Horizon Kinetics Inflation Beneficiaries ETF
Schedule of Investments
September 30, 2023 (Unaudited)
	Shares		Value
COMMON STOCKS — 97.5%
Aerospace & Defense — 2.7%
CACI International, Inc. - Class A (a)		75,313	$	23,643,010
Agricultural Operations — 9.9%
Archer-Daniels-Midland Co.		529,082		39,903,364
Bunge, Ltd. (b)		290,955		31,495,879
Clarkson PLC (b)		103,493		3,454,819
Wilmar International, Ltd. (b)		4,170,357		11,396,756
				86,250,818
Fertilizer — 2.2%
Nutrien, Ltd. (b)		311,931		19,264,858
Global Exchanges — 10.4%
ASX, Ltd. (b)		539,678		19,895,321
Deutsche Boerse AG (b)		144,391		25,025,470
Japan Exchange Group, Inc. (b)		365,028		6,785,643
Singapore Exchange, Ltd. (b)		2,812,733		20,092,422
TMX Group, Ltd. (b)		850,455		18,361,525
				90,160,381
Insurance Brokers — 3.8%
Marsh & McLennan Cos., Inc.		173,656		33,046,737
Investment Management & Advisory Services — 0.6%
Sprott, Inc. (b)		170,008		5,180,144
Medical Labs & Testing Services — 2.5%
Charles River Laboratories International, Inc. (a)		108,962		21,354,373
Medical-Biomedical & Genetics — 0.9%
Royalty Pharma PLC - Class A (b)		280,687		7,617,845
Metal, Diversified — 8.9%
Altius Minerals Corp. (b)		428,608		6,961,710
Aurubis AG (b)		198,045		14,706,966
Cameco Corp. (b)		556,811		22,071,988
Glencore PLC (b)		5,722,116		32,818,532
Lithium Royalty Corp. (a)(b)(d)		100,000		840,237
				77,399,433
Metal, Iron — 3.7%
Deterra Royalties, Ltd. (b)		5,343,307		16,518,617
Labrador Iron Ore Royalty Corp. (b)(d)		271,750		6,462,103
Mesabi Trust (a)		464,406		9,320,628
				32,301,348
Oil Company, Exploration & Production — 24.1%
Permian Basin Royalty Trust		928,474		19,730,073
PrairieSky Royalty, Ltd. (b)		2,989,979		55,199,612
Sabine Royalty Trust		22,600		1,489,340
San Juan Basin Royalty Trust (d)		90,181		624,954
Sitio Royalties Corp. - Class A		1,111,835		26,917,525
Texas Pacific Land Corp.		31,221		56,933,367
Topaz Energy Corp. (b)		443,239		7,025,601
Viper Energy Partners LP		1,487,873		41,481,899
				209,402,371
Pipelines — 3.2%
Cheniere Energy, Inc.		166,588		27,646,944
Precious Metals — 11.8%
Franco-Nevada Corp. (b)		262,694		35,067,022
Metalla Royalty & Streaming, Ltd. (b)(d)		390,000		1,193,400
Osisko Gold Royalties, Ltd. (b)		1,506,804		17,704,947
Sandstorm Gold, Ltd. (b)		1,883,794		8,778,480
Wheaton Precious Metals Corp. (b)		982,297		39,832,143
				102,575,992
Private Equity — 0.5%
Brookfield Asset Management, Ltd. - Class A (b)		133,499		4,450,857
Real Estate Management & Services — 2.3%
CBRE Group, Inc. - Class A (a)		271,102		20,023,594
Real Estate Operators & Developers — 1.7%
The St. Joe Co.		269,276		14,629,765
Securities & Commodities Exchanges — 5.7%
CME Group, Inc.		72,080		14,431,858
Intercontinental Exchange, Inc.		316,311		34,800,536
				49,232,394
Timber — 2.7%
West Fraser Timber Co., Ltd. (b)		326,327		23,671,760
TOTAL COMMON STOCKS (Cost $902,564,844)				847,852,624
PARTNERSHIPS — 0.7%
Oil Company, Exploration & Production — 0.7%
Dorchester Minerals LP		209,949		6,099,019
TOTAL PARTNERSHIPS (Cost $1,629,250)				6,099,019
SHORT-TERM INVESTMENTS — 1.8%
Deposit Accounts — 1.8%
U.S. Bank Money Market Deposit Account, 5.28% (c)		15,835,095		15,835,095
TOTAL SHORT-TERM INVESTMENTS (Cost $15,835,095)				15,835,095
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.7%
U.S. Bank Money Market Deposit Account, 5.28% (c)		6,243,821		6,243,821
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,243,821)				6,243,821
TOTAL INVESTMENTS (Cost $926,273,010) —  100.7%				876,030,559
Other assets and liabilities, net — (0.7)%				(5,751,787	)
NET ASSETS — 100.0%			$	870,278,772

PLC - Public Limited Company
(a) Non-income producing security.
(b) Foreign issued security, or represents a foreign issued security.
(c) The rate shown is the seven-day yield at period end.
(d) All or a portion of this security is on loan as of September 30, 2023. The market value of securities out on loan is $5,911,155.
COUNTRY	Percentage of Net Assets
United States	44.3%
Canada	31.3%	*
Germany	4.6%
Australia	4.2%
Jersey	3.8%
Bermuda	3.6%
Singapore	3.6%
Britain	1.3%
Japan	0.8%
Total Country	97.5%
PARTNERSHIPS	0.7%
SHORT-TERM INVESTMENTS	1.8%
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING	0.7%
TOTAL INVESTMENTS	100.7%
Other assets and liabilities, net	-0.7%
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 September 30, 2023:

	Level 1		Level 2		Level 3		Total
Investments - Assets:
Common Stocks*	$	847,852,624	$	-	$	-	$	847,852,624
Partnerships*		6,099,019		-		-		6,099,019
Deposit Accounts		15,835,095		-		-		15,835,095
Investments Purchased With Proceeds From Securities Lending		6,243,821		-		-		6,243,821
Total Investments - Assets	$	876,030,559	$	-	$	-	$	876,030,559
* See the Schedule of Investments for industry classifications.