Horizon Kinetics Energy and Remediation ETF
  
Schedule of Investments
  
March 31, 2023 (Unaudited)
  
   
Shares
    
Value
  
COMMON STOCKS — 93.3%
            
Chemical-Specialty — 1.8%
            
Ecolab, Inc.
    
264
    
$
43,700
  
                 
Diagnostic Equipment — 3.5%
                
Danaher Corp.
    
164
      
41,334
  
IDEXX Laboratories, Inc. (a)
    
84
      
42,007
  
             
83,341
  
Electronic Measuring Instruments — 3.5%
                
Badger Meter, Inc.
    
352
      
42,881
  
Itron, Inc. (a)
    
736
      
40,811
  
             
83,692
  
Engineering/R&D Services — 1.5%
                
Fluor Corp. (a)
    
1,144
      
35,361
  
                 
Machinery & Equipment — 8.6%
                
Flowserve Corp.
    
1,196
      
40,664
  
Franklin Electric Co, Inc.
    
444
      
41,780
  
IDEX Corp.
    
184
      
42,509
  
Watts Water Technologies, Inc. - Class A
    
236
      
39,724
  
Xylem, Inc.
    
400
      
41,880
  
             
206,557
  
Oil Company, Exploration & Production — 45.1%
                
Chesapeake Energy Corp.
    
1,140
      
86,685
  
ConocoPhillips
    
880
      
87,305
  
Denbury, Inc. (a)
    
1,120
      
98,145
  
Diamondback Energy, Inc.
    
680
      
91,916
  
EOG Resources, Inc.
    
776
      
88,953
  
EQT Corp.
    
2,964
      
94,581
  
Occidental Petroleum Corp.
    
1,524
      
95,143
  
Permian Basin Royalty Trust
    
3,808
      
92,915
  
Pioneer Natural Resources Co.
    
440
      
89,866
  
PrairieSky Royalty, Ltd. (b)
    
5,564
      
87,981
  
Sabine Royalty Trust
    
49
      
3,519
  
San Juan Basin Royalty Trust
    
246
      
2,588
  
Suncor Energy, Inc. (b)
    
2,772
      
86,071
  
Texas Pacific Land Corp.
    
48
      
81,649
  
             
1,087,317
  
Oil-Field Services — 18.1%
                
Calfrac Well Services, Ltd. (a)(b)
    
9,548
      
28,714
  
CES Energy Solutions Corp. (a)(b)
    
19,764
      
39,138
  
Enerflex, Ltd. (b)
    
6,660
      
39,694
  
Liberty Energy, Inc.
    
2,772
      
35,509
  
Oil States International, Inc. (a)
    
9,040
      
75,303
  
Schlumberger, Ltd. (b)
    
1,692
      
83,077
  
Secure Energy Services, Inc. (a)(b)
    
6,964
      
32,470
  
STEP Energy Services, Ltd.(b)
    
13,280
      
32,971
  
TETRA Technologies, Inc. (a)
    
10,880
      
28,832
  
Trican Well Service, Ltd. (b)
    
17,932
      
40,810
  
             
436,518
  
Pipelines — 7.7%
                
Cheniere Energy, Inc.
    
628
      
98,973
  
The Williams Cos., Inc.
    
2,924
      
87,311
  
             
186,284
  
Water Treatment Systems — 3.6%
                
Energy Recovery, Inc. (a)
    
1,952
      
44,994
  
Pentair PLC (b)
    
756
      
41,784
  
             
86,778
  
TOTAL COMMON STOCKS (Cost $2,313,004)
            
2,249,548
  
                 
SHORT TERM INVESTMENTS — 6.6%
                
Deposit Accounts — 6.6%
                
U.S. Bank Money Market Deposit Account, 2.15% (c)
    
158,672
      
158,672
  
TOTAL SHORT TERM INVESTMENTS (Cost $158,672)
            
158,672
  
                 
TOTAL INVESTMENTS (Cost $2,471,676) — 99.9%
            
2,408,220
  
Other assets and liabilities, net — 0.1%
            
1,880
  
NET ASSETS — 100.0%
          
$
2,410,100
  

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
      
72.1%
        
 
Canada
      
16.1%
*
      
 
Curacao
      
3.4%
        
 
Ireland
      
1.7%
        
 
Total Country
      
93.3%
        
 
SHORT-TERM INVESTMENTS
      
6.6%
        
 
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*
  
$
2,249,548
    
$
-
    
$
-
    
$
2,249,548
  
Deposit Accounts
    
158,672
      
-
      
-
      
158,672
  
Total Investments - Assets
  
$
2,408,220
    
$
-
    
$
-
    
$
2,408,220
  
                                 
* See the Schedule of Investments for industry classifications.