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TEXX

GradeDNASDAQ Global Market

Listed Funds Trust - Horizon Kinetics Texas ETF

Active Equity · Horizon Kinetics · Inception 2026-01-21 · SEC filings

$29.25−0.18 (−0.62%)

As of Sep 23, 2026, 1:40 PM EDT

History starts Jan 22, 2026.History starts Jan 22, 2026.
Intraday session: down, 10 prints from 29.43 to 29.25. Range 29.25 to 29.50. Use the arrow keys to read each point.$29.30$29.40$29.5010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$3M
1Y return
—
Yield · Last 12 months
—
Volume · 30D
0M sh
NAV per share
$29.61
52W range
low $25.35high $31.13

The ETF.net TEXX Grade

D

35/ 100

Rank 100 of 127 in US Active Equity⁠

Confidence Medium

Six-pillar profile for TEXX. Scores out of 100: Cost 29, Risk 73, Mission not scored, Tradability 8, Holdings 43, Durability 35. Strongest: Risk (73). Weakest: Tradability (8). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 35 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned36This cap took−0Published score35 Grade D

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 29
    Category rank93/127 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 73
    Category rank17/126 · top 13%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 8
    Category rank121/127 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 43
    Category rank89/124 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 35
    Category rank108/127 · bottom quartile

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on TEXX

ETF.net Research

DTexas, hand-picked. Horizon Kinetics runs its state fund actively and non-diversified, leaning on its own value and real-asset research across oil, gas and land instead of screening for a headquarters address.

Stated mandate

The Fund seeks long-term growth of capital.

Why people hold it

  1. 01Stock-picked, not screened: at least 80% of net assets go to Texas companies chosen by Horizon Kinetics, with position sizes set by conviction rather than index weights.horizonkinetics.comfinance.yahoo.com
  2. 02A house style you can read in advance: the seventh active ETF Horizon Kinetics has launched since 2021, from a shop that describes its process as long-term, fundamentals-based and value-oriented.finance.yahoo.com
  3. 03The portfolio's center of gravity is oil and gas exploration and production, so it tracks the Permian engine more closely than a broad slice of the Texas economy.

Worth knowing

  1. 01Costs 0.85% a year against a 0.65% median for active US equity ETFs in its peer group. The stock picking carries that gap.
  2. 02Non-diversified and single-state, with an energy lean, so moves can run sharper in both directions than a broad US equity fund.finance.yahoo.commoney.usnews.com
  3. 03Launched in 2026: short track record, small asset base, light trading that can widen bid-ask spreads, and a growth-of-capital mandate rather than an income one.

TEXX Holdings

As of Sep 20, 2026, 9:12 AM
Asset class
Stocks
Holdings
—
Top-10 weight
50%
Largest holding
PBT9.5%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001PBTPermian Basin Royalty Trust9.45%8,000$282K5
002LBLandbridge Co LLC7.54%2,620$225K21
003—US BANK MMDA - USBGFS 7 06/01/20316.87%205,293$205K7
004FANGDiamondback Energy Inc4.33%672$129K352
005TPLTexas Pacific Land Corp4.07%345$122K249
006SLBSLB Ltd3.68%2,152$110K233
007WBIWaterBridge Infrastructure LLC3.54%3,424$106K19
008OXYOccidental Petroleum Corp3.49%1,772$104K314
009COPConocoPhillips3.46%784$103K425
010PWRQuanta Services Inc3.41%160$102K355
011EOGEOG Resources Inc3.40%704$102K397
012PAAPlains All American Pipeline LP3.40%4,000$101K22
013CVXChevron Corp3.31%472$99K468
014XOMExxonMobil Holdings Corp3.28%600$98K501
015FLRFluor Corp3.20%1,744$96K147

Showing 1–15 of 35 holdings

TEXX Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

TEXX$10,487
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. TEXX $10,487. SPY $10,415. Use the arrow keys to read each point.$9,696$10,403$11,110Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

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.

Trailing total return for TEXX. Periods over one year show the average yearly return.
PeriodTEXX
Year to dateFund launched this year—
1 month−4.3%
3 months+4.9%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TEXX
YearReturn barTEXX
2026 YTD+15.3%

History from Jan 22, 2026

TEXX in the news

ETF.net Research hasn’t filed on TEXX yet — coverage lands here as it’s written.

TEXX Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Jan 2026. No distributions yet.

TEXX Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Jan 2026; fills in after 12 months
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.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Jan 2026; fills in after 12 months
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.

The largest fall from a peak to the low that followed.
—
Launched Jan 2026; fills in after 12 months
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.

How strongly the fund’s returns move with its asset-class index.
−0.03
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

TEXX Cost

Expense ratio0.85%
  • The middle half of US Active Equity funds
  • Median 0.70%

85 of the 124 US Active Equity funds charge less.

TEXX costs $85.00 a year on $10,000. The median US Active Equity fund costs $70.00.