An actively managed ETF: picks US and foreign companies its managers judge to benefit from rising prices, including stocks, energy partnerships and royalty trusts.
INFL, the Horizon Kinetics Inflation ETF, is a $1.5 billion ETF whose main story is geopolitical supply. Over the past year it returned +13.5%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
Its main narrative, at 0.7 of its exposure.
Geopolitical supply →
Oil and the companies that produce, move and refine it, priced partly on the risk that supply is cut off.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | XLE | 37.4% | $39.13bn | +46.1% | 0.08% |
| 2 | AMLP | 12.1% | $12.62bn | +22.2% | 1.01% |
| 3 | VDE | 9.6% | $10.01bn | +44.9% | 0.09% |
| 4 | GUNR | 6.5% | $6.84bn | +24.8% | – |
| 5 | GNR | 4.8% | $5.07bn | +29.1% | – |
| 83 other ETFs | 29.6% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 88 ETFs on the narrative page →
Also carries: Hard asset flight →
Gold, silver and the miners: assets held because no government issues them.
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| INFL | −8.2% | +1.3% | +13.9% | +13.5% | +20.7% | +13.0% |
| Geopolitical supplyits narrative | −4.2% | +13.8% | +36.3% | +39.7% | +16.9% | +20.3% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on January 12, 2021: +14.4% a year.
$10,000 invested January 31, 2021
Year by year
Total return in each calendar year; this year is year to date. A year appears only if INFL traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
INFL moves partly with the market. When the market has moved 1%, INFL has tended to move 0.62%.
INFL moves partly with geopolitical supply. When geopolitical supply has moved 1%, INFL has tended to move 0.55%.
Weekly returns over 157 weeks. The narrative is measured without INFL in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in Geopolitical supply
Each dot is one of 48 unlevered ETFs whose main narrative is geopolitical supply, placed by its return (up) and how much it swung (right) over the last year.
Risk
Cost against its peers
INFL is the 26th cheapest of 30 ETFs in geopolitical supply. The dashed line is the middle of the group, 0.46% a year.
How it is built
An unlevered long ETF that owns its holdings directly. It counts toward Share of Narrative.
Narrative exposure
Second narrative: read in the ETF’s own filing.
Common questions
What story is INFL selling?
INFL’s main story is geopolitical supply, which covers oil and the companies that produce, move and refine it, priced partly on the risk that supply is cut off. Its second is hard asset flight.
Which ETFs compete with INFL?
The ETFs whose weekly returns move most like INFL’s over the past 3 years are TURF (0.88), CSNR (0.88) and NANR (0.84).
How has INFL performed against its story?
Over the past year INFL returned +13.5%, the ETFs carrying geopolitical supply +39.7% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.64 with the story. Past performance only.
Run an ETF in geopolitical supply? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
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