NPORT-EX 2 blockchain.htm

Horizon Kinetics Blockchain Development ETF
  
Schedule of Investments
  
September 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 91.2%
  
Shares
    
Value
 
Capital Markets - 31.0% (a)
        
Bakkt Holdings, Inc. (b)
    
13,985
    
$
470,595
  
Booz Allen Hamilton Holding Corp.
    
965
      
96,452
  
Broadridge Financial Solutions, Inc.
    
1,775
      
422,752
  
CACI International, Inc. - Class A (b)
    
1,742
      
868,875
  
Forge Global Holdings, Inc. (b)
    
104
      
1,758
  
Galaxy Digital, Inc. - Class A (b)
    
31,691
      
1,071,473
  
Hawaiian Electric Industries, Inc. (b)
    
58,408
      
644,824
  
MarketAxess Holdings, Inc.
    
1,902
      
331,423
  
OTC Markets Group, Inc. - Class A
    
8,178
      
433,434
  
Science Applications International Corp.
    
5,331
      
529,741
  
Tradeweb Markets, Inc. - Class A
    
5,283
      
586,307
  
WisdomTree, Inc.
    
45,360
      
630,504
  
             
6,088,138
  
                   
Global Exchanges - 47.8% (a)
          
ASX Ltd.
    
15,425
      
598,963
  
Cboe Global Markets, Inc.
    
5,050
      
1,238,513
  
Deutsche Boerse AG
    
3,279
      
878,833
  
Euronext NV (c)
    
1,567
      
234,573
  
Hellenic Exchanges - Athens Stock Exchange SA
    
19,556
      
152,577
  
Intercontinental Exchange, Inc.
    
6,201
      
1,044,745
  
Japan Exchange Group, Inc.
    
66,300
      
741,854
  
London Stock Exchange Group PLC
    
4,674
      
535,861
  
Miami International Holdings, Inc. (b)
    
16,989
      
683,977
  
Nasdaq, Inc.
    
11,606
      
1,026,551
  
NZX Ltd.
    
107,140
      
86,162
  
Singapore Exchange Ltd.
    
80,390
      
1,030,753
  
Tel Aviv Stock Exchange Ltd.
    
100
      
2,312
  
TMX Group Ltd.
    
29,581
      
1,131,876
  
             
9,387,550
  
                   
Investment Companies - 6.0%
          
IREN Ltd. (b)(d)
    
200
      
9,386
  
Urbana Corp. - Class A
    
225,454
      
1,182,848
  
             
1,192,234
  
                   
Motion Pictures & Services - 1.6%
          
IG Port, Inc.
    
14,704
      
152,829
  
Toei Animation Co. Ltd.
    
7,936
      
163,895
  
             
316,724
  
                   
Oil Companies - Exploration & Production - 2.6%
          
Landbridge Co. LLC - Class A
    
9,564
      
510,239
  
                   
Securities & Commodities Exchanges - 2.2%
          
CME Group, Inc.
    
1,582
      
427,441
  
TOTAL COMMON STOCKS (Cost $14,106,683)
      
17,922,326
  
                   
EXCHANGE TRADED FUNDS - 1.3%
                
Grayscale Bitcoin Mini Trust ETF (b)
    
5,062
      
256,289
  
TOTAL EXCHANGE TRADED FUNDS (Cost $262,926)
      
256,289
  
                   
TOTAL INVESTMENTS - 92.5% (Cost $14,369,609)
      
18,178,615
  
Money Market Deposit Account - 7.5% (e)(f)
      
1,470,067
  
Other Assets in Excess of Liabilities - 0.0% (g)
      
675
  
TOTAL NET ASSETS - 100.0%
0.0%
    
0.0
%
  
$
19,649,357
  

     

Percentages are stated as a percent of net assets.
      


LLC - Limited Liability Company
PLC - Public Limited Company

(a)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(b)
Non-income producing security.
(c)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $234,573 or 1.2% of the Fund’s net assets.
(d)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $9,104.
(e)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2025, was 3.99%.
(f)
All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of September 30, 2025, is $9,118 which represented 0.0% of net assets.
(g)
Represents less than 0.05% of net assets.
Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
 
Horizon Kinetics Blockchain Development ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
17,922,326
    
$
–
    
$
–
    
$
17,922,326
  
  Exchange Traded Funds
    
256,289
      
–
      
–
      
256,289
  
Total Investments
  
$
18,178,615
    
$
–
    
$
–
    
$
18,178,615
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   

Allocation of Portfolio Holdings by Country as of September 30, 2025
(% of Net Assets)

United States
  
$
11,275,893
      
57.4
%
Canada
    
2,314,724
      
11.8
  
Japan
    
1,058,578
      
5.4
  
Singapore
    
1,030,753
      
5.2
  
Germany
    
878,833
      
4.5
  
Australia
    
608,349
      
3.1
  
United Kingdom
    
535,861
      
2.7
  
Netherlands
    
234,573
      
1.2
  
Greece
    
152,577
      
0.8
  
New Zealand
    
86,162
      
0.4
  
Israel
    
2,312
      
0.0
  
Other Assets in Excess of Liabilities
    
1,470,742
      
7.5
  
   
$
19,649,357
      
100.0
%