# EDGAR Filing Document

**Accession Number:** 0001683471
**File Stem:** 0001193125-26-236583
**Filing Date:** 2026-5
**Character Count:** 20699
**Document Hash:** 5f0988fa61713441573f5c893c6d7769
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-236583.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001193125-26-236583

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**PERIOD START**: 20261231

**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:** 261013274

**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** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 92.1%** | **Shares**  | **Value**  |
| **Advertising - 3.1%** | **Advertising - 3.1%** | |
| Starts Publishing Corp. | 28700 | $709878 |
| **Commercial Services - 11.4%** | **Commercial Services - 11.4%** |  |
| KeePer Technical Laboratory Co. Ltd. | 41000 | 769539 |
| Net Protections Holdings, Inc. <sup>(a)</sup> | 106200 | 241652 |
| OBIC Business Consultants Co. Ltd. | 16400 | 643362 |
| Sanrio Co. Ltd. | 61500 | 378533 |
| Tsuburaya Fields Holdings, Inc. | 61500 | 545069 |
|  |  | 2578155 |
| **Computers - 7.1%** | **Computers - 7.1%** |  |
| Digital Garage, Inc. | 15200 | 186501 |
| Finatext Holdings Ltd. <sup>(a)</sup> | 131200 | 785105 |
| Internet Initiative Japan, Inc. | 41000 | 630759 |
|  |  | 1602365 |
| **Electric - 3.4%** | **Electric - 3.4%** |  |
| Oro Co. Ltd. | 65600 | 769024 |
| **Electronics - 4.7%** | **Electronics - 4.7%** |  |
| Smaregi, Inc. | 13000 | 177811 |
| ULS Group, Inc. | 287000 | 883965 |
|  |  | 1061776 |
| **Entertainment - 5.0%** | **Entertainment - 5.0%** |  |
| M&A Capital Partners Co. Ltd. | 48100 | 881032 |
| U-Next Holdings Co. Ltd. | 24600 | 255293 |
|  |  | 1136325 |
| **Food - 1.1%** | **Food - 1.1%** |  |
| Ceres, Inc. | 28700 | 255989 |
| **Internet - 8.3%** | **Internet - 8.3%** |  |
| Hikari Tsushin, Inc. | 4100 | 1024162 |
| Macnica Holdings, Inc. | 20500 | 297726 |
| Sega Sammy Holdings, Inc. | 36900 | 562117 |
|  |  | 1884005 |
| **Leisure Time - 2.9%** | **Leisure Time - 2.9%** |  |
| Kotobuki Spirits Co. Ltd. | 57400 | 660448 |
| **Lodging - 4.7%** | **Lodging - 4.7%** |  |
| Resorttrust, Inc. | 98400 | 1073438 |
| **Machinery-Diversified - 12.9%** | **Machinery-Diversified - 12.9%** |  |
| Furuno Electric Co. Ltd. | 57400 | 2197285 |
| Visional, Inc. <sup>(a)</sup> | 16400 | 729129 |
|  |  | 2926414 |
| **Media - 1.8%** | **Media - 1.8%** |  |
| M3, Inc. <sup>(a)</sup> | 41000 | 413763 |
| **Retail - 8.5%** | **Retail - 8.5%** |  |
| Japan Elevator Service Holdings Co. Ltd. | 106600 | 1087174 |
| Yonex Co. Ltd. | 45100 | 837705 |
|  |  | 1924879 |
| **Software - 14.0%** | **Software - 14.0%** |  |
| AlphaPolis Co. Ltd. | 90200 | 646351 |
| Furyu Corp. | 118900 | 918525 |
| IG Port, Inc. | 77900 | 604730 |
| Pan Pacific International Holdings Corp. | 164000 | 998082 |
|  |  | 3167688 |
| **Toys/Games/Hobbies - 3.2%** | **Toys/Games/Hobbies - 3.2%** |  |
| Tomy Co. Ltd. | 12300 | 201173 |
| Transaction Co. Ltd. | 73800 | 530688 |
|  |  | 731861 |
| **TOTAL COMMON STOCKS** (Cost $26,447,505) | **TOTAL COMMON STOCKS** (Cost $26,447,505) | 20896008 |
| **TOTAL INVESTMENTS - 92.1% (**Cost $26,447,505**)** | **TOTAL INVESTMENTS - 92.1% (**Cost $26,447,505**)** | 20896008 |
| Money Market Deposit Account - 7.0% <sup>(b)</sup> | Money Market Deposit Account - 7.0% <sup>(b)</sup> | 1582920 |
| Other Assets in Excess of Liabilities - 0.9% | Other Assets in Excess of Liabilities - 0.9% | 207444 |
| **TOTAL NET ASSETS - 100.0%** |  | $22686372 |
| 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 March 31, 2026, was 3.49%.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $20896008 | $– | $– | $20896008 |
| Total Investments | $20896008 | $– | $– | $20896008 |
| 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 March 31, 2026** | **Allocation of Portfolio Holdings by Country as of March 31, 2026** | |
| (% of Net Assets) | (% of Net Assets) |  |
| Japan\* | $20896008 | 92.1% |
| Other Assets in Excess of Liabilities | 1790364 | 7.9 |
|  | $**22686372** | 100.0<br> **%** |

---

\*To the extent that the Fund invests more heavily in particular countries, its performance will be especially sensitive to developments that significantly affect those countries. <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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $22724209.81

**Total Liabilities:** $37848.84

**Net Assets:** $22686360.97

**Cash Not Reported:** $42343.79

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000260028 | -4.99%               | 2.54%                | -11.21%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-49.92                  | $-1232964.58                               |
| Month 2  | $-13.88                  | $626290.29                                 |
| Month 3  | $-938.39                 | $-2999442.03                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kotobuki Spirits Co Ltd        | Kotobuki Spirits Co Ltd                 | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     57400 | NS      | $660448.17    | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| M3 Inc                         | M3 Inc                                  | CUSIP: N/A<br>LEI: 3538001UOKRWIODYM055 | Long             | EC               | CORP              | JP        |     41000 | NS      | $413762.65    | 1.82%             |  |  |  | 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        |     48100 | NS      | $881032.12    | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Macnica Holdings Inc           | Macnica Holdings Inc                    | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     20500 | NS      | $297726.13    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Tomy Co Ltd                    | Tomy Co Ltd                             | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     12300 | NS      | $201172.92    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Garage Inc             | Digital Garage Inc                      | CUSIP: N/A<br>LEI: 353800XMG9BC18FQ8862 | Long             | EC               | CORP              | JP        |     15200 | NS      | $186500.72    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Furuno Electric Co Ltd         | Furuno Electric Co Ltd                  | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     57400 | NS      | $2197284.56   | 9.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Hikari Tsushin Inc             | Hikari Tsushin Inc                      | CUSIP: N/A<br>LEI: 3538001SOIIV8U3OXH94 | Long             | EC               | CORP              | JP        |      4100 | NS      | $1024162.42   | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Tsuburaya Fields Holdings Inc  | Tsuburaya Fields Holdings Inc           | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     61500 | NS      | $545068.83    | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Yonex Co Ltd                   | Yonex Co Ltd                            | CUSIP: N/A<br>LEI: 353800AI38G8HRG7UJ91 | Long             | EC               | CORP              | JP        |     45100 | NS      | $837705.07    | 3.69%             |  |  |  | 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        |   1582920 | NS      | $1582920.38   | 6.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Internet Initiative Japan Inc  | Internet Initiative Japan Inc           | CUSIP: N/A<br>LEI: 529900EOCJNAPUHDFR78 | Long             | EC               | CORP              | JP        |     41000 | NS      | $630759.32    | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| IG Port Inc                    | IG Port Inc                             | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     77900 | NS      | $604730.03    | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ULS Group Inc                  | ULS Group Inc                           | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    287000 | NS      | $883965.05    | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Transaction Co Ltd             | Transaction Co Ltd                      | CUSIP: N/A<br>LEI: 353800P5SK25ZQ3C7789 | Long             | EC               | CORP              | JP        |     73800 | NS      | $530688.29    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Elevator Service Holding | Japan Elevator Service Holdings Co Ltd  | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    106600 | NS      | $1087173.93   | 4.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Finatext Holdings Ltd          | Finatext Holdings Ltd                   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    131200 | NS      | $785105.29    | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Visional Inc                   | Visional Inc                            | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16400 | NS      | $729129.42    | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Ceres Inc/Japan                | Ceres Inc/Japan                         | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     28700 | NS      | $255989.06    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| AlphaPolis Co Ltd              | AlphaPolis Co Ltd                       | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     90200 | NS      | $646351.12    | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Next Holdings Co Ltd         | U-Next Holdings Co Ltd                  | CUSIP: N/A<br>LEI: 5299008NVOZT1CQ62M22 | Long             | EC               | CORP              | JP        |     24600 | NS      | $255293.23    | 1.13%             |  |  |  | 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        |     41000 | NS      | $769539.25    | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Furyu Corp                     | Furyu Corp                              | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    118900 | NS      | $918524.73    | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Resorttrust Inc                | Resorttrust Inc                         | CUSIP: N/A<br>LEI: 353800FM9MYWH105SE11 | Long             | EC               | CORP              | JP        |     98400 | NS      | $1073437.68   | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| OBIC Bus Consult               | OBIC Business Consultants Co Ltd        | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16400 | NS      | $643361.62    | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan Pacific International Hold | Pan Pacific International Holdings Corp | CUSIP: N/A<br>LEI: 529900QLHJM2E18A5763 | Long             | EC               | CORP              | JP        |    164000 | NS      | $998081.59    | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Starts Publishing Corp         | Starts Publishing Corp                  | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     28700 | NS      | $709878.06    | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanrio Co Ltd                  | Sanrio Co Ltd                           | CUSIP: N/A<br>LEI: 3538002Q5JQLOMSPH125 | Long             | EC               | CORP              | JP        |     61500 | NS      | $378532.91    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Sega Sammy Holdings Inc        | Sega Sammy Holdings Inc                 | CUSIP: N/A<br>LEI: 5493006B6WMKNQ8QNP51 | Long             | EC               | CORP              | JP        |     36900 | NS      | $562116.73    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Oro Co Ltd                     | Oro Co Ltd                              | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     65600 | NS      | $769023.82    | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Smaregi Inc                    | Smaregi Inc                             | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     13000 | NS      | $177811.30    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Net Protections Holdings Inc   | Net Protections Holdings Inc            | CUSIP: N/A<br>LEI: 529900QA2ZFPF9QNTV31 | Long             | EC               | CORP              | JP        |    105700 | NS      | $240514.17    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-19

**Name of Applicant:** Listed Funds Trust

**Signature:** /s/Travis Babich

**Name of Signer:** Listed Funds Trust

**Title:** Treasurer