Horizon Kinetics Full-Cycle Inflation Equity Fund UCITS ETF
Equity · Global · Small-Mid Cap
Figures refer to the share class ISIN IE000Z7ELYY2, currency USD.
Fund documents
Check the share class and reporting date in each document.
Factsheet (PDF, 31.08.2026)KID (PDF, 20.08.2025)Key facts
- Associated firm
- 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%
- UCITS
- Yes
- Registered in Switzerland
- No (qualified investors only)
Price history
Fund and benchmark rebased to 100 at 28.06.2024.
Table view
| Period | From | Fund (100 at start) | Benchmark from | Benchmark (100 at start) |
|---|---|---|---|---|
| 1Y | 03.10.2025 | 112.0 | 03.10.2025 | 116.1 |
| Since 2024 | 28.06.2024 | 151.5 | 28.06.2024 | 146.5 |
NAV per share, distributions not reinvested.
The benchmark is a total-return index and includes reinvested income.
In USD, the currency of the share class shown.
Comparison: MSCI ACWI NR USD.
Fund history to 02.10.2026.
Benchmark history to 28.09.2026.
The table shows each series at its own ending date; the comparison periods are not identical.
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
Data as of 31.08.2026.
| 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 | 28.25 | 20.83 | 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 | 5.90 | 0.35 | – | – | – |
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 |
| Sharpe ratio 3Y | 1.02 | 1.17 | 7 of 7 |
| Max drawdown 3Y | -9.99 | -9.21 | 5 of 7 |
| Management fee | 0.85% | 0.30% | 7 of 7 |
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
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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.
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
Fund commentary
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 KID describes trading in North American and international equities. Its use of MSCI ACWI Index (USD) Price Returns is for performance-scenario illustrations, not a stated portfolio constraint.
• The KID dated 20 August 2025 describes a portfolio mix of approximately 75% North American equities and 25% international equities; this is a dated snapshot, not a fixed allocation target.
• 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 KID dated 20 August 2025 reports a regional equity mix of about 75% North America and 25% international equities at that time. 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.