Horizon Kinetics Energy and Remediation ETF
|
||||||||
Schedule of Investments
|
||||||||
September 30, 2023 (Unaudited)
|
||||||||
Shares
|
Value
|
|||||||
COMMON STOCKS — 94.4%
|
||||||||
Chemicals-Specialty — 1.6%
|
||||||||
Ecolab, Inc.
|
462
|
$
|
78,263
|
|||||
Diagnostic Equipment — 1.5%
|
||||||||
Danaher Corp.
|
287
|
71,205
|
||||||
Diagnostic Kits — 1.3%
|
||||||||
IDEXX Laboratories, Inc. (a)
|
147
|
64,279
|
||||||
Electronic Measuring Instruments — 3.5%
|
||||||||
Badger Meter, Inc.
|
616
|
88,624
|
||||||
Itron, Inc. (a)
|
1,288
|
78,027
|
||||||
166,651
|
||||||||
Engineering/R&D Services — 1.6%
|
||||||||
Fluor Corp. (a)
|
2,002
|
73,473
|
||||||
Machinery-Electrical — 1.5%
|
||||||||
Franklin Electric Co., Inc.
|
777
|
69,332
|
||||||
Machinery-General Industry — 1.4%
|
||||||||
IDEX Corp.
|
322
|
66,982
|
||||||
Machinery-Pumps — 4.6%
|
||||||||
Flowserve Corp.
|
2,093
|
83,238
|
||||||
Watts Water Technologies, Inc. - Class A
|
413
|
71,375
|
||||||
Xylem, Inc.
|
700
|
63,721
|
||||||
218,334
|
||||||||
Oil Company, Exploration & Production — 30.9% (f)
|
||||||||
Chesapeake Energy Corp.
|
1,995
|
172,029
|
||||||
ConocoPhillips
|
1,540
|
184,492
|
||||||
Denbury, Inc. (a)
|
1,960
|
192,100
|
||||||
Diamondback Energy, Inc.
|
1,190
|
184,307
|
||||||
EOG Resources, Inc.
|
1,358
|
172,140
|
||||||
EQT Corp.
|
5,187
|
210,488
|
||||||
Occidental Petroleum Corp.
|
2,667
|
173,035
|
||||||
Pioneer Natural Resources Co.
|
770
|
176,754
|
||||||
1,465,345
|
||||||||
Oil Company-Integrated — 3.5%
|
||||||||
Suncor Energy, Inc. (b)
|
4,851
|
166,777
|
||||||
Oil-Field Services — 21.1%
|
||||||||
Calfrac Well Services, Ltd. (a)(b)
|
16,709
|
69,703
|
||||||
CES Energy Solutions Corp. (b)
|
34,587
|
98,491
|
||||||
Enerflex, Ltd. (b)
|
11,655
|
66,783
|
||||||
Liberty Energy, Inc.
|
4,851
|
89,841
|
||||||
Oil States International, Inc. (a)
|
15,820
|
132,414
|
||||||
Schlumberger, Ltd. (b)
|
2,961
|
172,626
|
||||||
Secure Energy Services, Inc. (b)
|
12,187
|
67,245
|
||||||
STEP Energy Services, Ltd. (a)(b)
|
23,240
|
72,883
|
||||||
TETRA Technologies, Inc. (a)
|
19,040
|
121,475
|
||||||
Trican Well Service, Ltd. (b)
|
31,381
|
107,930
|
||||||
999,391
|
||||||||
Oil-U.S. Royalty Trusts — 11.1%
|
||||||||
Permian Basin Royalty Trust
|
6,664
|
141,610
|
||||||
PrairieSky Royalty, Ltd. (b)
|
9,737
|
179,760
|
||||||
Sabine Royalty Trust
|
519
|
34,202
|
||||||
San Juan Basin Royalty Trust (d)
|
2,641
|
18,302
|
||||||
Texas Pacific Land Corp.
|
84
|
153,179
|
||||||
527,053
|
||||||||
Pipelines — 7.5%
|
||||||||
Cheniere Energy, Inc.
|
1,099
|
182,390
|
||||||
The Williams Cos., Inc.
|
5,117
|
172,392
|
||||||
354,782
|
||||||||
Water Treatment Systems — 3.3%
|
||||||||
Energy Recovery, Inc. (a)
|
3,416
|
72,453
|
||||||
Pentair PLC (b)
|
1,323
|
85,664
|
||||||
158,117
|
||||||||
TOTAL COMMON STOCKS (Cost $4,255,189)
|
4,479,984
|
|||||||
SHORT-TERM INVESTMENTS — 5.5%
|
||||||||
Deposit Accounts — 5.5%
|
||||||||
U.S. Bank Money Market Deposit Account, 5.28% (c)
|
261,243
|
261,243
|
||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $261,243)
|
261,243
|
|||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.1% (e)
|
||||||||
U.S. Bank Money Market Deposit Account, 5.28% (c)
|
2,262
|
2,262
|
||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,262)
|
2,262
|
|||||||
TOTAL INVESTMENTS (Cost $4,518,694) — 100.0%
|
4,743,489
|
|||||||
Other assets and liabilities, net — 0.0% (e)
|
796
|
|||||||
NET ASSETS — 100.0%
|
$
|
4,744,285
|
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 $2,162.
|
|||||||||
(e) Amount is less than 0.05%.
|
|||||||||
(f) 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
|
71.5%
|
||||||||
Canada
|
17.5%
|
*
|
|||||||
Curacao
|
3.6%
|
||||||||
Ireland
|
1.8%
|
||||||||
Total Country
|
94.4%
|
||||||||
SHORT-TERM INVESTMENTS
|
5.5%
|
||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
|
0.1%
|
||||||||
TOTAL INVESTMENTS
|
100.0%
|
||||||||
Other assets and liabilities, net
|
0.0%
|
||||||||
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*
|
$
|
4,479,984
|
$
|
-
|
$
|
-
|
$
|
4,479,984
|
||||||||
Deposit Accounts
|
261,243
|
-
|
-
|
261,243
|
||||||||||||
Investments Purchased with Proceeds from Securities Lending
|
2,262
|
-
|
-
|
2,262
|
||||||||||||
Total Investments - Assets
|
$
|
4,743,489
|
$
|
-
|
$
|
-
|
$
|
4,743,489
|
||||||||
* See the Schedule of Investments for industry classifications.
|