IMPORTANT RISK DISCLOSURES

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.

DEFINITIONS

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.

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.

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.

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.

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

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.

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.

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.

Duration: a measure of the sensitivity of the price — the value of principal — of a fixed-income investment to a change in interest rates.

Basis point: is equivalent to 0.01% (1/100th of a percent) or 0.0001 in decimal form.

Coupon: The annual interest rate paid on a bond, expressed as a percentage of the face value.

Magnificent 7: is a group of high-performing and influential companies in the U.S. stock market: Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla.

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.