Form 4: Harrison Street Fund Boosts NFRX ETF Stake

Harrison Street Real Assets Fund LLC, a 10% owner and director, reported a significant purchase of Harrison Street Infrastructure Active ETF shares.

Summary

• Harrison Street Real Assets Fund LLC, identified as both a Director and a 10% Owner of 2023 ETF Series Trust [NFRX], reported a change in beneficial ownership.
• The fund acquired 386,996 shares of Harrison Street Infrastructure Active ETF.
• The transaction date for this acquisition is listed as February 6, 2026, with a purchase price of $25.84 per share.
• Following this transaction, Harrison Street Real Assets Fund LLC will beneficially own a total of 1,574,029 shares.
• The transaction was made pursuant to a Rule 10b5-1(c) contract, instruction, or written plan for the purchase of equity securities.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a positive signal due to a significant insider purchase by a 10% owner and director, indicating strong confidence in the ETF's prospects.

Positives

• A significant insider purchase by a 10% owner and director, indicating strong confidence in the Harrison Street Infrastructure Active ETF.
• The transaction was executed under a Rule 10b5-1(c) plan, suggesting a pre-planned and strategic investment.

Future Outlook

This Form 4 filing reports a specific transaction and does not contain explicit forward-looking statements or guidance regarding the issuer's future performance or strategic direction.

Industry Context

StockSavvy.ai notes that insider purchases, particularly by significant stakeholders like 10% owners and directors, often signal strong internal confidence in an investment vehicle or its underlying assets. The focus on an 'Infrastructure Active ETF' aligns with broader market trends indicating increased investor interest in infrastructure-related investments, driven by global development needs and government spending initiatives.

Comparison to Industry Standards

• This filing reports an insider transaction rather than operational or financial performance metrics, making direct comparisons to industry-standard company results not applicable.
• However, large insider purchases are generally viewed positively by investors, similar to how major institutional investors increase stakes in well-performing or strategically important funds, such as those managed by leading asset managers like BlackRock or Vanguard, which often attract significant capital inflows based on perceived value or strategic alignment.

Related Party Transactions

• Harrison Street Real Assets Fund LLC, a 10% owner and director of 2023 ETF Series Trust, acquired shares of Harrison Street Infrastructure Active ETF, constituting a related party transaction.

Stakeholder Impact

• Shareholders: The significant insider purchase by a 10% owner and director may be interpreted as a strong vote of confidence in the ETF's future performance, potentially boosting investor sentiment and demand for the shares.

Key Dates

Recommendation

The substantial purchase by Harrison Street Real Assets Fund LLC, a 10% owner and director, signals robust insider confidence in the Harrison Street Infrastructure Active ETF. Such insider buying often suggests that the reporting entity believes the shares are undervalued or possess significant upside potential. The execution under a 10b5-1 plan further indicates a deliberate and strategic investment decision, making it a compelling signal for potential investors.

Keywords

Harrison Street Real Assets Fund, 2023 ETF Series Trust, NFRX, Harrison Street Infrastructure Active ETF, Form 4, Insider Trading, Beneficial Ownership, ETF, Infrastructure, Investment