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Launched · SEC filings

Listed Funds Trust - Horizon Kinetics Texas ETF

TEXXNasdaqD

$30.15+0.11 (+0.36%)

At close: Oct 13, 2026, 4:00 PM

D32/ 100

Rank 109 of 127 in US Active Equity

D32/100Rank 109 of 127inUS Active Equity
Intraday session: up, 4 prints from 30.04 to 30.15. Range 30.00 to 30.15. Use the arrow keys to read each point.30.0030.0730.1030.1310 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$3M
1Y total return
—
Yield · Last 12 months
—
Holdings
35
Avg volume · 30D
0M sh
NAV per share
$29.95
52W range
low $25.35high $31.13
Launched
Filings
SEC EDGAR

The ETF.net TEXX Grade

Based on 5 of 6 pillars

D

Score 32 out of 100

Category
US Active Equity⁠
Rank
109 of 127
Six-pillar profile for TEXX. Scores out of 100: Cost 29, Risk 57, Mission not scored, Tradability 4, Holdings 43, Durability 34. Strongest: Risk (57). Weakest: Tradability (4). Based on 5 of 6 pillars.

Score 32 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
32
This cap took
−0
Published Score
32 Grade D

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D29 out of 100
    Rank 88 of 127

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B57 out of 100
    Rank 48 of 126

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F4 out of 100
    Rank 126 of 127

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C43 out of 100
    Rank 90 of 124

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D34 out of 100
    Rank 110 of 127

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 Oct 12, 2026
Asset class
Stocks
Holdings
35
Top-10 weight
50%
Largest holding
PBT9.4%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001PBTPermian Basin Royalty Trust9.38%8,000$279K5
002LBLandbridge Co LLC7.60%2,620$226K25
003—Us Bank Mmda - Usbgfs 7 06/01/20316.92%205,861$206K7
004FANGDiamondback Energy Inc4.34%672$129K353
005TPLTexas Pacific Land Corp4.19%345$125K245
006PWRQuanta Services Inc3.80%160$113K363
007OXYOccidental Petroleum Corp3.58%1,772$107K318
008SLBSLB Ltd3.54%2,152$105K294
009COPConocoPhillips3.53%784$105K433
010EOGEOG Resources Inc3.51%704$104K395
011WBIWaterBridge Infrastructure LLC3.45%3,424$103K26
012XOMExxonMobil Holdings Corp3.41%600$101K511
013CVXChevron Corp3.36%472$100K478
014PAAPlains All American Pipeline LP3.27%4,000$97K23
015FLRFluor Corp2.97%1,744$88K145

Showing 1–15 of 35 holdings

TEXX Performance

Launched Jan 21, 2026

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

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
TEXX$10,453
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,332
Jul 10, 2026 to Oct 12, 2026. TEXX $10,453. SPY $10,332. Use the arrow keys to read each point.$9,573$10,220$10,867Jul 2026Aug 2026Oct 2026

Jul 10, 2026 – Oct 12, 2026

Returns run to the Oct 12, 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−2.1%
3 months+4.5%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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+17.4%

History from Jan 22, 2026

TEXX in the news

Filtered to TEXX · US Active Equity

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 Oct 12, 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 123 US Active Equity funds charge less.

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

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