Horizon Kinetics Full-Cycle Inflation Equity Fund UCITS ETF
Equity · Global · Small-Mid Cap
Figures refer to the share class ISIN IE000Z7ELYY2, currency USD.
Recent performance
The USD class returned +12.79% over one year to 2026-09-30. The WSP comparator (MSCI ACWI NR USD) returned +16.75%, a difference of -3.96 percentage points. Over the final three months, the fund returned +0.33%.
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)
Performance in context
Growth from the same starting value
Fund · WSP comparator: MSCI ACWI NR USD
Exact chart values
| Month | Fund | WSP comparator: MSCI ACWI NR USD |
|---|---|---|
| 2024-06 | 100.00 | 100.00 |
| 2024-07 | 108.52 | 101.61 |
| 2024-08 | 110.50 | 104.19 |
| 2024-09 | 112.64 | 106.61 |
| 2024-10 | 119.48 | 104.22 |
| 2024-11 | 128.16 | 108.12 |
| 2024-12 | 115.35 | 105.56 |
| 2025-01 | 118.38 | 109.10 |
| 2025-02 | 121.97 | 108.45 |
| 2025-03 | 123.22 | 104.16 |
| 2025-04 | 124.34 | 105.13 |
| 2025-05 | 126.53 | 111.18 |
| 2025-06 | 128.27 | 116.17 |
| 2025-07 | 126.06 | 117.74 |
| 2025-08 | 131.35 | 120.65 |
| 2025-09 | 135.99 | 125.02 |
| 2025-10 | 132.47 | 127.82 |
| 2025-11 | 134.51 | 127.81 |
| 2025-12 | 135.73 | 129.14 |
| 2026-01 | 149.60 | 132.97 |
| 2026-02 | 166.13 | 134.68 |
| 2026-03 | 158.51 | 125.00 |
| 2026-04 | 162.34 | 137.72 |
| 2026-05 | 158.97 | 144.83 |
| 2026-06 | 152.88 | 143.67 |
| 2026-07 | 157.22 | 143.78 |
| 2026-08 | 168.46 | 147.61 |
| 2026-09 | 153.38 | 145.97 |
Growth of 100 · USD total returns. Monthly observations, income reinvested.
Fund valuations: 2024-06-28 to 2026-09-30. Comparison valuations: 2024-06-28 to 2026-09-30. Source: WSP calculation from fundinfo NAV and issuer distribution notices. Cash distributions are reinvested at the NAV on their ex-dividend dates. The chart covers only the verified distribution-history window; earlier months are excluded. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Figures as of 30.09.2026, unless otherwise indicated. Calendar-year returns cover the years shown.
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN IE000Z7ELYY2, currency USD | -8.96 | 0.33 | 1.4131.08.2026 | 13.00 | 17.67 | 20.47 | —No verified figure for this period. | 12.79 | 18.38 | —Own share class launched 2023-03-16; 5-year history was not yet available at 2026-09-30. | 16.24 | 0.85 | -9.99 |
| BenchmarkMSCI ACWI NR USD | -1.11 | 1.60 | 16.77 | 13.03 | 22.34 | 17.49 | 22.20 | 16.75 | 21.73 | 11.57 | 12.02 | 1.33 | -7.18 |
| Differencefund minus benchmark, in percentage points | -7.85 | -1.27 | Different or unrecorded reporting dates | -0.03 | -4.67 | 2.98 | -3.96 | -3.35 | – | – | – |
Reporting dates by figure
- IE000Z7ELYY2 — 30.09.2026: 1M, 3M, YTD, 1Y, 3Y, Volatility, Sharpe R., Max DD, Benchmark 1M, Benchmark 3M, Benchmark 6M, Benchmark YTD, Benchmark 1Y, Benchmark 3Y, Benchmark 5Y, Benchmark Volatility, Benchmark Sharpe R., Benchmark Max DD; 31.08.2026: 6M; 31.12.2025: 2025, Benchmark 2025; 31.12.2024: 2024, Benchmark 2024; 31.12.2023: Benchmark 2023
Has the advantage depended on the entry date?
The fund finished ahead in 9 of 16 overlapping one-year windows ending 2025-06 to 2026-09. These windows overlap; this is historical frequency, not a forecast probability.
Rolling one-year relative wealth
Exact chart values
| Month | Rolling one-year relative wealth |
|---|---|
| 2025-06 | 10.42 |
| 2025-07 | 0.25 |
| 2025-08 | 2.66 |
| 2025-09 | 2.95 |
| 2025-10 | -9.60 |
| 2025-11 | -11.21 |
| 2025-12 | -3.81 |
| 2026-01 | 3.70 |
| 2026-02 | 9.67 |
| 2026-03 | 7.19 |
| 2026-04 | -0.33 |
| 2026-05 | -3.56 |
| 2026-06 | -3.63 |
| 2026-07 | 2.13 |
| 2026-08 | 4.83 |
| 2026-09 | -3.40 |
Relative wealth = (1 + fund return) ÷ (1 + benchmark return) − 1. It differs from subtracting percentage returns.
Behaviour in rising and falling markets
Up-market capture was 106.0% across 19 rising benchmark months; down-market capture was 91.5% across 8 falling months. Window: 2024-06-28 to 2026-09-30. Capture compares geometric monthly returns; it is not a measure of maximum loss.
The dashed mark is 100%: the same geometric monthly move as the benchmark.
How far below its previous high?
Fund · WSP comparator: MSCI ACWI NR USD
Exact chart values
| Month | Fund | WSP comparator: MSCI ACWI NR USD |
|---|---|---|
| 2024-06 | 0.00 | 0.00 |
| 2024-07 | 0.00 | 0.00 |
| 2024-08 | 0.00 | 0.00 |
| 2024-09 | 0.00 | 0.00 |
| 2024-10 | 0.00 | -2.24 |
| 2024-11 | 0.00 | 0.00 |
| 2024-12 | -9.99 | -2.37 |
| 2025-01 | -7.63 | 0.00 |
| 2025-02 | -4.83 | -0.60 |
| 2025-03 | -3.85 | -4.53 |
| 2025-04 | -2.98 | -3.64 |
| 2025-05 | -1.27 | 0.00 |
| 2025-06 | 0.00 | 0.00 |
| 2025-07 | -1.72 | 0.00 |
| 2025-08 | 0.00 | 0.00 |
| 2025-09 | 0.00 | 0.00 |
| 2025-10 | -2.59 | 0.00 |
| 2025-11 | -1.08 | -0.01 |
| 2025-12 | -0.19 | 0.00 |
| 2026-01 | 0.00 | 0.00 |
| 2026-02 | 0.00 | 0.00 |
| 2026-03 | -4.59 | -7.18 |
| 2026-04 | -2.28 | 0.00 |
| 2026-05 | -4.31 | 0.00 |
| 2026-06 | -7.98 | -0.80 |
| 2026-07 | -5.36 | -0.73 |
| 2026-08 | 0.00 | 0.00 |
| 2026-09 | -8.96 | -1.11 |
Deepest month-end decline for this class: -9.99%.
2024-06-28 to 2026-09-30 · USD total returns. Declines are measured against the highest month-end value within this window. Intra-month falls are not shown; this is not daily maximum drawdown.
Where did the gains and setbacks occur?
Fund return · % in USD
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | — | — | — | — | — | — | +8.52 | +1.82 | +1.94 | +6.07 | +7.27 | -9.99 |
| 2025 | +2.62 | +3.04 | +1.03 | +0.90 | +1.77 | +1.37 | -1.72 | +4.20 | +3.53 | -2.59 | +1.54 | +0.91 |
| 2026 | +10.21 | +11.05 | -4.59 | +2.42 | -2.07 | -3.84 | +2.84 | +7.15 | -8.96 | — | — | — |
Benchmark return · % in USD
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | — | — | — | — | — | — | +1.61 | +2.54 | +2.32 | -2.24 | +3.74 | -2.37 |
| 2025 | +3.36 | -0.60 | -3.95 | +0.93 | +5.75 | +4.49 | +1.36 | +2.47 | +3.62 | +2.24 | -0.01 | +1.04 |
| 2026 | +2.96 | +1.29 | -7.18 | +10.17 | +5.16 | -0.80 | +0.08 | +2.67 | -1.11 | — | — | — |
Fund minus benchmark · percentage points
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | — | — | — | — | — | — | +6.91 | -0.72 | -0.38 | +8.31 | +3.52 | -7.63 |
| 2025 | -0.73 | +3.64 | +4.98 | -0.03 | -3.98 | -3.12 | -3.08 | +1.73 | -0.10 | -4.82 | +1.55 | -0.14 |
| 2026 | +7.25 | +9.76 | +2.60 | -7.76 | -7.23 | -3.03 | +2.76 | +4.48 | -7.84 | — | — | — |
Green: positive; red: negative. Grey cells are outside the displayed history. Month-end observations; no missing month is filled or interpolated.
Fund valuations: 2024-06-28 to 2026-09-30. Comparison valuations: 2024-06-28 to 2026-09-30. Source: WSP calculation from fundinfo NAV and issuer distribution notices. Cash distributions are reinvested at the NAV on their ex-dividend dates. The chart covers only the verified distribution-history window; earlier months are excluded. Each calendar month uses its last available source observation; fund and comparison dates can differ.
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.
Performance and risk figures as of 30.09.2026.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 12.79 | 20.68 | 6 of 7 |
| Return 3Y p.a. | 18.38 | 22.83 | 5 of 6 |
| 3Y p.a. over its own benchmark | -3.35 | 0.53 | 6 of 6 |
| Volatility 3Y | 16.24 | 13.54 | 5 of 6 |
| Sharpe ratio 3Y | 0.85 | 1.21 | 6 of 6 |
| 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. Only figures with the same reporting date are compared.
Return against risk, 3 years
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 | 27.10.2025 | 113.5 |
| Since 2024 | 28.06.2024 | 153.4 | 28.06.2024 | 146.0 |
Total return: distributions reinvested.
In USD, the currency of the share class shown.
Comparison: MSCI ACWI NR USD.
Fund history to 30.09.2026.
Benchmark history to 30.09.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Fund documents
Check the share class and reporting date in each document.
Factsheet (PDF, 30.09.2026)KID (PDF, 20.08.2025)Chart methodology
Charts use dated total-return observations, including reinvested income. Each calendar month uses the last available observation. Fund and comparison valuation dates may differ. Month-end drawdowns exclude falls within a month. Past performance does not predict future returns.
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.
Reporting dates are shown above the figures; exceptions are dated individually.
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
How this fund works
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.
2025-08-20
How the strategy works
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.
2025-08-20
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 fund trades 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.
• As of 20 August 2025, the portfolio mix was 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.
2025-08-20
Distinctive features
The fund focuses 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. As of 20 August 2025, the fund had a regional equity mix of about 75% North America and 25% international equities. Ongoing management fees and other administrative or operating costs are 0.85% per year, with no performance fee.
2025-08-20
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. 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.
2025-08-20
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.
2025-08-20