Horizon Kinetics Inflation Beneficiaries ETF | ||||||||
Schedule of Investments | ||||||||
March 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS – 95.9% | Shares | Value | ||||||
Aerospace & Defense - 3.1% | ||||||||
CACI International, Inc. - Class A(a) | 52,015 | $ | 19,704,842 | |||||
Agricultural Operations - 7.9% | ||||||||
Archer-Daniels-Midland Co. | 365,675 | 22,968,047 | ||||||
Bunge Global SA(b) | 200,940 | 20,600,369 | ||||||
Wilmar International, Ltd.(b) | 2,880,142 | 7,319,863 | ||||||
50,888,279 | ||||||||
Building Production-Wood - 2.5% | ||||||||
West Fraser Timber Co., Ltd.(b) | 185,192 | 16,006,145 | ||||||
Diversified Minerals - 0.1% | ||||||||
Lithium Royalty Corp.(a)(b)(c) | 100,000 | 549,049 | ||||||
Fertilizer - 1.8% | ||||||||
Nutrien, Ltd.(b) | 215,562 | 11,707,172 | ||||||
Global Exchanges - 18.8% | ||||||||
ASX, Ltd.(b) | 372,736 | 16,151,569 | ||||||
CME Group, Inc. | 49,841 | 10,730,269 | ||||||
Deutsche Boerse AG(b) | 99,913 | 20,464,290 | ||||||
Intercontinental Exchange, Inc. | 218,530 | 30,032,578 | ||||||
Japan Exchange Group, Inc.(b) | 541,371 | 14,612,313 | ||||||
Singapore Exchange, Ltd.(b) | 1,942,588 | 13,256,695 | ||||||
TMX Group, Ltd.(b) | 587,470 | 15,511,031 | ||||||
120,758,745 | ||||||||
Insurance Brokers - 3.9% | ||||||||
Marsh & McLennan Cos., Inc. | 120,000 | 24,717,600 | ||||||
Investment Management-Advisor Services - 1.3% | ||||||||
Brookfield Asset Management, Ltd.(b) | 92,198 | 3,874,160 | ||||||
Sprott, Inc.(b) | 117,424 | 4,339,991 | ||||||
8,214,151 | ||||||||
Medical Labs & Testing Services - 3.2% | ||||||||
Charles River Laboratories International, Inc.(a) | 75,427 | 20,436,946 | ||||||
Medical-Biomedical-Genetics - 0.9% | ||||||||
Royalty Pharma PLC - Class A(b) | 193,849 | 5,887,194 | ||||||
Metal-Diversified - 8.5% | ||||||||
Altius Minerals Corp. (b)(c) | 296,306 | 4,499,603 | ||||||
Cameco Corp.(b) | 384,547 | 16,658,576 | ||||||
Deterra Royalties, Ltd.(b) | 3,690,208 | 11,868,949 | ||||||
Glencore PLC(b) | 3,951,821 | 21,730,748 | ||||||
54,757,876 | ||||||||
Metal-Iron - 1.6% | ||||||||
Labrador Iron Ore Royalty Corp.(b) | 187,736 | 4,006,515 | ||||||
Mesabi Trust | 320,735 | 5,677,010 | ||||||
Trident Royalties PLC(a)(b) | 1,000,000 | 426,346 | ||||||
10,109,871 | ||||||||
Oil Companies -Exploration & Production – 0.8% | ||||||||
Topaz Energy Corp.(b) | 306,275 | 5,047,059 | ||||||
5,047,059 | ||||||||
Oil-US Royalty Trusts - 23.1% | ||||||||
Permian Basin Royalty Trust | 641,442 | 7,761,448 | ||||||
PrairieSky Royalty, Ltd. | 2,065,119 | 40,485,946 | ||||||
Sabine Royalty Trust | 66,738 | 4,243,869 | ||||||
San Juan Basin Royalty Trust(c) | 772,537 | 4,086,721 | ||||||
Sitio Royalties Corp. - Class A | 622,236 | 15,381,674 | ||||||
Texas Pacific Land Corp. | 65,070 | 37,643,646 | ||||||
Viper Energy, Inc. | 1,027,561 | 39,519,995 | ||||||
149,123,299 | ||||||||
Pipelines - 2.9% | ||||||||
Cheniere Energy, Inc. | 115,050 | 18,555,264 | ||||||
Precious Metals - 13.2% | ||||||||
Franco-Nevada Corp.(b) | 209,189 | 24,926,961 | ||||||
Metalla Royalty & Streaming, Ltd. (b)(c) | 390,000 | 1,212,900 | ||||||
Osisko Gold Royalties, Ltd.(b) | 1,040,956 | 17,092,498 | ||||||
Sandstorm Gold, Ltd.(b) | 1,300,991 | 6,830,203 | ||||||
Wheaton Precious Metals Corp.(b) | 725,405 | 34,188,337 | ||||||
84,250,899 | ||||||||
Real Estate Operations-Development - 1.7% | ||||||||
St Joe Co. | 185,968 | 10,780,565 | ||||||
Transport-Marine - 0.6% | ||||||||
Clarkson PLC(b) | 71,755 | 3,634,840 | ||||||
TOTAL COMMON STOCKS (Cost $627,785,002) | 615,129,796 | |||||||
PARTNERSHIPS – 0.8% | ||||||||
Oil Companies -Exploration & Production – 0.8% | ||||||||
Dorchester Minerals LP 151,612 | 5,112,357 | |||||||
TOTAL PARTNERSHIPS (Cost $1,404,044) | 5,112,357 | |||||||
SHORT-TERM INVESTMENTS – 3.6% | ||||||||
Deposit Accounts – 3.6% | ||||||||
U.S. Bank Money Market Deposit Account, 5.19%(d) 23,218,309 | 23,218,309 | |||||||
TOTAL SHORT-TERM INVETSMENTS (Cost $23,218,309) | 23,218,309 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING – 0.8% | ||||||||
U.S. Bank Money Market Deposit Account, 5.19%(d) 5,279,208 | 5,279,208 | |||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITES LENDING (Cost $5,279,208) | 5,279,208 | |||||||
TOTAL INVESTMENTS – 101.1% (Cost $657,686,563) | $ | 648,739,670 | ||||||
Liabilities in Excess of Other Assets – (1.1)% | (7,470,632 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 641,269,038 | ||||||
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 $5,065,968 which represented 0.8% of net assets. |
(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 | |||
United States | 67.9 | % | ||
Canada | 10.9 | % | ||
Australia | 4.4 | % | ||
Britain | 4.0 | % | ||
Singapore | 3.2 | % | ||
Germany | 3.2 | % | ||
Japan | 2.3 | % | ||
Total Country | 95.9 | % | ||
PARTNERSHIPS | 0.8 | % | ||
SHORT-TERM INVESTMENTS | 3.6 | % | ||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING | 0.8 | % | ||
TOTAL INVESTMENTS | 101.1 | % | ||
Other assets and liabilities, net | -1.1 | % | ||
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 March 31, 2024:
Horizon Kinetics Inflation Beneficiaries ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks* | 615,129,796 | – | – | 615,129,796 | ||||||||||||
Partnerships | 5,112,357 | – | – | 5,112,357 | ||||||||||||
Deposit Accounts | 23,218,309 | – | – | 23,218,309 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending | 5,279,208 | – | – | 5,279,208 | ||||||||||||
Total Assets | 648,739,670 | – | – | 648,739,670 | ||||||||||||
*Refer to the Schedule of Investments for industry classifications. | ||||||||||||||||