Horizon Kinetics Medical ETF | ||||||||
Schedule of Investments | ||||||||
March 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 95.3% | Shares | Value | ||||||
Cosmetics & Toiletries - 0.7% | ||||||||
Haleon PLC - ADR(a)(c) | 14,082 | $ | 119,556 | |||||
Diagnostic Equipment - 0.2% | ||||||||
Pacific Biosciences of California, Inc.(b) | 11,517 | 43,189 | ||||||
Medical Imaging Systems - 0.5% | ||||||||
GE HealthCare Technologies, Inc. | 960 | 87,274 | ||||||
Medical-Biomedical-Genetics - 33.5%(d) | ||||||||
2seventy bio, Inc.(b) | 17,275 | 92,421 | ||||||
Allogene Therapeutics, Inc.(b) | 19,194 | 85,797 | ||||||
Alnylam Pharmaceuticals, Inc.(b) | 2,880 | 430,416 | ||||||
Amgen, Inc. | 3,359 | 955,031 | ||||||
Beam Therapeutics, Inc.(b) | 9,597 | 317,085 | ||||||
Bicycle Therapeutics PLC - ADR(b)(c) | 14,396 | 358,460 | ||||||
Biogen, Inc.(b) | 3,119 | 672,550 | ||||||
Bluebird Bio, Inc.(b) | 36,468 | 46,679 | ||||||
CRISPR Therapeutics AG(b)(c) | 10,557 | 719,565 | ||||||
Editas Medicine, Inc.(b) | 31,670 | 234,991 | ||||||
Intellia Therapeutics, Inc.(b) | 14,396 | 396,034 | ||||||
Ionis Pharmaceuticals, Inc.(b) | 12,476 | 540,835 | ||||||
Lantern Pharma, Inc.(b) | 28,791 | 253,361 | ||||||
Mural Oncology PLC(b)(c) | 2,304 | 11,267 | ||||||
Regeneron Pharmaceuticals, Inc.(b) | 720 | 692,993 | ||||||
Replimune Group, Inc.(b) | 14,396 | 117,615 | ||||||
Salarius Pharmaceuticals, Inc.(a)(b) | 31,094 | 16,436 | ||||||
5,941,536 | ||||||||
Medical-Drugs - 59.9%(d) | ||||||||
AbbVie, Inc. | 7,678 | 1,398,164 | ||||||
Alkermes PLC(b)(c) | 23,033 | 623,503 | ||||||
AstraZeneca PLC – ADR(c) | 12,476 | 845,249 | ||||||
Bristol-Myers Squibb Co. | 17,755 | 962,854 | ||||||
Eli Lilly & Co. | 3,359 | 2,613,167 | ||||||
Galectin Therapeutics, Inc.(b) | 53,742 | 128,443 | ||||||
GSK PLC - ADR(c) | 11,265 | 482,931 | ||||||
Johnson & Johnson | 5,759 | 911,016 | ||||||
Merck & Co., Inc. | 6,718 | 886,440 | ||||||
Novartis AG - ADR(c) | 9,597 | 928,318 | ||||||
Pfizer, Inc. | 25,912 | 719,058 | ||||||
Vanda Pharmaceuticals, Inc.(b) | 25,912 | 106,498 | ||||||
10,605,641 | ||||||||
Medical-Generic Drugs - 0.5% | ||||||||
Sandoz Group AG - ADR(a)(b)(c) | 1,920 | 57,792 | ||||||
Viatris, Inc. | 3,572 | 42,650 | ||||||
100,442 | ||||||||
Therapeutics - 0.0%(e) | ||||||||
Immune Pharmaceuticals, Inc.(b)(f)(h) | 1 | – | ||||||
TOTAL COMMON STOCKS (Cost $9,401,740) | 16,897,638 | |||||||
RIGHTS - 0.0%(e) | Contracts | Value | ||||||
Medical-Biomedical-Genetics - 0.0%(e) | ||||||||
Pathos AI, Inc., Expires 01/29/2025, Exercise Price $1.00(b)(f)(h) | 23,992 | – | ||||||
TOTAL RIGHTS (Cost $-) | – | |||||||
SHORT-TERM INVESTMENTS – 4.3% | ||||||||
Deposit Accounts – 4.3% | ||||||||
U.S. Bank Money Market Deposit Account, 5.19%(g) | 771,332 | 771,332 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $771,332) | 771,332 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING – 1.1% | ||||||||
U.S. Bank Money Market Deposit Account, 5.19%(g) | 199,884 | 199,884 | ||||||
TOTAL INVESNTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $199,884) | 199,884 | |||||||
TOTAL INVESTMENTS – 100.7% (Cost $10,372,956) | $ | 17,868,854 | ||||||
Other Assets in Excess of Liabilities – (0.7)% | (130,422 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 17,738,432 | ||||||
Percentages are stated as a percent of net assets. |
ADR - American Depositary Receipt |
PLC - Public Limited Company |
(a) | All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $186,597 which represented 1.1% of net assets. |
(b) | Non-income producing security. |
(c) | Foreign issued security. |
(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) | Represents less than 0.05% of net assets. |
(f) | 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 $0 or 0.0% of net assets as of March 31, 2024. |
(g) | 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. |
(h) | The Horizon Kinetics Medical ETF held a Level 3 security at the end of the period valued at $-. The security classified as Level 3 is deemed immaterial. |
COUNTRY | Percentage of Net Assets | |||
United States | 71.9 | % | ||
Britain | 10.2 | % | ||
Switzerland | 9.6 | % | ||
Ireland | 3.6 | % | ||
Total Country | 95.3 | % | ||
RIGHTS(a) | 0.0 | % | ||
SHORT-TERM INVESTMENTS | 4.3 | % | ||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING | 1.1 | % | ||
TOTAL INVESTMENTS | 100.7 | % | ||
Other assets and Liabilities, net | -0.7 | % | ||
NET ASSETS | 100.0 | % | ||
(a) Represents less than 0.05% of net assets. |
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 Medical ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks* | 16,897,638 | – | – | + | 16,897,638 | |||||||||||
Rights | – | – | – | + | – | |||||||||||
Deposit Accounts | 771,332 | – | – | 771,332 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending | 199,884 | – | – | 199,884 | ||||||||||||
Total Assets | 17,868,854 | – | – | 17,868,854 | ||||||||||||
* Refer to the Schedule of Investments for industry classifications. | ||||||||||||||||
+ The Horizon Kinetics Medical ETF held a Level 3 security at the end of the period valued at $-. The security classified as Level 3 is deemed immaterial. |