Horizon Kinetics Medical ETF | ||||||||
Schedule of Investments | ||||||||
September 30, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 97.6% | ||||||||
Cosmetics & Toiletries — 0.7% | ||||||||
Haleon PLC (a) - ADR | 14,673 | $ | 122,226 | |||||
Diagnostic Equipment — 0.5% | ||||||||
Pacific Biosciences of California, Inc. (b) | 12,000 | 100,200 | ||||||
Medical Imaging Systems — 0.4% | ||||||||
GE HealthCare Technologies, Inc. | 1,000 | 68,040 | ||||||
Medical-Biomedical/Genetics — 36.5% (c) | ||||||||
2seventy bio, Inc. (b) | 18,000 | 70,560 | ||||||
Allogene Therapeutics, Inc. (b) | 20,000 | 63,400 | ||||||
Alnylam Pharmaceuticals, Inc. (b) | 3,000 | 531,300 | ||||||
Amgen, Inc. | 3,500 | 940,660 | ||||||
Beam Therapeutics, Inc. (b) | 10,000 | 240,500 | ||||||
Bicycle Therapeutics PLC (a)(b) - ADR | 15,000 | 301,350 | ||||||
Biogen, Inc. (b) | 3,250 | 835,282 | ||||||
Bluebird Bio, Inc. (b) | 38,000 | 115,520 | ||||||
CRISPR Therapeutics AG (a)(b) | 11,000 | 499,290 | ||||||
Editas Medicine, Inc. (b) | 33,000 | 257,400 | ||||||
Gilead Sciences, Inc. | 9,000 | 674,460 | ||||||
Immune Pharmaceuticals, Inc. (a)(d)(e) | 1 | – | ||||||
Intellia Therapeutics, Inc. (b) | 15,000 | 474,300 | ||||||
Ionis Pharmaceuticals, Inc. (a)(f) | 13,000 | 589,680 | ||||||
Lantern Pharma, Inc. (b) | 30,000 | 102,300 | ||||||
Rain Oncology, Inc. (b) | 25,000 | 21,545 | ||||||
Regeneron Pharmaceuticals, Inc. (b) | 750 | 617,220 | ||||||
Replimune Group, Inc. (b) | 15,000 | 256,650 | ||||||
Salarius Pharmaceuticals, Inc. (b) | 32,400 | 21,446 | ||||||
6,612,863 | ||||||||
Medical-Drugs — 59.3% (c) | ||||||||
AbbVie, Inc. | 8,000 | 1,192,480 | ||||||
Alkermes PLC (a)(b) | 24,000 | 672,240 | ||||||
AstraZeneca PLC (a) - ADR | 13,000 | 880,360 | ||||||
Bristol-Myers Squibb Co. | 18,500 | 1,073,740 | ||||||
Eli Lilly & Co. | 3,500 | 1,879,955 | ||||||
Galectin Therapeutics, Inc. (b) | 56,000 | 107,520 | ||||||
GSK PLC (a) - ADR | 11,738 | 425,502 | ||||||
Johnson & Johnson | 6,000 | 934,500 | ||||||
Merck & Co., Inc. | 7,000 | 720,650 | ||||||
Novartis AG (b)(f) - ADR | 10,000 | 1,018,600 | ||||||
Organon & Co. | 8,400 | 145,824 | ||||||
Pfizer, Inc. | 27,000 | 895,590 | ||||||
Sanofi (a) - ADR | 13,000 | 697,320 | ||||||
Vanda Pharmaceuticals, Inc. (b) | 27,000 | 116,640 | ||||||
10,760,921 | ||||||||
Medical-Generic Drugs — 0.2% | ||||||||
Viatris, Inc. | 3,722 | 36,699 | ||||||
TOTAL COMMON STOCKS (Cost $12,089,420) | 17,700,949 | |||||||
SHORT-TERM INVESTMENTS — 2.3% | ||||||||
Deposit Accounts — 2.3% | ||||||||
U.S. Bank Money Market Deposit Account, 5.28% (g) | 405,557 | 405,557 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $405,557) | 405,557 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.9% | ||||||||
U.S. Bank Money Market Deposit Account, 5.28% (g) | 1,615,446 | 1,615,446 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,615,446) | 1,615,446 | |||||||
TOTAL INVESTMENTS (Cost $14,110,423) — 108.8% | 19,721,952 | |||||||
Other assets and liabilities, net — (8.8)% | (1,588,007 | ) | ||||||
NET ASSETS — 100.0% | $ | 18,133,945 |
Percentages are stated as a percent of net assets. | |||||||||
ADR - American Depositary Receipt | |||||||||
PLC - Public Limited Company | |||||||||
(a) Foreign issued security, or represents a foreign issued security. | |||||||||
(b) Non-income producing security. | |||||||||
(c) 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. | |||||||||
(d) Security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of this security totals $0, which represents 0.00% of total net assets. | |||||||||
(e) Value determined based on estimated fair value. The value of this security totals $0, which represents 0.00% of total net assets. | |||||||||
(f) All or a portion of this security is on loan as of September 30, 2023. The market value of securities out on loan is $1,557,361. | |||||||||
(g) The rate shown is the seven-day yield at period end. | |||||||||
COUNTRY | Percentage of Net Assets | ||||||||
United States | 72.2% | ||||||||
Britain | 9.5% | * | |||||||
Switzerland | 8.4% | ||||||||
France | 3.9% | ||||||||
Ireland | 3.7% | ||||||||
Total Country | 97.7% | ||||||||
SHORT-TERM INVESTMENTS | 2.2% | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING | 8.9% | ||||||||
TOTAL INVESTMENTS | 108.8% | ||||||||
Other assets and liabilities, net | -8.8% | ||||||||
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* | $ | 17,700,949 | $ | - | $ | - | $ | 17,700,949 | ||||||||
Deposit Accounts | 405,557 | - | - | 405,557 | ||||||||||||
Investments Purchased With Proceeds From Securities Lending | 1,615,446 | - | - | 1,615,446 | ||||||||||||
Total Investments - Assets | $ | 19,721,952 | $ | - | $ | - | $ | 19,721,952 | ||||||||
* See the Schedule of Investments for industry classifications. |