Horizon Kinetics Full-Cycle Inflation Equity Fund UCITS ETF EUR Acc Share Class

The Fund’s objective is to seek long-term growth of capital in excess of inflation. The Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing primarily in equity and or equity related securities of companies that are expected to benefit, either directly or indirectly, from rising prices (inflation). This may include securities of companies that earn revenue from precious metals or other commodities. The majority of the Fund’s portfolio securities are expected to be of issuers that are either domiciled in, or earn a majority of their revenues from activities within, the United States. The Fund may also have significant exposure to issuers that are either domiciled in, or earn a majority of their revenues from activities within, Australia, Canada, and Europe. The Fund’s portfolio generally will include the securities of approximately 20 to 60 issuers that may range from small- to large-capitalization companies. The Investment Manager has discretion in its choices of investments within the objectives and policies of the Fund and is not constrained by reference to any benchmark index. The Fund may use currency swaps and currency forwards for efficient portfolio management and/or hedging purposes, including for the purpose of reducing risk associated with currency exposures within the Fund. It is the intention of the Directors, in consultation with the Manager and Investment Manager, to distribute income on a quarterly basis. You may buy and sell sharesin the Fund on any day markets are open for business in Dublin and New York (or such other day(s) as the Directors may from time to time determine and notify in advance to Shareholders). The Fund has no maturity date but is designed for longer-term investment. The recommended holding period is 5 years. Please refer to the "Investment Objectives and Policies" section of the supplement of the Fund (the "Supplement") for further information.