Horizon Kinetics Inflation Beneficiaries ETF
$51.99−1.02 (−1.93%)
- Expense ratio
- 0.85%
- Fund size
- $1.6B
- 1Y return
- +21.8%
- Yield · Last 12 months
- 0.78%
- Holdings
- 50
- Volume · 30D
- 0.2M sh
- NAV per share
- $52.91
- 52W range
The ETF.net INFL Grade
Score 45 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.DScore 28Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 47Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 76Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.DScore 34Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 79Category rank
Our read on INFL
CMost equity funds chase an index. INFL chases purchasing power: a hand-picked book of roughly 50 stocks built around one question, what holds up when prices rise. Active since 2021, with no benchmark to hide behind.
The Fund targets long-term capital appreciation after accounting for inflation.
Why people hold it
- The mandate is unusually specific: long-term capital appreciation after accounting for inflation, not simply beating a stock index. That framing drives value-led, bottom-up stock picking.
- About 50 names across US and developed international markets. Concentrated enough that individual picks actually move the portfolio, which is the point of hiring an active manager.
- Trades well for a niche active fund. Liquidity and spreads sit near the top of its global active equity peer group, so getting in and out is rarely the expensive part.
- Launched in 2021 and since grown past the billion-dollar mark, giving it an operating history and a scale most thematic launches never reach. Pays quarterly.
Worth knowing
- At 0.85% a year, it costs more than the typical global active equity fund. Broad index peers like GSWO and DFAW charge a fraction of that.
- No index to grade it against. This is a manager's book of inflation beneficiaries, so the process and the holdings, not tracking error, are what you are judging.
- A concentrated, theme-driven portfolio moves on its own schedule. It can look nothing like the broad market for long stretches, in either direction.
INFL Holdings
- Stocks
- 50
- 49%
- LB
Sectors
- Energy43.1%
- Financials25.2%
- Materials22.5%
- Cons. Staples2.6%
- Utilities2.4%
- Industrials1.6%
- Health Care1.3%
- Real Estate1.2%
- Communication0.3%
Geography
- United States52.69%
- Canada34.77%
- Singapore4.28%
- Germany2.97%
- Switzerland2.10%
- Japan1.86%
- Australia0.86%
- United Kingdom0.47%
INFL Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | INFL |
|---|---|
| Year to date | +19.8% |
| 1 month | −4.7% |
| 3 months | +7.4% |
| 1 year | +21.8% |
| 3 years | +21.6% |
| 5 years | +14.0% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | INFL |
|---|---|---|
| 2026 YTD | +19.8% | |
| 2025 | +18.3% | |
| 2024 | +23.3% | |
| 2023 | +1.6% | |
| 2022 | +2.6% | |
| 2021 | +24.8% |
INFL in the news
ETF.net Research hasn’t filed on INFL yet — coverage lands here as it’s written.
INFL Dividends
- 0.78%
- $0.41
- $0.13 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Jun 24, 2026 | Jun 25, 2026 | $0.13 |
| Mar 25, 2026 | Mar 26, 2026 | $0.08 |
| Dec 23, 2025 | Dec 24, 2025 | $0.10 |
| Sep 24, 2025 | Sep 25, 2025 | $0.10 |
| Jun 25, 2025 | Jun 26, 2025 | $0.19 |
| Mar 26, 2025 | Mar 27, 2025 | $0.17 |
| Dec 24, 2024 | Dec 26, 2024 | $0.21 |
| Sep 25, 2024 | Sep 26, 2024 | $0.17 |
| Jun 26, 2024 | Jun 27, 2024 | $0.14 |
| Mar 27, 2024 | Apr 1, 2024 | $0.16 |
| Dec 27, 2023 | Dec 29, 2023 | $0.11 |
| Sep 27, 2023 | Sep 29, 2023 | $0.15 |
INFL Risk
- 16.0%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 1.06
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −21.3%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.53
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
INFL Cost
- The middle half of Global Active Equity funds
- Median 0.69%
30 of the 44 Global Active Equity funds charge less.