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: 08/03/2021
-
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
$622,509,851
Data as of: 08/04/2021
-
% Net Assets
6.42%
-
Name
CHARLES RIV LABS INTL INC
-
Ticker
CRL
-
CUSIP
159864107
-
Shares Held
97,232
-
Market Value
$39,985,688
-
% Net Assets
5.80%
-
Name
TEXAS PACIFIC LAND CORPORATION COM
-
Ticker
TPL
-
CUSIP
88262P102
-
Shares Held
24,330
-
Market Value
$36,130,050
-
% Net Assets
5.06%
-
Name
FRANCO NEV CORP
-
Ticker
FNV
-
CUSIP
351858105
-
Shares Held
195,288
-
Market Value
$31,496,049
-
% Net Assets
4.79%
-
Name
PRAIRIESKY ROYALTY LTD
-
Ticker
PSK CN
-
CUSIP
BN320L4
-
Shares Held
2,664,872
-
Market Value
$29,822,827
-
% Net Assets
4.28%
-
Name
ASX LTD
-
Ticker
ASX AU
-
CUSIP
6129222
-
Shares Held
457,330
-
Market Value
$26,633,672
-
% Net Assets
4.24%
-
Name
INTERCONTINENTAL EXCHANGE INC COM
-
Ticker
ICE
-
CUSIP
45866F104
-
Shares Held
221,656
-
Market Value
$26,403,663
-
% Net Assets
4.22%
-
Name
WHEATON PRECIOUS METALS CORP COM
-
Ticker
WPM
-
CUSIP
962879102
-
Shares Held
566,912
-
Market Value
$26,248,026
-
% Net Assets
4.18%
-
Name
DEUTSCHE BOERSE AG
-
Ticker
DB1 GR
-
CUSIP
7021963
-
Shares Held
156,570
-
Market Value
$26,004,944
-
% Net Assets
3.77%
-
Name
ARCHER DANIELS MIDLAND CO
-
Ticker
ADM
-
CUSIP
039483102
-
Shares Held
392,224
-
Market Value
$23,451,073
-
% Net Assets
3.47%
-
Name
BROOKFIELD ASSET MGMT INC
-
Ticker
BAM
-
CUSIP
112585104
-
Shares Held
396,344
-
Market Value
$21,576,967
-
% Net Assets
3.38%
-
Name
BRIGHAM MINERALS INC
-
Ticker
MNRL
-
CUSIP
10918L103
-
Shares Held
1,090,832
-
Market Value
$21,053,058
-
% Net Assets
3.28%
-
Name
MARSH & MCLENNAN COS INC
-
Ticker
MMC
-
CUSIP
571748102
-
Shares Held
135,960
-
Market Value
$20,438,867
-
% Net Assets
3.23%
-
Name
CBRE GROUP INC
-
Ticker
CBRE
-
CUSIP
12504L109
-
Shares Held
209,296
-
Market Value
$20,136,368
-
% Net Assets
3.22%
-
Name
VIPER ENERGY PARTNERS LP
-
Ticker
VNOM
-
CUSIP
92763M105
-
Shares Held
1,115,696
-
Market Value
$20,049,057
-
% Net Assets
2.96%
-
Name
SINGAPORE EXCHANGE
-
Ticker
SGX SP
-
CUSIP
6303866
-
Shares Held
2,091,328
-
Market Value
$18,449,710
-
% Net Assets
2.94%
-
Name
WEST FRASER TIMBER CO LTD
-
Ticker
WFG
-
CUSIP
952845105
-
Shares Held
257,092
-
Market Value
$18,279,241
-
% Net Assets
2.55%
-
Name
WEYERHAEUSER CO MTN BE
-
Ticker
WY
-
CUSIP
962166104
-
Shares Held
458,968
-
Market Value
$15,852,755
-
% Net Assets
2.55%
-
Name
OSISKO GOLD ROYALTIES LTD
-
Ticker
OR
-
CUSIP
68827L101
-
Shares Held
1,165,136
-
Market Value
$15,845,850
-
% Net Assets
2.50%
-
Name
EURONEXT
-
Ticker
ENX FP
-
CUSIP
BNBNSG0
-
Shares Held
143,840
-
Market Value
$15,540,404
-
% Net Assets
2.32%
-
Name
VERISK ANALYTICS INC
-
Ticker
VRSK
-
CUSIP
92345Y106
-
Shares Held
76,632
-
Market Value
$14,444,366
-
% Net Assets
2.26%
-
Name
TMX GROUP LTD
-
Ticker
X CN
-
CUSIP
B8KH5G7
-
Shares Held
130,208
-
Market Value
$14,059,046
-
% Net Assets
2.21%
-
Name
CACI INTL INC
-
Ticker
CACI
-
CUSIP
127190304
-
Shares Held
53,560
-
Market Value
$13,734,926
-
% Net Assets
1.91%
-
Name
COHEN & STEERS INC
-
Ticker
CNS
-
CUSIP
19247A100
-
Shares Held
140,904
-
Market Value
$11,875,389
-
% Net Assets
1.89%
-
Name
NUTRIEN LTD
-
Ticker
NTR
-
CUSIP
67077M108
-
Shares Held
198,584
-
Market Value
$11,746,244
-
% Net Assets
1.77%
-
Name
SANDSTORM GOLD LTD
-
Ticker
SAND
-
CUSIP
80013R206
-
Shares Held
1,399,152
-
Market Value
$10,997,335
-
% Net Assets
1.71%
-
Name
CME GROUP INC
-
Ticker
CME
-
CUSIP
12572Q105
-
Shares Held
51,088
-
Market Value
$10,665,642
-
% Net Assets
1.65%
-
Name
ST JOE CO
-
Ticker
JOE
-
CUSIP
790148100
-
Shares Held
230,720
-
Market Value
$10,262,426
-
% Net Assets
1.43%
-
Name
DETERRA ROYALTIES
-
Ticker
DRR AU
-
CUSIP
BJP5T05
-
Shares Held
2,657,471
-
Market Value
$8,899,664
-
% Net Assets
1.40%
-
Name
WILMAR INTERL LTD
-
Ticker
WIL SP
-
CUSIP
B17KC69
-
Shares Held
2,660,924
-
Market Value
$8,697,245
-
% Net Assets
1.38%
-
Name
Cash & Other
-
Ticker
Cash&Other
-
CUSIP
Cash&Other
-
Shares Held
8,562,002
-
Market Value
$8,562,002
-
% Net Assets
1.38%
-
Name
MESABI TR
-
Ticker
MSB
-
CUSIP
590672101
-
Shares Held
249,259
-
Market Value
$8,569,524
-
% Net Assets
1.26%
-
Name
ROYALTY PHARMA PLC
-
Ticker
RPRX
-
CUSIP
G7709Q104
-
Shares Held
208,472
-
Market Value
$7,855,225
-
% Net Assets
1.15%
-
Name
FREEHOLD ROYALTIES LTD COM
-
Ticker
FRU CN
-
CUSIP
B3SJKB0
-
Shares Held
1,034,956
-
Market Value
$7,186,451
-
% Net Assets
1.03%
-
Name
JAPAN EXCHANGE GP
-
Ticker
8697 JP
-
CUSIP
6743882
-
Shares Held
276,928
-
Market Value
$6,399,250
-
% Net Assets
0.98%
-
Name
ALTIUS MINERALS CORPORATION
-
Ticker
ALS CN
-
CUSIP
2122355
-
Shares Held
450,742
-
Market Value
$6,116,253
-
% Net Assets
0.75%
-
Name
DORCHESTER MINERALS LP
-
Ticker
DMLP
-
CUSIP
25820R105
-
Shares Held
287,127
-
Market Value
$4,651,457
-
% Net Assets
0.35%
-
Name
TOPAZ ENERGY CORP
-
Ticker
TPZ CN
-
CUSIP
BMV3Y21
-
Shares Held
168,850
-
Market Value
$2,167,619
-
% Net Assets
0.35%
-
Name
LABRADOR IRON ORE ROYALTY CO
-
Ticker
LIF CN
-
CUSIP
B8L02P3
-
Shares Held
56,650
-
Market Value
$2,206,523
Data as of: 08/04/2021
-
% Net Assets
Name
Ticker
CUSIP
Shares Held
Market Value
-
6.42%
CHARLES RIV LABS INTL INC
CRL
159864107
97,232
$39,985,688
-
5.80%
TEXAS PACIFIC LAND CORPORATION COM
TPL
88262P102
24,330
$36,130,050
-
5.06%
FRANCO NEV CORP
FNV
351858105
195,288
$31,496,049
-
4.79%
PRAIRIESKY ROYALTY LTD
PSK CN
BN320L4
2,664,872
$29,822,827
-
4.28%
ASX LTD
ASX AU
6129222
457,330
$26,633,672
-
4.24%
INTERCONTINENTAL EXCHANGE INC COM
ICE
45866F104
221,656
$26,403,663
-
4.22%
WHEATON PRECIOUS METALS CORP COM
WPM
962879102
566,912
$26,248,026
-
4.18%
DEUTSCHE BOERSE AG
DB1 GR
7021963
156,570
$26,004,944
-
3.77%
ARCHER DANIELS MIDLAND CO
ADM
039483102
392,224
$23,451,073
-
3.47%
BROOKFIELD ASSET MGMT INC
BAM
112585104
396,344
$21,576,967
-
3.38%
BRIGHAM MINERALS INC
MNRL
10918L103
1,090,832
$21,053,058
-
3.28%
MARSH & MCLENNAN COS INC
MMC
571748102
135,960
$20,438,867
-
3.23%
CBRE GROUP INC
CBRE
12504L109
209,296
$20,136,368
-
3.22%
VIPER ENERGY PARTNERS LP
VNOM
92763M105
1,115,696
$20,049,057
-
2.96%
SINGAPORE EXCHANGE
SGX SP
6303866
2,091,328
$18,449,710
-
2.94%
WEST FRASER TIMBER CO LTD
WFG
952845105
257,092
$18,279,241
-
2.55%
WEYERHAEUSER CO MTN BE
WY
962166104
458,968
$15,852,755
-
2.55%
OSISKO GOLD ROYALTIES LTD
OR
68827L101
1,165,136
$15,845,850
-
2.50%
EURONEXT
ENX FP
BNBNSG0
143,840
$15,540,404
-
2.32%
VERISK ANALYTICS INC
VRSK
92345Y106
76,632
$14,444,366
-
2.26%
TMX GROUP LTD
X CN
B8KH5G7
130,208
$14,059,046
-
2.21%
CACI INTL INC
CACI
127190304
53,560
$13,734,926
-
1.91%
COHEN & STEERS INC
CNS
19247A100
140,904
$11,875,389
-
1.89%
NUTRIEN LTD
NTR
67077M108
198,584
$11,746,244
-
1.77%
SANDSTORM GOLD LTD
SAND
80013R206
1,399,152
$10,997,335
-
1.71%
CME GROUP INC
CME
12572Q105
51,088
$10,665,642
-
1.65%
ST JOE CO
JOE
790148100
230,720
$10,262,426
-
1.43%
DETERRA ROYALTIES
DRR AU
BJP5T05
2,657,471
$8,899,664
-
1.40%
WILMAR INTERL LTD
WIL SP
B17KC69
2,660,924
$8,697,245
-
1.38%
Cash & Other
Cash&Other
Cash&Other
8,562,002
$8,562,002
-
1.38%
MESABI TR
MSB
590672101
249,259
$8,569,524
-
1.26%
ROYALTY PHARMA PLC
RPRX
G7709Q104
208,472
$7,855,225
-
1.15%
FREEHOLD ROYALTIES LTD COM
FRU CN
B3SJKB0
1,034,956
$7,186,451
-
1.03%
JAPAN EXCHANGE GP
8697 JP
6743882
276,928
$6,399,250
-
0.98%
ALTIUS MINERALS CORPORATION
ALS CN
2122355
450,742
$6,116,253
-
0.75%
DORCHESTER MINERALS LP
DMLP
25820R105
287,127
$4,651,457
-
0.35%
TOPAZ ENERGY CORP
TPZ CN
BMV3Y21
168,850
$2,167,619
-
0.35%
LABRADOR IRON ORE ROYALTY CO
LIF CN
B8L02P3
56,650
$2,206,523
Data as of: 08/03/2021
-
Net Asset Value
$30.22
-
NAV Change
$0.09
-
Median 30 Day Spread
0.13%
-
Market Price
$30.23
-
Market Price Change
$0.07
-
Premium/Discount
$0.01 | 0.04%
Historical Data
Premium/Discount Range (%)
Date
-
Greatest Premium
0.33% 07/09/2021
-
Greatest Discount
-0.23% 07/16/2021
-
Number of Days At
-
Premium:
18
-
NAV:
0
-
Discount:
5
-
Days Within Percent of NAV
-
Percent of Days +/- 0.5% of NAV:
100%
-
Number of Days +/- 0.5% of NAV:
23
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: 06/30/2021
-
INFL
NAV
-
1 Month
0.84%
-
YTD
20.61%
-
1 Year
--
-
3 Year
--
-
5 Year
--
-
Since Inception
20.61%
-
INFL
Market Value
-
1 Month
1.24%
-
YTD
20.78%
-
1 Year
--
-
3 Year
--
-
5 Year
--
-
Since Inception
20.78%
Data as of: 06/30/2021
-
INFL
1 Month
YTD
1 Year
3 Year
5 Year
Since Inception
-
Market Value
0.84%
20.61%
--
--
--
20.61%
-
NAV
1.24%
20.78%
--
--
--
20.78%
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
Latest Distribution History
-
Ex-Dividend
DateRecord Date
Payable Date
Income
Short Term
Capital GainLong Term
Capital GainReturn of
CapitalTotal
-
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
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
-
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 -
INFL Factsheet
View PDF -
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 -
INFL Overview Presentation
View PDF -
Value Investor Insight - Trading Up
View PDF -
James Davolos and Andrew Parker interviewed for NYSE “What’s the Fund?”
Watch -
INFL Q&A
View PDF -
INFL Prospectus
View PDF -
INFL Summary Prospectus
View PDF -
INFL Statement of Additional Information
View PDF
-
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 -
INFL Factsheet
View PDF -
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 -
INFL Overview Presentation
View PDF -
Value Investor Insight - Trading Up
View PDF -
James Davolos and Andrew Parker interviewed for NYSE “What’s the Fund?”
Watch -
INFL Q&A
View PDF -
INFL Prospectus
View PDF -
INFL Summary Prospectus
View PDF -
INFL Statement of Additional Information
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.