Horizon Kinetics Blockchain Development ETF | ||||||||
Schedule of Investments | ||||||||
September 30, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 90.4% | ||||||||
Aerospace & Defense — 11.7% | ||||||||
CACI International, Inc. - Class A (a) | 642 | $ | 201,543 | |||||
Science Applications International Corp. | 1,602 | 169,075 | ||||||
370,618 | ||||||||
Capital Markets — 25.4% (d) | ||||||||
Bakkt Holdings, Inc. (a) | 83,958 | 98,231 | ||||||
Galaxy Digital Holdings, Ltd. (a)(b) | 31,710 | 117,036 | ||||||
MarketAxess Holdings, Inc. | 366 | 78,192 | ||||||
OTC Markets Group, Inc. | 1,167 | 62,318 | ||||||
Tradeweb Markets, Inc. | 1,503 | 120,541 | ||||||
Urbana Corp. (b) | 53,858 | 175,676 | ||||||
WisdomTree Investments, Inc. | 21,310 | 149,170 | ||||||
801,164 | ||||||||
Global Exchanges — 37.5% (d) | ||||||||
ASX, Ltd. (b) | 3,702 | 136,475 | ||||||
Cboe Global Markets, Inc. | 1,212 | 189,327 | ||||||
Deutsche Boerse AG (b) | 1,122 | 194,462 | ||||||
Japan Exchange Group, Inc. (b) | 8,124 | 151,020 | ||||||
London Stock Exchange Group PLC (b) | 1,518 | 152,560 | ||||||
Nasdaq, Inc. | 1,080 | 52,477 | ||||||
Singapore Exchange, Ltd. (b) | 21,492 | 153,526 | ||||||
TMX Group, Ltd. (b) | 7,242 | 156,356 | ||||||
1,186,203 | ||||||||
IT Services — 5.7% | ||||||||
Applied Digital Corp. (a) | 9,429 | 58,837 | ||||||
Digital Garage, Inc. (b) | 5,268 | 121,440 | ||||||
180,277 | ||||||||
Securities & Commodities Exchanges — 10.1% | ||||||||
CME Group, Inc. | 756 | 151,366 | ||||||
Intercontinental Exchange, Inc. | 1,536 | 168,991 | ||||||
320,357 | ||||||||
TOTAL COMMON STOCKS (Cost $2,917,723) | 2,858,619 | |||||||
SHORT-TERM INVESTMENTS — 9.5% | ||||||||
Deposit Accounts — 9.5% | ||||||||
U.S. Bank Money Market Deposit Account, 5.28% (c) | 301,942 | 301,942 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $301,942) | 301,942 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.3% | ||||||||
U.S. Bank Money Market Deposit Account, 5.28% (c) | 103,898 | 103,898 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $103,898) | 103,898 | |||||||
TOTAL INVESTMENTS (Cost $3,323,563) — 103.2% | 3,264,459 | |||||||
Other assets and liabilities, net — (3.2)% | (102,302 | ) | ||||||
NET ASSETS — 100.0% | $ | 3,162,157 |
Percentages are stated as a percent of net assets. | ||||||||
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) To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. | ||||||||
COUNTRY | Percentage of Net Assets | |||||||
United States | 47.4% | |||||||
Canada | 10.5% | * | ||||||
Japan | 8.6% | |||||||
Germany | 6.2% | |||||||
Singapore | 4.9% | |||||||
Britain | 4.8% | |||||||
Australia | 4.3% | |||||||
Cayman Islands | 3.7% | |||||||
Total Country | 90.4% | |||||||
SHORT-TERM INVESTMENTS | 9.5% | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING | 3.3% | |||||||
TOTAL INVESTMENTS | 103.2% | |||||||
Other assets and liabilities, net | -3.2% | |||||||
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* | $ | 2,858,619 | $ | - | $ | - | $ | 2,858,619 | ||||||||
Deposit Accounts | 301,942 | - | - | 301,942 | ||||||||||||
Investments Purchased with Proceeds from Securites Lending | 103,898 | - | - | 103,898 | ||||||||||||
Total Investments - Assets | $ | 3,264,459 | $ | - | $ | - | $ | 3,264,459 | ||||||||
* See the Schedule of Investments for industry classifications. |