NPORT-EX 2 nvir.htm
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.