Horizon Kinetics Medical ETF
MEDX
NASDAQ Global Market- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 470 Park Avenue South New York NY United States of America 10016
- IPO Date
- Jan 31, 2023
- Website
- horizonkinetics.com
- Similar Companies
- Business
- Horizon Kinetics Medical ETF (MEDX) is an actively managed exchange-traded fund that seeks long-term growth of capital by investing primarily in global pharmaceutical and biotechnology companies, with a focus on patented first-line pharmaceuticals and biologics that offer high profit margins and significant barriers to entry. The fund employs a long-term, bottom-up fundamental value approach with low turnover, targeting 25 to 50 holdings in the biopharmaceutical complex; its core allocation emphasizes streamlined biopharma operations in the development and commercialization of revolutionary therapeutics, while opportunistic positions provide exposure to publicly traded biotech ventures at the cutting edge of scientific advances, such as gene editing and RNA therapeutics. Top holdings as of November 2025 include Eli Lilly & Co (18.14%), AbbVie Inc (9.24%), Novartis AG (6.22%), Alnylam Pharmaceuticals Inc (5.51%), and AstraZeneca PLC (5.32%), alongside positions in Johnson & Johnson, Ionis Pharmaceuticals, Amgen, and emerging innovators like CRISPR Therapeutics and Beam Therapeutics. The fund serves investors seeking diversified exposure to the healthcare sector, particularly those with high potential returns on equity, sufficient cash for drug development, transparent clinical trials, and strategic acquisition potential; it operates globally across developed and emerging markets, with an expense ratio of 0.85% and net assets of approximately $18.8 million. Originating from the Kinetics Medical Fund (MEDRX), established on September 30, 1999, the strategy converted into the Horizon Kinetics Medical ETF via a tax-free reorganization effective January 27, 2023, with shares first listed on NASDAQ that date; Horizon Kinetics Asset Management LLC serves as investment adviser, led by portfolio manager Paul Abel since inception, supported by Chairman and CIO Murray Stahl. Headquartered in New York, NY, with additional offices in White Plains, NY, and Summit, NJ, the fund is distributed by Foreside Fund Services, LLC, and maintains a track record of 8.10% annualized NAV returns since inception through September 30, 2025. Recent developments include a December 24, 2024, distribution totaling $0.507 per share (including income, short-term and long-term capital gains), following a 2023 distribution of $1.642 per share; the fund participated in Horizon Kinetics' Active ETF 2025 Webinar Series and released updated quarterly portfolio holdings through September 30, 2025, alongside semi-annual financial statements for June 30, 2025, reflecting ongoing portfolio adjustments amid biopharma market dynamics. As of April 2025 presentation materials, net assets stood at $16.4 million with sustained emphasis on high-margin innovators, and year-to-date NAV performance through September 2025 reached 15.24%. No major acquisitions, funding rounds, or structural reorganizations have been announced since the 2023 ETF conversion.