Horizon Kinetics SPAC Active ETF | ||||||||
Schedule of Investments | ||||||||
September 30, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 95.0% | ||||||||
Pre-Combination Speacial Purpose Acquisition Companies — 95.0% (a) | ||||||||
99 Acquisition Group, Inc. - Unit | 50,000 | $ | 518,500 | |||||
Accretion Acquisition Corp. | 75,000 | 786,000 | ||||||
Alchemy Investments Acquisition Corp. I (b) | 50,000 | 516,000 | ||||||
Alpha Partners Technology Merger Corp. - Class A (b) | 79,500 | 841,508 | ||||||
Apollo Strategic Growth Capital II - Class A (b) | 68,500 | 719,935 | ||||||
Ares Acquisition Corp. II (b) | 53,710 | 551,602 | ||||||
Arrowroot Acquisition Corp. - Class A | 77,000 | 807,730 | ||||||
Bowen Acquisition Corp. (b) | 79,000 | 805,800 | ||||||
Bukit Jalil Global Acquisition I, Ltd. (b) | 50,000 | 516,500 | ||||||
Cartesian Growth Corp. II - Class A (b) | 66,614 | 719,431 | ||||||
Chenghe Acquisition Co. - Class A (b) | 75,141 | 813,777 | ||||||
Concord Acquisition Corp. II - Class A | 75,000 | 771,000 | ||||||
Enphys Acquisition Corp. (b) | 68,296 | 717,108 | ||||||
ESH Acquisition Corp. - Class A | 40,000 | 404,800 | ||||||
ExcelFin Acquisition Corp. - Class A | 60,000 | 638,400 | ||||||
Golden Star Acquisition Corp. (b) | 48,000 | 494,400 | ||||||
Gores Holdings IX, Inc. - Class A | 70,567 | 733,191 | ||||||
Inflection Point Acquisition Corp. II - Class A (b) | 50,000 | 510,500 | ||||||
Investcorp Europe Acquisition Corp. I - Class A (b) | 58,132 | 632,476 | ||||||
Keen Vision Acquisition Corp. (b) | 23,200 | 236,176 | ||||||
Pearl Holdings Acquisition Corp. - Class A (b) | 45,278 | 485,380 | ||||||
Project Energy Reimagined Acquisition Corp. (b) | 53,500 | 560,680 | ||||||
Screaming Eagle Acquisition Corp. - Class A (b) | 58,159 | 608,343 | ||||||
SilverBox Corp. III - Class A | 27,000 | 276,210 | ||||||
SK Growth Opportunities Corp. - Class A (b) | 45,000 | 483,525 | ||||||
Spring Valley Acquisition Corp. II - Class A (b) | 50,000 | 535,000 | ||||||
TOTAL COMMON STOCKS (Cost $15,384,310) | 15,683,972 | |||||||
RIGHTS — 0.3% (a) | ||||||||
Bowen Acquisition Corp. (b) | 44,000 | 8,140 | ||||||
Bukit Jalil Global Acquisition I, Ltd. (b) | 50,000 | 7,525 | ||||||
ESH Acquisition Corp. - Class A | 40,000 | 9,760 | ||||||
Golden Star Acquisition Corp. (b) | 48,000 | 20,640 | ||||||
TOTAL RIGHTS (Cost $30,053) | 46,065 | |||||||
WARRANTS — 0.1% (a) | ||||||||
Alchemy Investments Acquisition Corp. I Expiration: June 26, 2028, Exercise Price: $11.50 (b) | 25,000 | 4,562 | ||||||
Bukit Jalil Global Acquisition I, Ltd. Expiration: August 21, 2028, Exercise Price: $11.50 (b) | 25,000 | 1,625 | ||||||
Inflection Point Acquisition Corp. II - Class A Expiration: July 17, 2028, Exercise Price: $11.50 (b) | 25,000 | 4,298 | ||||||
Keen Vision Acquisition Corp. Expiration: September 15, 2028, Exercise Price: $11.50 (b) | 23,200 | 1,334 | ||||||
TOTAL WARRANTS (Cost $10,789) | 11,819 | |||||||
SHORT-TERM INVESTMENTS — 4.7% | ||||||||
Deposit Accounts — 4.7% | ||||||||
U.S. Bank Money Market Deposit Account, 5.28% (c) | 775,694 | 775,694 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $775,694) | 775,694 | |||||||
TOTAL INVESTMENTS (Cost $16,200,846) — 100.1% | 16,517,550 | |||||||
Other assets and liabilities, net — (0.1)% | (17,270 | ) | ||||||
NET ASSETS — 100.0% | $ | 16,500,280 | ||||||
Percentages are stated as a percent of net assets. | |||||||||||
(a) Non-income producing security. | |||||||||||
(b) Foreign issued security. | |||||||||||
(c) The rate shown is the seven-day yield at period end. | |||||||||||
COUNTRY | Percentage of Net Assets | ||||||||||
Cayman Islands | 64.0% | * | |||||||||
United States | 30.0% | ||||||||||
British Virgin Islands | 1.4% | ||||||||||
Total Country | 95.4% | ||||||||||
SHORT-TERM INVESTMENTS | 4.7% | ||||||||||
TOTAL INVESTMENTS | 100.1% | ||||||||||
Other assets and liabilities, net | -0.1% | ||||||||||
NET ASSETS | 100.0% | ||||||||||
* To the extent the Fund invests more heavily in particular countries, its performance will be especially sensitive to developments that singificantly 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* | $ | 13,878,147 | $ | 1,805,825 | $ | - | $ | 15,683,972 | ||||||||
Rights | 30,400 | 15,665 | - | 46,065 | ||||||||||||
Warrants | 7,257 | 4,562 | - | 11,819 | ||||||||||||
Deposit Accounts | 775,694 | - | - | 775,694 | ||||||||||||
Total Investments - Assets | $ | 14,691,498 | $ | 1,826,052 | $ | - | $ | 16,517,550 | ||||||||
* See the Schedule of Investments for industry classifications. |