

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number (811-23226)
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee,
WI 53202
(Address of principal executive offices) (Zip code)
Gregory C. Bakken, President
Listed Funds Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 6th Floor
Milwaukee, WI 53202
(Name and address of agent for service)
(414) 516-3097
Registrant’s telephone number, including area code
Date of fiscal year end: May 31
Date of reporting period:
Item 1. Reports to Stockholders.
(a) |
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Semi-Annual Shareholder Report |
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Fund Name
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Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Alexis Practical Tactical ETF
|
$
|
|
Net Assets
|
$
|
Number of Holdings
|
|
Portfolio Turnover
|
|
30-Day SEC Yield
|
0.89%
|
Security Type
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(%)
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Exchange Traded Funds
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Common Stocks
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U.S. Treasury Bills
|
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Cash & Other
|
|
Alexis Practical Tactical ETF | PAGE 1 | TSR-SAR-53656F425 |
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
(a) Not applicable for semi-annual reports.
(b) Not applicable.
Item 6. Investments.
(a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
(b) | Not Applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) |
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Shares |
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Value |
EXCHANGE
TRADED FUNDS - 75.9% |
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Industrial
Select Sector SPDR Fund |
|
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7,313 |
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$1,052,999
|
Invesco
QQQ Trust Series 1 |
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10,760 |
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5,484,802
|
Invesco
S&P 500 Equal Weight ETF |
|
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30,140 |
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5,654,867
|
iShares
Cohen & Steers REIT ETF |
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90,233 |
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5,969,815
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iShares
Core S&P Small-Cap ETF |
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16,554 |
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2,094,578
|
iShares
Global 100 ETF |
|
|
55,236 |
|
|
5,551,218
|
iShares
MSCI USA Momentum Factor ETF |
|
|
25,828 |
|
|
5,592,278
|
iShares
Short Treasury Bond ETF |
|
|
29,235 |
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|
3,230,614
|
PIMCO
Enhanced Short Maturity Active Exchange-Traded Fund |
|
|
20,130 |
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2,027,695
|
SPDR
Dow Jones Industrial Average ETF Trust |
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|
12,202 |
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5,491,998
|
SPDR
Gold Shares(a) |
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24,935 |
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6,123,787
|
SPDR
S&P Homebuilders ETF |
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8,209 |
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1,008,804
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SPDR
S&P MidCap 400 ETF Trust |
|
|
9,648 |
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5,941,817
|
VanEck
Semiconductor ETF |
|
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7,225 |
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1,749,389
|
Vanguard
Dividend Appreciation ETF |
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26,160 |
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5,354,429
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Vanguard
Growth ETF |
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13,955 |
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5,709,409
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Xtrackers
MSCI EAFE Hedged Equity ETF |
|
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126,286 |
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5,268,652
|
TOTAL
EXCHANGE TRADED FUNDS
(Cost
$58,414,296) |
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73,307,151
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COMMON
STOCKS - 11.2% |
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Communications
- 0.5% |
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Alphabet,
Inc. - Class A |
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2,908 |
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491,307
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Consumer
Discretionary - 4.1% |
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Home
Depot, Inc. |
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1,981 |
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850,106
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Marriott
International, Inc. - Class A |
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2,662 |
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769,558
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Tesla,
Inc.(a) |
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4,035 |
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1,392,721
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TJX
Cos., Inc. |
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7,820 |
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982,896
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3,995,281 | ||
Financials
- 0.9% |
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Visa,
Inc. - Class A |
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2,665 |
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839,688
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Industrials
- 1.1% |
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Caterpillar,
Inc. |
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2,503 |
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1,016,493
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Technology
- 4.6% |
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Advanced
Micro Devices, Inc.(a) |
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3,103 |
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425,654
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Apple,
Inc. |
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5,944 |
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1,410,690
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Applied
Materials, Inc. |
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5,120 |
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894,515
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Microsoft
Corp. |
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1,620 |
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686,005
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NVIDIA
Corp. |
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7,717 |
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1,066,875
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4,483,739 | ||
TOTAL
COMMON STOCKS
(Cost
$7,073,918) |
|
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10,826,508 | |
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1 |
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Par |
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Value |
SHORT-TERM
INVESTMENTS - 10.3% |
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U.S.
Treasury Bills - 10.3% |
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5.01%,
12/12/2024(b) |
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$5,036,000 |
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$5,029,653
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4.94%,
02/20/2025(b) |
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2,000,000 |
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1,980,546
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5.12%,
04/17/2025(b) |
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3,000,000 |
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2,951,199
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$9,951,477) |
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9,961,398
| |
TOTAL
INVESTMENTS - 97.4%
(Cost
$75,439,691) |
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$94,095,057
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Money
Market Deposit Account - 2.6%(c) |
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2,461,649
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Liabilities
in Excess of Other Assets - (0.0)%(d) |
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(41,157)
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TOTAL
NET ASSETS - 100.0% |
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$96,515,549 | |
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(a) |
Non-income producing
security. |
(b) |
The rate shown is
the annualized effective yield as of November 30, 2024. |
(c) |
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 November 30, 2024
was 4.38%. |
(d) |
Represents less than
0.05% of net assets. |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
Investments: |
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Exchange
Traded Funds |
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$73,307,151 |
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$— |
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|
$ — |
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$73,307,151
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Common
Stocks |
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10,826,508 |
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|
— |
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|
— |
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10,826,508
|
U.S.
Treasury Bills |
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|
— |
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9,961,398 |
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|
— |
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|
9,961,398
|
Total
Investments |
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$84,133,659 |
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|
$9,961,398 |
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|
$— |
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|
$94,095,057 |
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2 |
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ASSETS: |
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Investments,
at value |
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$94,095,057
|
Cash
- interest bearing deposit account |
|
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2,461,649
|
Dividends
receivable |
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|
17,252
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Interest
receivable |
|
|
7,604
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Total
assets |
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96,581,561
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LIABILITIES: |
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Payable
to adviser |
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66,012
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Total
liabilities |
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66,012
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NET
ASSETS |
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$96,515,549
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NET
ASSETS CONSISTS OF: |
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Paid-in
capital |
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$72,524,696
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Total
distributable earnings |
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|
23,990,853
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Total
net assets |
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$96,515,549
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Net
assets |
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$96,515,549
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Shares
issued and outstanding(a) |
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3,056,834
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Net
asset value per share |
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$31.57
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COST: |
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Investments,
at cost |
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$75,439,691 |
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(a) |
Unlimited shares authorized
without par value. |
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3 |
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INVESTMENT
INCOME: |
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Dividend
income |
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$547,849
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Interest
income |
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|
347,617
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Total
investment income |
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895,466
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EXPENSES: |
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Investment
advisory fee |
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|
379,683
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Income
tax expense |
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|
1,715
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Total
expenses |
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381,398
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NET
INVESTMENT INCOME |
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|
514,068
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REALIZED
AND UNREALIZED GAIN |
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Net
realized gain from: |
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Investments |
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2,463,940
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Net
realized gain |
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2,463,940
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Net
change in unrealized appreciation on: |
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Investments |
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5,557,958
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Net
change in unrealized appreciation |
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5,557,958
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Net
realized and unrealized gain |
|
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8,021,898
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NET
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
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$8,535,966 |
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4 |
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Period Ended
November
30,
2024 (Unaudited) |
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Year Ended
May 31,
2024 |
OPERATIONS: |
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Net
investment income |
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$514,068 |
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$1,041,034
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Net
realized gain |
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2,463,940 |
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|
1,539,199
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Net
change in unrealized appreciation |
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5,557,958 |
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12,832,846
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Net
increase in net assets from operations |
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|
8,535,966 |
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|
15,413,079
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DISTRIBUTIONS
TO SHAREHOLDERS: |
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Distributable
earnings |
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|
— |
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(974,763)
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Total
distributions to shareholders |
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|
— |
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(974,763)
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CAPITAL
TRANSACTIONS: |
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Creations |
|
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12,621,673 |
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5,420,557
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Redemptions |
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(7,299,200) |
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(248,610)
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Net
increase in net assets from capital transactions |
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5,322,473 |
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|
5,171,947
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NET
INCREASE IN NET ASSETS |
|
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13,858,439 |
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19,610,263
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NET
ASSETS: |
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Beginning
of the period |
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82,657,110 |
|
|
63,046,847
|
End
of the period |
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$96,515,549 |
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|
$82,657,110
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SHARES
TRANSACTIONS |
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Creations |
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430,000 |
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|
210,000
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Redemptions |
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(250,000) |
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(10,000)
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Total
increase in shares outstanding |
|
|
180,000 |
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|
200,000 |
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5 |
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Period Ended
November 30,
2024 (Unaudited) |
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Year Ended
May 31, |
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Period Ended
May 31,
2022(a) | |||
|
2024 |
|
|
2023 |
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PER
SHARE DATA: |
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Net
asset value, beginning of period |
|
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$28.73 |
|
|
$23.55 |
|
|
$24.33 |
|
|
$25.00
|
INVESTMENT
OPERATIONS: |
|
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|
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Net
investment income(b)(c) |
|
|
0.17 |
|
|
0.38 |
|
|
0.28 |
|
|
0.08
|
Net
realized and unrealized gain (loss) on investments(d) |
|
|
2.67 |
|
|
5.15 |
|
|
(0.84) |
|
|
(0.69)
|
Total
from investment operations |
|
|
2.84 |
|
|
5.53 |
|
|
(0.56) |
|
|
(0.61)
|
Net
investment income |
|
|
— |
|
|
(0.35) |
|
|
(0.22) |
|
|
(0.06)
|
Total
distributions |
|
|
— |
|
|
(0.35) |
|
|
(0.22) |
|
|
(0.06)
|
Net
asset value, end of period |
|
|
$31.57 |
|
|
$28.73 |
|
|
$23.55 |
|
|
$24.33
|
TOTAL
RETURN(e) |
|
|
9.89% |
|
|
23.62% |
|
|
−2.29% |
|
|
−2.44%
|
SUPPLEMENTAL
DATA AND RATIOS: |
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Net
assets, end of period (in thousands) |
|
|
$96,516 |
|
|
$82,657 |
|
|
$63,047 |
|
|
$52,727
|
Ratio
of expenses to average net assets(f)(g) |
|
|
0.85% |
|
|
0.85% |
|
|
0.85% |
|
|
0.85%
|
Ratio
of net investment income to average net assets(f)(g) |
|
|
1.15% |
|
|
1.44% |
|
|
1.18% |
|
|
0.32%
|
Portfolio
turnover rate(e)(h) |
|
|
20% |
|
|
36% |
|
|
70% |
|
|
51% |
|
|
|
|
|
|
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(a) |
Inception date of
the Fund was June 30, 2021. |
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the year. |
(c) |
Recognition of
net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in
which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests. |
(d) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
(e) |
Not annualized for
periods less than one year. |
(f) |
Annualized for periods
less than one year. |
(g) |
These ratios exclude
the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment
income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests. |
(h) |
Portfolio turnover
rate excludes in-kind transactions. |
|
6 |
|
1. |
ORGANIZATION |
2. |
SIGNIFICANT ACCOUNTING POLICIES |
|
7 |
|
|
8 |
|
3. |
INVESTMENT ADVISORY AND OTHER AGREEMENTS
|
|
9 |
|
4. |
CREATION AND REDEMPTION TRANSACTIONS |
|
10 |
|
|
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|
|
|
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Ordinary
Income(1) |
|
|
Long-Term
Capital Gain
|
Period
ended November 30, 2024 |
|
|
$— |
|
|
$ —
|
Year
ended May 31, 2024 |
|
|
974,763 |
|
|
— |
|
|
|
|
|
|
|
(1) |
Ordinary income includes
short-term capital gains. |
|
|
|
|
Federal
Tax Cost of Investments |
|
|
$67,639,937
|
Gross
Tax Unrealized Appreciation |
|
|
$15,197,375
|
Gross
Tax Unrealized Depreciation |
|
|
(154,938)
|
Net
Tax Unrealized Appreciation (Depreciation) |
|
|
15,042,437
|
Undistributed
Ordinary Income |
|
|
225,095
|
Undistributed
Long-Term Gain |
|
|
187,355
|
Other
Accumulated Gain (Loss) |
|
|
0
|
Total
Distributable Earnings |
|
|
$15,454,887 |
|
|
|
|
|
11 |
|
|
|
|
|
|
|
|
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|
|
Realized Gains |
|
|
Realized
Losses |
Alexis
Practical Tactical ETF |
|
|
$948,488 |
|
|
$(10,355) |
|
|
|
|
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|
|
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|
|
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|
|
|
|
|
Purchases |
|
|
Sales |
|
|
Creations
In-Kind |
|
|
Redemptions
In-Kind |
Alexis
Practical Tactical ETF |
|
|
$18,415,213 |
|
|
$14,836,195 |
|
|
$10,385,836 |
|
|
$7,260,972 |
|
|
|
|
|
|
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|
|
7. |
PRINCIPAL RISKS |
8. |
SUBSEQUENT EVENTS |
|
12 |
|
|
13 |
|
(b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
Pursuant to the Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds, except those specified in the Funds’ Prospectus. As a result, the Adviser is responsible for compensating the Independent Trustees. Further information related to Trustee and Officer compensation for the Trust can be obtained from the Funds’ most recent SAI.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 16. Controls and Procedures.
(a) | The Registrant’s President and Treasurer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 19. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable. |
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not Applicable.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Listed Funds Trust |
By (Signature and Title)* | /s/ Gregory C. Bakken | ||
Gregory C. Bakken, President/Principal Executive Officer |
Date | 2/3/2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Gregory C. Bakken | ||
Gregory C. Bakken, President/Principal Executive Officer |
Date | 2/3/2025 |
By (Signature and Title)* | /s/ Travis G. Babich | ||
Travis G. Babich, Treasurer/Principal Financial Officer |
Date | 2/3/2025 |
* Print the name and title of each signing officer under his or her signature.