Horizon Kinetics Inflation Beneficiaries ETF | ||||||||
Schedule of Investments | ||||||||
September 30, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 97.5% | ||||||||
Aerospace & Defense — 2.7% | ||||||||
CACI International, Inc. - Class A (a) | 75,313 | $ | 23,643,010 | |||||
Agricultural Operations — 9.9% | ||||||||
Archer-Daniels-Midland Co. | 529,082 | 39,903,364 | ||||||
Bunge, Ltd. (b) | 290,955 | 31,495,879 | ||||||
Clarkson PLC (b) | 103,493 | 3,454,819 | ||||||
Wilmar International, Ltd. (b) | 4,170,357 | 11,396,756 | ||||||
86,250,818 | ||||||||
Fertilizer — 2.2% | ||||||||
Nutrien, Ltd. (b) | 311,931 | 19,264,858 | ||||||
Global Exchanges — 10.4% | ||||||||
ASX, Ltd. (b) | 539,678 | 19,895,321 | ||||||
Deutsche Boerse AG (b) | 144,391 | 25,025,470 | ||||||
Japan Exchange Group, Inc. (b) | 365,028 | 6,785,643 | ||||||
Singapore Exchange, Ltd. (b) | 2,812,733 | 20,092,422 | ||||||
TMX Group, Ltd. (b) | 850,455 | 18,361,525 | ||||||
90,160,381 | ||||||||
Insurance Brokers — 3.8% | ||||||||
Marsh & McLennan Cos., Inc. | 173,656 | 33,046,737 | ||||||
Investment Management & Advisory Services — 0.6% | ||||||||
Sprott, Inc. (b) | 170,008 | 5,180,144 | ||||||
Medical Labs & Testing Services — 2.5% | ||||||||
Charles River Laboratories International, Inc. (a) | 108,962 | 21,354,373 | ||||||
Medical-Biomedical & Genetics — 0.9% | ||||||||
Royalty Pharma PLC - Class A (b) | 280,687 | 7,617,845 | ||||||
Metal, Diversified — 8.9% | ||||||||
Altius Minerals Corp. (b) | 428,608 | 6,961,710 | ||||||
Aurubis AG (b) | 198,045 | 14,706,966 | ||||||
Cameco Corp. (b) | 556,811 | 22,071,988 | ||||||
Glencore PLC (b) | 5,722,116 | 32,818,532 | ||||||
Lithium Royalty Corp. (a)(b)(d) | 100,000 | 840,237 | ||||||
77,399,433 | ||||||||
Metal, Iron — 3.7% | ||||||||
Deterra Royalties, Ltd. (b) | 5,343,307 | 16,518,617 | ||||||
Labrador Iron Ore Royalty Corp. (b)(d) | 271,750 | 6,462,103 | ||||||
Mesabi Trust (a) | 464,406 | 9,320,628 | ||||||
32,301,348 | ||||||||
Oil Company, Exploration & Production — 24.1% | ||||||||
Permian Basin Royalty Trust | 928,474 | 19,730,073 | ||||||
PrairieSky Royalty, Ltd. (b) | 2,989,979 | 55,199,612 | ||||||
Sabine Royalty Trust | 22,600 | 1,489,340 | ||||||
San Juan Basin Royalty Trust (d) | 90,181 | 624,954 | ||||||
Sitio Royalties Corp. - Class A | 1,111,835 | 26,917,525 | ||||||
Texas Pacific Land Corp. | 31,221 | 56,933,367 | ||||||
Topaz Energy Corp. (b) | 443,239 | 7,025,601 | ||||||
Viper Energy Partners LP | 1,487,873 | 41,481,899 | ||||||
209,402,371 | ||||||||
Pipelines — 3.2% | ||||||||
Cheniere Energy, Inc. | 166,588 | 27,646,944 | ||||||
Precious Metals — 11.8% | ||||||||
Franco-Nevada Corp. (b) | 262,694 | 35,067,022 | ||||||
Metalla Royalty & Streaming, Ltd. (b)(d) | 390,000 | 1,193,400 | ||||||
Osisko Gold Royalties, Ltd. (b) | 1,506,804 | 17,704,947 | ||||||
Sandstorm Gold, Ltd. (b) | 1,883,794 | 8,778,480 | ||||||
Wheaton Precious Metals Corp. (b) | 982,297 | 39,832,143 | ||||||
102,575,992 | ||||||||
Private Equity — 0.5% | ||||||||
Brookfield Asset Management, Ltd. - Class A (b) | 133,499 | 4,450,857 | ||||||
Real Estate Management & Services — 2.3% | ||||||||
CBRE Group, Inc. - Class A (a) | 271,102 | 20,023,594 | ||||||
Real Estate Operators & Developers — 1.7% | ||||||||
The St. Joe Co. | 269,276 | 14,629,765 | ||||||
Securities & Commodities Exchanges — 5.7% | ||||||||
CME Group, Inc. | 72,080 | 14,431,858 | ||||||
Intercontinental Exchange, Inc. | 316,311 | 34,800,536 | ||||||
49,232,394 | ||||||||
Timber — 2.7% | ||||||||
West Fraser Timber Co., Ltd. (b) | 326,327 | 23,671,760 | ||||||
TOTAL COMMON STOCKS (Cost $902,564,844) | 847,852,624 | |||||||
PARTNERSHIPS — 0.7% | ||||||||
Oil Company, Exploration & Production — 0.7% | ||||||||
Dorchester Minerals LP | 209,949 | 6,099,019 | ||||||
TOTAL PARTNERSHIPS (Cost $1,629,250) | 6,099,019 | |||||||
SHORT-TERM INVESTMENTS — 1.8% | ||||||||
Deposit Accounts — 1.8% | ||||||||
U.S. Bank Money Market Deposit Account, 5.28% (c) | 15,835,095 | 15,835,095 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $15,835,095) | 15,835,095 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.7% | ||||||||
U.S. Bank Money Market Deposit Account, 5.28% (c) | 6,243,821 | 6,243,821 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,243,821) | 6,243,821 | |||||||
TOTAL INVESTMENTS (Cost $926,273,010) — 100.7% | 876,030,559 | |||||||
Other assets and liabilities, net — (0.7)% | (5,751,787 | ) | ||||||
NET ASSETS — 100.0% | $ | 870,278,772 |
PLC - Public Limited Company | |||||||||
(a) Non-income producing security. | |||||||||
(b) Foreign issued security, or represents a foreign issued security. | |||||||||
(c) The rate shown is the seven-day yield at period end. | |||||||||
(d) All or a portion of this security is on loan as of September 30, 2023. The market value of securities out on loan is $5,911,155. | |||||||||
COUNTRY | Percentage of Net Assets | ||||||||
United States | 44.3% | ||||||||
Canada | 31.3% | * | |||||||
Germany | 4.6% | ||||||||
Australia | 4.2% | ||||||||
Jersey | 3.8% | ||||||||
Bermuda | 3.6% | ||||||||
Singapore | 3.6% | ||||||||
Britain | 1.3% | ||||||||
Japan | 0.8% | ||||||||
Total Country | 97.5% | ||||||||
PARTNERSHIPS | 0.7% | ||||||||
SHORT-TERM INVESTMENTS | 1.8% | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING | 0.7% | ||||||||
TOTAL INVESTMENTS | 100.7% | ||||||||
Other assets and liabilities, net | -0.7% | ||||||||
NET ASSETS | 100.0% | ||||||||
* To the extent the Fund invests more heavily in particular countries, its performance will be especially sensitive to developments that significantly affect those countries. | |||||||||
Fair Value Measurements | |||||||||
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. | |||||||||
Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs | |||||||||
(including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant | |||||||||
unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the | |||||||||
securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. | |||||||||
The Fund did not hold any investments during the period with significant unobservable inputs which would be classified as Level 3. | |||||||||
The following is a summary of the inputs used to value the Fund’s investments carried at fair value as of September 30, 2023: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments - Assets: | ||||||||||||||||
Common Stocks* | $ | 847,852,624 | $ | - | $ | - | $ | 847,852,624 | ||||||||
Partnerships* | 6,099,019 | - | - | 6,099,019 | ||||||||||||
Deposit Accounts | 15,835,095 | - | - | 15,835,095 | ||||||||||||
Investments Purchased With Proceeds From Securities Lending | 6,243,821 | - | - | 6,243,821 | ||||||||||||
Total Investments - Assets | $ | 876,030,559 | $ | - | $ | - | $ | 876,030,559 | ||||||||
* See the Schedule of Investments for industry classifications. |