At a glance
INFL charges 0.85% a year, above the 0.73% average of the 3 funds most like it (the 2nd cheapest of 4). It has $1.47B in assets, the 2nd largest of that group; it paid 0.79% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +18.0% with distributions reinvested (S&P 500: +11.5%), 3rd of those 4 funds; over three years it returned +21.4% a year. At its worst it fell 21.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 21 months after the low. Its ten largest positions make up 48.6% of the fund, out of 48 in all.
The short version
Horizon Kinetics Inflation Beneficiaries ETF (INFL) is an actively managed fund that held 48 companies the manager expects to gain from rising prices as of June 30, 2026. These include land and energy royalty owners, precious-metals streamers and financial exchanges. It favors "asset light" businesses that collect royalties or fees instead of running mines or wells. It costs 0.85% a year and is concentrated: its top ten holdings make up nearly half its assets.
Price history
The interactive chart needs JavaScript.
INFL +18.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| INFL official prospectus, to Dec 31, 2025 | — | +17.96% | — | +13.98% | — | — |
| INFL price data to Oct 27, 2026 | +15.3% | +18.0% | +21.4% | +11.9% | — | +14.5% |
- Over the year to Oct 27, 2026, INFL returned +18.0%, 3rd of 4 among similar funds.
- Its 5-year annualized return was +11.9%.
- Its worst full calendar year was 2023 (+1.6%); its best was 2024 (+23.4%).
- The deepest fall in its price history was 21.3% (Apr 20, 2022 to Sep 26, 2022), recovered by Jul 2, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.3% | — |
| 2025 | +18.3% | +17.96% |
| 2024 | +23.4% | +23.34% |
| 2023 | +1.6% | +1.86% |
| 2022 | +2.6% | +2.57% |
| 2021 | +24.8% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6.9% over that stretch · deepest drop along the way 21.3%, back to its old high 21.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3000 | |
| 2025 | $0.5600 | -17.6% |
| 2024 | $0.6800 | +36.0% |
| 2023 | $0.5000 | -3.8% |
| 2022 | $0.5200 | +79.3% |
| 2021 | $0.2900 |
What's inside
As of Jun 30, 2026, the fund held 48 securities; the ten largest made up 48.64% of assets. It also reported 3.05% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Landbridge Co LLC | 6.91% | |
| WaterBridge Infrastructure LLC | 5.80% | |
| Wheaton Precious Metals Corp | 5.46% | |
| Texas Pacific Land Corp | 5.06% | |
| PrairieSky Royalty Ltd | 4.80% | |
| Franco-Nevada Corp | 4.72% | |
| Viper Energy Inc | 4.26% | |
| Cameco Corp | 4.19% | |
| Singapore Exchange Ltd | 3.75% | |
| Intercontinental Exchange Inc | 3.70% | |
| OR Royalties Inc | 3.52% | |
| Hawaiian Electric Industries I | 3.08% | |
| Permian Basin Royalty Trust | 2.89% | |
| Deutsche Boerse AG | 2.63% | |
| Cheniere Energy Inc | 2.55% |
By country
United States 52.35%Canada 32.14%Singapore 4.59%Germany 2.63%Switzerland 1.93%By asset type
Stocks 97.18%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $62.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.59%, -2.08%, -3.94%.
How it works
INFL does not track an index. Its adviser, Horizon Kinetics Asset Management, picks stocks one at a time using a value-driven, "bottom-up" approach, which means studying each company rather than starting from the economy as a whole. It looks for businesses whose revenue should rise with consumer, producer, raw material or asset prices while their costs stay flat. The fund favors "asset light" companies, meaning ones that need little working capital and carry modest debt. Examples are owners of royalties (a share of revenue from a mine or well) and production streams (an upfront payment in exchange for the right to buy metal later at a fixed price). It also holds exchanges and data providers that benefit when trading volumes rise.
The portfolio usually holds 20 to 60 companies, from small to large. They can include common stocks, master limited partnerships (MLPs, publicly traded partnerships common in energy) and royalty trusts. Most holdings are tied to the United States, but the fund may invest heavily in Canada, Australia and Europe. As of June 30, 2026, 52% of assets were in US companies and 32% in Canadian ones, and the fund held no derivatives.
The fund has no set rebalancing schedule. The adviser sells a holding when it no longer fits the investment case or no longer looks cheap. Turnover was 14%, which is low. The fund is non-diversified, so a few stocks can carry large weights, and it expected significant energy-sector exposure as of March 31, 2026.
What it really costs
- INFL charges 0.85% a year, versus an average of 0.73% for the similar funds below (2nd of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| INFL | $87 | $271 | $471 | $1,049 |
In a retirement portfolio
Its stated goal is growth after inflation, and it targets companies whose revenues rise with prices, though its narrow, concentrated portfolio adds risk.
INFL could add exposure to royalty, land, metals-streaming and exchange businesses that broad index funds hold in small amounts. Its record is short. It launched in January 2021, so it missed the 2008 and 2020 crashes. It lost 6.9% during the 2022 bear market. At its deepest it fell 21.3%, from April 20 to September 26, 2022, and it did not regain that peak until July 2, 2024, about 21 months later. Its weakest calendar year was 2023, when it gained 1.86%. A retiree forced to sell during a slide like that would lock in losses.
Income is small: the yield was 0.79% as of October 27, 2026, paid quarterly. Its 0.85% expense ratio is above the 0.73% average of similar funds. In the SEC's standard $10,000 example, that comes to $87 after one year and $1,049 after ten. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking stocks of companies built to benefit from inflation, like Texas Pacific Land, Wheaton Precious Metals and PrairieSky Royalty, as one slice of a portfolio.
- People comfortable with an active, concentrated fund where the top ten holdings were 48.6% of assets as of June 30, 2026.
- Investors who value royalty and fee-based business models over owning commodities or running mines directly.
Look elsewhere if
- Cost-focused investors: the 0.85% expense ratio is above the 0.73% average of similar funds and well above many broad index funds.
- Retirees needing steady income: the yield was only 0.79% as of October 27, 2026.
- Anyone wanting a long track record: the fund launched in January 2021 and has never been through a crash like 2008 or 2020.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is INFL a good inflation hedge?
It is built to be one, but there is no guarantee. INFL aims for long-term growth after inflation by owning companies whose revenues should rise with prices, such as LandBridge, Texas Pacific Land and Franco-Nevada. It holds stocks, not commodities or inflation-protected bonds, so it can still fall with the stock market. It dropped 21.3% at its deepest in 2022, a year of high inflation, before recovering in July 2024.
Does INFL pay dividends?
Yes, quarterly, but the payouts are small. Over the trailing twelve months it paid about $0.40 per share, a yield of 0.79% as of October 27, 2026. Many of its holdings are royalty companies that reinvest or pay modest dividends. The fund's main goal is growth after inflation, not income, so it may not suit investors who rely on a portfolio for regular cash.
What stocks are in INFL?
As of June 30, 2026, INFL held 48 companies. The largest were LandBridge (6.9%), WaterBridge Infrastructure (5.8%), Wheaton Precious Metals (5.5%), Texas Pacific Land (5.1%), PrairieSky Royalty (4.8%) and Franco-Nevada (4.7%). Viper Energy, Cameco, Singapore Exchange and Intercontinental Exchange rounded out the top ten, which made up 48.6% of assets. About 52% was in US companies and 32% in Canadian ones.
What's the difference between INFL and NVIR?
Both are Horizon Kinetics funds with the same 0.85% expense ratio, but they hold different portfolios: about 23% of their holdings overlap. INFL is far larger, with $1.47 billion in net assets versus about $5.8 million for NVIR as of June 30, 2026. As of October 27, 2026, NVIR returned 26.8% over one year against INFL's 18%. Over three years, INFL averaged 21.4% a year and NVIR 17.7%.
How did INFL perform in 2022?
It held up better than its peak-to-trough drop suggests. The fund returned 2.57% for calendar 2022, according to its prospectus. Within the year it fell 21.3% from April 20 to September 26, and its worst quarter was a 13.67% loss in the period ending June 30, 2022. It took until July 2, 2024, about 21 months after the low, to regain its previous high.