Horizon Kinetics Inflation Beneficiaries ETF
  
Schedule of Investments
  
March 31, 2023 (Unaudited)
  
   
Shares
    
Value
  
COMMON STOCKS — 98.3%
            
Aerospace & Defense — 2.5%
            
CACI International, Inc. - Class A (a)
    
99,250
    
$
29,405,790
  
                 
Agriculture Operations — 9.4%
                
Archer-Daniels-Midland Co.
    
698,077
      
55,608,814
  
Bunge, Ltd. (b)
    
384,006
      
36,680,253
  
Wilmar International, Ltd. (b)
    
5,398,431
      
17,094,050
  
             
109,383,117
  
Fertilizer — 2.6%
                
Nutrien, Ltd. (d)
    
411,576
      
30,394,888
  
                 
Global Exchanges — 13.8%
                
ASX, Ltd. (b)
    
700,630
      
30,510,527
  
Aurubis AG (b)
    
317,160
      
29,309,811
  
Deutsche Boerse AG (b)
    
217,653
      
42,434,331
  
Japan Exchange Group, Inc. (b)
    
481,463
      
7,302,074
  
Singapore Exchange, Ltd. (b)
    
4,045,477
      
28,601,770
  
TMX Group, Ltd. (b)
    
224,476
      
22,640,835
  
             
160,799,348
  
Insurance Brokers — 3.3%
                
Marsh & McLennan Cos., Inc.
    
229,136
      
38,162,601
  
                 
Investment Management & Advisory Services — 1.9%
                
Cohen & Steers, Inc.
    
209,331
      
13,388,810
  
Sprott, Inc. (b)(d)
    
224,028
      
8,159,100
  
             
21,547,910
  
Medical Labs & Testing Services — 2.5%
                
Charles River Laboratories International, Inc. (a)
    
143,637
      
28,988,819
  
                 
Medical, Biomedical & Genetics — 1.2%
                
Royalty Pharma PLC - Class A (b)
    
370,477
      
13,348,286
  
                 
Metal, Diversified — 4.6%
                
Altius Minerals Corp. (b)
    
565,483
      
9,606,129
  
Glencore PLC (b)
    
7,552,550
      
43,385,817
  
             
52,991,946
  
Metal, Iron — 4.0%
                
Deterra Royalties, Ltd. (b)
    
7,052,438
      
22,672,245
  
Labrador Iron Ore Royalty Corp. (b)
    
358,620
      
8,479,580
  
Mesabi Trust
    
593,450
      
14,943,071
  
             
46,094,896
  
Oil Company, Exploration & Production — 21.8%
                
Permian Basin Royalty Trust
    
1,205,987
      
29,426,083
  
PrairieSky Royalty, Ltd. (b)
    
3,946,279
      
62,400,983
  
Sabine Royalty Trust
    
23,267
      
1,670,803
  
San Juan Basin Royalty Trust (d)
    
83,620
      
879,683
  
Sitio Royalties Corp. (d)
    
1,814,072
      
40,998,027
  
Texas Pacific Land Corp.
    
31,910
      
54,279,548
  
Topaz Energy Corp. (b)
    
584,859
      
8,258,511
  
Viper Energy Partners LP
    
1,963,542
      
54,979,176
  
             
252,892,814
  
Pipelines — 3.0%
                
Cheniere Energy, Inc.
    
219,758
      
34,633,861
  
                 
Precious Metals — 13.9%
                
Franco-Nevada Corp. (b)
    
346,644
      
50,540,695
  
Metalla Royalty & Streaming, Ltd. (a)(b)
    
390,000
      
2,180,100
  
Osisko Gold Royalties, Ltd. (b)(d)
    
1,988,604
      
31,459,715
  
Sandstorm Gold, Ltd. (b)
    
2,486,118
      
14,444,346
  
Wheaton Precious Metals Corp. (b)
    
1,296,197
      
62,424,848
  
             
161,049,704
  
Private Equity — 2.5%
                
Brookfield Asset Management, Ltd. (b)
    
176,084
      
5,761,468
  
Brookfield Corp. (b)
    
703,973
      
22,942,480
  
             
28,703,948
  
Real Estate Management & Services — 2.2%
                
CBRE Group, Inc. - Class A (a)
    
357,607
      
26,037,366
  
                 
Real Estate Operators & Developers — 1.3%
                
The St. Joe Co.
    
355,375
      
14,787,154
  
                 
Securities & Commodities Exchanges — 5.3%
                
CME Group, Inc.
    
95,075
      
18,208,764
  
Intercontinental Exchange, Inc.
    
417,416
      
43,532,315
  
             
61,741,079
  
Timber — 2.6%
                
West Fraser Timber Co., Ltd. (b)
    
430,471
      
30,666,754
  
TOTAL COMMON STOCKS (Cost $1,179,645,474)
            
1,141,630,281
  
                 
PARTNERSHIPS — 0.7%
                
Oil Company, Exploration & Production — 0.7%
                
Dorchester Minerals LP
    
264,614
      
8,015,158
  
TOTAL PARTNERSHIPS (Cost $2,426,190)
            
8,015,158
  
                 
SHORT TERM INVESTMENTS — 1.0%
                
Deposit Accounts — 1.0%
                
U.S. Bank Money Market Deposit Account, 2.15% (c)
    
11,501,374
      
11,501,374
  
TOTAL SHORT TERM INVESTMENTS (Cost $11,501,374)
            
11,501,374
  
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.4%
                
U.S. Bank Money Market Deposit Account, 2.15% (c)
    
16,340,579
      
16,340,579
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $16,340,579)
            
16,340,579
  
                 
TOTAL INVESTMENTS (Cost $1,209,913,617) — 101.4%
            
1,177,487,392
  
Other assets and liabilities, net — (1.4)%
            
(15,714,218
)
NET ASSETS — 100.0%
          
$
1,161,773,174
  

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.
                
(d)
All or a portion of this security is on loan as of March 31, 2023. The market value of securities out on loan is $16,033,922.
        
                   
 
COUNTRY
      
Percentage of Net
Assets
        
 
United States
      
45.6%
        
 
Canada
      
29.3%
*
      
 
Germany
      
6.2%
        
 
Australia
      
4.6%
        
 
Singapore
      
3.9%
        
 
Jersey
      
3.7%
        
 
Bermuda
      
3.2%
        
 
Britain
      
1.2%
        
 
Japan
      
0.6%
        
 
Total Country
      
98.3%
        
 
PARTNERSHIPS
      
0.7%
        
 
SHORT-TERM INVESTMENTS
      
1.0%
        
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
  
1.4%
        
 
TOTAL INVESTMENTS
      
101.4%
        
 
Other assets and liabilities, net
      
-1.4%
        
 
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*
  
$
1,141,630,281
    
$
-
    
$
-
    
$
1,141,630,281
  
Partnerships*
    
8,015,158
      
-
      
-
      
8,015,158
  
Deposit Accounts
    
11,501,374
      
-
      
-
      
11,501,374
  
Investments Purchased With Proceeds From Securities Lending
    
16,340,579
      
-
      
-
      
16,340,579
  
Total Investments - Assets
  
$
1,177,487,392
    
$
-
    
$
-
    
$
1,177,487,392
  
                                 
* See the Schedule of Investments for industry classifications.