Strategy. The Fund is an actively-managed exchange-traded fund (ETF) that will invest primarily in equity securities of listed domestic and foreign Blockchain Development Companies (as the term is defined below), American Depository Receipts (ADRs) and Global Depository Receipts (GDRs), that Horizon Kinetics Asset Management LLC, the Funds investment adviser (the Adviser), expects to benefit, either directly or indirectly, from the use of blockchain technology in connection with the issuance, facilitation, custody, trading and administration of digital assets, including cryptocurrencies. A blockchain is a peer-to-peer ledger of immutable transactions consolidated into digital blocks of data; the blocks are cryptographically linked consecutively into a chronological chain, meaning that each new block references the transactions in the previous block of data. The Fund defines … Show more… The Fund is an actively-managed exchange-traded fund (ETF) that will invest primarily in equity securities of listed domestic and foreign Blockchain Development Companies (as the term is defined below), American Depository Receipts (ADRs) and Global Depository Receipts (GDRs), that Horizon Kinetics Asset Management LLC, the Funds investment adviser (the Adviser), expects to benefit, either directly or indirectly, from the use of blockchain technology in connection with the issuance, facilitation, custody, trading and administration of digital assets, including cryptocurrencies. A blockchain is a peer-to-peer ledger of immutable transactions consolidated into digital blocks of data; the blocks are cryptographically linked consecutively into a chronological chain, meaning that each new block references the transactions in the previous block of data. The Fund defines digital assets as digital ( i.e. , non-tangible) representations of various assets ( e.g. , goods, resources, objects) and defines cryptocurrency (also referred to as virtual currency and digital currency) as digital assets designed to act as a medium of exchange. The Fund does not invest directly in cryptocurrencies or initial coin offerings and as a result, its performance does not seek to, and should not be expected to, correspond to the performance of any particular cryptocurrency. Blockchain Development Companies may include companies that (i) verify and add digital asset transactions to a blockchain ledger (i.e. , digital asset mining), or that produce technology used in digital asset mining, (ii) operate trading platforms/exchanges, asset managers, custodians, wallets, and/or payment gateways or processors for digital assets issued on a blockchain, (iii) develop and distribute applications and software services related to blockchain technology and digital assets issued on a blockchain, including smart contracts, (iv) manufacture and distribute infrastructure and/or hardware used for blockchain activities and digital assets issued on a blockchain, or (v) provide engineering and consulting services for the adoption and utilization of blockchain technology and digital assets issued on a blockchain. In selecting individual securities for the Funds portfolio, the Adviser employs a value-driven, bottom-up or fundamental approach. The Advisers research and analysis leverages insights from diverse sources, including internal research, to develop and refine its investment themes for the Fund and identify and take advantage of trends that are expected to benefit individual companies or broader sub-industries. The Adviser expects to sell portfolio holdings when it determines that they no longer fit the Advisers investment thesis and/or are no longer attractively valued. The Funds portfolio generally will include the securities of approximately 20 to 50 issuers, and those issuers may represent any combination of small-, mid-, or large-capitalization companies at any point in time. The Fund may invest in issuers in developed, emerging markets, and frontier markets. Frontier markets and emerging market countries are those countries with low- and middle- income economies, respectively, as classified by the World Bank, or included in any of the Morgan Stanley Capital International (MSCI) frontier markets or emerging markets indices. Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in Blockchain Development Companies . A Blockchain Development Company means a company that has (i) publicly disclosed its commitment to the development and use of blockchain technologies, (ii) organized a separate identifiable business line or legal entity for the purpose of developing and using blockchain technologies, or (iii) been defined by one or more published indices or classified by one or more industry classification schemes as a blockchain company. The Fund also may invest in the securities of issuers the Adviser believes are actively engaged in the development and use of blockchain technologies, but which do not meet the criteria specified above in the Funds definition of Blockchain Development Companies, and anticipates investing in cash and cash equivalents on a day-to-day basis. Additionally, the Fund may invest a percentage of its assets (generally, no more than 5% at time of investment) in shares of one or more exchange-traded products that primarily hold cryptocurrencies or investments that derive their value from such cryptocurrencies (collectively, Digital Currency ETPs). Digital Currency ETPs are not registered investment companies under the Investment Company Act of 1940 (the 1940 Act) and thus, do not afford investors, including the Fund, the investor protections of the 1940 Act. Digital Currency ETPs are generally unmanaged (i.e., the digital currency held by the Digital Currency ETP is not managed to achieve any particular result) or passively managed (i.e., the Digital Currency ETP is managed to seek to track the performance, before fees and expenses, of one or more digital currencies), and do not seek to outperform any segment of the market or the market as a whole. This means that the sponsor of a Digital Currency ETP generally does not sell a digital currency at times when its price is high or acquire the digital currency when its prices are low to benefit from future price increases. Although the shares of a Digital Currency ETP are not the exact equivalent of a direct investment in the underlying digital currency, they provide an alternative that constitutes a relatively cost-effective way to obtain exposure to one or more digital currencies through the securities market. Digital currencies are a type of crypto asset that are not issued by a government, bank or central organization. As of March 31, 2025 , the Fund expects to have significant exposure to companies in the Communication Services, Financial, and Information Technology Sectors. The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single issuer or smaller number of issuers than diversified funds. The Fund expects to concentrate its investments in issuers in the Capital Markets Industry within the Financials Sector, as classified by the Global Industry Classification Standard (GICS ). Show less