Horizon Kinetics Blockchain Development ETF | ||||||||
Schedule of Investments | ||||||||
March 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 90.1% | Shares | Value | ||||||
Aerospace & Defense - 11.0% | ||||||||
CACI International, Inc. - Class A(a) | 1,605 | $ | 608,023 | |||||
Science Applications International Corp. | 3,201 | 417,378 | ||||||
1,025,401 | ||||||||
Capital Markets - 24.4% | ||||||||
Bakkt Holdings, Inc.(a)(c) | 209,895 | 96,510 | ||||||
Galaxy Digital Holdings, Ltd.(a)(b) | 41,730 | 446,210 | ||||||
MarketAxess Holdings, Inc. | 915 | 200,614 | ||||||
OTC Markets Group, Inc. - Class A | 4,735 | 261,609 | ||||||
Tradeweb Markets, Inc. - Class A | 3,753 | 390,949 | ||||||
Urbana Corp. - Class A(b) | 134,642 | 465,638 | ||||||
WisdomTree, Inc. | 44,354 | 407,613 | ||||||
2,269,143 | ||||||||
Global Exchanges - 40.4%(d) | ||||||||
ASX, Ltd.(b) | 9,255 | 401,042 | ||||||
Cboe Global Markets, Inc. | 3,030 | 556,702 | ||||||
Deutsche Boerse AG(b) | 2,805 | 574,523 | ||||||
Japan Exchange Group, Inc.(b) | 19,890 | 536,857 | ||||||
London Stock Exchange Group PLC(b) | 3,795 | 454,953 | ||||||
Nasdaq, Inc. | 6,201 | 391,283 | ||||||
Singapore Exchange, Ltd.(b) | 53,730 | 366,667 | ||||||
TMX Group, Ltd.(b) | 17,751 | 468,681 | ||||||
3,750,708 | ||||||||
IT Services - 4.2% | ||||||||
Applied Digital Corp.(a)(c) | 23,568 | 100,871 | ||||||
Digital Garage, Inc.(b) | 13,170 | 285,425 | ||||||
386,296 | ||||||||
Securities and Commodities Exchange - 10.1% | ||||||||
CME Group, Inc. | 1,975 | 425,198 | ||||||
Intercontinental Exchange, Inc. | 3,721 | 511,377 | ||||||
936,575 | ||||||||
TOTAL COMMON STOCKS (Cost $7,547,541) | 8,368,123 | |||||||
SHORT-TERM INVESTMENTS – 9.8% | ||||||||
Deposit Accounts – 9.8% | ||||||||
U.S. Bank Money Market Deposit Account, 5.19%(e) | 909,399 | 909,399 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $909,399) | 909,399 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING – 2.5% | ||||||||
U.S. Bank Money Market Deposit Account, 5.19%(e) | 232,937 | 232,937 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $232,937) | 232,937 | |||||||
TOTAL INVESTMENTS (Cost $8,689,877) – 102.4% | $ | 9,510,459 | ||||||
Other Assets in Excess of Liabilities – (2.4)% | (223,966 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 9,286,493 | ||||||
Percentages are stated as a percent of net assets. |
PLC - Public Limited Company |
(a) | Non-income producing security. |
(b) | Foreign issued security. |
(c) | All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $147,504 which represented 1.6% of net assets. |
(d) | To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |
(e) | 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 | |||
United States | 47.0 | % | ||
Canada | 10.1 | % | ||
Japan | 8.9 | % | ||
Germany | 6.2 | % | ||
Britain | 4.9 | % | ||
Cayman Islands | 4.8 | % | ||
Australia | 4.3 | % | ||
Singapore | 3.9 | % | ||
Total Country | 90.1 | % | ||
SHORT-TERM INVESTMENTS | 9.8 | % | ||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING | 2.5 | % | ||
TOTAL INVESTMENTS | 102.4 | % | ||
Other assets and liabilities, net | -2.4 | % | ||
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 Blockchain Development ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks* | 8,368,123 | – | – | 8,368,123 | ||||||||||||
Deposit Accounts | 909,399 | – | – | 909,399 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending | 232,937 | – | – | 232,937 | ||||||||||||
Total Assets | 9,510,459 | – | – | 9,510,459 | ||||||||||||
*Refer to the Schedule of Investments for industry classifications. |