ETF Evaluator:
Horizon Kinetics Texas ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Equity Energy Over the Last Year
| 73.1% | Invesco Oil & Gas Services ETF (PXJ) |
| 73.1% | BP p.l.c. ADRhedged (BPH) |
| 69.1% | Stt Strt®SPDR®S&P®Oil &GasEqpmnt&SvcsETF (XES) |
| 66.9% | VanEck Oil Refiners ETF (CRAK) |
| 60.9% | VanEck Oil Services ETF (OIH) |
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ETF Details
Horizon Kinetics Texas ETF Overview
Horizon Kinetics Texas ETF (TEXX) is an actively managed Sector Equity Equity Energy exchange-traded fund (ETF). Horizon Kinetics launched the ETF in 2026.
The investment seeks long-term growth of capital.
The fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing primarily in the equity securities of Texas companies. Under normal circumstances, at least 80% of the fund’s net assets (plus any borrowings for investment purposes) will be invested in securities of Texas companies. The fund is non-diversified.
About Horizon Kinetics Texas ETF (TEXX)
There are 3 members of the management team with an average tenure of 0.52 years: Steven Tuen (2026), Peter Doyle (2026) and Steven Bregman (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
Horizon Kinetics Texas ETF has 34 securities in its portfolio. The top 10 holdings constitute 45.6% 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 Texas ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Horizon Kinetics Texas ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 92.9% There is 0.0% 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 Texas ETF has 7.1% of the portfolio in cash.
Assets Under Management
The fund has $2 million in total assets, which is below the $1 billion average for the Equity Energy 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.
TEXX 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 Texas ETF expense ratio is high compared to funds in the Equity Energy category. Horizon Kinetics Texas ETF has an expense ratio of 0.85%, which is 57% 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 Texas ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 28% for the Equity Energy category.
Recently, in the month of July 2026, Horizon Kinetics Texas ETF returned 2.9%, which earned it a grade of D, as the Equity Energy category had an average return of 5.2%. 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 Texas ETF has a trailing yield of 0.00%, which is below the 2.25% category average.
The fund normally distributes its income annually and its capital gains annually.
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.
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TEXX 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 |
|
| TEXX Return (NAV) | 2.9% | 2.0% | na | na | na | na |
| TEXX Return (Price) | 3.1% | 2.1% | na | na | na | na |
| NAV +/- Price Return | -0.152% | -0.187% | na | na | na | na |
| Equity Energy Avg | 5.2% | -3.4% | 41.0% | 12.5% | 18.2% | 6.1% |
| TEXX Grade (NAV) | D | A | na | na | na | na |
| +/- Category (NAV) | -2.2% | 5.4% | na | na | na | na |
| TEXX Tax-Cost Ratio | na | na | na | na | na | na |
TEXX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TEXX Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| TEXX Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Equity Energy Avg | 28.5% | 10.4% | 2.7% | 3.9% | 43.8% | 43.2% | -22.2% | 6.8% | -24.5% | -4.1% | 26.3% |
| TEXX Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 3 Mil |
| Share Class Assets: | $ 3 Mil |
| Turnover: | na |
| Expense Ratio: | 0.85% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.5 years | |||
| Average Tenure: 0.5 years | |||
| Managers (Year): Tuen Steven (2026), Doyle Peter (2026), Bregman Steven (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 34 |
| % in Top 10 Holdings: | 45.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 92.9% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 7.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Horizon Kinetics |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | January 21, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.85% (Rating: High) |
| Category Average Expense Ratio (%): | 0.54% |
