Horizon Kinetics Inflation Beneficiaries ETF (INFL US) – Portfolio Construction Methodology

The investment philosophy guiding the actively managed Horizon Kinetics Inflation Beneficiaries ETF targets long-term real (inflation-adjusted) capital growth by owning businesses expected to benefit, directly or indirectly, from rising prices. The investable universe spans U.S. and foreign equities and may include MLP interests and royalty-trust units, with an emphasis on asset-light models tied to royalty, streaming, rental, brokerage, management or leasing economics, as well as financial exchanges and specialized data providers whose activity scales with inflation-related volumes. Bottom-up, value-driven research evaluates revenue linkage to inflation drivers, operating leverage, balance-sheet conservatism and governance. The portfolio is typically concentrated (≈20–60 issuers), non-diversified, and can hold meaningful exposure to the U.S., Australia, Canada and Europe. Positions are sized to conviction and liquidity within risk limits; trims and sells reflect valuation discipline or thesis degradation. Turnover is expected to be modest, with ongoing monitoring of issuer-specific inflation sensitivity.

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