NPORT-EX 2 bcdf.htm
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.