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
3.7 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 +
| EXXON MOBIL CORP | 7.9 % |
| WILLIAMS COS INC | 5.1 % |
| TEXAS PACIFIC LAND CORPORATION | 5.1 % |
| CASH & OTHER | 4.3 % |
| DIAMONDBACK ENERGY INC | 4.2 % |
| CHENIERE ENERGY INC | 3.8 % |
| PRAIRIESKY ROYALTY LTD | 3.8 % |
| CES ENERGY SOLUTIONS CORP | 3.7 % |
| SUNCOR ENERGY INC | 3.6 % |
| EQT CORP | 3.6 % |
Constituent Breakdown
| Number of holdings | 37 |
| Herfindahl-Hirschman Index | 337 |
| Wgt avg mkt cap (mns) | $61,032 |
| Large cap (>$10bn) | 51.8% |
| Mid cap ($2-10bn) | 26.4% |
| Small cap (<$2bn) | 19.7% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 74.4 % |
 |
CANADA | 17.7 % |
 |
BRITAIN | 2.5 % |
Historical Performance
Standardized Performance (as of 09/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 6.2% | 3.2% | -- | -- | -- | -- | 8.7% | Volatility | 14.7% | 15.9% | -- | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.33 | 17% |
| MSCI EAFE | 0.37 | 26% |
| MSCI Emg Mkts | 0.42 | 31% |
Liquidity Measures
| Avg. volume (000) | 1 |
| Turnover | 0.8% |
| Avg. Bid/Ask (% of price) | 0.50% |
| ADV of underlying (mns) | $8,106 |
Technical Indicators
| Recent close | $29.40 |
| 30d moving avg. | $28.51 |
| Annualized volatility | 10.8% |
| Relative strength (RSI) | 54 |
| Short interest (ETF) | 0.5% |
| 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. NVIR |
Expenses vs. NVIR |
ALTAR Score™ vs. NVIR |
|---|---|---|---|---|
| FTXN | First Trust Nasdaq Oil & Gas ETF | 31.3% | -25 bp | +7.0% |
| IYE | iShares U.S. Energy ETF | 30.1% | -45 bp | +5.2% |
| RSPG | Invesco S&P 500 Equal Weight Energy ETF | 28.8% | -45 bp | +6.8% |
| VDE | Vanguard Energy ETF | 28.2% | -75 bp | +5.2% |
| XLE | Energy Select Sector SPDR Fund | 27.9% | -76 bp | +5.8% |
| FENY | Fidelity MSCI Energy Index ETF | 27.5% | -77 bp | +5.3% |
| DRLL | Strive U.S. Energy ETF | 26.2% | -44 bp | +6.4% |
| IGE | iShares North American Natural Resources ETF | 24.8% | -44 bp | +4.8% |
| FXN | First Trust Energy AlphaDEX Fund | 24.2% | -23 bp | +4.5% |
| IXC | iShares Global Energy ETF | 23.3% | -41 bp | +7.4% |
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
| 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 | --% |
Based on closing prices from 10/23/2024
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
NVIR
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
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
ALTAR Score™
NVIR
1.9%
Cat. Avg
4.1%
ALTAR Score™ Calculation
Category Overview
There are 361 funds in the Global Equity category, with an average ALTAR Score™
of 4.1% and a standard deviation of
4.7%. NVIR's ALTAR Score™ is approximately
0.5 standard deviations
below
the category average. This places NVIR in the 32nd 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 | 118 |
| Avg. Expense Ratio | 73.5 bp |
| Std. Deviation | 29.8 bp |
| NVIR (85 bp) Percentile rank | 67 |
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 | 49.7 | 134.7 |
| Peer Avg. | 75.0 | 38.7 | 113.8 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .