ETFChannel.com
I can’t vouch for the accuracy of this website, but if it is to believed, $TPL can be found in two (2) ETFs. Newfield Exploration Co ($NFX), an E&P headquartered in The Woodlands, TX with a market cap of $3.7B, can be found in 54 ETFs. NFX is member of the S&P500.
$XOM can be found in 114 ETFs.
Index inclusion doesn’t appear to be a magic bullet. $NFX trades at 5.3x trailing earnings.
The Texas Pacific Land Trust Investor 
I think this is true and another reason I love TPL, maybe not a pure hedge but something that won’t trend with the rest.
On the subject https://www.threepartadvisors.com/audio these guys think ETF’s are the next mortgage backed securities…
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Also appears on ETF.com which is usually quite accurate, so whilst I can’t vouch for it either… it seems plausible based on inclusion on both sites.
https://www.etf.com/IUSS#fit
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Newfield also has share offerings. I think the “magic” part of ETF inclusion is supply/demand. IE there is at worst a fixed supply of TPL.
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I have researched this before, and seen these two before. A few years ago there were three. The one that dropped out was a financial services etf, which made no sense. These two remaining etfs are very small, and the positions are like rounding errors. Gee, these two etf’s own nearly 4K in dollar value of TPL stock. The needle isn’t going to move if they sell them all or triple the position. 😀
All kidding aside, I think its due to ETF’s are often formula drive, and TPL does not fit in any box as to the type of company they are. And with the wide spreads, and an 8 million share float (rounding up), its hard to see it being in any, since they do need to at scale be able to add or subtract shares owned easily.
Which as several have mentioned is another good reason to own the stock, away from the eft and indexed world.
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