NPORT-EX 2 bcdf.htm

Horizon Kinetics Blockchain Development ETF
  
Schedule of Investments
  
March 31, 2024 (Unaudited)
  
   
COMMON STOCKS - 90.1%
  
Shares
    
Value
  
Aerospace & Defense - 11.0%
        
CACI International, Inc. - Class A(a)
    
1,605
    
$
608,023
  
Science Applications International Corp.
    
3,201
      
417,378
  
             
1,025,401
  
                 
Capital Markets - 24.4%
          
Bakkt Holdings, Inc.(a)(c)
    
209,895
      
96,510
  
Galaxy Digital Holdings, Ltd.(a)(b)
    
41,730
      
446,210
  
MarketAxess Holdings, Inc.
    
915
      
200,614
  
OTC Markets Group, Inc. - Class A
    
4,735
      
261,609
  
Tradeweb Markets, Inc. - Class A
    
3,753
      
390,949
  
Urbana Corp. - Class A(b)
    
134,642
      
465,638
  
WisdomTree, Inc.
    
44,354
      
407,613
  
             
2,269,143
  
                 
Global Exchanges - 40.4%(d)
          
ASX, Ltd.(b)
    
9,255
      
401,042
  
Cboe Global Markets, Inc.
    
3,030
      
556,702
  
Deutsche Boerse AG(b)
    
2,805
      
574,523
  
Japan Exchange Group, Inc.(b)
    
19,890
      
536,857
  
London Stock Exchange Group PLC(b)
    
3,795
      
454,953
  
Nasdaq, Inc.
    
6,201
      
391,283
  
Singapore Exchange, Ltd.(b)
    
53,730
      
366,667
  
TMX Group, Ltd.(b)
    
17,751
      
468,681
  
             
3,750,708
  
                 
IT Services - 4.2%
          
Applied Digital Corp.(a)(c)
    
23,568
      
100,871
  
Digital Garage, Inc.(b)
    
13,170
      
285,425
  
             
386,296
  
                 
Securities and Commodities Exchange - 10.1%
          
CME Group, Inc.
    
1,975
      
425,198
  
Intercontinental Exchange, Inc.
    
3,721
      
511,377
  
             
936,575
  
TOTAL COMMON STOCKS (Cost $7,547,541)
      
8,368,123
  
                 
SHORT-TERM INVESTMENTS – 9.8%
                
Deposit Accounts – 9.8%
                
U.S. Bank Money Market Deposit Account, 5.19%(e)
    
909,399
      
909,399
  
TOTAL SHORT-TERM INVESTMENTS (Cost $909,399)
            
909,399
  
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING – 2.5%
                
U.S. Bank Money Market Deposit Account, 5.19%(e)
    
232,937
      
232,937
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $232,937)
            
232,937
  
                 
TOTAL INVESTMENTS (Cost $8,689,877) – 102.4%
    
$
9,510,459
  
Other Assets in Excess of Liabilities – (2.4)%
      
(223,966
)
TOTAL NET ASSETS - 100.0%
          
$
9,286,493
  
                 
Percentages are stated as a percent of net assets.
          

PLC - Public Limited Company

(a)
Non-income producing security.
(b)
Foreign issued security.
(c)
All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $147,504 which represented 1.6% of net assets.
(d)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(e)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate shown is the seven-day yield at period end.

COUNTRY
  
Percentage of Net Assets
  
United States
    
47.0
%
Canada
    
10.1
%
Japan
    
8.9
%
Germany
    
6.2
%
Britain
    
4.9
%
Cayman Islands
    
4.8
%
Australia
    
4.3
%
Singapore
    
3.9
%
Total Country
    
90.1
%
SHORT-TERM INVESTMENTS
    
9.8
%
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
    
2.5
%
TOTAL INVESTMENTS
    
102.4
%
Other assets and liabilities, net
    
-2.4
%
NET ASSETS
    
100.0
%
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 March 31, 2024:

Horizon Kinetics Blockchain Development ETF
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Common Stocks*
    
8,368,123
      
–
      
–
      
8,368,123
  
  Deposit Accounts
    
909,399
      
–
      
–
      
909,399
  
  Investments Purchased with Proceeds from Securities Lending
    
232,937
      
–
      
–
      
232,937
  
Total Assets
    
9,510,459
      
–
      
–
      
9,510,459
  
                                 
   
*Refer to the Schedule of Investments for industry classifications.