Horizon Kinetics SPAC Active ETF
  
Schedule of Investments
  
March 31, 2023 (Unaudited)
  
   
Shares
    
Value
  
Common Stocks — 98.7%
            
Pre-Combination Special Purpose Acquisition Companies — 98.7% (a)
            
Acropolis Infrastructure Acquisition Corp. - Class A
    
35,000
    
$
354,550
  
Andretti Acquisition Corp. (b)
    
42,926
      
451,152
  
Apollo Strategic Growth Capital II - Class A (b)
    
67,235
      
689,159
  
Athena Technology Acquisition Corp. II - Class A
    
63,500
      
652,462
  
Aura FAT Projects Acquisition Corp. - Class A (b)
    
19,068
      
200,786
  
Battery Future Acquisition Corp. - Class A (b)
    
38,180
      
398,599
  
BioPlus Acquisition Corp. - Class A (b)
    
63,180
      
659,599
  
bleuacacia, Ltd. - Class A (b)
    
39,045
      
399,821
  
Blue Ocean Acquisition Corp. (b)
    
64,400
      
672,014
  
CARTESIAN GROWTH CORP. II - Class A (b)
    
45,714
      
479,540
  
Consilium Acquisition Corp. I, Ltd. (b)
    
56,052
      
580,418
  
Elliott Opportunity II Corp. (b)
    
42,098
      
431,294
  
Embrace Change Acquisition Corp. (b)
    
37,142
      
387,577
  
Enphys Acquisition Corp. (b)
    
66,613
      
680,119
  
EVe Mobility Acquisition Corp. - Class A (b)
    
33,142
      
345,837
  
Everest Consolidator Acquisition Corp.
    
45,000
      
470,025
  
Gores Holdings IX, Inc. - Class A
    
42,057
      
423,934
  
Kensington Capital Acquisition Corp. V - Class A (b)
    
81,985
      
854,284
  
Kimbell Tiger Acquisition Corp.
    
62,000
      
652,860
  
Motive Capital Corp. II - Class A (b)
    
67,142
      
700,627
  
Pearl Holdings Acquisition Corp. - Class A (b)
    
48,571
      
507,081
  
PowerUp Acquisition Corp. - Class A (b)
    
37,997
      
398,209
  
PROOF Acquisition Corp. I - Class A
    
53,363
      
556,576
  
Pyrophyte Acquisition Corp. - Class A (b)
    
63,924
      
671,522
  
Screaming Eagle Acquisition Corp. - Class A (b)
    
50,285
      
510,393
  
SILVERspac, Inc. - Class A (b)
    
35,798
      
366,213
  
Sound Point Acquisition Corp. I, Ltd. - Class A (b)
    
43,142
      
455,148
  
TOTAL COMMON STOCKS (Cost $13,845,943)
            
13,949,799
  
                 
SHORT TERM INVESTMENTS — 1.5%
                
Deposit Accounts — 1.5%
                
U.S. Bank Money Market Deposit Account, 2.15% (c)
    
206,332
      
206,332
  
TOTAL SHORT TERM INVESTMENTS (Cost $206,332)
            
206,332
  
                 
TOTAL INVESTMENTS (Cost $14,052,275) — 100.2%
            
14,156,131
  
Other assets and liabilities, net — (0.2)%
            
(27,324
)
NET ASSETS — 100.0%
          
$
14,128,807
  

Percentages are stated as a percent of net assets.
                     
(a)
Non-income producing security.
                  
(b)
Foreign issued security.
                  
(c)
The rate shown is the seven-day yield at period end.
                  
                     
 
COUNTRY
      
Percentage of Net
Assets
          
 
Cayman Islands
      
76.7%
          
 
United States
      
22.0%
          
 
Total Country
      
98.7%
          
 
SHORT-TERM INVESTMENTS
      
1.5%
          
 
TOTAL INVESTMENTS
      
100.2%
          
 
Other assets and liabilities, net
      
-0.2%
          
 
NET ASSETS
      
100.0%
          
                     
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*
  
$
11,187,302
    
$
2,762,497
    
$
-
    
$
13,949,799
  
Deposit Accounts
    
206,332
      
-
      
-
      
206,332
  
Total Investments - Assets
  
$
11,393,634
    
$
2,762,497
    
$
-
    
$
14,156,131
  
                                 
* See the Schedule of Investments for industry classifications.