Horizon Kinetics Energy and Remediation ETF | ||||||||
Schedule of Investments | ||||||||
March 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 95.6% | Shares | Value | ||||||
Chemicals-Specialty - 2.2% | ||||||||
Ecolab, Inc. | 330 | $ | 76,197 | |||||
Diagnostic Kits - 1.6% | ||||||||
IDEXX Laboratories, Inc.(a) | 105 | 56,693 | ||||||
Electronic Measuring Instruments - 4.4% | ||||||||
Badger Meter, Inc. | 440 | 71,196 | ||||||
Itron, Inc.(a) | 920 | 85,119 | ||||||
156,315 | ||||||||
Engineering-Research & Development Services - 1.7% | ||||||||
Fluor Corp.(a) | 1,430 | 60,460 | ||||||
Machinery-Electrical - 1.7% | ||||||||
Franklin Electric Co., Inc. | 555 | 59,280 | ||||||
Machinery-General Industrial - 1.6% | ||||||||
IDEX Corp. | 230 | 56,125 | ||||||
Machinery-Pumps - 5.6% | ||||||||
Flowserve Corp. | 1,495 | 68,292 | ||||||
Watts Water Technologies, Inc. - Class A | 295 | 62,702 | ||||||
Xylem, Inc. | 500 | 64,620 | ||||||
195,614 | ||||||||
Oil Companies -Exploration & Production - 27.4%(c) | ||||||||
Chesapeake Energy Corp.(d) | 1,425 | 126,583 | ||||||
ConocoPhillips | 1,100 | 140,008 | ||||||
Diamondback Energy, Inc. | 850 | 168,444 | ||||||
EOG Resources, Inc. | 970 | 124,005 | ||||||
EQT Corp. | 3,705 | 137,344 | ||||||
Occidental Petroleum Corp. | 1,905 | 123,806 | ||||||
Pioneer Natural Resources Co. | 550 | 144,374 | ||||||
964,564 | ||||||||
Oil Comp-Integrated - 7.5% | ||||||||
Exxon Mobil Corp. | 1,176 | 136,698 | ||||||
Suncor Energy, Inc.(b) | 3,465 | 127,893 | ||||||
264,591 | ||||||||
Oil-Field Services - 19.1% | ||||||||
Calfrac Well Services, Ltd.(a)(b) | 11,935 | 34,925 | ||||||
CES Energy Solutions Corp.(b) | 24,705 | 85,987 | ||||||
Enerflex, Ltd.(b) | 8,325 | 48,535 | ||||||
Liberty Energy, Inc. | 3,465 | 71,795 | ||||||
Oil States International, Inc.(a) | 11,300 | 69,608 | ||||||
Schlumberger NV(b) | 2,115 | 115,923 | ||||||
Secure Energy Services, Inc.(b) | 8,705 | 71,724 | ||||||
STEP Energy Services, Ltd.(a)(b)(e) | 16,600 | 45,387 | ||||||
TETRA Technologies, Inc.(a) | 13,600 | 60,248 | ||||||
Trican Well Service, Ltd.(b) | 22,415 | 68,740 | ||||||
672,872 | ||||||||
Oil-US Royalty Trusts - 10.0% | ||||||||
Permian Basin Royalty Trust | 4,760 | 57,596 | ||||||
PrairieSky Royalty, Ltd. | 6,955 | 136,350 | ||||||
Sabine Royalty Trust | 493 | 31,350 | ||||||
San Juan Basin Royalty Trust | 4,253 | 22,498 | ||||||
Texas Pacific Land Corp. | 180 | 104,132 | ||||||
351,926 | ||||||||
Pipelines - 7.7% | ||||||||
Cheniere Energy, Inc. | 785 | 126,605 | ||||||
Williams Cos., Inc. | 3,655 | 142,435 | ||||||
269,040 | ||||||||
Water Treatment Systems - 5.1% | ||||||||
Energy Recovery, Inc.(a) | 2,440 | 38,528 | ||||||
Pentair PLC(b) | 945 | 80,741 | ||||||
Veralto Corp. | 666 | 59,047 | ||||||
178,316 | ||||||||
TOTAL COMMON STOCKS (Cost $3,152,121) | 3,361,993 | |||||||
SHORT-TERM INVESTMENTS – 4.3% | ||||||||
Deposit Accounts – 4.3% | ||||||||
U.S. Bank Money Market Deposit Account, 5.19%(f) | 152,396 | 152,396 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $152,396) | 152,396 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING – 3.6% | ||||||||
U.S. Bank Money Market Deposit Account, 5.19%(f) | 126,195 | 126,195 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $126,195) | 126,195 | |||||||
TOTAL INVESTMENTS – 103.5% (Cost $3,430,712) | $ | 3,640,584 | ||||||
Other Assets in Excess of Liabilities – (3.5)% | (124,008 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 3,516,576 | ||||||
Percentages are stated as a percent of net assets. |
PLC - Public Limited Company |
(a) | Non-income producing security. |
(b) | Foreign Issued security. |
(c) | 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. |
(d) | All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $125,250 which represented 3.6% of net assets. |
(e) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2024, the value of these securities total $45,387 or 1.3% of the Fund’s net assets. |
(f) | 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 | 72.4 | % | ||
Canada | 17.6 | % | ||
Curacao | 3.3 | % | ||
Ireland | 2.3 | % | ||
Total Country | 95.6 | % | ||
SHORT-TERM INVESTMENTS | 4.3 | % | ||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING | 3.6 | % | ||
TOTAL INVESTMENTS | 103.5 | % | ||
Other assets and liabilities, net | -3.5 | % | ||
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 Energy and Remediation ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks* | 3,361,993 | – | – | 3,361,993 | ||||||||||||
Deposit Accounts | 152,396 | – | – | 152,396 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending | 126,195 | – | – | 126,195 | ||||||||||||
Total Assets | 3,640,584 | – | – | 3,640,584 | ||||||||||||
*Refer to the Schedule of Investments for industry classifications. |