MEDX
Horizon Kinetics Medical ETF
MEDX actively invests in global companies within the broad health care sector. Stock selection and weighting emphasizes those invested in cancer research and pharmaceutical developments.
Global
EQUITY
Active
MANAGEMENT STYLE
85 bp
EXPENSES
$18.4 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Horizon Kinetics |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Jan 30, 2023 |
| Assets (mns) | $18 |
| Expense ratio | 85 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| ELI LILLY & CO | 16.0 % |
| ABBVIE INC | 7.4 % |
| AMGEN INC | 6.2 % |
| NOVARTIS AG-ADR | 5.7 % |
| ASTRAZENECA PLC-SPONS ADR | 5.5 % |
| MERCK & CO. INC. | 4.7 % |
| JOHNSON & JOHNSON | 4.4 % |
| PFIZER INC | 4.3 % |
| REGENERON PHARMACEUTICALS | 4.3 % |
| BRISTOL-MYERS SQUIBB CO | 4.2 % |
Constituent Breakdown
| Number of holdings | 30 |
| Herfindahl-Hirschman Index | 658 |
| Wgt avg mkt cap (mns) | $239,815 |
| Large cap (>$10bn) | 74.6% |
| Mid cap ($2-10bn) | 10.6% |
| Small cap (<$2bn) | 8.5% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 71.5 % |
 |
SWITZERLAND | 8.9 % |
 |
BRITAIN | 7.9 % |
 |
IRELAND | 3.2 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 7.4% | -- | -- | -- | -- | -- | 3.1% | Volatility | 13.6% | 13.9% | -- | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.91 | 77% |
| MSCI EAFE | 0.59 | 38% |
| MSCI Emg Mkts | 0.49 | 24% |
Liquidity Measures
| Avg. volume (000) | 0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.35% |
| ADV of underlying (mns) | $23,117 |
Technical Indicators
| Recent close | $30.93 |
| 30d moving avg. | $30.20 |
| Annualized volatility | 15.1% |
| Relative strength (RSI) | 59 |
| Short interest (ETF) | 0.0% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. MEDX |
Expenses vs. MEDX |
ALTAR Score™ vs. MEDX |
|---|---|---|---|---|
| PPH | VanEck Pharmaceutical ETF | 48.3% | -49 bp | +8.8% |
| FTXH | First Trust Nasdaq Pharmaceuticals ETF | 42.5% | -25 bp | +8.5% |
| PJP | Invesco Pharmaceuticals ETF | 39.6% | -28 bp | +8.0% |
| IYH | iShares U.S. Healthcare ETF | 39.1% | -45 bp | +6.3% |
| XLV | Health Care Select Sector SPDR Fund | 38.5% | -76 bp | +7.2% |
| VHT | Vanguard Health Care ETF | 35.9% | -75 bp | +5.7% |
| FHLC | Fidelity MSCI Health Care Index ETF | 35.7% | -77 bp | +5.9% |
| IHE | iShares U.S. Pharmaceuticals ETF | 33.4% | -45 bp | +8.6% |
| IXJ | iShares Global Healthcare ETF | 29.7% | -43 bp | +6.2% |
| GDOC | Goldman Sachs Future Health Care Equity ETF | 24.2% | -10 bp | +3.8% |
Risk and Returns: MEDX 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.
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
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
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
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 | --% |
Based on closing prices from 7/25/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
MEDX
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
Some content on this tab for Individual & Professional subscribers only. Start your FREE trial
ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
MEDX
-0.4%
Cat. Avg
4.0%
Fund Category: Global
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | -0.4% |
Recommendation
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.
Category Overview
There are 352 funds in the Global category, with an average ALTAR Score™
of 4.0% and a standard deviation of
4.8%. MEDX's ALTAR Score™ is approximately
0.9 standard deviations
below
the category average. This places MEDX in the 18th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
MEDX
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Active Global Equity ETFs |
| # of ETFs | 118 |
| Avg. Expense Ratio | 73.5 bp |
| Std. Deviation | 29.8 bp |
| MEDX (85 bp) Percentile rank | 65 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| MEDX | 85.0 | 34.9 | 119.9 |
| Peer Avg. | 56.7 | 40.3 | 97.0 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .