Horizon Kinetics Medical ETF (MEDX)

Overview

The Horizon Kinetics Medical ETF (ticker symbol: HMED) is designed to provide exposure to companies involved in the medical sector, including pharmaceuticals, biotechnology, medical devices, and healthcare services. It aims for long-term capital appreciation through investments in companies with innovative technologies and sustainable business models.

Reputation and Reliability

Horizon Kinetics is known for its focus on unconventional investment strategies and in-depth fundamental research. Their reliability is established through a consistent investment philosophy and commitment to long-term value creation.

Management Expertise

Horizon Kinetics boasts experienced management teams with expertise in healthcare and specialized investment strategies. Their focus on deep fundamental analysis and contrarian thinking sets them apart.

Goal

To achieve long-term capital appreciation by investing in medical sector companies.

Investment Approach and Strategy

Strategy: The ETF does not track a specific index. It employs a fundamental, research-intensive approach to identify companies with sustainable business models and innovative technologies within the medical sector.

Composition The ETF primarily holds stocks of companies involved in pharmaceuticals, biotechnology, medical devices, and healthcare services. The composition is actively managed and reflects the investment team's best ideas.

Market Share: HMED has a relatively small market share in the broader healthcare ETF market.

Total Net Assets (AUM): 11.31

Key Competitors

• XLV
• IBB
• XBI

Competitive Landscape

The healthcare ETF market is highly competitive, dominated by large, passively managed ETFs like XLV. HMED differentiates itself through its active management and focus on innovative, fundamentally sound companies, potentially leading to outperformance but also higher risk. HMED's disadvantage is its smaller AUM and higher expense ratio compared to its passive competitors.

Historical Performance: Historical performance data will need to be retrieved from financial data providers. Please replace this placeholder with actual data as an array with time series and performance. For example: [{"Year": 2020, "Return": 0.10}, {"Year": 2021, "Return": 0.20}, {"Year": 2022, "Return": -0.15}, {"Year": 2023, "Return": 0.05}]

Benchmark Comparison: Benchmark comparison data will need to be retrieved from financial data providers. Please replace this placeholder with actual data as an array with HMED and the Benchmark. For example: [{"ETF": "HMED", "Return": 0.10}, {"ETF": "Benchmark", "Return": 0.08}]

Expense Ratio: 0.85

Average Trading Volume

The ETF's average trading volume is relatively low, which may impact trade execution.

Bid-Ask Spread

The bid-ask spread may be wider than more liquid ETFs, potentially increasing transaction costs.

Market Environment Factors

Economic growth, healthcare spending trends, regulatory changes, and technological advancements in the medical sector are key factors influencing HMED's performance.

Growth Trajectory

The growth trajectory of HMED is tied to the performance of its underlying holdings and the overall health of the medical sector, with potential for growth through innovation and strategic investments. The strategy is to identify companies that develop new and innovative products.

Competitive Edge

HMED's competitive advantage lies in its active management and focus on deep fundamental research within the medical sector. The fund targets companies with sustainable business models and innovative technologies. Their contrarian investment approach allows them to identify undervalued opportunities that may be overlooked by other investors. The fund is more flexible than passive funds as holdings are not mandated by benchmark indices. The ETF is not bound by a particular benchmark and thus can change holdings when deemed necessary.

Volatility

Assess Horizon Kinetics Medical ETFu2019s historical volatility using standard deviation or beta metrics, requiring market data.

Market Risk

Specific risks associated with HMED's underlying assets include regulatory risks, patent expirations, clinical trial failures, and market volatility within the healthcare sector.

Ideal Investor Profile

The ideal investor for HMED is one who seeks long-term capital appreciation, has a high risk tolerance, and believes in the growth potential of the medical sector.

Market Risk

HMED is best suited for long-term investors seeking active management and exposure to innovative medical companies.

Horizon Kinetics Medical ETF offers a actively managed, targeted exposure to the medical sector, focusing on innovative companies. Its contrarian approach and fundamental research aim to identify long-term growth opportunities. While the ETF has a higher expense ratio and lower liquidity compared to passive healthcare ETFs, it provides the potential for outperformance through active management. HMED is suitable for investors with a high risk tolerance and long-term investment horizon, willing to pay for active management. Investors should be aware of the risks associated with the healthcare sector, including regulatory changes and clinical trial failures.

Data Sources:

• Horizon Kinetics Website
• SEC Filings
• Bloomberg
• Morningstar

Disclaimers:

The information provided is for informational purposes only and should not be construed as investment advice. Investors should conduct their own due diligence and consult with a financial advisor before making any investment decisions. Market share and performance data may fluctuate.