NPORT-EX 2 inflation.htm

Horizon Kinetics Inflation Beneficiaries ETF
  
Schedule of Investments
  
March 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 94.1%
  
Shares
    
Value
 
Agricultural Operations - 4.4%
        
Archer-Daniels-Midland Co.
    
370,209
    
$
17,773,734
  
Bunge Global SA
    
289,478
      
22,121,909
  
Wilmar International Ltd.
    
4,149,416
      
10,341,897
  
             
50,237,540
  
                 
Building Production-Wood - 1.8%
          
West Fraser Timber Co. Ltd.
    
266,659
      
20,516,743
  
                 
Computer Services - 0.8%
          
CACI International, Inc. - Class A (a)
    
24,768
      
9,087,875
  
                 
Diversified Minerals - 0.0%(b)
          
Lithium Royalty Corp. (a)(c)
    
100,000
      
348,098
  
                 
Electric-Integrated - 2.3%
          
Hawaiian Electric Industries, Inc. (a)
    
2,412,551
      
26,417,433
  
                 
Global Exchanges - 17.7%
          
ASX Ltd.
    
536,876
      
21,792,867
  
Deutsche Boerse AG
    
143,820
      
42,272,127
  
Intercontinental Exchange, Inc.
    
314,666
      
54,279,885
  
Japan Exchange Group, Inc.
    
1,558,091
      
15,915,367
  
London Stock Exchange Group PLC
    
50,592
      
7,483,599
  
Singapore Exchange Ltd.
    
2,798,604
      
27,838,208
  
TMX Group Ltd.
    
846,220
      
30,891,366
  
             
200,473,419
  
                 
Insurance Brokers - 3.1%
          
Marsh & McLennan Cos., Inc.
    
142,112
      
34,679,591
  
                 
Investment Management-Advisor Services - 1.7%
          
Brookfield Corp.
    
218,020
      
11,426,428
  
Sprott, Inc.
    
169,055
      
7,585,498
  
             
19,011,926
  
                 
Medical-Biomedical-Genetics - 0.9%
          
Royalty Pharma PLC - Class A
    
319,450
      
9,944,479
  
                 
Metal-Diversified - 5.1%
          
Altius Minerals Corp.
    
378,934
      
6,518,955
  
Cameco Corp.
    
553,986
      
22,802,063
  
Deterra Royalties Ltd.
    
5,316,534
      
11,926,794
  
Glencore PLC
    
4,473,349
      
16,184,523
  
             
57,432,335
  
                 
Metal-Iron - 1.4%
          
Labrador Iron Ore Royalty Corp. (c)
    
270,370
      
5,526,688
  
Mesabi Trust
    
393,971
      
10,716,011
  
             
16,242,699
  
                 
Motion Pictures & Services - 0.2%
          
IG Port, Inc.
    
85,000
      
1,133,409
  
Toei Animation Co. Ltd.
    
56,399
      
1,169,165
  
             
2,302,574
  
                 
Oil Companies -Exploration & Production - 9.4%
          
Dorchester Minerals LP
    
184,564
      
5,551,685
  
Landbridge Co. LLC - Class A (c)
    
1,251,189
      
90,010,537
  
Topaz Energy Corp.
    
630,501
      
10,614,583
  
             
106,176,805
  
                 
Oil-Field Services - 1.7%
          
Aris Water Solutions, Inc. - Class A
    
584,399
      
18,724,144
  
                 
Oil-US Royalty Trusts - 21.0%
          
Permian Basin Royalty Trust
    
1,064,813
      
10,552,297
  
PrairieSky Royalty Ltd.
    
2,975,110
      
53,641,900
  
Sabine Royalty Trust
    
85,201
      
5,767,256
  
San Juan Basin Royalty Trust
    
1,283,345
      
7,096,898
  
Sitio Royalties Corp. - Class A
    
823,910
      
16,371,092
  
Texas Pacific Land Corp.
    
58,148
      
77,045,518
  
Viper Energy, Inc.
    
1,480,387
      
66,839,473
  
             
237,314,434
  
                 
Pipelines - 3.4%
          
Cheniere Energy, Inc.
    
165,614
      
38,323,080
  
                 
Precious Metals - 15.6%
          
Franco-Nevada Corp.
    
304,805
      
48,025,076
  
Metalla Royalty & Streaming Ltd. (a)(c)
    
390,000
      
1,115,400
  
Osisko Gold Royalties Ltd.
    
1,499,647
      
31,672,545
  
Sandstorm Gold Ltd.
    
1,874,325
      
14,151,154
  
Wheaton Precious Metals Corp.
    
1,045,023
      
81,125,135
  
             
176,089,310
  
                 
Real Estate Operations-Development - 1.1%
          
St Joe Co.
    
267,836
      
12,574,900
  
                 
Telecommunication Services - 2.1%
          
DigitalBridge Group, Inc.
    
2,633,423
      
23,226,791
  
                 
Transport-Marine - 0.4%
          
Clarkson PLC
    
103,285
      
4,539,399
  
TOTAL COMMON STOCKS (Cost $905,494,674)
      
1,063,663,575
  
                 
TOTAL INVESTMENTS - 94.1% (Cost $905,494,674)
      
1,063,663,575
  
Money Market Deposit Account - 10.6% (d)(e)
      
120,042,825
  
Liabilities in Excess of Other Assets - (4.7)%
      
(53,363,664
)
TOTAL NET ASSETS - 100.0%
          
$
1,130,342,736
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

PLC - Public Limited Company

(a)
Non-income producing security.
(b)
Represents less than 0.05% of net assets.
(c)
All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $54,441,558 which represented 4.8% of net assets.
(d)
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 March 31, 2025 was 4.24%.
(e)
All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of March 31, 2025 is $54,481,986 which represented 4.8% of net assets.
Summary of Fair Value Disclosure as of March 31, 2025 (Unaudited)
 
Horizon Kinetics Inflation Beneficiaries ETF has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
1,063,663,575
    
$
–
    
$
–
    
$
1,063,663,575
  
Total Investments
  
$
1,063,663,575
    
$
–
    
$
–
    
$
1,063,663,575
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   

Allocation of Portfolio Holdings by Country as of March 31, 2025
        
(% of Net Assets)
        
United States
  
$
557,104,588
      
49.3
%
Canada
    
345,961,632
      
30.6
  
Germany
    
42,272,127
      
3.7
  
Singapore
    
38,180,105
      
3.4
  
Australia
    
33,719,661
      
3.0
  
Japan
    
18,217,941
      
1.6
  
Switzerland
    
16,184,523
      
1.4
  
United Kingdom
    
12,022,998
      
1.1
  
Other Assets in Excess of Other Assets
    
66,679,161
      
5.9
  
   
$
1,130,342,736
      
100.0
%