INFL

Horizon Kinetics Inflation Beneficiaries ETF

INFL is an actively-managed fund seeking long-term capital growth in inflation-adjusted terms from companies expected to benefit, directly or indirectly, from inflation.


US

EQUITY

Active

MANAGEMENT STYLE

1.1 B

ASSETS UNDER MGMT

85 bp

EXPENSES
Fund Basics
Fund sponsorHorizon Kinetics LLC
CategoryUS
Asset classEquity
Websitelink...
Inception dateJan 11, 2021
Assets (mns)$1,111
Expense ratio85 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsAnnually
Taxation1099
Stock selectionProprietary
WeightingProprietary
Holdings TransparencyFull
Derivatives-basedNo
Options availableYes
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings Complete list  + 
LANDBRIDGE CO LLC 8.9 %
TEXAS PACIFIC LAND CORPORATION 8.6 %
CASH & OTHER 7.4 %
VIPER ENERGY PARTNERS LP 6.7 %
SILVER WHEATON CORP 5.5 %
PRAIRIESKY ROYALTY LTD 5.3 %
INTERCONTINENTALEXCHANGE INC 4.3 %
FRANCO-NEVADA CORP 3.2 %
CHENIERE ENERGY INC 3.1 %
CACI INTERNATIONAL INC -CL A 2.9 %
Constituent Breakdown
Number of holdings41
Herfindahl-Hirschman Index 437
Wgt avg mkt cap (mns)$17,965
Large cap (>$10bn)52.6%
Mid cap ($2-10bn)37.6%
Small cap (<$2bn)9.8%
Developed mkts.100.0%
Emerging mkts.0.0%
Country Exposure
UNITED STATES 41.6 %
CANADA 28.4 %
AUSTRALIA 3.0 %
SINGAPORE 2.9 %
GERMANY 2.8 %
SWITZERLAND 1.9 %
JAPAN 1.6 %
BRITAIN 0.9 %
Historical Performance


Standardized Performance (as of 11/30/2024)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns 37.4% 40.2% 15.8% 14.8% -- -- 17.8%
Volatility 13.7% 13.7% 15.1% 17.7% -- -- --
Market Correlations
versus...BetaR-squared
S&P 5000.7959%
MSCI EAFE0.7654%
MSCI Emg Mkts0.5729%
Liquidity Measures
Avg. volume (000)172
Turnover0.7%
Avg. Bid/Ask (% of price)0.13%
ADV of underlying (mns)$2,407
Technical Indicators
Recent close$42.07
30d moving avg.$39.04
Annualized volatility18.1%
Relative strength (RSI)64
Short interest (ETF)1.6%
Short interest (underlying)1.4%
Distributions
Assets Under Management (mns)

Money Flows (mns)

Short Interest (as % of shares outstanding)

Long Money Flows (mns)

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Comparable ETFs Based on Overlap
Risk and Returns: INFL vs. Comps (1 YR)

Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.

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Results & Estimates
  2019 2020 2021 2022 2023 2024E 2025E  
Sales per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Earnings per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Dividends per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Book value per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates

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Valuation Metrics
  2023 2024E Fwd Est 2025E
Price-to-sales --x --x --x --x
Price-to-earnings --x --x --x --x
Price-to-cash flow --x --x --x --x
Price-to-growth --x --x --x --x
Price-to-book value --x --x --x --x
Yield --% --% --x --%
2.1 21.3 2.8 2.3% --
Based on closing prices from 12/2/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
INFL



Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.

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ETF Research Center Rating

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.

ALTAR Score™

INFL

2.4%

Cat. Avg

5.3%


ALTAR Score™ Calculation

Category Overview
There are 977 funds in the US Equity category, with an average ALTAR Score™ of 5.3% and a standard deviation of 2.4%. INFL's ALTAR Score™ is approximately 1.2 standard deviations below the category average. This places INFL in the 12nd percentile among funds in the category.
Sell Side Consensus Rating

Sell-side recommendations on the ETF's individual constituents

INFL
Peer Average
SELL
U/W
HOLD
O/W
BUY
Factor Scorecard

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Expense Analysis

Peer Group Active
US Equity ETFs
# of ETFs 308
Avg. Expense Ratio 67.1 bp
Std. Deviation 37 bp
INFL (85 bp) Percentile rank 71
Peer Group Expense Ratio Distribution


Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
INFL 85.0 13.1 98.1
Peer Avg. 66.9 49.4 116.3
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .