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: 05/24/2022
  • 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

    $1,383,188,380

Data as of: 05/25/2022
Daily Holdings
  • % Net Assets

    5.45%

  • Name

    TEXAS PACIFIC LAND CORPORATION COM

  • Ticker

    TPL

  • CUSIP

    88262P102

  • Shares Held

    52,908

  • Market Value

    $75,482,256

  • % Net Assets

    5.25%

  • Name

    ARCHER DANIELS MIDLAND CO

  • Ticker

    ADM

  • CUSIP

    039483102

  • Shares Held

    828,321

  • Market Value

    $72,693,451

  • % Net Assets

    4.98%

  • Name

    VIPER ENERGY PARTNERS LP

  • Ticker

    VNOM

  • CUSIP

    92763M105

  • Shares Held

    2,325,481

  • Market Value

    $68,997,021

  • % Net Assets

    4.63%

  • Name

    PRAIRIESKY ROYALTY LTD

  • Ticker

    PSK CN

  • CUSIP

    BN320L4

  • Shares Held

    4,556,135

  • Market Value

    $64,178,902

  • % Net Assets

    4.20%

  • Name

    FRANCO NEV CORP

  • Ticker

    FNV

  • CUSIP

    351858105

  • Shares Held

    411,145

  • Market Value

    $58,218,132

  • % Net Assets

    4.17%

  • Name

    GLENCORE PLC

  • Ticker

    GLEN LN

  • CUSIP

    B4T3BW6

  • Shares Held

    8,881,221

  • Market Value

    $57,776,881

  • % Net Assets

    4.04%

  • Name

    BRIGHAM MINERALS INC

  • Ticker

    MNRL

  • CUSIP

    10918L103

  • Shares Held

    2,020,224

  • Market Value

    $55,980,407

  • % Net Assets

    3.81%

  • Name

    DEUTSCHE BOERSE AG

  • Ticker

    DB1 GR

  • CUSIP

    7021963

  • Shares Held

    297,079

  • Market Value

    $52,850,089

  • % Net Assets

    3.69%

  • Name

    WHEATON PRECIOUS METALS CORP COM

  • Ticker

    WPM

  • CUSIP

    962879102

  • Shares Held

    1,194,946

  • Market Value

    $51,083,942

  • % Net Assets

    3.58%

  • Name

    ASX LTD

  • Ticker

    ASX AU

  • CUSIP

    6129222

  • Shares Held

    849,831

  • Market Value

    $49,571,923

  • % Net Assets

    3.52%

  • Name

    INTERCONTINENTAL EXCHANGE INC COM

  • Ticker

    ICE

  • CUSIP

    45866F104

  • Shares Held

    496,093

  • Market Value

    $48,795,707

  • % Net Assets

    3.43%

  • Name

    NUTRIEN LTD

  • Ticker

    NTR

  • CUSIP

    67077M108

  • Shares Held

    478,510

  • Market Value

    $47,525,613

  • % Net Assets

    3.12%

  • Name

    WEST FRASER TIMBER CO LTD

  • Ticker

    WFG

  • CUSIP

    952845105

  • Shares Held

    505,232

  • Market Value

    $43,247,859

  • % Net Assets

    3.02%

  • Name

    CHARLES RIV LABS INTL INC

  • Ticker

    CRL

  • CUSIP

    159864107

  • Shares Held

    187,345

  • Market Value

    $41,843,506

  • % Net Assets

    2.99%

  • Name

    MARSH & MCLENNAN COS INC

  • Ticker

    MMC

  • CUSIP

    571748102

  • Shares Held

    269,268

  • Market Value

    $41,359,565

  • % Net Assets

    2.96%

  • Name

    BUNGE LIMITED

  • Ticker

    BG

  • CUSIP

    G16962105

  • Shares Held

    355,369

  • Market Value

    $41,030,905

  • % Net Assets

    2.82%

  • Name

    BROOKFIELD ASSET MGMT INC

  • Ticker

    BAM

  • CUSIP

    112585104

  • Shares Held

    835,039

  • Market Value

    $39,113,227

  • % Net Assets

    2.62%

  • Name

    WEYERHAEUSER CO MTN BE

  • Ticker

    WY

  • CUSIP

    962166104

  • Shares Held

    967,114

  • Market Value

    $36,315,131

  • % Net Assets

    2.54%

  • Name

    CHENIERE ENERGY INC

  • Ticker

    LNG

  • CUSIP

    16411R208

  • Shares Held

    270,197

  • Market Value

    $35,258,007

  • % Net Assets

    2.51%

  • Name

    SINGAPORE EXCHANGE

  • Ticker

    SGX SP

  • CUSIP

    6303866

  • Shares Held

    4,869,386

  • Market Value

    $34,773,725

  • % Net Assets

    2.40%

  • Name

    CBRE GROUP INC

  • Ticker

    CBRE

  • CUSIP

    12504L109

  • Shares Held

    421,253

  • Market Value

    $33,203,161

  • % Net Assets

    2.22%

  • Name

    CACI INTL INC

  • Ticker

    CACI

  • CUSIP

    127190304

  • Shares Held

    112,409

  • Market Value

    $30,792,197

  • % Net Assets

    2.03%

  • Name

    TMX GROUP LTD

  • Ticker

    X CN

  • CUSIP

    B8KH5G7

  • Shares Held

    264,895

  • Market Value

    $28,107,942

  • % Net Assets

    2.01%

  • Name

    OSISKO GOLD ROYALTIES LTD

  • Ticker

    OR

  • CUSIP

    68827L101

  • Shares Held

    2,342,430

  • Market Value

    $27,874,917

  • % Net Assets

    1.98%

  • Name

    DETERRA ROYALTIES

  • Ticker

    DRR AU

  • CUSIP

    BJP5T05

  • Shares Held

    8,611,177

  • Market Value

    $27,398,342

  • % Net Assets

    1.58%

  • Name

    Cash & Other

  • Ticker

    Cash&Other

  • CUSIP

    Cash&Other

  • Shares Held

    21,878,383

  • Market Value

    $21,878,383

  • % Net Assets

    1.57%

  • Name

    CME GROUP INC

  • Ticker

    CME

  • CUSIP

    12572Q105

  • Shares Held

    113,651

  • Market Value

    $21,783,487

  • % Net Assets

    1.47%

  • Name

    WILMAR INTERL LTD

  • Ticker

    WIL SP

  • CUSIP

    B17KC69

  • Shares Held

    6,824,397

  • Market Value

    $20,389,148

  • % Net Assets

    1.43%

  • Name

    SANDSTORM GOLD LTD

  • Ticker

    SAND

  • CUSIP

    80013R206

  • Shares Held

    2,949,320

  • Market Value

    $19,760,444

  • % Net Assets

    1.42%

  • Name

    ST JOE CO

  • Ticker

    JOE

  • CUSIP

    790148100

  • Shares Held

    410,270

  • Market Value

    $19,668,344

  • % Net Assets

    1.27%

  • Name

    COHEN & STEERS INC

  • Ticker

    CNS

  • CUSIP

    19247A100

  • Shares Held

    239,775

  • Market Value

    $17,625,860

  • % Net Assets

    1.26%

  • Name

    ROYALTY PHARMA PLC

  • Ticker

    RPRX

  • CUSIP

    G7709Q104

  • Shares Held

    439,458

  • Market Value

    $17,464,061

  • % Net Assets

    1.08%

  • Name

    MESABI TR

  • Ticker

    MSB

  • CUSIP

    590672101

  • Shares Held

    568,172

  • Market Value

    $15,005,423

  • % Net Assets

    0.94%

  • Name

    TOPAZ ENERGY CORP

  • Ticker

    TPZ CN

  • CUSIP

    BMV3Y21

  • Shares Held

    713,938

  • Market Value

    $12,961,003

  • % Net Assets

    0.85%

  • Name

    LABRADOR IRON ORE ROYALTY CO

  • Ticker

    LIF CN

  • CUSIP

    B8L02P3

  • Shares Held

    464,380

  • Market Value

    $11,804,098

  • % Net Assets

    0.78%

  • Name

    SPROTT INC

  • Ticker

    SII

  • CUSIP

    852066208

  • Shares Held

    298,644

  • Market Value

    $10,748,198

  • % Net Assets

    0.68%

  • Name

    ALTIUS MINERALS CORPORATION

  • Ticker

    ALS CN

  • CUSIP

    2122355

  • Shares Held

    616,483

  • Market Value

    $9,460,747

  • % Net Assets

    0.62%

  • Name

    JAPAN EXCHANGE GP

  • Ticker

    8697 JP

  • CUSIP

    6743882

  • Shares Held

    568,910

  • Market Value

    $8,593,555

  • % Net Assets

    0.60%

  • Name

    DORCHESTER MINERALS LP

  • Ticker

    DMLP

  • CUSIP

    25820R105

  • Shares Held

    276,759

  • Market Value

    $8,291,700

  • % Net Assets

    0.48%

  • Name

    PERMIAN BASIN RTY TR

  • Ticker

    PBT

  • CUSIP

    714236106

  • Shares Held

    393,200

  • Market Value

    $6,582,168

Data as of: 05/25/2022
Daily Holdings
  • % Net Assets

    Name

    Ticker

    CUSIP

    Shares Held

    Market Value

  • 5.45%

    TEXAS PACIFIC LAND CORPORATION COM

    TPL

    88262P102

    52,908

    $75,482,256

  • 5.25%

    ARCHER DANIELS MIDLAND CO

    ADM

    039483102

    828,321

    $72,693,451

  • 4.98%

    VIPER ENERGY PARTNERS LP

    VNOM

    92763M105

    2,325,481

    $68,997,021

  • 4.63%

    PRAIRIESKY ROYALTY LTD

    PSK CN

    BN320L4

    4,556,135

    $64,178,902

  • 4.20%

    FRANCO NEV CORP

    FNV

    351858105

    411,145

    $58,218,132

  • 4.17%

    GLENCORE PLC

    GLEN LN

    B4T3BW6

    8,881,221

    $57,776,881

  • 4.04%

    BRIGHAM MINERALS INC

    MNRL

    10918L103

    2,020,224

    $55,980,407

  • 3.81%

    DEUTSCHE BOERSE AG

    DB1 GR

    7021963

    297,079

    $52,850,089

  • 3.69%

    WHEATON PRECIOUS METALS CORP COM

    WPM

    962879102

    1,194,946

    $51,083,942

  • 3.58%

    ASX LTD

    ASX AU

    6129222

    849,831

    $49,571,923

  • 3.52%

    INTERCONTINENTAL EXCHANGE INC COM

    ICE

    45866F104

    496,093

    $48,795,707

  • 3.43%

    NUTRIEN LTD

    NTR

    67077M108

    478,510

    $47,525,613

  • 3.12%

    WEST FRASER TIMBER CO LTD

    WFG

    952845105

    505,232

    $43,247,859

  • 3.02%

    CHARLES RIV LABS INTL INC

    CRL

    159864107

    187,345

    $41,843,506

  • 2.99%

    MARSH & MCLENNAN COS INC

    MMC

    571748102

    269,268

    $41,359,565

  • 2.96%

    BUNGE LIMITED

    BG

    G16962105

    355,369

    $41,030,905

  • 2.82%

    BROOKFIELD ASSET MGMT INC

    BAM

    112585104

    835,039

    $39,113,227

  • 2.62%

    WEYERHAEUSER CO MTN BE

    WY

    962166104

    967,114

    $36,315,131

  • 2.54%

    CHENIERE ENERGY INC

    LNG

    16411R208

    270,197

    $35,258,007

  • 2.51%

    SINGAPORE EXCHANGE

    SGX SP

    6303866

    4,869,386

    $34,773,725

  • 2.40%

    CBRE GROUP INC

    CBRE

    12504L109

    421,253

    $33,203,161

  • 2.22%

    CACI INTL INC

    CACI

    127190304

    112,409

    $30,792,197

  • 2.03%

    TMX GROUP LTD

    X CN

    B8KH5G7

    264,895

    $28,107,942

  • 2.01%

    OSISKO GOLD ROYALTIES LTD

    OR

    68827L101

    2,342,430

    $27,874,917

  • 1.98%

    DETERRA ROYALTIES

    DRR AU

    BJP5T05

    8,611,177

    $27,398,342

  • 1.58%

    Cash & Other

    Cash&Other

    Cash&Other

    21,878,383

    $21,878,383

  • 1.57%

    CME GROUP INC

    CME

    12572Q105

    113,651

    $21,783,487

  • 1.47%

    WILMAR INTERL LTD

    WIL SP

    B17KC69

    6,824,397

    $20,389,148

  • 1.43%

    SANDSTORM GOLD LTD

    SAND

    80013R206

    2,949,320

    $19,760,444

  • 1.42%

    ST JOE CO

    JOE

    790148100

    410,270

    $19,668,344

  • 1.27%

    COHEN & STEERS INC

    CNS

    19247A100

    239,775

    $17,625,860

  • 1.26%

    ROYALTY PHARMA PLC

    RPRX

    G7709Q104

    439,458

    $17,464,061

  • 1.08%

    MESABI TR

    MSB

    590672101

    568,172

    $15,005,423

  • 0.94%

    TOPAZ ENERGY CORP

    TPZ CN

    BMV3Y21

    713,938

    $12,961,003

  • 0.85%

    LABRADOR IRON ORE ROYALTY CO

    LIF CN

    B8L02P3

    464,380

    $11,804,098

  • 0.78%

    SPROTT INC

    SII

    852066208

    298,644

    $10,748,198

  • 0.68%

    ALTIUS MINERALS CORPORATION

    ALS CN

    2122355

    616,483

    $9,460,747

  • 0.62%

    JAPAN EXCHANGE GP

    8697 JP

    6743882

    568,910

    $8,593,555

  • 0.60%

    DORCHESTER MINERALS LP

    DMLP

    25820R105

    276,759

    $8,291,700

  • 0.48%

    PERMIAN BASIN RTY TR

    PBT

    714236106

    393,200

    $6,582,168

Data as of: 05/24/2022
  • Net Asset Value

    $31.12

  • NAV Change

    $0.00

  • Median 30 Day Spread

    0.12%

  • Market Price

    $31.20

  • Market Price Change

    $0.00

  • Premium/Discount

    $0.08 | 0.26%

Historical Data

Premium/Discount Range (%)

Date

  • Greatest Premium

    0.57% 05/04/2022

  • Greatest Discount

    -0.11% 05/18/2022

  • Number of Days At

  • Premium:

    27

  • NAV:

    1

  • Discount:

    9

  • Days Within Percent of NAV

  • Percent of Days +/- 0.5% of NAV:

    97%

  • Number of Days +/- 0.5% of NAV:

    36

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: 03/31/2022
  • INFL

    NAV

  • 1 Month

    5.52%

  • YTD

    7.01%

  • 1 Year

    24.20%

  • 3 Year

    --

  • 5 Year

    --

  • Since Inception Annualized

    27.87%

  • INFL

    Market Value

  • 1 Month

    5.59%

  • YTD

    6.85%

  • 1 Year

    24.67%

  • 3 Year

    --

  • 5 Year

    --

  • Since Inception Annualized

    27.73%

Data as of: 03/31/2022
  • INFL

    1 Month

    YTD

    1 Year

    3 Year

    5 Year

    Since Inception Annualized

  • Market Value

    5.52%

    7.01%

    24.20%

    --

    --

    27.87%

  • NAV

    5.59%

    6.85%

    24.67%

    --

    --

    27.73%

Latest Distribution History
  • 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

  • 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

    September 28, 2021

  • Record Date

    September 29, 2021

  • Payable Date

    September 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

    December 28, 2021

  • Record Date

    December 29, 2021

  • Payable Date

    December 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

Latest Distribution History
  • Ex-Dividend
    Date

    Record Date

    Payable Date

    Income

    Short Term
    Capital Gain

    Long Term
    Capital Gain

    Return of
    Capital

    Total

  • March 29, 2021

    March 30, 2021

    March 31, 2021

    $0.037

    0.000

    0.000

    0.000

    $0.037

  • June 28, 2021

    June 29, 2021

    June 30, 2021

    $0.062

    0.000

    0.000

    0.000

    $0.062

  • September 28, 2021

    September 29, 2021

    September 30, 2021

    $0.058

    0.000

    0.000

    0.000

    $0.058

  • December 28, 2021

    December 29, 2021

    December 30, 2021

    $0.114

    $0.000

    $0.013

    $0.000

    $0.128

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.

Documents

  • 2021 Annual Report
    View PDF
  • INFL Announces Upcoming Investor Call with James Davolos - 2/2/2022 @ 11am EST
    Read Press Release
  • INFL Overview Presentation
    View PDF
  • INFL Factsheet
    View PDF
  • Horizon Kinetics Inflation Beneficiaries ETF Annual Letter
    View PDF
  • 2021 INFL Final Distribution
    View PDF
  • 9/30/2021 Quarterly Schedule of Portfolio Holdings
    View PDF
  • INFL Semi-Annual Report June 30, 2021 (Unaudited)
    View PDF
  • INFL Schedule of Investments (March 31, 2021)
    View PDF
  • INFL Q&A
    View PDF
  • Press Release on the launch of INFL
    View PDF
  • INFL Prospectus
    View PDF
  • INFL Summary Prospectus
    View PDF
  • INFL Statement of Additional Information
    View PDF
  • 2021 Annual Report
    View PDF
  • INFL Announces Upcoming Investor Call with James Davolos - 2/2/2022 @ 11am EST
    Read Press Release
  • INFL Overview Presentation
    View PDF
  • INFL Factsheet
    View PDF
  • Horizon Kinetics Inflation Beneficiaries ETF Annual Letter
    View PDF
  • 2021 INFL Final Distribution
    View PDF
  • 9/30/2021 Quarterly Schedule of Portfolio Holdings
    View PDF
  • INFL Semi-Annual Report June 30, 2021 (Unaudited)
    View PDF
  • INFL Schedule of Investments (March 31, 2021)
    View PDF
  • INFL Q&A
    View PDF
  • Press Release on the launch of INFL
    View PDF
  • INFL Prospectus
    View PDF
  • INFL Summary Prospectus
    View PDF
  • INFL Statement of Additional Information
    View PDF

Presentations

  • 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 and Andrew Parker - Horizon Kinetics NYSE Opening Bell (June 11, 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
  • Andy Parker and James Davolos discuss TIPS versus Equities to hedge inflation with asset-light companies in INFL (Originally Aired on March 17, 2021)
    Watch
  • 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
  • James Davolos and Andrew Parker interviewed for NYSE “What’s the Fund?”
    Watch
  • 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 and Andrew Parker - Horizon Kinetics NYSE Opening Bell (June 11, 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
  • Andy Parker and James Davolos discuss TIPS versus Equities to hedge inflation with asset-light companies in INFL (Originally Aired on March 17, 2021)
    Watch
  • 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
  • James Davolos and Andrew Parker interviewed for NYSE “What’s the Fund?”
    Watch
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.