TEXX

Horizon Kinetics Texas ETF is an actively managed equity fund focused on long-term capital appreciation. The fund invests primarily in stocks of companies operating in the oil, gas & consumable fuels industry and the energy equipment & services sectors, across a diversified range of market capitalizations. The investment strategy combines fundamental, value-oriented research with selective growth opportunities to identify companies expected to benefit directly or indirectly from expanding economic opportunities within the State of Texas. The fund targets businesses positioned to capitalize on Texas-specific advantages, including energy sector strength, favorable regulatory conditions, and sustained demographic and economic growth.