Horizon Kinetics SPAC Active ETF
Schedule of Investments
September 30, 2023 (Unaudited)
	Shares		Value
COMMON STOCKS — 95.0%
Pre-Combination Speacial Purpose Acquisition Companies — 95.0% (a)
99 Acquisition Group, Inc. - Unit		50,000	$	518,500
Accretion Acquisition Corp.		75,000		786,000
Alchemy Investments Acquisition Corp. I (b)		50,000		516,000
Alpha Partners Technology Merger Corp. - Class A (b)		79,500		841,508
Apollo Strategic Growth Capital II - Class A (b)		68,500		719,935
Ares Acquisition Corp. II (b)		53,710		551,602
Arrowroot Acquisition Corp. - Class A		77,000		807,730
Bowen Acquisition Corp. (b)		79,000		805,800
Bukit Jalil Global Acquisition I, Ltd. (b)		50,000		516,500
Cartesian Growth Corp. II - Class A (b)		66,614		719,431
Chenghe Acquisition Co. - Class A (b)		75,141		813,777
Concord Acquisition Corp. II - Class A		75,000		771,000
Enphys Acquisition Corp. (b)		68,296		717,108
ESH Acquisition Corp. - Class A		40,000		404,800
ExcelFin Acquisition Corp. - Class A		60,000		638,400
Golden Star Acquisition Corp. (b)		48,000		494,400
Gores Holdings IX, Inc. - Class A		70,567		733,191
Inflection Point Acquisition Corp. II - Class A (b)		50,000		510,500
Investcorp Europe Acquisition Corp. I - Class A (b)		58,132		632,476
Keen Vision Acquisition Corp. (b)		23,200		236,176
Pearl Holdings Acquisition Corp. - Class A (b)		45,278		485,380
Project Energy Reimagined Acquisition Corp. (b)		53,500		560,680
Screaming Eagle Acquisition Corp. - Class A (b)		58,159		608,343
SilverBox Corp. III - Class A		27,000		276,210
SK Growth Opportunities Corp. - Class A (b)		45,000		483,525
Spring Valley Acquisition Corp. II - Class A (b)		50,000		535,000
TOTAL COMMON STOCKS (Cost $15,384,310)				15,683,972
RIGHTS — 0.3% (a)
Bowen Acquisition Corp. (b)		44,000		8,140
Bukit Jalil Global Acquisition I, Ltd. (b)		50,000		7,525
ESH Acquisition Corp. - Class A		40,000		9,760
Golden Star Acquisition Corp. (b)		48,000		20,640
TOTAL RIGHTS (Cost  $30,053)				46,065
WARRANTS — 0.1% (a)
Alchemy Investments Acquisition Corp. I              Expiration: June 26, 2028, Exercise Price: $11.50 (b)		25,000		4,562
Bukit Jalil Global Acquisition I, Ltd. Expiration: August 21, 2028, Exercise Price: $11.50 (b)		25,000		1,625
Inflection Point Acquisition Corp. II - Class A Expiration: July 17, 2028, Exercise Price: $11.50 (b)		25,000		4,298
Keen Vision Acquisition Corp. Expiration: September 15, 2028, Exercise Price: $11.50 (b)		23,200		1,334
TOTAL WARRANTS (Cost  $10,789)				11,819
SHORT-TERM INVESTMENTS — 4.7%
Deposit Accounts — 4.7%
U.S. Bank Money Market Deposit Account, 5.28% (c)		775,694		775,694
TOTAL SHORT-TERM INVESTMENTS (Cost $775,694)				775,694
TOTAL INVESTMENTS (Cost $16,200,846) — 100.1%				16,517,550
Other assets and liabilities, net — (0.1)%				(17,270	)
NET ASSETS — 100.0%			$	16,500,280

Percentages are stated as a percent of net assets.
(a) Non-income producing security.
(b) Foreign issued security.
(c) The rate shown is the seven-day yield at period end.
COUNTRY	Percentage of Net Assets
Cayman Islands	64.0%	*
United States	30.0%
British Virgin Islands	1.4%
Total Country	95.4%
SHORT-TERM INVESTMENTS	4.7%
TOTAL INVESTMENTS	100.1%
Other assets and liabilities, net	-0.1%
NET ASSETS	100.0%
* To the extent the Fund invests more heavily in particular countries, its performance will be especially sensitive to developments that singificantly 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*	$	13,878,147	$	1,805,825	$	-	$	15,683,972
Rights		30,400		15,665		-		46,065
Warrants		7,257		4,562		-		11,819
Deposit Accounts		775,694		-		-		775,694
Total Investments - Assets	$	14,691,498	$	1,826,052	$	-	$	16,517,550
* See the Schedule of Investments for industry classifications.