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.
|