Horizon Kinetics (MEDX) | News Based Sentiment Analysis

• On August 16, 2025, the Horizon Kinetics Medical ETF (MEDX) closed at $27.91, showing limited price movement with a NAV of $27.90 and a slight 0.03% premium. Despite this stability, the fund received a “Below Avg” rating from Morningstar on July 31, 2025, signaling underperformance compared to its peers. This suggests investors may be seeking stronger returns elsewhere.
• As of August 28, 2025, Eli Lilly & Co. (LLY) remained MEDX’s largest holding at 14.47% of net assets ($2,458,654), followed by AbbVie Inc. (ABBV) at 9.40% ($1,596,410). The fund’s top 10 holdings accounted for 64.2% of its assets, highlighting a concentrated portfolio heavily reliant on the performance of a few key pharmaceutical companies.
• Earlier in the month, on August 15, 2025, MEDX experienced positive momentum, closing at $28.50, a 1.23% increase from the previous day, and reaching $28.56 in extended trading. This followed gains on August 14th and 13th, but as of August 31, 2025, the 1-day return was -0.45%, with total assets at $16.9 million.
• The expense ratio for MEDX is 0.85%, with an SEC yield of 1.98% and a trailing twelve-month yield of 1.67% as of August 31, 2025. While the SEC yield is competitive, the higher expense ratio could eat into returns, especially given the fund’s recent underperformance.
• MEDX’s portfolio strategy features a 0% turnover rate, indicating a long-term investment approach. However, the fund’s relatively small asset base of $16.3 million (as of August 14, 2025) and low average trading volume of 1,021 shares could lead to greater price volatility.
• Eli Lilly’s strong second-quarter 2025 results, with EPS reaching $6.31 and revenues hitting $15.56 billion, were partially offset by disappointing data related to its weight-loss pill. This mixed performance impacted MEDX, given its significant 13.3% allocation to LLY.

The Investment Story: August was a mixed month for the Horizon Kinetics Medical ETF (MEDX), marked by initial positive momentum followed by a slight decline, largely influenced by the performance of its top holding, Eli Lilly. The fund’s concentrated portfolio and relatively small size continue to be key factors shaping its investment profile.

What It Means for Investors: Investors should be aware of MEDX’s concentrated holdings and higher expense ratio. While the fund offers exposure to the healthcare sector, its performance is heavily tied to a few key companies, making it potentially more volatile than broader market ETFs. The recent mixed signals from Eli Lilly highlight the risks associated with relying on a single stock.

Looking Ahead: Investors should monitor developments related to Eli Lilly, particularly regarding its weight-loss pill, as this will likely continue to impact MEDX’s performance. Tracking the fund’s asset growth and expense ratio will also be crucial in assessing its long-term viability.

The Bottom Line: MEDX presents a focused investment in the medical sector, but its concentrated portfolio and recent underperformance warrant caution. Investors considering MEDX should carefully weigh the potential rewards against the inherent risks and monitor key developments within its top holdings.