NPORT-EX 2 infl.htm

Horizon Kinetics Inflation Beneficiaries ETF
  
Schedule of Investments
  
March 31, 2024 (Unaudited)
  
   
COMMON STOCKS – 95.9%
  
Shares
    
Value
  
Aerospace & Defense - 3.1%
        
CACI International, Inc. - Class A(a)
    
52,015
    
$
19,704,842
  
                 
Agricultural Operations - 7.9%
          
Archer-Daniels-Midland Co.
    
365,675
      
22,968,047
  
Bunge Global SA(b)
    
200,940
      
20,600,369
  
Wilmar International, Ltd.(b)
    
2,880,142
      
7,319,863
  
             
50,888,279
  
                 
Building Production-Wood - 2.5%
          
West Fraser Timber Co., Ltd.(b)
    
185,192
      
16,006,145
  
                 
Diversified Minerals - 0.1%
          
Lithium Royalty Corp.(a)(b)(c)
    
100,000
      
549,049
  
                 
Fertilizer - 1.8%
          
Nutrien, Ltd.(b)
    
215,562
      
11,707,172
  
                 
Global Exchanges - 18.8%
          
ASX, Ltd.(b)
    
372,736
      
16,151,569
  
CME Group, Inc.
    
49,841
      
10,730,269
  
Deutsche Boerse AG(b)
    
99,913
      
20,464,290
  
Intercontinental Exchange, Inc.
    
218,530
      
30,032,578
  
Japan Exchange Group, Inc.(b)
    
541,371
      
14,612,313
  
Singapore Exchange, Ltd.(b)
    
1,942,588
      
13,256,695
  
TMX Group, Ltd.(b)
    
587,470
      
15,511,031
  
             
120,758,745
  
                 
Insurance Brokers - 3.9%
          
Marsh & McLennan Cos., Inc.
    
120,000
      
24,717,600
  
                 
Investment Management-Advisor Services - 1.3%
          
Brookfield Asset Management, Ltd.(b)
    
92,198
      
3,874,160
  
Sprott, Inc.(b)
    
117,424
      
4,339,991
  
             
8,214,151
  
                 
Medical Labs & Testing Services - 3.2%
          
Charles River Laboratories International, Inc.(a)
    
75,427
      
20,436,946
  
                 
Medical-Biomedical-Genetics - 0.9%
          
Royalty Pharma PLC - Class A(b)
    
193,849
      
5,887,194
  
                 
Metal-Diversified - 8.5%
          
Altius Minerals Corp. (b)(c)
    
296,306
      
4,499,603
  
Cameco Corp.(b)
    
384,547
      
16,658,576
  
Deterra Royalties, Ltd.(b)
    
3,690,208
      
11,868,949
  
Glencore PLC(b)
    
3,951,821
      
21,730,748
  
             
54,757,876
  
                 
Metal-Iron - 1.6%
          
Labrador Iron Ore Royalty Corp.(b)
    
187,736
      
4,006,515
  
Mesabi Trust
    
320,735
      
5,677,010
  
Trident Royalties PLC(a)(b)
    
1,000,000
      
426,346
  
             
10,109,871
  
                 
Oil Companies -Exploration & Production – 0.8%
          
Topaz Energy Corp.(b)
    
306,275
      
5,047,059
  
             
5,047,059
  
                 
Oil-US Royalty Trusts - 23.1%
          
Permian Basin Royalty Trust
    
641,442
      
7,761,448
  
PrairieSky Royalty, Ltd.
    
2,065,119
      
40,485,946
  
Sabine Royalty Trust
    
66,738
      
4,243,869
  
San Juan Basin Royalty Trust(c)
    
772,537
      
4,086,721
  
Sitio Royalties Corp. - Class A
    
622,236
      
15,381,674
  
Texas Pacific Land Corp.
    
65,070
      
37,643,646
  
Viper Energy, Inc.
    
1,027,561
      
39,519,995
  
             
149,123,299
  
                 
Pipelines - 2.9%
          
Cheniere Energy, Inc.
    
115,050
      
18,555,264
  
                 
Precious Metals - 13.2%
          
Franco-Nevada Corp.(b)
    
209,189
      
24,926,961
  
Metalla Royalty & Streaming, Ltd. (b)(c)
    
390,000
      
1,212,900
  
Osisko Gold Royalties, Ltd.(b)
    
1,040,956
      
17,092,498
  
Sandstorm Gold, Ltd.(b)
    
1,300,991
      
6,830,203
  
Wheaton Precious Metals Corp.(b)
    
725,405
      
34,188,337
  
             
84,250,899
  
                 
Real Estate Operations-Development - 1.7%
          
St Joe Co.
    
185,968
      
10,780,565
  
                 
Transport-Marine - 0.6%
          
Clarkson PLC(b)
    
71,755
      
3,634,840
  
TOTAL COMMON STOCKS (Cost $627,785,002)
      
615,129,796
  
                 
PARTNERSHIPS – 0.8%
          
Oil Companies -Exploration & Production – 0.8%
          
Dorchester Minerals LP 151,612
      
5,112,357
  
TOTAL PARTNERSHIPS (Cost $1,404,044)
      
5,112,357
  
                 
SHORT-TERM INVESTMENTS – 3.6%
          
Deposit Accounts – 3.6%
          
U.S. Bank Money Market Deposit Account, 5.19%(d) 23,218,309
      
23,218,309
  
TOTAL SHORT-TERM INVETSMENTS (Cost $23,218,309)
      
23,218,309
  
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING – 0.8%
          
U.S. Bank Money Market Deposit Account, 5.19%(d) 5,279,208
      
5,279,208
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITES LENDING
(Cost $5,279,208)
      
5,279,208
  
                 
TOTAL INVESTMENTS – 101.1% (Cost $657,686,563)
    
$
648,739,670
  
Liabilities in Excess of Other Assets – (1.1)%
      
(7,470,632
)
TOTAL NET ASSETS – 100.0%
          
$
641,269,038
  
                 
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 $5,065,968 which represented 0.8% of net assets.
(d)
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
    
67.9
%
Canada
    
10.9
%
Australia
    
4.4
%
Britain
    
4.0
%
Singapore
    
3.2
%
Germany
    
3.2
%
Japan
    
2.3
%
Total Country
    
95.9
%
PARTNERSHIPS
    
0.8
%
SHORT-TERM INVESTMENTS
    
3.6
%
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
    
0.8
%
TOTAL INVESTMENTS
    
101.1
%
Other assets and liabilities, net
    
-1.1
%
NET ASSETS
    
100.0
%

*To the extent the Fund invests more heavily in particular countries, its performance will be especially sensitive to developments that 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 March 31, 2024:

Horizon Kinetics Inflation Beneficiaries ETF
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Common Stocks*
    
615,129,796
      
–
      
–
      
615,129,796
  
  Partnerships
    
5,112,357
      
–
      
–
      
5,112,357
  
  Deposit Accounts
    
23,218,309
      
–
      
–
      
23,218,309
  
  Investments Purchased with Proceeds from Securities Lending
    
5,279,208
      
–
      
–
      
5,279,208
  
Total Assets
    
648,739,670
      
–
      
–
      
648,739,670
  
                                 
*Refer to the Schedule of Investments for industry classifications.