# EDGAR Filing Document

**Accession Number:** 0001683471
**File Stem:** 0000894189-25-014668
**Filing Date:** 2025-11
**Character Count:** 21979
**Document Hash:** e06e16811131d367c23e857ed31cc572
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014668.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000894189-25-014668

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Listed Funds Trust
- **CENTRAL INDEX KEY:** 0001683471

**ORGANIZATION NAME:**
- **EIN:** 826272597
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23226
- **FILM NUMBER:** 251516357

**BUSINESS ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-5144

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Active Weighting Funds ETF Trust
- **DATE OF NAME CHANGE:** 20160830

## Series and Classes Contracts Data

### Horizon Kinetics Japan Owner Operator ETF (Series ID: S000092105)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000260028 | Horizon Kinetics Japan Owner Operator ETF | JAPN            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Horizon Kinetics Japan Owner Operator ETF** | **Horizon Kinetics Japan Owner Operator ETF** | **Horizon Kinetics Japan Owner Operator ETF** | **Horizon Kinetics Japan Owner Operator ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 93.0%** | **COMMON STOCKS - 93.0%** | **Shares** | **Value**  |
| **Advertising - 3.0%** | **Advertising - 3.0%** | **Advertising - 3.0%** | |
| Starts Publishing Corp. | Starts Publishing Corp. | 21700 | $646511 |
| **Commercial Services - 12.8%** | **Commercial Services - 12.8%** | **Commercial Services - 12.8%** |  |
| Digital Garage, Inc. | Digital Garage, Inc. | 15200 | 372062 |
| KeePer Technical Laboratory Co. Ltd. | KeePer Technical Laboratory Co. Ltd. | 31000 | 785049 |
| M&A Capital Partners Co. Ltd. | M&A Capital Partners Co. Ltd. | 31000 | 672749 |
| Net Protections Holdings, Inc. <sup>(a)</sup> | Net Protections Holdings, Inc. <sup>(a)</sup> | 6400 | 38179 |
| Visional, Inc. <sup>(a)</sup> | Visional, Inc. <sup>(a)</sup> | 12400 | 949616 |
|  |  |  | 2817655 |
| **Computers - 11.5%** | **Computers - 11.5%** | **Computers - 11.5%** |  |
| Finatext Holdings Ltd. <sup>(a)</sup> | Finatext Holdings Ltd. <sup>(a)</sup> | 99200 | 865821 |
| Internet Initiative Japan, Inc. | Internet Initiative Japan, Inc. | 31000 | 549640 |
| ULS Group, Inc. | ULS Group, Inc. | 217000 | 1112293 |
|  |  |  | 2527754 |
| **Electric - 4.0%** | **Electric - 4.0%** | **Electric - 4.0%** |  |
| Hikari Tsushin, Inc. | Hikari Tsushin, Inc. | 3100 | 866493 |
| **Electronics - 8.6%** | **Electronics - 8.6%** | **Electronics - 8.6%** |  |
| Furuno Electric Co. Ltd. | Furuno Electric Co. Ltd. | 43400 | 1663297 |
| Macnica Holdings, Inc. | Macnica Holdings, Inc. | 15500 | 215469 |
|  |  |  | 1878766 |
| **Entertainment - 6.0%** | **Entertainment - 6.0%** | **Entertainment - 6.0%** |  |
| IG Port, Inc. | IG Port, Inc. | 58900 | 612191 |
| Tsuburaya Fields Holdings, Inc. | Tsuburaya Fields Holdings, Inc. | 46500 | 712842 |
|  |  |  | 1325033 |
| **Food - 2.4%** | **Food - 2.4%** | **Food - 2.4%** |  |
| Kotobuki Spirits Co. Ltd. | Kotobuki Spirits Co. Ltd. | 43400 | 533372 |
| **Internet - 5.2%** | **Internet - 5.2%** | **Internet - 5.2%** |  |
| Ceres, Inc. | Ceres, Inc. | 21700 | 376299 |
| M3, Inc. | M3, Inc. | 31000 | 500836 |
| U-Next Holdings Co. Ltd. | U-Next Holdings Co. Ltd. | 18600 | 271787 |
|  |  |  | 1148922 |
| **Leisure Time - 4.0%** | **Leisure Time - 4.0%** | **Leisure Time - 4.0%** |  |
| Yonex Co. Ltd. | Yonex Co. Ltd. | 34100 | 875099 |
| **Lodging - 4.3%** | **Lodging - 4.3%** | **Lodging - 4.3%** |  |
| Resorttrust, Inc. | Resorttrust, Inc. | 74400 | 946089 |
| **Machinery-Diversified - 7.7%** | **Machinery-Diversified - 7.7%** | **Machinery-Diversified - 7.7%** |  |
| Furyu Corp. | Furyu Corp. | 89900 | 671427 |
| Japan Elevator Service Holdings Co. Ltd. | Japan Elevator Service Holdings Co. Ltd. | 80600 | 1024384 |
|  |  |  | 1695811 |
| **Media - 3.4%** | **Media - 3.4%** | **Media - 3.4%** |  |
| AlphaPolis Co. Ltd. | AlphaPolis Co. Ltd. | 68200 | 736099 |
| **Retail - 5.8%** | **Retail - 5.8%** | **Retail - 5.8%** |  |
| Pan Pacific International Holdings Corp. | Pan Pacific International Holdings Corp. | 124000 | 818634 |
| Transaction Co. Ltd. | Transaction Co. Ltd. | 55800 | 456042 |
|  |  |  | 1274676 |
| **Software - 11.4%** | **Software - 11.4%** | **Software - 11.4%** |  |
| OBIC Business Consultants Co. Ltd. | OBIC Business Consultants Co. Ltd. | 12400 | 764059 |
| Oro Co. Ltd. | Oro Co. Ltd. | 49600 | 880263 |
| Sega Sammy Holdings, Inc. | Sega Sammy Holdings, Inc. | 27900 | 588661 |
| Smaregi, Inc. | Smaregi, Inc. | 13000 | 263195 |
|  |  |  | 2496178 |
| **Toys/Games/Hobbies - 2.9%** | **Toys/Games/Hobbies - 2.9%** | **Toys/Games/Hobbies - 2.9%** |  |
| Sanrio Co. Ltd. | Sanrio Co. Ltd. | 9300 | 437717 |
| Tomy Co. Ltd. | Tomy Co. Ltd. | 9300 | 201510 |
|  |  |  | 639227 |
| **TOTAL COMMON STOCKS** (Cost $19,835,562) | **TOTAL COMMON STOCKS** (Cost $19,835,562) | **TOTAL COMMON STOCKS** (Cost $19,835,562) | 20407685 |
| **TOTAL INVESTMENTS - 93.0% (**Cost $19,835,562**)** | **TOTAL INVESTMENTS - 93.0% (**Cost $19,835,562**)** | **TOTAL INVESTMENTS - 93.0% (**Cost $19,835,562**)** | 20407685 |
| Money Market Deposit Account - 6.5% <sup>(b)</sup> | Money Market Deposit Account - 6.5% <sup>(b)</sup> | Money Market Deposit Account - 6.5% <sup>(b)</sup> | 1423710 |
| Other Assets in Excess of Liabilities - 0.5% | Other Assets in Excess of Liabilities - 0.5% | Other Assets in Excess of Liabilities - 0.5% | 111356 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $21942751 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

(a) Non-income producing security.

(b) 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%.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Horizon Kinetics Japan Owner Operator 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $20407685 | $– | $– | $20407685 |
| Total Investments | $20407685 | $– | $– | $20407685 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | 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) |

---

---

| | | |
|:---|:---|:---|
| Japan | $20407685 | 93.0% |
| Other Assets in Excess of Liabilities | 1535066 | 7.0 |
|  | $**21942751** | 100.0<br> **%** |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Listed Funds Trust

- **b. Investment Company Act file number:** 811-23226

- **c. CIK number of Registrant:** 0001683471

- **d. LEI of Registrant:** 549300C5D73JL0P1YC11

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-516-1692

**Item A.2. Information about the Series.**

- **a. Name of Series:** Horizon Kinetics Japan Owner Operator ETF

- **b. EDGAR series identifier (if any):** S000092105

- **c. LEI of Series:** 529900NMVE880LQBLG33

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $21257654.27

**Total Liabilities:** $22753.00

**Net Assets:** $21234901.27

**Cash Not Reported:** $1420.14

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000260028 | -3.06%               | 5.05%                | -0.63%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-272571.15                                |
| Month 2  | $-12.88                  | $423135.17                                 |
| Month 3  | $-206.67                 | $-97360.93                                 |

### Schedule of Portfolio Investments

| Name                           | Title                                   | Identifiers                             | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Japan Elevator Service Holding | Japan Elevator Service Holdings Co Ltd  | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     78000 | NS      | $991339.68    | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Tsuburaya Fields Holdings Inc  | Tsuburaya Fields Holdings Inc           | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     45000 | NS      | $689846.63    | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanrio Co Ltd                  | Sanrio Co Ltd                           | CUSIP: N/A<br>LEI: 3538002Q5JQLOMSPH125 | Long             | EC               | CORP              | JP        |      9000 | NS      | $423597.52    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Macnica Holdings Inc           | Macnica Holdings Inc                    | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     15000 | NS      | $208518.13    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Resorttrust Inc                | Resorttrust Inc                         | CUSIP: N/A<br>LEI: 353800FM9MYWH105SE11 | Long             | EC               | CORP              | JP        |     72000 | NS      | $915570.30    | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBGFS 7        | US BANK MMDA - USBGFS 7                 | CUSIP: N/A<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1422290 | NS      | $1422290.16   | 6.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Visional Inc                   | Visional Inc                            | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     12000 | NS      | $918982.97    | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Net Protections Holdings Inc   | Net Protections Holdings Inc            | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5700 | NS      | $34002.78     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Furyu Corp                     | Furyu Corp                              | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     87000 | NS      | $649768.09    | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| OBIC Bus Consult               | OBIC Business Consultants Co Ltd        | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     12000 | NS      | $739411.59    | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Furuno Electric Co Ltd         | Furuno Electric Co Ltd                  | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     42000 | NS      | $1609642.14   | 7.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Yonex Co Ltd                   | Yonex Co Ltd                            | CUSIP: N/A<br>LEI: 353800AI38G8HRG7UJ91 | Long             | EC               | CORP              | JP        |     33000 | NS      | $846870.03    | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Transaction Co Ltd             | Transaction Co Ltd                      | CUSIP: N/A<br>LEI: 353800P5SK25ZQ3C7789 | Long             | EC               | CORP              | JP        |     54000 | NS      | $441331.21    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Smaregi Inc                    | Smaregi Inc                             | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     13000 | NS      | $263195.31    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Next Holdings Co Ltd         | U-Next Holdings Co Ltd                  | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     18000 | NS      | $263019.26    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Tomy Co Ltd                    | Tomy Co Ltd                             | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9000 | NS      | $195009.65    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan Pacific International Hold | Pan Pacific International Holdings Corp | CUSIP: N/A<br>LEI: 529900QLHJM2E18A5763 | Long             | EC               | CORP              | JP        |    120000 | NS      | $792226.70    | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| M3 Inc                         | M3 Inc                                  | CUSIP: N/A<br>LEI: 3538001UOKRWIODYM055 | Long             | EC               | CORP              | JP        |     30000 | NS      | $484680.23    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sega Sammy Holdings Inc        | Sega Sammy Holdings Inc                 | CUSIP: N/A<br>LEI: 5493006B6WMKNQ8QNP51 | Long             | EC               | CORP              | JP        |     27000 | NS      | $569671.94    | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AlphaPolis Co Ltd              | AlphaPolis Co Ltd                       | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     66000 | NS      | $712354.00    | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Finatext Holdings Ltd          | Finatext Holdings Ltd                   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     96000 | NS      | $837891.46    | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Starts Publishing Corp         | Starts Publishing Corp                  | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     21000 | NS      | $625655.96    | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Hikari Tsushin Inc             | Hikari Tsushin Inc                      | CUSIP: N/A<br>LEI: 3538001SOIIV8U3OXH94 | Long             | EC               | CORP              | JP        |      3000 | NS      | $838541.49    | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| IG Port Inc                    | IG Port Inc                             | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     57000 | NS      | $592443.38    | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ULS Group Inc                  | ULS Group Inc                           | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    210000 | NS      | $1076412.64   | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| M&A Capital Partners Co Ltd    | M&A Capital Partners Co Ltd             | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     30000 | NS      | $651047.84    | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ceres Inc/Japan                | Ceres Inc/Japan                         | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     21000 | NS      | $364160.21    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Garage Inc             | Digital Garage Inc                      | CUSIP: N/A<br>LEI: 353800XMG9BC18FQ8862 | Long             | EC               | CORP              | JP        |     15200 | NS      | $372062.16    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Kotobuki Spirits Co Ltd        | Kotobuki Spirits Co Ltd                 | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     42000 | NS      | $516166.16    | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Internet Initiative Japan Inc  | Internet Initiative Japan Inc           | CUSIP: N/A<br>LEI: 529900EOCJNAPUHDFR78 | Long             | EC               | CORP              | JP        |     30000 | NS      | $531909.13    | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Oro Co Ltd                     | Oro Co Ltd                              | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     48000 | NS      | $851867.15    | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KeePer Technical Laboratory Co | KeePer Technical Laboratory Co Ltd      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     30000 | NS      | $759725.09    | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** Listed Funds Trust

**Signature:** /s/Travis Babich

**Name of Signer:** Listed Funds Trust

**Title:** Treasurer