Horizon Kinetics Energy and Remediation ETF

Horizon Kinetics Energy and Remediation ETF (NVIR) is an actively managed fund holding roughly 30 to 60 oil and gas producers, pipeline owners and royalty trusts, plus companies working to curb fossil fuels' environmental harm. Its holdings overlap only 20% to 28% with index-based energy funds such as XLE and RSPG. It costs 0.85% a year, versus a 0.37% average for similar funds, and had just $5.8 million in assets as of June 30, 2026.

• Over the year to Oct 27, 2026, NVIR returned +26.8%, 5th of 5 among similar funds.
• Its worst full calendar year was 2025 (+9.8%); its best was 2024 (+17.5%).
• The deepest fall in its price history was 22.5% (Nov 22, 2024 to Apr 8, 2025), recovered by Nov 10, 2025.

As of Jun 30, 2026, the fund held 39 securities; the ten largest made up 46.44% of assets. It also reported 4.02% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +1.76%, -5.14%, +0.10%.

NVIR is actively managed and tracks no index. Its adviser, Horizon Kinetics Asset Management LLC, picks holdings company by company with a value focus (a “bottom-up” approach). At least 80% of net assets normally go to two groups. “Energy Companies” produce oil and gas or support that production. The fund may also own royalty trusts, which collect a share of production revenue. “Remediation Companies” work to reduce fossil fuels' environmental harm with technologies such as water treatment or carbon capture.

The fund generally holds 30 to 60 small to large companies and may have significant exposure to Canada, Australia and Europe. It must keep more than 25% of assets in the crude petroleum and natural gas industry. Because it is non-diversified, it can also hold bigger stakes in fewer companies. As of June 30, 2026, it held 39 issuers, led by Texas Pacific Land (6.2%), CES Energy Solutions (5.9%) and Williams Cos. (5.6%). The top 10 made up 46.4%, and Canadian companies 20.5%.

No formula sets position sizes or rebalancing dates. The adviser drops a holding when it no longer fits its thesis or no longer looks attractively valued. Turnover, the share of the portfolio replaced in a year, was a low 7%. NVIR held no derivatives as of June 30, 2026, making it a plain stock portfolio without leverage or options.

• NVIR charges 0.85% a year, versus an average of 0.37% for the similar funds below (5th of 5, 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).

It is a small, non-diversified, actively managed fund concentrated in oil and gas, so it may fit as a modest add-on rather than the base of a portfolio.

NVIR offers actively chosen oil and gas exposure, but its record is short. It launched February 22, 2023, so it has no history through the 2008, 2020 or 2022 market downturns. Of its two full calendar years, the weaker one, 2025, still gained 9.43%. Its deepest decline was 22.5%, from November 22, 2024 to April 8, 2025. It regained that peak on November 10, 2025, about seven months after the low. Anyone drawing money near that low received about 22% less than at the peak.

Income is slim: a 0.74% yield over the 12 months to October 27, 2026, paid once a year. The 0.85% annual expense ratio works out to $87 in the first year and $1,049 over 10 years on $10,000, using the SEC's standard example. Past results don't predict future ones, and a plan needs to look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.