NVIR
Horizon Kinetics Energy and Remediation ETF
NVIR is actively managed to provide concentrated exposure to firms that are engaged in producing hydrocarbon-based energy or related remediation companies. Companies may be domiciled anywhere around the globe and of any capitalization.
Global
EQUITY
Active
MANAGEMENT STYLE
4.0 M
ASSETS UNDER MGMT
85 bp
EXPENSES
Fund Basics
| Fund sponsor | Horizon Kinetics |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 22, 2023 |
| Assets (mns) | $4 |
| Expense ratio | 85 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | |
| 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 +
| WILLIAMS COS INC | 5.9 % |
| TEXAS PACIFIC LAND CORPORATION | 5.2 % |
| EXXON MOBIL CORP | 5.1 % |
| EQT CORP | 5.0 % |
| WATERBRIDGE INFRASTRUCTURE LLC | 4.6 % |
| CHENIERE ENERGY INC | 4.6 % |
| CES ENERGY SOLUTIONS CORP | 4.0 % |
| CHESAPEAKE ENERGY CORP | 3.7 % |
| SUNCOR ENERGY INC | 3.5 % |
| PERMIAN BASIN ROYALTY TRUST | 3.5 % |
Constituent Breakdown
| Number of holdings | 36 |
| Herfindahl-Hirschman Index | 331 |
| Wgt avg mkt cap (mns) | $61,483 |
| Large cap (>$10bn) | 61.6% |
| Mid cap ($2-10bn) | 19.0% |
| Small cap (<$2bn) | 17.3% |
| Developed mkts. | 97.9% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 71.6 % |
 |
CANADA | 18.9 % |
 |
BRITAIN | 2.6 % |
Historical Performance
Standardized Performance (as of 09/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 7.6% | 11.0% | 9.3% | -- | -- | -- | -- | 11.1% |
| Dividend Yield | 0.0% | 1.7% | 1.6% | -- | -- | -- | -- | 1.2% |
| Total Returns | 7.6% | 12.7% | 10.8% | -- | -- | -- | -- | 12.3% | Ann. Volatility | 24.6% | 23.0% | 20.1% | -- | -- | -- | -- | 19.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.60 | 29% |
| MSCI EAFE | 0.33 | 11% |
| MSCI Emg Mkts | 0.11 | 1% |
Liquidity Measures
| Avg. volume (000) | 1 |
| ADV traded (mns) | $0 |
| Turnover | 0.8% |
| Avg. Bid/Ask (% of price) | 0.45% |
Technical Indicators
| Recent close | $31.60 |
| 30d moving avg. | $31.70 |
| Annualized volatility | 14.1% |
| Relative strength (RSI) | 50 |
| Short interest | 1.5% |
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
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| RSPG | Invesco S&P 500 Equal Weight Energy ETF | 34.5% | -45 bp | +11.9% |
| FTXN | First Trust Nasdaq Oil & Gas ETF | 28.8% | -25 bp | +12.9% |
| IYE | iShares U.S. Energy ETF | 27.9% | -45 bp | +9.3% |
| XLE | Energy Select Sector SPDR Fund | 26.6% | -77 bp | +9.5% |
| VDE | Vanguard Energy ETF | 26.1% | -76 bp | +9.4% |
| FENY | Fidelity MSCI Energy Index ETF | 25.9% | -77 bp | +9.5% |
| GXPE | Global X PureCap MSCI Energy ETF | 25.0% | -60 bp | +9.1% |
| DRLL | Strive U.S. Energy ETF | 24.2% | -44 bp | +10.7% |
| PXI | Invesco Dorsey Wright Energy Momentum ETF | 22.2% | -25 bp | +6.6% |
| IXC | iShares Global Energy ETF | 21.6% | -41 bp | +10.4% |
Risk and Returns: NVIR 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
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| 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 10/19/2025
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
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
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
NVIR
6.9%
Cat. Avg
4.2%
ALTAR Score™ Calculation
Category Overview
There are 369 funds in the Global Equity category, with an average ALTAR Score™
of 4.2% and a standard deviation of
3.2%. NVIR's ALTAR Score™ is approximately
0.9 standard deviations
above
the category average. This places NVIR in the 80th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
NVIRSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active Global Equity ETFs |
| # of ETFs | 128 |
| Avg. Expense Ratio | 70.9 bp |
| Std. Deviation | 30.5 bp |
| NVIR (85 bp) Percentile rank | 68 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| NVIR | 85.0 | 45.1 | 130.1 |
| Peer Avg. | 70.9 | 35.9 | 106.8 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .