Horizon Kinetics Blockchain Development ETF
  
Schedule of Investments
  
March 31, 2023 (Unaudited)
  
   
Shares
    
Value
  
COMMON STOCKS — 91.3%
            
Aerospace & Defense — 6.1%
            
CACI International, Inc. - Class A (a)
    
535
    
$
158,510
  
                 
Capital Markerts — 27.6%
                
Bakkt Holdings, Inc. (a)
    
69,965
      
120,340
  
Galaxy Digital Holdings, Ltd. (a)(b)
    
30,155
      
114,974
  
MarketAxess Holdings, Inc.
    
305
      
119,343
  
OTC Markets Group, Inc.
    
725
      
40,962
  
Tradeweb Markets, Inc.
    
1,253
      
99,012
  
Urbana Corp. (a)(b)
    
44,882
      
120,716
  
WisdomTree Investments, Inc.
    
17,630
      
103,312
  
             
718,659
  
Global Exchanges — 35.5%
                
ASX, Ltd. (b)
    
3,085
      
134,343
  
Cboe Global Markets, Inc.
    
1,010
      
135,582
  
Deutsche Boerse AG (b)
    
935
      
182,290
  
Japan Exchange Group, Inc. (b)
    
6,770
      
102,677
  
London Stock Exchange Group PLC (b)
    
1,265
      
123,064
  
Singapore Exchange, Ltd. (b)
    
17,910
      
126,625
  
TMX Group, Ltd. (b)
    
1,207
      
121,739
  
             
926,320
  
IT Services — 6.8%
                
Applied Digital Corp. (a)
    
14,470
      
32,413
  
Digital Garage, Inc. (b)
    
4,390
      
143,650
  
             
176,063
  
Professional Services — 5.5%
                
Science Applications International Corp.
    
1,335
      
143,459
  
                 
Securities & Commodities Exchanges — 9.8%
                
CME Group, Inc.
    
630
      
120,658
  
Intercontinental Exchange, Inc.
    
1,280
      
133,491
  
             
254,149
  
TOTAL COMMON STOCKS (Cost $2,398,605)
            
2,377,160
  
                 
SHORT TERM INVESTMENTS — 8.6%
                
Deposit Accounts — 8.6%
                
U.S. Bank Money Market Deposit Account, 2.15% (c)
    
225,296
      
225,296
  
TOTAL SHORT TERM INVESTMENTS (Cost $225,296)
            
225,296
  
                 
TOTAL INVESTMENTS (Cost $2,623,901) — 99.9%
            
2,602,456
  
Other assets and liabilities, net — 0.1%
            
2,161
  
NET ASSETS — 100.0%
          
$
2,604,617
  

Percentages are stated as a percent of net assets.
          
             
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.
          
             
 
COUNTRY
Percentage of Net
Assets
        
 
United States
46.3%
        
 
Japan
9.5%
*
      
 
Canada
9.3%
        
 
Germany
7.0%
        
 
Australia
5.2%
        
 
Singapore
4.9%
        
 
Britain
4.7%
        
 
Cayman Islands
4.4%
        
 
Total Country
91.3%
        
 
SHORT-TERM INVESTMENTS
8.6%
        
 
TOTAL INVESTMENTS
99.9%
        
 
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 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, 2023:
        

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments - Assets:
                        
Common Stocks*
  
$
2,377,160
    
$
-
    
$
-
    
$
2,377,160
  
Deposit Accounts
    
225,296
      
-
      
-
      
225,296
  
Total Investments - Assets
  
$
2,602,456
    
$
-
    
$
-
    
$
2,602,456
  
                                 
* See the Schedule of Investments for industry classifications.