Horizon Kinetics Blockchain Development ETF
Schedule of Investments
September 30, 2023 (Unaudited)
	Shares		Value
COMMON STOCKS — 90.4%
Aerospace & Defense — 11.7%
CACI International, Inc. - Class A (a)		642	$	201,543
Science Applications International Corp.		1,602		169,075
				370,618
Capital Markets — 25.4% (d)
Bakkt Holdings, Inc. (a)		83,958		98,231
Galaxy Digital Holdings, Ltd. (a)(b)		31,710		117,036
MarketAxess Holdings, Inc.		366		78,192
OTC Markets Group, Inc.		1,167		62,318
Tradeweb Markets, Inc.		1,503		120,541
Urbana Corp. (b)		53,858		175,676
WisdomTree Investments, Inc.		21,310		149,170
				801,164
Global Exchanges — 37.5% (d)
ASX, Ltd. (b)		3,702		136,475
Cboe Global Markets, Inc.		1,212		189,327
Deutsche Boerse AG (b)		1,122		194,462
Japan Exchange Group, Inc. (b)		8,124		151,020
London Stock Exchange Group PLC (b)		1,518		152,560
Nasdaq, Inc.		1,080		52,477
Singapore Exchange, Ltd. (b)		21,492		153,526
TMX Group, Ltd. (b)		7,242		156,356
				1,186,203
IT Services — 5.7%
Applied Digital Corp. (a)		9,429		58,837
Digital Garage, Inc. (b)		5,268		121,440
				180,277
Securities & Commodities Exchanges — 10.1%
CME Group, Inc.		756		151,366
Intercontinental Exchange, Inc.		1,536		168,991
				320,357
TOTAL COMMON STOCKS (Cost $2,917,723)				2,858,619
SHORT-TERM INVESTMENTS — 9.5%
Deposit Accounts — 9.5%
U.S. Bank Money Market Deposit Account, 5.28% (c)		301,942		301,942
TOTAL SHORT-TERM INVESTMENTS (Cost $301,942)				301,942
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.3%
U.S. Bank Money Market Deposit Account, 5.28% (c)		103,898		103,898
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $103,898)				103,898
TOTAL INVESTMENTS (Cost $3,323,563) — 103.2%				3,264,459
Other assets and liabilities, net — (3.2)%				(102,302	)
NET ASSETS — 100.0%			$	3,162,157

Percentages are stated as a percent of net assets.
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) To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.
COUNTRY	Percentage of Net Assets
United States	47.4%
Canada	10.5%	*
Japan	8.6%
Germany	6.2%
Singapore	4.9%
Britain	4.8%
Australia	4.3%
Cayman Islands	3.7%
Total Country	90.4%
SHORT-TERM INVESTMENTS	9.5%
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING	3.3%
TOTAL INVESTMENTS	103.2%
Other assets and liabilities, net	-3.2%
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*	$	2,858,619	$	-	$	-	$	2,858,619
Deposit Accounts		301,942		-		-		301,942
Investments Purchased with Proceeds from Securites Lending		103,898		-		-		103,898
Total Investments - Assets	$	3,264,459	$	-	$	-	$	3,264,459
* See the Schedule of Investments for industry classifications.