ETF Evaluator:
Horizon Kinetics Inflation Bnfcrs ETF ()
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(as of Aug 26)
Best Performing in Global Small/Mid Stock Over the Last Year
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ETF Details
Horizon Kinetics Inflation Bnfcrs ETF Overview
Horizon Kinetics Inflation Bnfcrs ETF (INFL) is an actively managed International Equity Global Small/Mid Stock exchange-traded fund (ETF). Horizon Kinetics launched the ETF in 2021.
The investment seeks long-term growth of capital in real (inflation-adjusted) terms.
The fund is an actively-managed ETF that seeks to achieve its investment objective by investing primarily in the equity securities of domestic and foreign companies that are expected to benefit, either directly or indirectly, from rising prices (inflation). The fund's investments in equity securities are generally expected to include common stock, ownership units of publicly traded MLPs, and units of royalty trusts. The fund is non-diversified.
About Horizon Kinetics Inflation Bnfcrs ETF (INFL)
There are 3 members of the management team with an average tenure of 5.55 years: James Davolos (2021), Peter Doyle (2021) and Steven Bregman (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and MSCI ACWI All Cap NR USD index with a weighting of 100%. Horizon Kinetics Inflation Bnfcrs ETF has 54 securities in its portfolio. The top 10 holdings constitute 47.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Horizon Kinetics Inflation Bnfcrs ETF is part of the Equity global asset class and is within the International Equity ETF group. Horizon Kinetics Inflation Bnfcrs ETF has 43.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 53.6% There is 43.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Horizon Kinetics Inflation Bnfcrs ETF has 2.2% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $286 million average for the Global Small/Mid Stock category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
INFL Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Horizon Kinetics Inflation Bnfcrs ETF expense ratio is high compared to funds in the Global Small/Mid Stock category. Horizon Kinetics Inflation Bnfcrs ETF has an expense ratio of 0.85%, which is 25% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Horizon Kinetics Inflation Bnfcrs ETF has a portfolio turnover rate of 14%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 94% for the Global Small/Mid Stock category.
Recently, in the month of July 2026, Horizon Kinetics Inflation Bnfcrs ETF returned 2.7%, which earned it a grade of B, as the Global Small/Mid Stock category had an average return of -3.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Horizon Kinetics Inflation Bnfcrs ETF has a trailing yield of 0.80%, which is below the 1.65% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Horizon Kinetics Inflation Bnfcrs ETF Grades
Year to date, the ETF has returned 15.9%, 3.4 percentage points better than the category, which translates into a grade of C. The fund has returned 24.8% over the past year (grade of C), 18.5% over the past three years (grade of B) and 12.8% per year over the past five years (grade of A).
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INFL Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| INFL Return (NAV) | 2.7% | -3.4% | 24.8% | 18.5% | 12.8% | na |
| INFL Return (Price) | 2.8% | -3.4% | 25.2% | 18.6% | 12.9% | na |
| NAV +/- Price Return | -0.103% | 0.027% | -0.341% | -0.069% | -0.028% | na |
| Global Small/Mid Stock Avg | -3.4% | -2.0% | 21.6% | 9.0% | -0.7% | 3.2% |
| INFL Grade (NAV) | B | D | C | B | A | na |
| +/- Category (NAV) | 6.2% | -1.4% | 3.3% | 9.5% | 13.6% | na |
| INFL Tax-Cost Ratio | na | na | 0.4% | 0.6% | 0.6% | na |
INFL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| INFL Return (NAV) | 15.9% | 18.0% | 23.3% | 1.9% | 2.6% | na | na | na | na | na | na |
| INFL Return (Price) | 15.9% | 18.3% | 23.3% | 1.6% | 2.6% | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.000% | 0.020% | -0.000% | -0.131% | 0.027% | na | na | na | na | na | na |
| Global Small/Mid Stock Avg | 12.5% | 21.5% | 3.5% | 3.0% | -21.6% | 0.3% | 44.8% | 26.2% | -16.9% | 19.7% | 3.3% |
| INFL Grade (NAV) | C | D | A | D | A | na | na | na | na | na | na |
| +/- Category | 3.4% | -3.5% | 19.9% | -1.1% | 24.1% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.51 |
| R-Squared: | 17% |
| Standard Deviation: | 15.5% |
| Category Risk Index: | 0.77 |
| Category Risk Rating: | Average |
| Total Risk Index: | 1.26 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 0.8% |
| Total Assets: | $ 1,505 Mil |
| Share Class Assets: | $ 1,505 Mil |
| Turnover: | 14.0% |
| Expense Ratio: | 0.85% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 5.6 years | |||
| Average Tenure: 5.6 years | |||
| Managers (Year): Davolos James (2021), Doyle Peter (2021), Bregman Steven (2021) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 54 |
| % in Top 10 Holdings: | 47.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 43.8% |
Portfolio Allocation |
|
| Domestic Stock: | 53.6% |
| Foreign Stock: | 43.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.4% |
| Cash: | 2.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Horizon Kinetics |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | January 11, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.85% (Rating: High) |
| Category Average Expense Ratio (%): | 0.68% |
