Horizon Kinetics SPAC Active ETF | ||||||||
Schedule of Investments | ||||||||
March 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 99.5% | Shares | Value | ||||||
Pre-Combination Special Purpose Acquisition Companies – 99.5% | ||||||||
99 Acquisition Group, Inc. - Class A(a) | 47,015 | $ | 484,490 | |||||
Ai Transportation Acquisition Corp.(a)(b) | 70,522 | 724,966 | ||||||
Alchemy Investments Acquisition Corp. 1(a)(b) | 47,015 | 497,889 | ||||||
AP Acquisition Corp. - Class A(a)(b) | 69,000 | 778,320 | ||||||
Ares Acquisition Corp. II(a)(b) | 72,503 | 766,357 | ||||||
Bayview Acquisition Corp. - Unit(a)(b) | 47,015 | 480,493 | ||||||
Black Hawk Acquisition Corp. - Unit(a)(b) | 25,000 | 253,875 | ||||||
Bowen Acquisition Corp.(a)(b) | 74,283 | 778,486 | ||||||
Bukit Jalil Global Acquisition 1, Ltd.(a)(b) | 47,015 | 493,658 | ||||||
CARTESIAN GROWTH CORP II - Class A(a)(b) | 42,783 | 475,319 | ||||||
Cartica Acquisition Corp. - Class A(a)(b)(c) | 68,645 | 761,273 | ||||||
Colombier Acquisition Corp. II - Class A(a)(b) | 47,013 | 482,824 | ||||||
Concord Acquisition Corp. II - Class A(a) | 70,522 | 741,539 | ||||||
ESH Acquisition Corp. - Class A(a) | 37,612 | 390,036 | ||||||
Feutune Light Acquisition Corp. - Class A(a)(c) | 64,948 | 707,284 | ||||||
Haymaker Acquisition Corp. 4(a)(b) | 75,600 | 787,752 | ||||||
IB Acquisition Corp. - Unit(a) | 81,000 | 810,405 | ||||||
Inflection Point Acquisition Corp. II - Class A(a)(b) | 73,515 | 769,702 | ||||||
Keen Vision Acquisition Corp.(a)(b) | 21,815 | 228,185 | ||||||
Learn CW Investment Corp. - Class A(a)(b) | 74,717 | 819,645 | ||||||
Nabors Energy Transition Corp. II – Class A(a)(b) | 70,522 | 733,429 | ||||||
Patria Latin American Opportunity Acquisition Corp.(a)(b) | 28,815 | 325,321 | ||||||
Quetta Acquisition Corp.(a) | 48,412 | 493,318 | ||||||
Screaming Eagle Acquisition Corp. - Class A(a)(b) | 71,686 | 767,040 | ||||||
SilverBox Corp. III - Class A(a) | 67,000 | 702,160 | ||||||
Spark I Acquisition Corp.(a)(b) | 28,209 | 289,424 | ||||||
Spring Valley Acquisition Corp. II - Class A(a)(b) | 70,522 | 774,684 | ||||||
TOTAL COMMON STOCKS (Cost $15,937,087) | 16,317,874 | |||||||
RIGHTS - 0.1% | Contracts | Value | ||||||
Bowen Acquisition Corp., Expires 01/14/2025, Exercise Price $10.00(a)(b) | 41,373 | 5,517 | ||||||
Bukit Jalil Global Acquisition 1, Ltd., Expires 12/30/2024, Exercise Price $10.00(a)(b) | 47,015 | 11,049 | ||||||
ESH Acquisition Corp., Expires 12/13/2024, Exercise Price $10.00(a) | 37,612 | 3,047 | ||||||
Quetta Acquisition Corp., Expires 11/30/2024, Exercise Price $1.00(a) | 2,821 | 3,187 | ||||||
TOTAL RIGHTS (Cost $21,482) | 22,800 | |||||||
WARRANTS - 0.1% | Contracts | Value | ||||||
99 Acquisition Group, Inc., Expires 10/09/2028, Exercise Price $11.50(a) | 47,015 | 1,577 | ||||||
Alchemy Investments Acquisition Corp. 1, Expires 06/26/2028, Exercise Price $11.50(a)(b) | 23,507 | 4,466 | ||||||
Bukit Jalil Global Acquisition 1, Ltd., Expires 08/21/2028, Exercise Price $11.50(a)(b) | 23,507 | 999 | ||||||
Colombier Acquisition Corp. II, Expires 12/31/2028, Exercise Price $11.50(a)(b) | 15,671 | 7,209 | ||||||
Inflection Point Acquisition Corp. II, Expires 07/17/2028, Exercise Price $11.50(a)(b) | 23,507 | 3,526 | ||||||
Keen Vision Acquisition Corp., Expires 09/15/2028, Exercise Price $11.50(a)(b) | 21,815 | 1,176 | ||||||
Spark I Acquisition Corp., Expires 11/27/2028, Exercise Price $11.50(a)(b) | 14,105 | 2,553 | ||||||
TOTAL WARRANTS (Cost $17,878) | 21,506 | |||||||
SHORT-TERM INVESTMENTS – 0.4% | ||||||||
Deposit Accounts – 0.4% | ||||||||
U.S. Bank Money Market Deposit Account, 5.19%(d) | 58,853 | 58,853 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $58,853) | 58,853 | |||||||
TOTAL INVESTMENTS (Cost $16,035,300) – 100.1% | $ | 16,421,033 | ||||||
Other Assets in Excess of Liabilities - (0.1)% | (9,057 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 16,411,976 | ||||||
Percentages are stated as a percent of net assets. |
(a) | Non-income producing security. |
(b) | Foreign issued security. |
(c) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $1,468,557 or 8.9% of net assets as of March 31, 2024. |
(d) | The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate shown is the seven-day yield at period end. |
COUNTRY | Percentage of Net Assets | |||
Cayman Islands | 71.8 | % | ||
United States | 26.3 | % | ||
British Virgin Islands | 1.4 | % | ||
Total Country | 99.5 | % | ||
RIGHTS | 0.1 | % | ||
WARRANTS | 0.1 | % | ||
SHORT-TERM INVESTMENTS | 0.4 | % | ||
TOTAL INVESTMENTS | 100.1 | % | ||
Other assets and liabilities, net | -0.1 | % | ||
NET ASSETS | 100.0 | % |
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 March 31, 2024:
Horizon Kinetics SPAC Active ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks* | 12,134,272 | 2,715,045 | 1,468,557 | 16,317,874 | ||||||||||||
Warrants | 18,930 | 2,576 | – | 21,506 | ||||||||||||
Rights | 3,047 | 19,753 | – | 22,800 | ||||||||||||
Deposit Accounts | 58,853 | – | – | 58,853 | ||||||||||||
Total Assets | 12,215,102 | 2,737,374 | 1,468,557 | 16,421,033 | ||||||||||||
*Refer to the Schedule of Investments for industry classifications. |