Form 4: Harrison Street Fund Boosts NFRX ETF Stake

Harrison Street Real Assets Fund LLC, a 10% owner and director, acquired over 1.4 million shares of 2023 ETF Series Trust's Harrison Street Infrastructure Active ETF.

Summary

• Harrison Street Real Assets Fund LLC, identified as a Director and 10% Owner of 2023 ETF Series Trust, reported a significant acquisition of shares.
• The transaction involved the purchase of 1,485,332 shares of Harrison Street Infrastructure Active ETF.
• The shares were acquired at a price of $26.93 per share.
• Following this transaction, Harrison Street Real Assets Fund LLC beneficially owns a total of 3,822,021 shares.
• The transaction occurred on February 12, 2026, and was made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a strong positive signal. A significant purchase by a 10% owner and director, even if pre-planned, indicates conviction in the ETF's value and future performance.

Positives

• A significant purchase of 1,485,332 shares by a 10% owner and director signals strong confidence in the Harrison Street Infrastructure Active ETF.
• The acquisition increases the reporting person's beneficial ownership to 3,822,021 shares, demonstrating a deeper commitment to the issuer.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the reported transaction.

Industry Context

StockSavvy.ai notes that insider buying, particularly by a significant shareholder and director, often serves as a positive indicator for the market, suggesting that those closest to the company believe its shares are undervalued or poised for growth. This transaction specifically relates to an infrastructure-focused ETF, an area that has seen increased investor interest due to global spending initiatives and long-term asset stability.

Comparison to Industry Standards

• While direct comparisons to specific companies or projects are not provided in this Form 4, insider purchases of this magnitude by a 10% owner are generally viewed more favorably than smaller, routine transactions. For example, a similar large-scale purchase by a major institutional investor in a peer infrastructure ETF, such as the iShares Global Infrastructure ETF (IGF) or the SPDR S&P Global Infrastructure ETF (GII), would likely be interpreted as a strong vote of confidence in the underlying asset class and the specific fund's strategy.

Related Party Transactions

• The transaction involves Harrison Street Real Assets Fund LLC, a 10% owner and director of 2023 ETF Series Trust, making it a related party transaction.

Stakeholder Impact

• Shareholders may view this insider buying as a positive sign, potentially increasing confidence in the ETF's management and future performance, which could positively influence the share price.

Key Dates

Recommendation

The significant purchase by a 10% owner and director, Harrison Street Real Assets Fund LLC, suggests strong insider confidence in the Harrison Street Infrastructure Active ETF. This type of insider buying often precedes positive performance and indicates that those with the most intimate knowledge of the fund believe it is a compelling investment at the current price. A seasoned investor would interpret this as a bullish signal, warranting a 'buy' recommendation.

Keywords

Harrison Street Real Assets Fund, 2023 ETF Series Trust, NFRX, ETF, Infrastructure, Insider Buying, Form 4, Beneficial Ownership, Equity Acquisition