James Davolos on Swan Signal “Bitcoin, Inflation, and Hard Assets” (Aired on Feb 22, 2023)
02/27/2023 Watch Time: 1 hour 11 minutes


To access the Top 10 Holdings for INFL, please click here: INFL Top 10 Holdings

To access the Prospectus for INFL, please click here: INFL Prospectus

To access INFL Performance, please click here: INFL Performance

To access INFL Gross Expense Ratio, please click here: INFL Expense Ratio

Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a statutory prospectus and summary prospectus by contacting 646-495-7333. Read it carefully before investing.

Any performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For performance current to most recent month end please call 646-495-7333.

The Horizon Kinetics Inflation Beneficiaries ETF (Symbol: INFL) is an exchange traded fund managed by Horizon Kinetics Asset Management LLC (“HKAM”).

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. The Fund’s investments in securities linked to real assets involve significant risks, including financial, operating, and competitive risks. Investments in securities linked to real assets expose the Fund to potentially adverse macroeconomic conditions, such as a rise in interest rates or a downturn in the economy in which the asset is located.

The Fund is non‐diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.

Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.

Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice. None of the Horizon Kinetics ETFs, including INFL, is designed to be dependent upon the success of any individual cryptocurrency or protocol.
Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.
Foreside and Horizon Kinetics are not affiliated with Investors Podcast Network, Swan Bitcoin, or Swan Signal.

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.


Cryptocurrency is a digital or virtual currency secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

Bitcoin is a cryptocurrency, a virtual currency designed to act as money and a form of payment outside the control of any one person, group, or entity, thus removing the need for third-party involvement in financial transactions. It is rewarded to blockchain miners for the work done to verify transactions and can be purchased on several exchanges. Bitcoin was introduced to the public in 2009 by an anonymous developer or group of developers using the name Satoshi Nakamoto.

Blockchain is a distributed database or ledger that is shared among the nodes of a computer network.
Scarcity is an economics concept rooted in one of the most basic facts of life: we live in a world of limited resources that requires choices about how they are allocated.

Risk Free Rate is the theoretical rate of return of an investment with zero risk. The risk-free rate represents the interest an investor would expect from an absolutely risk-free investment over a specified period of time.

SG&A is the selling, general, and administrative expense category in a company’s income statement which includes all general and administrative expenses (G&A) as well as the direct and indirect selling expenses of the business.
Competitive Moat refers to a business’s ability to maintain competitive advantages over its competitors in order to protect its long-term profits and market share.

Hard Assets refer to a tangible assets or resources with fundamental value.

GDP (Gross domestic product) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.

CDO is a financial product that invests in non-cash assets such as swaps, options, and insurance contracts to obtain exposure to a portfolio of fixed-income assets.

UBI (Universal basic income) is a government program in which every adult citizen receives a set amount of money regularly.

QE (Quantitative Easing) is a form of monetary policy in which a central bank, like the U.S. Federal Reserve, purchases securities from the open market to reduce interest rates and increase the money supply.

Web3 is the third generation of the World Wide Web. Currently a work in progress, it is a vision of a decentralized and open Web with greater utility for its users.

AI (Artificial intelligence) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions.

Creative Destruction is the dismantling of long-standing practices in order to make way for innovation and is seen as a driving force of capitalism.

Fiat System is a government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it.

Web5 is an application which utilizes decentralized identifiers, verifiable credentials, decentralized web nodes (DWNs), and decentralized web applications (DWAs) to offer only two use cases – data sovereignty and full control over this data.

Nostr is an open protocol that aims to create a censorship-resistant global data-sharing network, primarily focusing on improving social networks.

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.

The Dow Jones Industrial Average: is a price-weighted measure of 30 U.S. blue-chip companies. The index covers all industries except transportation and utilities.

The Russell 2000® Index: measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 7% of the total market capitalization of that index, as of the most recent reconstitution. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

The NASDAQ Composite Index: measures all NASDAQ domestic and international based common type stocks listed on The NASDAQ Stock Market. Today the NASDAQ Composite includes over 2,500 companies.

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.

Treasury Inflation-Protected Securities (TIPS): TIPS are designed to provide protection against inflation. The principal of a TIPS increases with inflation and decreases with deflation, as measured by the Consumer Price Index. When a TIPS matures, you are paid the adjusted principal or original principal, whichever is greater.

Cash Flow: Cash Flow (CF) is the increase or decrease in the amount of money a business, institution, or individual has.

M2: M2 is a measure of the U.S. money stock that includes M1 (currency and coins held by the non-bank public, checkable deposits, and travelers’ checks) plus savings deposits (including money market deposit accounts), small time deposits under $100,000, and shares in retail money market mutual funds.

P/E Ratio: Price Earnings Ratio is the relationship between a company’s stock price and earnings per share.

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.