|
Horizon Kinetics Medical ETF
|
||||||||
|
Schedule of Investments
|
||||||||
|
March 31, 2023 (Unaudited)
|
||||||||
|
Shares
|
Value
|
|||||||
|
COMMON STOCKS — 98.2%
|
||||||||
|
Cosmetics & Toiletries — 0.6%
|
||||||||
|
Haleon PLC (b) - ADR
|
14,673
|
$
|
119,438
|
|||||
|
Diagnostic Equipment — 0.8%
|
||||||||
|
Pacific Biosciences of California, Inc. (a)
|
12,000
|
138,960
|
||||||
|
Medical Imaging Systems — 0.4%
|
||||||||
|
GE HealthCare Technologies, Inc. (a)
|
1,000
|
82,030
|
||||||
|
Medical-Biomedical/Genetics — 38.8%
|
||||||||
|
2seventy bio, Inc. (a)
|
18,000
|
183,600
|
||||||
|
Allogene Therapeutics, Inc. (a)
|
20,000
|
98,800
|
||||||
|
Alnylam Pharmaceuticals, Inc. (a)
|
3,000
|
600,960
|
||||||
|
Amgen, Inc.
|
3,500
|
846,125
|
||||||
|
Beam Therapeutics, Inc. (a)
|
10,000
|
306,200
|
||||||
|
Bicycle Therapeutics PLC (a)(b) - ADR
|
15,000
|
319,050
|
||||||
|
Biogen, Inc. (a)
|
3,250
|
903,597
|
||||||
|
Bluebird Bio, Inc. (a)
|
38,000
|
120,840
|
||||||
|
CRISPR Therapeutics AG (a)(b)
|
11,000
|
497,530
|
||||||
|
Editas Medicine, Inc. (a)
|
33,000
|
239,250
|
||||||
|
Gilead Sciences, Inc.
|
9,000
|
746,730
|
||||||
|
Immune Pharmaceuticals, Inc. (a)
|
1
|
–
|
||||||
|
Intellia Therapeutics, Inc. (a)
|
15,000
|
559,050
|
||||||
|
Ionis Pharmaceuticals, Inc. (a)
|
13,000
|
464,620
|
||||||
|
Lantern Pharma, Inc. (a)
|
30,000
|
144,900
|
||||||
|
Rain Oncology, Inc. (a)
|
25,000
|
218,500
|
||||||
|
Regeneron Pharmaceuticals, Inc. (a)
|
750
|
616,253
|
||||||
|
Replimune Group, Inc. (a)
|
15,000
|
264,900
|
||||||
|
Salarius Pharmaceuticals, Inc. (a)
|
32,400
|
62,208
|
||||||
|
7,193,113
|
||||||||
|
Medical-Drugs — 57.6%
|
||||||||
|
AbbVie, Inc.
|
8,000
|
1,274,960
|
||||||
|
Alkermes PLC (a)(b)
|
24,000
|
676,560
|
||||||
|
AstraZeneca PLC (b) - ADR
|
13,000
|
902,330
|
||||||
|
Bristol-Myers Squibb Co.
|
18,500
|
1,282,235
|
||||||
|
Eli Lilly & Co.
|
3,500
|
1,201,970
|
||||||
|
Galectin Therapeutics, Inc. (a)
|
56,000
|
117,600
|
||||||
|
GSK PLC (b) - ADR
|
11,738
|
417,638
|
||||||
|
Johnson & Johnson
|
6,000
|
930,000
|
||||||
|
Merck & Co, Inc.
|
7,000
|
744,730
|
||||||
|
Novartis AG (b) - ADR
|
10,000
|
920,000
|
||||||
|
Organon & Co.
|
8,400
|
197,568
|
||||||
|
Pfizer, Inc.
|
27,000
|
1,101,600
|
||||||
|
Sanofi (b) - ADR
|
13,000
|
707,460
|
||||||
|
Vanda Pharmaceuticals, Inc. (a)
|
27,000
|
183,330
|
||||||
|
Viatris, Inc.
|
3,722
|
35,805
|
||||||
|
10,693,786
|
||||||||
|
TOTAL COMMON STOCKS (Cost $11,728,106)
|
18,227,327
|
|||||||
|
SHORT TERM INVESTMENTS — 1.7%
|
||||||||
|
Deposit Accounts — 1.7%
|
||||||||
|
U.S. Bank Money Market Deposit Account, 2.15% (c)
|
306,965
|
306,965
|
||||||
|
TOTAL SHORT TERM INVESTMENTS (Cost $306,965)
|
306,965
|
|||||||
|
TOTAL INVESTMENTS (Cost $12,035,071) — 99.9%
|
18,534,292
|
|||||||
|
Other assets and liabilities, net — 0.1%
|
21,855
|
|||||||
|
NET ASSETS — 100.0%
|
$
|
18,556,147
|
||||||
|
Percentages are stated as a percent of net assets.
|
|||||||||
|
ADR
|
American Depositary Receipt
|
||||||||
|
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
|
73.7%
|
||||||||
|
Britain
|
9.5%
|
*
|
|||||||
|
Switzerland
|
7.6%
|
||||||||
|
France
|
3.8%
|
||||||||
|
Ireland
|
3.6%
|
||||||||
|
Total Country
|
98.2%
|
||||||||
|
SHORT-TERM INVESTMENTS
|
1.7%
|
||||||||
|
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*
|
$
|
18,227,327
|
$
|
-
|
$
|
-
|
$
|
18,227,327
|
||||||||
|
Deposit Accounts
|
306,965
|
-
|
-
|
306,965
|
||||||||||||
|
Total Investments - Assets
|
$
|
18,534,292
|
$
|
-
|
$
|
-
|
$
|
18,534,292
|
||||||||
|
* See the Schedule of Investments for industry classifications.
|
||||||||||||||||