The Horizon Kinetics Inflation Beneficiaries UCITS ETF is an actively managed UCITS 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: 04/16/2024

Ticker

INFBN NA

CUSIP

BN6QZP2

ISIN

IE000Z7ELYY2

Fund Type

Active Equity ETF

Exchange

EAM/XDUB

Inception Date

3/16/2023

Expense Ratio

0.85%

Typical Number of Holdings

20 to 60

Net Assets

$20,682,851

Shares Outstanding

750,000

Data as of: 04/16/2024
Daily Holdings
  • % Net Assets

    6.41%

  • Name

    VIPER ENERGY INC

  • Ticker

    VNOM US

  • CUSIP

    BR1YSF0

  • Shares Held

    33,424

  • Market Value

    $1,335,289

  • % Net Assets

    6.35%

  • Name

    PRAIRIESKY ROYALTY LTD

  • Ticker

    PSK CT

  • CUSIP

    BN320L4

  • Shares Held

    66,420

  • Market Value

    $1,321,654

  • % Net Assets

    5.93%

  • Name

    WHEATON PRECIOUS METALS CORP

  • Ticker

    WPM US

  • CUSIP

    BDG1S92

  • Shares Held

    24,100

  • Market Value

    $1,234,402

  • % Net Assets

    5.90%

  • Name

    TEXAS PACIFIC LAND CORP

  • Ticker

    TPL US

  • CUSIP

    BM99VY2

  • Shares Held

    2,104

  • Market Value

    $1,228,547

  • % Net Assets

    4.49%

  • Name

    INTERCONTINENTAL EXCHANGE IN

  • Ticker

    ICE US

  • CUSIP

    BFSSDS9

  • Shares Held

    7,170

  • Market Value

    $935,972

  • % Net Assets

    4.47%

  • Name

    Cash & Other

  • Ticker

    Cash&Other

  • CUSIP

    Cash&Other

  • Shares Held

    931,796

  • Market Value

    $931,796

  • % Net Assets

    3.80%

  • Name

    FRANCO-NEVADA CORP

  • Ticker

    FNV US

  • CUSIP

    B29VF02

  • Shares Held

    6,800

  • Market Value

    $791,588

  • % Net Assets

    3.80%

  • Name

    GLENCORE PLC

  • Ticker

    GLEN LN

  • CUSIP

    B4T3BW6

  • Shares Held

    131,833

  • Market Value

    $790,447

  • % Net Assets

    3.61%

  • Name

    MARSH & MCLENNAN COS

  • Ticker

    MMC US

  • CUSIP

    2567741

  • Shares Held

    3,810

  • Market Value

    $751,789

  • % Net Assets

    3.45%

  • Name

    ARCHER-DANIELS-MIDLAND CO

  • Ticker

    ADM US

  • CUSIP

    2047317

  • Shares Held

    11,885

  • Market Value

    $719,280

  • % Net Assets

    3.22%

  • Name

    BUNGE GLOBAL SA

  • Ticker

    BG US

  • CUSIP

    BQ6BPG9

  • Shares Held

    6,450

  • Market Value

    $670,349

  • % Net Assets

    3.11%

  • Name

    DEUTSCHE BOERSE AG

  • Ticker

    DB1 GR

  • CUSIP

    7021963

  • Shares Held

    3,200

  • Market Value

    $647,900

  • % Net Assets

    2.96%

  • Name

    CACI INTERNATIONAL INC -CL A

  • Ticker

    CACI US

  • CUSIP

    2159267

  • Shares Held

    1,691

  • Market Value

    $616,944

  • % Net Assets

    2.89%

  • Name

    CAMECO CORP

  • Ticker

    CCJ US

  • CUSIP

    2158684

  • Shares Held

    12,450

  • Market Value

    $601,584

  • % Net Assets

    2.85%

  • Name

    CHARLES RIVER LABORATORIES

  • Ticker

    CRL US

  • CUSIP

    2604336

  • Shares Held

    2,520

  • Market Value

    $594,544

  • % Net Assets

    2.69%

  • Name

    CHENIERE ENERGY INC

  • Ticker

    LNG US

  • CUSIP

    2654364

  • Shares Held

    3,630

  • Market Value

    $560,581

  • % Net Assets

    2.60%

  • Name

    OSISKO GOLD ROYALTIES LTD

  • Ticker

    OR US

  • CUSIP

    BNGZ548

  • Shares Held

    33,848

  • Market Value

    $541,568

  • % Net Assets

    2.43%

  • Name

    ASX LTD

  • Ticker

    ASX AU

  • CUSIP

    6129222

  • Shares Held

    12,320

  • Market Value

    $506,469

  • % Net Assets

    2.38%

  • Name

    SITIO ROYALTIES CORP-A

  • Ticker

    STR US

  • CUSIP

    BMF9G85

  • Shares Held

    20,447

  • Market Value

    $495,226

  • % Net Assets

    2.35%

  • Name

    TMX GROUP LTD

  • Ticker

    X CT

  • CUSIP

    B8KH5G7

  • Shares Held

    18,750

  • Market Value

    $489,799

  • % Net Assets

    2.23%

  • Name

    WEST FRASER TIMBER CO LTD

  • Ticker

    WFG US

  • CUSIP

    B3BK690

  • Shares Held

    5,922

  • Market Value

    $464,995

  • % Net Assets

    2.18%

  • Name

    JAPAN EXCHANGE GROUP INC

  • Ticker

    8697 JP

  • CUSIP

    6743882

  • Shares Held

    16,950

  • Market Value

    $453,575

  • % Net Assets

    2.06%

  • Name

    SINGAPORE EXCHANGE LTD

  • Ticker

    SGX SP

  • CUSIP

    6303866

  • Shares Held

    64,760

  • Market Value

    $430,086

  • % Net Assets

    1.79%

  • Name

    DETERRA ROYALTIES LTD

  • Ticker

    DRR AU

  • CUSIP

    BJP5T05

  • Shares Held

    119,400

  • Market Value

    $372,367

  • % Net Assets

    1.73%

  • Name

    NUTRIEN LTD

  • Ticker

    NTR US

  • CUSIP

    BDH3SB9

  • Shares Held

    6,870

  • Market Value

    $359,713

  • % Net Assets

    1.60%

  • Name

    ST JOE CO/THE

  • Ticker

    JOE US

  • CUSIP

    2768663

  • Shares Held

    5,910

  • Market Value

    $332,910

  • % Net Assets

    1.57%

  • Name

    CME GROUP INC

  • Ticker

    CME US

  • CUSIP

    2965839

  • Shares Held

    1,590

  • Market Value

    $327,906

  • % Net Assets

    1.20%

  • Name

    PERMIAN BASIN ROYALTY TRUST

  • Ticker

    PBT US

  • CUSIP

    2681964

  • Shares Held

    20,857

  • Market Value

    $249,658

  • % Net Assets

    1.20%

  • Name

    WILMAR INTERNATIONAL LTD

  • Ticker

    WIL SP

  • CUSIP

    B17KC69

  • Shares Held

    97,732

  • Market Value

    $250,301

  • % Net Assets

    1.03%

  • Name

    SANDSTORM GOLD LTD

  • Ticker

    SAND US

  • CUSIP

    B84QSS3

  • Shares Held

    40,920

  • Market Value

    $214,830

  • % Net Assets

    0.83%

  • Name

    ROYALTY PHARMA PLC- CL A

  • Ticker

    RPRX US

  • CUSIP

    BMVP7Y0

  • Shares Held

    6,120

  • Market Value

    $172,890

  • % Net Assets

    0.79%

  • Name

    MESABI TRUST

  • Ticker

    MSB US

  • CUSIP

    2582506

  • Shares Held

    9,690

  • Market Value

    $165,215

  • % Net Assets

    0.75%

  • Name

    TOPAZ ENERGY CORP

  • Ticker

    TPZ CN

  • CUSIP

    BMV3Y21

  • Shares Held

    9,570

  • Market Value

    $156,550

  • % Net Assets

    0.73%

  • Name

    SPROTT INC

  • Ticker

    SII US

  • CUSIP

    BMCB532

  • Shares Held

    3,780

  • Market Value

    $151,313

  • % Net Assets

    0.69%

  • Name

    ALTIUS MINERALS CORPORATION

  • Ticker

    ALS CT

  • CUSIP

    2122355

  • Shares Held

    9,360

  • Market Value

    $142,793

  • % Net Assets

    0.69%

  • Name

    DORCHESTER MINERALS LP

  • Ticker

    DMLP US

  • CUSIP

    2336576

  • Shares Held

    4,290

  • Market Value

    $143,801

  • % Net Assets

    0.66%

  • Name

    CLARKSON PLC

  • Ticker

    CKN LN

  • CUSIP

    0201836

  • Shares Held

    2,700

  • Market Value

    $136,965

  • % Net Assets

    0.66%

  • Name

    LABRADOR IRON ORE ROYALTY CO

  • Ticker

    LIF CT

  • CUSIP

    B8L02P3

  • Shares Held

    6,300

  • Market Value

    $136,740

  • % Net Assets

    0.58%

  • Name

    SABINE ROYALTY TRUST

  • Ticker

    SBR US

  • CUSIP

    2764809

  • Shares Held

    1,893

  • Market Value

    $120,603

  • % Net Assets

    0.56%

  • Name

    BROOKFIELD ASSET MGMT-A

  • Ticker

    BAM US

  • CUSIP

    BP95GD5

  • Shares Held

    3,000

  • Market Value

    $115,620

  • % Net Assets

    0.54%

  • Name

    SAN JUAN BASIN ROYALTY TR

  • Ticker

    SJT US

  • CUSIP

    2775113

  • Shares Held

    22,697

  • Market Value

    $112,804

  • % Net Assets

    0.13%

  • Name

    METALLA ROYALTY & STREAMING

  • Ticker

    MTA US

  • CUSIP

    BL0N0S3

  • Shares Held

    8,689

  • Market Value

    $27,718

  • % Net Assets

    0.05%

  • Name

    LITHIUM ROYALTY CORP

  • Ticker

    LIRC CN

  • CUSIP

    BMF9CX2

  • Shares Held

    2,275

  • Market Value

    $11,387

  • % Net Assets

    0.05%

  • Name

    TRIDENT ROYALTIES PLC

  • Ticker

    TRR LN

  • CUSIP

    BF7J253

  • Shares Held

    25,241

  • Market Value

    $10,997

Data as of: 04/16/2024
Daily Holdings
  • % Net Assets

    Name

    Ticker

    CUSIP

    Shares Held

    Market Value

  • 6.41%

    VIPER ENERGY INC

    VNOM US

    BR1YSF0

    33,424

    $1,335,289

  • 6.35%

    PRAIRIESKY ROYALTY LTD

    PSK CT

    BN320L4

    66,420

    $1,321,654

  • 5.93%

    WHEATON PRECIOUS METALS CORP

    WPM US

    BDG1S92

    24,100

    $1,234,402

  • 5.90%

    TEXAS PACIFIC LAND CORP

    TPL US

    BM99VY2

    2,104

    $1,228,547

  • 4.49%

    INTERCONTINENTAL EXCHANGE IN

    ICE US

    BFSSDS9

    7,170

    $935,972

  • 4.47%

    Cash & Other

    Cash&Other

    Cash&Other

    931,796

    $931,796

  • 3.80%

    FRANCO-NEVADA CORP

    FNV US

    B29VF02

    6,800

    $791,588

  • 3.80%

    GLENCORE PLC

    GLEN LN

    B4T3BW6

    131,833

    $790,447

  • 3.61%

    MARSH & MCLENNAN COS

    MMC US

    2567741

    3,810

    $751,789

  • 3.45%

    ARCHER-DANIELS-MIDLAND CO

    ADM US

    2047317

    11,885

    $719,280

  • 3.22%

    BUNGE GLOBAL SA

    BG US

    BQ6BPG9

    6,450

    $670,349

  • 3.11%

    DEUTSCHE BOERSE AG

    DB1 GR

    7021963

    3,200

    $647,900

  • 2.96%

    CACI INTERNATIONAL INC -CL A

    CACI US

    2159267

    1,691

    $616,944

  • 2.89%

    CAMECO CORP

    CCJ US

    2158684

    12,450

    $601,584

  • 2.85%

    CHARLES RIVER LABORATORIES

    CRL US

    2604336

    2,520

    $594,544

  • 2.69%

    CHENIERE ENERGY INC

    LNG US

    2654364

    3,630

    $560,581

  • 2.60%

    OSISKO GOLD ROYALTIES LTD

    OR US

    BNGZ548

    33,848

    $541,568

  • 2.43%

    ASX LTD

    ASX AU

    6129222

    12,320

    $506,469

  • 2.38%

    SITIO ROYALTIES CORP-A

    STR US

    BMF9G85

    20,447

    $495,226

  • 2.35%

    TMX GROUP LTD

    X CT

    B8KH5G7

    18,750

    $489,799

  • 2.23%

    WEST FRASER TIMBER CO LTD

    WFG US

    B3BK690

    5,922

    $464,995

  • 2.18%

    JAPAN EXCHANGE GROUP INC

    8697 JP

    6743882

    16,950

    $453,575

  • 2.06%

    SINGAPORE EXCHANGE LTD

    SGX SP

    6303866

    64,760

    $430,086

  • 1.79%

    DETERRA ROYALTIES LTD

    DRR AU

    BJP5T05

    119,400

    $372,367

  • 1.73%

    NUTRIEN LTD

    NTR US

    BDH3SB9

    6,870

    $359,713

  • 1.60%

    ST JOE CO/THE

    JOE US

    2768663

    5,910

    $332,910

  • 1.57%

    CME GROUP INC

    CME US

    2965839

    1,590

    $327,906

  • 1.20%

    PERMIAN BASIN ROYALTY TRUST

    PBT US

    2681964

    20,857

    $249,658

  • 1.20%

    WILMAR INTERNATIONAL LTD

    WIL SP

    B17KC69

    97,732

    $250,301

  • 1.03%

    SANDSTORM GOLD LTD

    SAND US

    B84QSS3

    40,920

    $214,830

  • 0.83%

    ROYALTY PHARMA PLC- CL A

    RPRX US

    BMVP7Y0

    6,120

    $172,890

  • 0.79%

    MESABI TRUST

    MSB US

    2582506

    9,690

    $165,215

  • 0.75%

    TOPAZ ENERGY CORP

    TPZ CN

    BMV3Y21

    9,570

    $156,550

  • 0.73%

    SPROTT INC

    SII US

    BMCB532

    3,780

    $151,313

  • 0.69%

    ALTIUS MINERALS CORPORATION

    ALS CT

    2122355

    9,360

    $142,793

  • 0.69%

    DORCHESTER MINERALS LP

    DMLP US

    2336576

    4,290

    $143,801

  • 0.66%

    CLARKSON PLC

    CKN LN

    0201836

    2,700

    $136,965

  • 0.66%

    LABRADOR IRON ORE ROYALTY CO

    LIF CT

    B8L02P3

    6,300

    $136,740

  • 0.58%

    SABINE ROYALTY TRUST

    SBR US

    2764809

    1,893

    $120,603

  • 0.56%

    BROOKFIELD ASSET MGMT-A

    BAM US

    BP95GD5

    3,000

    $115,620

  • 0.54%

    SAN JUAN BASIN ROYALTY TR

    SJT US

    2775113

    22,697

    $112,804

  • 0.13%

    METALLA ROYALTY & STREAMING

    MTA US

    BL0N0S3

    8,689

    $27,718

  • 0.05%

    LITHIUM ROYALTY CORP

    LIRC CN

    BMF9CX2

    2,275

    $11,387

  • 0.05%

    TRIDENT ROYALTIES PLC

    TRR LN

    BF7J253

    25,241

    $10,997

Data as of: 04/16/2024
  • Net Asset Value

    $27.58

  • NAV Change

    $0.19

  • Median 30 Day Spread

    .000000%

  • Market Price

    $27.51

  • Market Price Change

    $-0.43

  • Premium/Discount

    $-0.07 | -.243400%

Historical Data

Premium/Discount Range (%)

Date

  • Greatest Premium

    1.510200% 04/04/2024

  • Greatest Discount

    -.798200% 04/11/2024

  • Number of Days At

  • Premium:

    6

  • NAV:

    0

  • Discount:

    5

  • Days Within Percent of NAV

  • Percent of Days +/- 0.5% of NAV:

    55%

  • Number of Days +/- 0.5% of NAV:

    6

Historical NAV

Data as of: 03/31/2024
  • NAV

  • 1 Month

    6.25%

  • YTD

    3.68%

  • 1 Year

    6.81%

  • 3 Year

    --

  • 5 Year

    --

  • Since Inception Annualized

    11.83%

  • Market Value

  • 1 Month

    7.02%

  • YTD

    3.71%

  • 1 Year

    12.35%

  • 3 Year

    --

  • 5 Year

    --

  • Since Inception Annualized

    12.14%

Data as of: 03/31/2024
  • 1 Month

    YTD

    1 Year

    3 Year

    5 Year

    Since Inception Annualized

  • NAV

    6.25%

    3.68%

    6.81%

    --

    --

    11.83%

  • Market Value

    7.02%

    3.71%

    12.35%

    --

    --

    12.14%

Resources

  • Q1 2024 INFBN Distribution
    View PDF
  • INFBN Factsheet
    View PDF
  • INFBN NA Presentation
    View PDF
  • INFBN 2023 Mid-Year Letter
    View PDF
  • Unaudited Interim Financial Statements as of June 30, 2023
    View PDF
  • Horizon Kinetics ICAV Supplement
    View PDF
  • Horizon Kinetics ICAV Prospectus
    View PDF
  • Horizon Kinetics ICAV Privacy Notice
    View PDF
  • Key Information Document (English)
    View PDF
  • Key Information Document (Italian)
    View PDF
  • Key Information Document (Dutch)
    View PDF
  • Key Investor Information Document (UK)
    View PDF
  • Sustainable Finance Disclosures Regulation Details
    View PDF
  • Country of Registrations
    View PDF
  • Q1 2024 INFBN Distribution
    View PDF
  • INFBN Factsheet
    View PDF
  • INFBN NA Presentation
    View PDF
  • INFBN 2023 Mid-Year Letter
    View PDF
  • Unaudited Interim Financial Statements as of June 30, 2023
    View PDF
  • Horizon Kinetics ICAV Supplement
    View PDF
  • Horizon Kinetics ICAV Prospectus
    View PDF
  • Horizon Kinetics ICAV Privacy Notice
    View PDF
  • Key Information Document (English)
    View PDF
  • Key Information Document (Italian)
    View PDF
  • Key Information Document (Dutch)
    View PDF
  • Key Investor Information Document (UK)
    View PDF
  • Sustainable Finance Disclosures Regulation Details
    View PDF
  • Country of Registrations
    View PDF

Press

  • Interview with Markets Media (06/07/2023)
    Read
  • Horizon Kinetics Launches Inflation Beneficiaries UCITS ETF (INFBN)
    Read
  • Horizon Kinetics enters Europe race with active inflation ETF (ETF Stream 3/16/23)
    Read
  • Interview with Markets Media (06/07/2023)
    Read
  • Horizon Kinetics Launches Inflation Beneficiaries UCITS ETF (INFBN)
    Read
  • Horizon Kinetics enters Europe race with active inflation ETF (ETF Stream 3/16/23)
    Read
IMPORTANT RISK DISCLOSURES

Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, you may obtain the Fund’s Prospectus by clicking HERE, the Fund’s Prospectus Supplement by clicking HERE, or by contacting 646-495-7333. Read them carefully before investing.

The Horizon Kinetics Inflation Beneficiaries UCITS ETF (the “Fund”) is an actively managed UCITS ETF that seeks long-term growth of capital in excess of inflation. 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.

The Fund’s Ticker is INFLBN and is traded on the Euronext Amsterdam Stock Exchange (EAM) and Euronext Dublin Stock Exchange (XDUB).

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.

Sustainable Finance Disclosures Regulation Details: CLICK HERE