Horizon Kinetics Q3 2022 Portfolio Update - October 19, 2022 by Horizon Kinetics published on 2022-10-20T16:27:06Z Disclosures This information constitutes opinions which are made as of the date specified, and are subject to change. Nothing herein represents an investment recommendation or offer to sell or solicitation to invest. Opinions and estimates constitute the judgment of Horizon Kinetics LLC and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. This material references cryptocurrencies, including bitcoin. Horizon Kinetics’ subsidiaries manage products that seek to provide exposure to bitcoin and other cryptocurrencies. The value of bitcoins is determined by the supply of and demand for bitcoins in the global market for the trading of bitcoins, which consists of transactions on electronic bitcoin exchanges (“Bitcoin Exchanges”). Pricing on Bitcoin Exchanges and other venues can be volatile and can adversely affect the value of the bitcoin. Currently, there is relatively small use of bitcoins in the retail and commercial marketplace in comparison to the relatively large use of bitcoins by speculators, thus contributing to price volatility that could adversely affect a portfolio’s direct or indirect investments in bitcoin. Bitcoin transactions are irrevocable, and stolen or incorrectly transferred bitcoins may be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect the value of a portfolio’s direct or indirect investment in bitcoin. Only investors who can appreciate the risks associated with an investment should invest in cryptocurrencies or products that offer cryptocurrency exposure. As with all investments, investors should consult with their investment, legal and tax professionals before investing, as you may lose money. Certain products managed by Horizon Kinetics are only available to qualified clients. For more information on Horizon Kinetics, please visit our website at horizonkinetics.com. No part of this research analysts’ compensation was, is, or will be, directly or indirectly, related to the views expressed herein. All ETFs have fees and expenses, you should read their prospectus carefully before investing. This material may not be copied or duplicated without the prior written consent of Horizon Kinetics. ©2022 Horizon Kinetics LLC ® All rights reserved.