000

  • Long Term Capital Gain

    $0.000

  • Return of Capital

    $0.000

  • Total

    $0.14963458

  • Ex-Dividend Date

    June 28, 2023

  • Record Date

    June 30, 2023

  • Payable Date

    June 30, 2023

  • Income

    $0.15777420

  • Short Term Capital Gain

    $0.000

  • Long Term Capital Gain

    $0.000

  • Return of Capital

    $0.000

  • Total

    $0.15777420

  • Ex-Dividend Date

    March 29, 2023

  • Record Date

    March 30, 2023

  • Payable Date

    March 30, 2023

  • Income

    $0.08044201

  • Short Term Capital Gain

    $0.000

  • Long Term Capital Gain

    $0.000

  • Return of Capital

    $0.000

  • Total

    $0.08044201

  • Ex-Dividend Date

    December 28, 2022

  • Record Date

    December 29, 2022

  • Payable Date

    December 30, 2022

  • Income

    $0.08365290

  • Short Term Capital Gain

    $0.000

  • Long Term Capital Gain

    $0.000

  • Return of Capital

    $0.000

  • Total

    $0.08365290

  • Ex-Dividend Date

    Sept 28, 2022

  • Record Date

    Sept 29, 2022

  • Payable Date

    Sept 30, 2022

  • Income

    $0.17040667

  • Short Term Capital Gain

    $0.000

  • Long Term Capital Gain

    $0.000

  • Return of Capital

    $0.000

  • Total

    $0.17040667

  • Ex-Dividend Date

    June 28, 2022

  • Record Date

    June 29, 2022

  • Payable Date

    June 30, 2022

  • Income

    $0.1788

  • Short Term Capital Gain

    $0.000

  • Long Term Capital Gain

    $0.000

  • Return of Capital

    $0.000

  • Total

    $0.1788

  • Ex-Dividend Date

    March 29, 2022

  • Record Date

    March 30, 2022

  • Payable Date

    March 31, 2022

  • Income

    $0.087

  • Short Term Capital Gain

    $0.000

  • Long Term Capital Gain

    $0.000

  • Return of Capital

    $0.000

  • Total

    $0.087

  • Ex-Dividend Date

    Dec 28, 2021

  • Record Date

    Dec 29, 2021

  • Payable Date

    Dec 30, 2021

  • Income

    $0.114

  • Short Term Capital Gain

    $0.000

  • Long Term Capital Gain

    $0.013

  • Return of Capital

    $0.000

  • Total

    $0.128

  • Ex-Dividend Date

    Sept 28, 2021

  • Record Date

    Sept 29, 2021

  • Payable Date

    Sept 30, 2021

  • Income

    $0.058

  • Short Term Capital Gain

    0.000

  • Long Term Capital Gain

    0.000

  • Return of Capital

    0.000

  • Total

    $0.058

  • Ex-Dividend Date

    June 28, 2021

  • Record Date

    June 29, 2021

  • Payable Date

    June 30, 2021

  • Income

    $0.062

  • Short Term Capital Gain

    0.000

  • Long Term Capital Gain

    0.000

  • Return of Capital

    0.000

  • Total

    $0.062

  • Ex-Dividend Date

    March 29, 2021

  • Record Date

    March 30, 2021

  • Payable Date

    March 31, 2021

  • Income

    $0.037

  • Short Term Capital Gain

    0.000

  • Long Term Capital Gain

    0.000

  • Return of Capital

    0.000

  • Total

    $0.037

Latest Distribution History
  • Ex-Dividend
    Date

    Record Date

    Payable Date

    Income

    Short Term
    Capital Gain

    Long Term
    Capital Gain

    Return of
    Capital

    Total

  • March 27, 2024

    March 28, 2024

    April 1, 2024

    $0.15806195

    $0.000

    $0.000

    $0.000

    $0.15806195

  • December 27, 2023

    December 28, 2023

    December 29, 2023

    0.11419107

    $0.000

    $0.000

    $0.000

    0.11419107

  • September 27, 2023

    September 29, 2023

    September 29, 2023

    $0.14963458

    $0.000

    $0.000

    $0.000

    $0.14963458

  • June 28, 2023

    June 30, 2023

    June 30, 2023

    $0.15777420

    $0.000

    $0.000

    $0.000

    $0.15777420

  • March 29, 2023

    March 30, 2023

    March 30, 2023

    $0.08044201

    $0.000

    $0.000

    $0.000

    $0.08044201

  • December 28, 2022

    December 29, 2022

    December 30, 2022

    $0.08365290

    $0.000

    $0.000

    $0.000

    $0.08365290

  • Sept 28, 2022

    Sept 29, 2022

    Sept 30, 2022

    $0.17040667

    $0.000

    $0.000

    $0.000

    $0.17040667

  • June 28, 2022

    June 29, 2022

    June 30, 2022

    $0.1788

    $0.000

    $0.000

    $0.000

    $0.1788

  • March 29, 2022

    March 30, 2022

    March 31, 2022

    $0.087

    $0.000

    $0.000

    $0.000

    $0.087

  • Dec 28, 2021

    Dec 29, 2021

    Dec 30, 2021

    $0.114

    $0.000

    $0.013

    $0.000

    $0.128

  • Sept 28, 2021

    Sept 29, 2021

    Sept 30, 2021

    $0.058

    0.000

    0.000

    0.000

    $0.058

  • June 28, 2021

    June 29, 2021

    June 30, 2021

    $0.062

    0.000

    0.000

    0.000

    $0.062

  • March 29, 2021

    March 30, 2021

    March 31, 2021

    $0.037

    0.000

    0.000

    0.000

    $0.037

PERFORMANCE RISK DISCLOSURES

Inception Date: 1/11/2021. Expense Ratio: 0.85%.

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.

The 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.

Shares are bought and sold at market price not net asset value (NAV). Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times.

Short term performance, in particular is not a good indication of future performance and an investment should not be made based solely on returns.

Resources

Press

  • Horizon Kinetics on Money Tree Investing Podcast – Challenging Conventional Wisdom: Alternative Insights From James Davolos (May 2024)
    Watch
  • Horizon Kinetics Inflation Beneficiaries ETF (INFL) Webinar Replay (Event Date: 2/1/2024)
    Watch
  • Horizon Kinetics Active ETF 2024 Webinar Series
    View PDF
  • Value Investor Insight - Fertile Ground? (July 2023)
    View PDF
  • James Davolos on Real Vision Daily Briefing - Should We Still Ride The Inflation Winners? (Aired on 3/9/2023)
    Watch
  • James Davolos on Swan Signal “Bitcoin, Inflation, and Hard Assets” (Aired on Feb 22, 2023)
    Watch
  • INFL Annual Letter and Webinar Replay with James Davolos (Event Date: 2/15/23)
    View PDF
  • James Davolos on On the Margin Podcast "All Eyes on Inflation, A Pause Is Not A Pivot" (Jan 2023)
    Watch
  • James Davolos on ETF Rundown with Vince Molinari (December 2022)
    Watch
  • James Davolos on TD Ameritrade Network - Horizon Kinetics Inflation Beneficiaries ETF (INFL): Stocks That Do Well During Inflation (Recorded on 12/15/2022)
    Watch
  • Murray Stahl on Grant’s Interest Rate Observer: Inflation’s got legs (Originally Published 8/5/2022)
    View PDF
  • Value Investor Insight - Right Place, Right Time
    View PDF
  • INFL in Grant’s Interest Rate Observer: Inflation Repellent Review (Originally Published 1/21/2022)
    View PDF
  • Horizon Kinetics Inflation Beneficiaries ETF (INFL) Webinar Replay (Event Date: 2/2/2022)
    Watch
  • Horizon Kinetics Closing Bell January 7, 2022
    Watch
  • Diamonds Are An Investor's Best Friend: Contrarian Investing Ideas (Recorded on 11/2/2021)
    Watch
  • How to Potentially Benefit from Rising Inflation through Equities – CFRA Research
    Watch
  • ETF.com features INFL with discussion by Portfolio Manager James Davolos By Todd Rosenbluth
    Read More
  • James Davolos, co-portfolio manager for INFL, appeared on CNBC to discuss his outlooks for inflation (originally aired on July 19, 2021)
    Watch
  • James Davolos discusses INFL, businesses that (we believe) will profit from inflation, and how this time is different (than 2007/8 GFC) @ETFPrime
    Listen
  • James Davolos Interview on ETF Strategies to Hedge Against Inflation (Originally published @ZacksResearch - ETF Spotlight Podcast on March 11, 2021)
    Listen
  • James Davolos On Protecting Yourself Against A Paradigm Shift In Inflation (Originally Published on The Felder Report dated February 24, 2021)
    Listen
  • Barron's Article: Inflation Is Looming. A Pair of New ETFs May Offer Protection.
    Read More
  • Value Investor Insight - Trading Up
    View PDF
  • Horizon Kinetics on Money Tree Investing Podcast – Challenging Conventional Wisdom: Alternative Insights From James Davolos (May 2024)
    Watch
  • Horizon Kinetics Inflation Beneficiaries ETF (INFL) Webinar Replay (Event Date: 2/1/2024)
    Watch
  • Horizon Kinetics Active ETF 2024 Webinar Series
    View PDF
  • Value Investor Insight - Fertile Ground? (July 2023)
    View PDF
  • James Davolos on Real Vision Daily Briefing - Should We Still Ride The Inflation Winners? (Aired on 3/9/2023)
    Watch
  • James Davolos on Swan Signal “Bitcoin, Inflation, and Hard Assets” (Aired on Feb 22, 2023)
    Watch
  • INFL Annual Letter and Webinar Replay with James Davolos (Event Date: 2/15/23)
    View PDF
  • James Davolos on On the Margin Podcast "All Eyes on Inflation, A Pause Is Not A Pivot" (Jan 2023)
    Watch
  • James Davolos on ETF Rundown with Vince Molinari (December 2022)
    Watch
  • James Davolos on TD Ameritrade Network - Horizon Kinetics Inflation Beneficiaries ETF (INFL): Stocks That Do Well During Inflation (Recorded on 12/15/2022)
    Watch
  • Murray Stahl on Grant’s Interest Rate Observer: Inflation’s got legs (Originally Published 8/5/2022)
    View PDF
  • Value Investor Insight - Right Place, Right Time
    View PDF
  • INFL in Grant’s Interest Rate Observer: Inflation Repellent Review (Originally Published 1/21/2022)
    View PDF
  • Horizon Kinetics Inflation Beneficiaries ETF (INFL) Webinar Replay (Event Date: 2/2/2022)
    Watch
  • Horizon Kinetics Closing Bell January 7, 2022
    Watch
  • Diamonds Are An Investor's Best Friend: Contrarian Investing Ideas (Recorded on 11/2/2021)
    Watch
  • How to Potentially Benefit from Rising Inflation through Equities – CFRA Research
    Watch
  • ETF.com features INFL with discussion by Portfolio Manager James Davolos By Todd Rosenbluth
    Read More
  • James Davolos, co-portfolio manager for INFL, appeared on CNBC to discuss his outlooks for inflation (originally aired on July 19, 2021)
    Watch
  • James Davolos discusses INFL, businesses that (we believe) will profit from inflation, and how this time is different (than 2007/8 GFC) @ETFPrime
    Listen
  • James Davolos Interview on ETF Strategies to Hedge Against Inflation (Originally published @ZacksResearch - ETF Spotlight Podcast on March 11, 2021)
    Listen
  • James Davolos On Protecting Yourself Against A Paradigm Shift In Inflation (Originally Published on The Felder Report dated February 24, 2021)
    Listen
  • Barron's Article: Inflation Is Looming. A Pair of New ETFs May Offer Protection.
    Read More
  • Value Investor Insight - Trading Up
    View PDF
RESOURCES RISK DISCLOSURES

The 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.

IMPORTANT RISK DISCLOSURES

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.

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.

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.

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.

Median 30 Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

CPI: The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Dividend yield: Dividend yield equals the annual dividend per share divided by the stock’s price per share.

Stagflation: Persistent high inflation combined with high unemployment and stagnant demand in a country’s economy.

Duration: Bond duration is a measure of how much bond prices are likely to change if and when interest rates move.

Bloomberg Barclays US Aggregate Bond Index: The Bloomberg Barclays US Aggregate Bond Index is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency). An investor cannot invest directly in an index.

Basis points: Basis points are a common unit of measure for percentages in finance. One basis point is equal to 1/100th of 1%.

Yield to worst: The yield to worst is the minimum yield that can be received on a bond, assuming the issuer doesn’t default.

S&P 500 Index: The S&P 500® Index represents an unmanaged, broad-based basket of stocks. It is typically used as a proxy for overall market performance.

Beta: The beta of a security is a measurement of its volatility of returns relative to the entire market. It is used as a measure of risk.

EV/EBITDA: also known as the Enterprise multiple, is a ratio used to determine the value of a company. is enterprise value divided by earnings before interest, taxes, depreciation, and amortization (EBITDA), looks at a company the way a potential acquirer would by considering the company’s debt.

Free cash flow: Free cash flow is the money that the company has available to repay its creditors or pay dividends and interest to investors.

TTM P/E: The P/E ratio stands for Share Price divided by Earnings Per Share (EPS). The (ttm) reference stands for Trailing Twelve Months, which means the last 12 months of EPS are used in the calculation.

Forward P/E: Forward P/E is a version of the ratio of price-to-earnings that uses forecasted earnings for the P/E calculation.