Horizon Kinetics Full-Cycle Inflation Equity Fund UCITS ETF
Equity · Global · Small-Mid Cap
Figures refer to the share class ISIN IE000Z7ELYY2, currency USD.
Key facts
- Management company
- Horizon Kinetics Asset Management LLC
- Asset class
- Equity
- Geography
- Global
- Strategy
- Small-Mid Cap
- Share class currency
- USD
- Share class inception
- 16.03.2023
- Fund size
- 81 million (as at 14.09.2026)
- Management fee
- 0.85%
- Performance fee
- Not available in this publication
- Liquidity
- Not available in this publication
- UCITS
- Yes
- Risk grade (SRRI)
- Not available in this publication
- Registered in Switzerland
- No (qualified investors only)
Price history
Fund and benchmark rebased to 100 at 14.05.2023.
Table view
| Period | From | Fund (100 at start) | Benchmark (100 at start) |
|---|---|---|---|
| 1Y | 28.09.2025 | 115.2 | 116.1 |
| 3Y | 28.01.2024 | 162.2 | 162.1 |
| Since 2023 | 14.05.2023 | 163.5 | 185.0 |
Exchange closing price of the ETF, not its NAV; distributions not reinvested.
The benchmark is a total-return index and includes reinvested income.
In USD, the currency of the share class shown.
Fund history to 28.09.2026.
Benchmark history to 28.09.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN IE000Z7ELYY2, currency USD | 7.15 | 5.97 | 1.41 | 24.11 | 17.67 | 20.47 | Not available in this publication | 28.25 | 20.83 | Not available in this publication | 15.28 | 1.02 | -9.99 |
| BenchmarkMSCI ACWI NR USD | 2.67 | 1.92 | 9.61 | 14.31 | 22.34 | 17.49 | 22.20 | 22.35 | 20.48 | 10.88 | 12.39 | 1.21 | -7.18 |
| Differencefund minus benchmark, in percentage points | 4.48 | 4.04 | -8.20 | 9.81 | -4.67 | 2.98 | Not calculated: fund figure not available in this publication | 5.90 | 0.35 | Not calculated: fund figure not available in this publication | – | – | – |
Within the list: OpenList — Active ETFs
Compared with the equity funds on OpenList — Active ETFs (8 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 28.25 | 27.02 | 3 of 8 |
| Return 3Y p.a. | 20.83 | 21.65 | 6 of 8 |
| 3Y p.a. over its own benchmark | 0.35 | 0.42 | 5 of 8 |
| Volatility 3Y | 15.28 | 13.59 | 6 of 7 (1 without a value) |
| Sharpe ratio 3Y | 1.02 | 1.17 | 7 of 7 (1 without a value) |
| Max drawdown 3Y | -9.99 | -8.63 | 6 of 8 |
| Management fee | 0.85% | 0.30% | 8 of 8 |
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.
Return against risk, 3 years
WSP report
Ask WSP which research is available for this fund and what it covers.
Enquire about WSP researchBack to the list: OpenList — Active ETFs
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle
– means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero.
Period figures as of 31.08.2026.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
WSP commentary
Draft commentary, machine-generated from the fund's key information document (PRIIPs) dated 20.08.2025, not yet reviewed by WSP.
Investment rationale
The fund is an actively managed UCITS ETF designed for long-term capital growth by investing in companies expected to benefit directly or indirectly from rising prices. With a summary risk indicator of 4 out of 7 and a recommended holding period of 5 years, it is positioned for investors who want equity market exposure and are prepared to accept medium risk and market volatility. The fund is suitable for investors who can sustain a loss on their investment, including potentially some or all of it. Its distinct role in a portfolio is as an inflation-focused equity allocation rather than a broad market exposure.
Investment strategy
The fund seeks to achieve its objective by investing primarily in equity and/or equity-related securities of companies expected to benefit from inflation. It is an actively managed exchange-traded fund and is constituted as a sub-fund of Horizon Kinetics ICAV under the UCITS framework in Ireland. The performance scenarios use the MSCI ACWI Index (USD) Price Returns as an illustration and reference for scenario construction, based on the worst, average, and best performance over the last 10 years. The fund has no maturity date, is designed for longer-term investment, and has a recommended holding period of 5 years.
Investment philosophy
• The portfolio is built primarily from equity and equity-related securities of companies that are expected to benefit, either directly or indirectly, from rising prices or inflation.
• The fund is actively managed, so portfolio construction is based on the manager’s selection approach rather than passive index replication.
• The document identifies the fund as global in practical scope through its use of MSCI ACWI Index (USD) Price Returns for scenario illustrations and through portfolio trading disclosures covering North American and international equities.
• The current portfolio composition is described as approximately 75% North American equities and 25% international equities.
• Risk and implementation are framed through the UCITS structure, exchange-traded format, daily dealing when banks are open in Dublin and New York, and transaction activity in listed equities across US and international markets.
The asset manager
Waystone Management Company (IE) Limited is the PRIIPs manufacturer and management company for the fund. It is authorised in Ireland and regulated by the Central Bank of Ireland. The fund is a sub-fund of Horizon Kinetics ICAV.
Strengths
The fund stands out through its specific focus on companies expected to benefit from inflation, giving investors a targeted equity approach linked to rising-price environments. It is offered in a UCITS ETF format, allowing secondary-market access on Euronext Amsterdam and Euronext Dublin for investors who are not authorised participants. The document also highlights a relatively clear current regional equity mix of about 75% North America and 25% international equities. Ongoing management fees and other administrative or operating costs are stated at 0.85% per year, with no performance fee.
Risks
The fund has a summary risk indicator of 4 out of 7, classified as medium risk, with both market risk and credit risk considered in that assessment. The document states that potential losses from future performance are rated at a medium level, while poor market conditions are considered very unlikely to affect the manufacturer’s capacity to pay. Currency risk is specifically identified because investors may receive payments in a different currency, and this risk is not captured in the summary indicator. The fund does not provide capital protection, early exit can result in receiving back less, and in volatile or unusual market conditions or technical disruptions the purchase or sale of shares may be temporarily hindered or suspended.