Horizon Kinetics Blockchain Development ETF
Schedule of Investments
March 31, 2025 (Unaudited)
COMMON STOCKS - 90.9%	Shares		Value
Capital Markets – 17.0%
Bakkt Holdings, Inc. (a)(b)		10,631	$	92,171
Galaxy Digital Holdings Ltd. (a)(b)		41,730		439,843
MarketAxess Holdings, Inc.		1,446		312,842
OTC Markets Group, Inc. - Class A		6,216		294,949
Tradeweb Markets, Inc. - Class A		4,753		705,630
WisdomTree, Inc.		45,360		404,611
				2,250,046
Computer Services - 7.1%
CACI International, Inc. - Class A (a)		1,328		487,270
Science Applications International Corp.		4,053		455,030
				942,300
Consulting Services - 0.6%
Booz Allen Hamilton Holding Corp.		737		77,075
Data Processing-Management - 1.1%
Broadridge Financial Solutions, Inc.		589		142,809
Electric-Integrated - 3.1%
Hawaiian Electric Industries, Inc. (a)		37,480		410,406
Global Exchanges – 48.2%(d)
ASX Ltd.		11,723		475,860
Cboe Global Markets, Inc.		3,838		868,501
Deutsche Boerse AG		2,493		732,752
Euronext NV (c)		1,195		172,586
Hellenic Exchanges - Athens Stock Exchange SA		12,341		72,520
Intercontinental Exchange, Inc.		4,713		812,992
Japan Exchange Group, Inc.		50,388		514,696
London Stock Exchange Group PLC		4,194		620,379
Nasdaq, Inc.		8,822		669,237
Singapore Exchange Ltd.		61,100		607,772
TMX Group Ltd.		22,483		820,745
				6,368,040
Motion Pictures & Services - 2.1%
IG Port, Inc.		11,176		149,024
Toei Animation Co. Ltd.		6,034		125,086
				274,110
Oil Companies -Exploration & Production - 4.0%
Landbridge Co. LLC - Class A		7,272		523,148
Other Investment Pools and Funds – 5.3%
Urbana Corp. - Class A		171,346		700,028
Securities & Commodities Exchanges - 2.4%
CME Group, Inc.		1,204		319,409
TOTAL COMMON STOCKS (Cost $9,783,488)				12,007,371
TOTAL INVESTMENTS - 90.9% (Cost $9,783,488)				12,007,371
Money Market Deposit Account - 12.9% (e)(f)				1,710,718
Liabilities in Excess of Other Assets - (3.8)%				(502,046	)
TOTAL NET ASSETS - 100.0%			$	13,216,043
two				–	%
Percentages are stated as a percent of net assets.				–	%

PLC - Public Limited Company

(a)	Non-income producing security.
(b)	All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $449,010 which represented 3.4% of net assets.
(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 March 31, 2025, the value of these securities total $172,586 or 1.3% of the Fund’s net assets.
(d)	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.
(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 March 31, 2025 was 4.24%.
(f)	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 $510,949 which represented 3.9% of net assets.

Summary of Fair Value Disclosure as of March 31, 2025 (Unaudited)

Horizon Kinetics Blockchain Development 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	$	11,307,344	$	700,027	$	–	$	12,007,371
Total Investments	$	11,307,344	$	700,027	$	–	$	12,007,371
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	$	7,015,923	53.2	%
Canada		1,520,773	11.5
Japan		788,806	6.0
Germany		732,752	5.5
United Kingdom		620,379	4.7
Singapore		607,772	4.6
Australia		475,860	3.6
Netherlands		172,586	1.3
Greece		72,520	0.5
Other Assets in Excess of Other Assets		1,208,672	9.1
	$	13,216,043	100.0	%