# EDGAR Filing Document

**Accession Number:** 0001683471
**File Stem:** 0001145549-25-055232
**Filing Date:** 2025-8
**Character Count:** 60386
**Document Hash:** 9abfb1ab3ef6471645a23d02ea0086b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-055232.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001145549-25-055232

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**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:** 251268815

**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

### Preferred-Plus ETF (Series ID: S000075509)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000234657 | Preferred-Plus ETF | IPPP            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Preferred-Plus ETF** | **Preferred-Plus ETF** | **Preferred-Plus ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **PREFERRED STOCKS - 95.1% <sup>(j)</sup>** | **Shares** | **Value**  |
| **Auto Manufacturers - 2.2%** | **Auto Manufacturers - 2.2%** | |
| Ford Motor Co. | – | $– |
| &nbsp;&nbsp; 6.00%, 12/01/2059 (Callable 07/31/2025) <sup>(a)</sup> | 6638 | $138004 |
| &nbsp;&nbsp; 6.20%, 06/01/2059 (Callable 07/31/2025) <sup>(a)</sup> | 6019 | 126279 |
|  |  | 264283 |
| **Banks - 35.4%<sup>(b)</sup>** | **Banks - 35.4%<sup>(b)</sup>** |  |
| Bank of America Corp. | – | $– |
| &nbsp;&nbsp; Series LL, 5.00%, Perpetual (Callable 07/31/2025) <sup>(a)</sup> | 6135 | 124602 |
| &nbsp;&nbsp; Series PP, 4.13%, Perpetual (Callable 02/02/2026) <sup>(a)</sup> | 5329 | 90486 |
| &nbsp;&nbsp; Series QQ, 4.25%, Perpetual (Callable 11/17/2026) <sup>(a)</sup> | 10692 | 184972 |
| &nbsp;&nbsp; Series SS, 4.75%, Perpetual (Callable 02/17/2027) <sup>(a)</sup> | 6433 | 125186 |
|  Citigroup Capital XIII, 10.91% (3 mo. Term SOFR + 6.63%), 10/30/2040 (Callable 07/31/2025)<sup>(a)</sup> | 4197 | 123476 |
|  Citizens Financial Group, Inc., Series H, 7.38%, Perpetual (Callable 07/06/2029)<sup>(a)</sup> | 5324 | 138105 |
|  ConnectOne Bancorp, Inc., Series A, 5.25% to 09/01/2026 then 5 yr. CMT Rate + 4.42%, Perpetual (Callable 09/01/2026) <sup>(a)</sup> | 5102 | 115356 |
|  Fifth Third Bancorp, Series K, 4.95%, Perpetual (Callable 09/30/2025)<sup>(a)</sup> | 4079 | 80193 |
|  First Citizens BancShares, Inc., Series A, 5.38%, Perpetual (Callable 09/15/2025)<sup>(a)</sup> | 4596 | 99641 |
| JPMorgan Chase & Co. | – | $– |
| &nbsp;&nbsp; Series DD, 5.75%, Perpetual (Callable 09/01/2025) <sup>(a)</sup> | 3351 | 82334 |
| &nbsp;&nbsp; Series LL, 4.63%, Perpetual (Callable 06/01/2026) <sup>(a)</sup> | 10290 | 201170 |
| &nbsp;&nbsp; Series MM, 4.20%, Perpetual (Callable 09/01/2026) <sup>(a)</sup> | 7891 | 141328 |
| KeyCorp | – | $– |
| &nbsp;&nbsp; 6.20% to 12/15/2027 then 5 yr. CMT Rate + 3.13%, Perpetual (Callable 12/15/2027) <sup>(a)</sup> | 9149 | 221314 |
| &nbsp;&nbsp; Series E, 6.13% to 12/15/2026 then 3 mo. Term SOFR + 4.15%, Perpetual (Callable 12/15/2026) <sup>(a)</sup> | 5112 | 124733 |
|  M&T Bank Corp., Series J, 7.50%, Perpetual (Callable 06/15/2029)<sup>(a)</sup> | 4155 | 108861 |
| Merchants Bancorp | – | $– |
| &nbsp;&nbsp; 8.25% to 10/1/2027 then 5 yr. CMT Rate + 4.34%, Perpetual (Callable 10/01/2027) <sup>(a)</sup> | 2829 | 70159 |
| &nbsp;&nbsp; Series C, 6.00%, Perpetual (Callable 04/01/2026) <sup>(a)</sup> | 3195 | 61983 |
|  Midland States Bancorp, Inc., 7.75% to 09/30/2027 then 5 yr. CMT Rate + 4.71%, Perpetual (Callable 09/30/2027) <sup>(a)</sup> | 4517 | 99961 |
| Morgan Stanley | – | $– |
| &nbsp;&nbsp; Series F, 6.88% (3 mo. LIBOR US + 3.94%), Perpetual (Callable 10/15/2025) <sup>(a)(c)</sup> | 6171 | 155077 |
| &nbsp;&nbsp; Series K, 5.85% (3 mo. LIBOR US + 3.49%), Perpetual (Callable 04/15/2027) <sup>(a)(c)</sup> | 7267 | 170048 |
| &nbsp;&nbsp; Series O, 4.25%, Perpetual (Callable 01/15/2027) <sup>(a)</sup> | 6097 | 104990 |
| &nbsp;&nbsp; Series P, 6.50%, Perpetual (Callable 10/15/2027) <sup>(a)</sup> | 4900 | 126077 |
|  Old National Bancorp, Series C, 7.00%, Perpetual (Callable 08/20/2025)<sup>(a)</sup> | 6135 | 152025 |
|  Regions Financial Corp., Series C, 5.70% to 08/15/2029 then 3 mo. Term SOFR + 3.41%, Perpetual (Callable 05/15/2029) <sup>(a)</sup> | 6135 | 146442 |
|  State Street Corp., Series G, 5.35% (3 mo. LIBOR US + 3.71%), Perpetual (Callable 03/15/2026)<sup>(a)(c)</sup> | 4027 | 87466 |
|  Synovus Financial Corp., Series E, 8.40% to 07/01/2029 then 5 yr. CMT Rate + 4.13%, Perpetual (Callable 07/01/2029) <sup>(a)</sup> | 10071 | 257516 |
|  Truist Financial Corp., Series R, 4.75%, Perpetual (Callable 09/01/2025)<sup>(a)</sup> | 6531 | 123828 |
|  US Bancorp, Series K, 5.50%, Perpetual (Callable 07/31/2025)<sup>(a)</sup> | 6135 | 135829 |
|  Wells Fargo & Co., Series DD, 4.25%, Perpetual (Callable 09/15/2026)<sup>(a)</sup> | 6135 | 105829 |
|  WesBanco, Inc., Series A, 6.75% to 08/15/2025 then 5 yr. CMT Rate + 6.56%, Perpetual (Callable 11/15/2025) <sup>(a)</sup> | 5112 | 129078 |
|  Western Alliance Bancorp, Series A, 4.25% to 09/30/2026 then 5 yr. CMT Rate + 3.45%, Perpetual (Callable 09/30/2026) <sup>(a)</sup> | 7538 | 164479 |
|  Wintrust Financial Corp., Series E, 6.88% to 07/15/2025 then 5 yr. CMT Rate + 6.51%, Perpetual (Callable 07/15/2025) <sup>(a)</sup> | 6258 | 158828 |
|  |  | 4211372 |
| **Commercial Services - 0.4%** | **Commercial Services - 0.4%** |  |
|  Triton International Ltd., 7.63%, Perpetual (Callable 03/15/2030)<sup>(a)</sup> | 2000 | 47700 |
| **Diversified Financial Services - 8.0%** | **Diversified Financial Services - 8.0%** |  |
|  Apollo Global Management, Inc., 7.63% to 12/15/2028 then 5 yr. CMT Rate + 3.23%, 09/15/2053 (Callable 09/15/2028) <sup>(a)</sup> | 4385 | 114141 |
| Capital One Financial Corp. | – | $– |
| &nbsp;&nbsp; Series I, 5.00%, Perpetual (Callable 09/01/2025) <sup>(a)</sup> | 5182 | 97940 |
| &nbsp;&nbsp; Series J, 4.80%, Perpetual (Callable 09/01/2025) <sup>(a)</sup> | 3112 | 55300 |
| &nbsp;&nbsp; Series L, 4.38%, Perpetual (Callable 09/01/2026) <sup>(a)</sup> | 3700 | 60569 |
|  Stifel Financial Corp., Series D, 4.50%, Perpetual (Callable 08/15/2026)<sup>(a)</sup> | 9117 | 154351 |
| Synchrony Financial | – | $– |
| &nbsp;&nbsp; Series A, 5.63%, Perpetual (Callable 08/15/2025) <sup>(a)</sup> | 6762 | 124421 |
| &nbsp;&nbsp; Series B, 8.25% to 5/15/2029 then 5 yr. CMT Rate + 4.04%, Perpetual (Callable 05/15/2029) <sup>(a)</sup> | 7506 | 186449 |
|  Voya Financial, Inc., Series B, 5.35% to 09/15/2029 then 5 yr. CMT Rate + 3.21%, Perpetual (Callable 09/15/2029) <sup>(a)</sup> | 6581 | 156628 |
|  |  | 949799 |
| **Electric - 8.8%** | **Electric - 8.8%** |  |
|  Algonquin Power & Utilities Corp., Series 19-A, 8.86% (3 mo. LIBOR US + 4.01%), 10/01/2025 (Callable 10/01/2025)<sup>(a)(c)</sup> | 6258 | 157451 |
| Brookfield BRP Holdings Canada, Inc. | – | $– |
| &nbsp;&nbsp; 4.88%, Perpetual (Callable 12/09/2026) <sup>(a)</sup> | 6962 | 112576 |
| &nbsp;&nbsp; 4.63%, Perpetual (Callable 04/30/2026) <sup>(a)</sup> | 3430 | 54023 |
|  CMS Energy Corp., 5.88%, 03/01/2079 (Callable 07/11/2025)<sup>(a)</sup> | 3069 | 68132 |
|  National Rural Utilities Cooperative Finance Corp., Series US, 5.50%, 05/15/2064 (Callable 07/31/2025)<sup>(a)</sup> | 5112 | 121972 |
|  SCE Trust IV, Series J, 5.38% to 09/15/2025 then 3 mo. Term SOFR + 3.39%, Perpetual (Callable 09/15/2025) <sup>(a)</sup> | 5112 | 115224 |
|  SCE Trust V, Series K, 5.45% to 03/15/2026 then 3 mo. Term SOFR + 4.05%, Perpetual (Callable 03/15/2026) <sup>(a)</sup> | 5216 | 118925 |
|  SCE Trust VIII, Series N, 6.95%, Perpetual (Callable 05/13/2029)<sup>(a)</sup> | 5324 | 114040 |
|  Sempra, 5.75%, 07/01/2079 (Callable 07/31/2025)<sup>(a)</sup> | 6135 | 126074 |
|  Southern Co., Series 2020, 4.95%, 01/30/2080 (Callable 07/30/2025)<sup>(a)</sup> | 3069 | 60766 |
|  |  | 1049183 |
| **Insurance - 19.1%** | **Insurance - 19.1%** |  |
|  AEGON Funding Co. LLC, 5.10%, 12/15/2049 (Callable 09/15/2025)<sup>(a)</sup> | 4794 | 93579 |
|  Allstate Corp., Series J, 7.38%, Perpetual (Callable 07/15/2028)<sup>(a)</sup> | 4690 | 122362 |
| American National Group, Inc. | – | $– |
| &nbsp;&nbsp; Series ., 7.38%, Perpetual (Callable 01/15/2030) <sup>(a)</sup> | 3000 | 78210 |
| &nbsp;&nbsp; Series B, 6.63% to 9/1/2025 then 5 yr. CMT Rate + 6.30%, Perpetual (Callable 09/01/2025) <sup>(a)</sup> | 7168 | 179917 |
| Aspen Insurance Holdings Ltd. | – | $– |
| &nbsp;&nbsp; 7.00%, Perpetual (Callable 11/30/2029) <sup>(a)</sup> | 4052 | 96032 |
| &nbsp;&nbsp; Series \*\*, 5.63%, Perpetual (Callable 07/31/2025) <sup>(a)</sup> | 3069 | 61564 |
|  Athene Holding Ltd., Series A, 6.35% to 06/30/2029 then 3 mo. LIBOR US + 4.25%, Perpetual (Callable 06/30/2029) <sup>(a)(c)</sup> | 10207 | 246703 |
|  Axis Capital Holdings Ltd., Series E, 5.50%, Perpetual (Callable 07/31/2025)<sup>(a)</sup> | 4741 | 94062 |
| Brighthouse Financial, Inc. | – | $– |
| &nbsp;&nbsp; 6.25%, 09/15/2058 (Callable 07/31/2025) <sup>(a)</sup> | 3471 | 66227 |
| &nbsp;&nbsp; Series B, 6.75%, Perpetual (Callable 07/31/2025) <sup>(a)</sup> | 7309 | 141210 |
| &nbsp;&nbsp; Series C, 5.38%, Perpetual (Callable 12/25/2025) <sup>(a)</sup> | 3699 | 54708 |
|  Equitable Holdings, Inc., Series A, 5.25%, Perpetual (Callable 09/15/2025)<sup>(a)</sup> | 7010 | 143214 |
|  F&G Annuities & Life, Inc., 7.30%, 01/15/2065 (Callable 01/15/2030)<sup>(a)</sup> | 3425 | 83433 |
|  Jackson Financial, Inc., 8.00% to 03/30/2028 then 5 yr. CMT Rate + 3.73%, Perpetual (Callable 03/30/2028) <sup>(a)</sup> | 7280 | 184330 |
|  Kemper Corp., 5.88% to 03/15/2027 then 5 yr. CMT Rate + 4.14%, 03/15/2062 (Callable 03/15/2027) <sup>(a)</sup> | 4596 | 110304 |
|  Lincoln National Corp., Series D, 9.00%, Perpetual (Callable 12/01/2027)<sup>(a)</sup> | 4689 | 124774 |
| MetLife, Inc. | – | $– |
| &nbsp;&nbsp; Series E, 5.63%, Perpetual (Callable 07/31/2025) <sup>(a)</sup> | 5682 | 134038 |
| &nbsp;&nbsp; Series F, 4.75%, Perpetual (Callable 09/15/2025) <sup>(a)</sup> | 6223 | 121286 |
|  Prudential Financial, Inc., 5.63%, 08/15/2058 (Callable 07/31/2025)<sup>(a)</sup> | 2950 | 69355 |
|  Reinsurance Group of America, Inc., 5.75% to 06/15/2026 then 3 mo. LIBOR US + 4.04%, 06/15/2056 (Callable 06/15/2026) <sup>(a)(c)</sup> | 2909 | 71416 |
|  |  | 2276724 |
| **Investment Companies - 1.0%** | **Investment Companies - 1.0%** |  |
|  Brookfield Oaktree Holdings LLC, Series B, 6.55%, Perpetual (Callable 07/31/2025)<sup>(a)</sup> | 5069 | 110606 |
| **Office-Business Equipment - 0.6%** | **Office-Business Equipment - 0.6%** |  |
|  Pitney Bowes, Inc., 6.70%, 03/07/2043 (Callable 07/30/2025)<sup>(a)</sup> | 3940 | 73442 |
| **REITS - 13.2%** | **REITS - 13.2%** |  |
|  AGNC Investment Corp., Series F, 9.21% (3 mo. Term SOFR + 4.96%), Perpetual (Callable 07/31/2025)<sup>(a)</sup> | 7162 | 179838 |
| Annaly Capital Management, Inc. | – | $– |
| &nbsp;&nbsp; Series F, 9.55% (3 mo. Term SOFR + 5.25%), Perpetual (Callable 07/31/2025) <sup>(a)</sup> | 2983 | 75142 |
| &nbsp;&nbsp; Series I, 9.54% (3 mo. Term SOFR + 5.25%), Perpetual (Callable 07/31/2025) <sup>(a)</sup> | 3034 | 76426 |
|  Arbor Realty Trust, Inc., Series F, 6.25% to 10/12/2026 then 3 mo. Term SOFR + 5.44%, Perpetual (Callable 10/12/2026) <sup>(a)</sup> | 7106 | 144323 |
|  Digital Realty Trust, Inc., Series L, 5.20%, Perpetual (Callable 07/31/2025)<sup>(a)</sup> | 8009 | 160020 |
|  Hudson Pacific Properties, Inc., Series C, 4.75%, Perpetual (Callable 11/16/2026)<sup>(a)</sup> | 3012 | 44758 |
|  KKR Real Estate Finance Trust, Inc., Series A, 6.50%, Perpetual (Callable 04/16/2026)<sup>(a)</sup> | 6714 | 135623 |
|  MFA Financial, Inc., Series C, 9.90% (3 mo. Term SOFR + 5.61%), Perpetual (Callable 07/30/2025)<sup>(a)</sup> | 5231 | 123033 |
|  Pebblebrook Hotel Trust, Series G, 6.38%, Perpetual (Callable 05/13/2026)<sup>(a)</sup> | 6135 | 107669 |
| Public Storage | – | $– |
| &nbsp;&nbsp; Series M, 4.13%, Perpetual (Callable 08/14/2025) <sup>(a)</sup> | 1076 | 17840 |
| &nbsp;&nbsp; Series S, 4.10%, Perpetual (Callable 01/13/2027) <sup>(a)</sup> | 6776 | 109907 |
|  Rithm Capital Corp., Series D, 7.00% to 11/15/2026 then 5 yr. CMT Rate + 6.22%, Perpetual (Callable 11/15/2026) <sup>(a)</sup> | 5375 | 128678 |
| Sachem Capital Corp. | – | $– |
| &nbsp;&nbsp; 6.00%, 12/30/2026 (Callable 07/30/2025) <sup>(a)</sup> | 2953 | 64198 |
| &nbsp;&nbsp; Series A, 7.75%, Perpetual (Callable 06/29/2026) <sup>(a)</sup> | 3135 | 47495 |
| Vornado Realty Trust | – | $– |
| &nbsp;&nbsp; Series N, 5.25%, Perpetual (Callable 11/24/2025) <sup>(a)</sup> | 8185 | 135134 |
| &nbsp;&nbsp; Series O, 4.45%, Perpetual (Callable 09/22/2026) <sup>(a)</sup> | 1778 | 25603 |
|  |  | 1575687 |
| **Savings & Loans - 3.0%** | **Savings & Loans - 3.0%** |  |
|  Banc of California, Inc., Series F, 7.75% to 09/01/2027 then 5 yr. CMT Rate + 4.82%, Perpetual (Callable 09/01/2027) <sup>(a)</sup> | 8716 | 210056 |
|  Flagstar Financial, Inc., Series A., 6.38% to 03/17/2027 then 3 mo. LIBOR US + 3.82%, Perpetual (Callable 03/17/2027) <sup>(a)(c)</sup> | 7266 | 149752 |
|  |  | 359808 |
| **Telecommunications - 3.4%** | **Telecommunications - 3.4%** |  |
| AT&T, Inc. | – | $– |
| &nbsp;&nbsp; Series A, 5.00%, Perpetual (Callable 07/31/2025) <sup>(a)</sup> | 1199 | 24160 |
| &nbsp;&nbsp; Series C, 4.75%, Perpetual (Callable 07/31/2025) <sup>(a)</sup> | 5811 | 110990 |
|  Telephone and Data Systems, Inc., Series UU, 6.63%, Perpetual (Callable 03/31/2026)<sup>(a)</sup> | 6135 | 118344 |
|  United States Cellular Corp., 5.50%, 03/01/2070 (Callable 03/01/2026)<sup>(a)</sup> | 7475 | 153387 |
|  |  | 406881 |
| **TOTAL PREFERRED STOCKS** (Cost $12,639,972) | **TOTAL PREFERRED STOCKS** (Cost $12,639,972) | 11325485 |
| **CONVERTIBLE PREFERRED STOCKS - 2.5%** |  |  |
| **Banks - 2.0%** | **Banks - 2.0%** |  |
|  Bank of America Corp., Series L, 7.25%, Perpetual <sup>(a)</sup> | 101 | 122513 |
|  Wells Fargo & Co., Series L, 7.50%, Perpetual <sup>(a)</sup> | 99 | 116239 |
|  |  | 238752 |
| **Software - 0.5%** | **Software - 0.5%** |  |
|  MicroStrategy, Inc., 8.00%, Perpetual <sup>(a)</sup> | 445 | 53850 |
| **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $282,943) | **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $282,943) | 292602 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 0.0%<sup>(d)(e)</sup>** | **Notional Amount** | **Contracts** | |
| **Put Options - 0.0%<sup>(e)</sup>** | **Put Options - 0.0%<sup>(e)</sup>** |  | $**–** |
| S&P 500 Mini Index <sup>(f)(g)</sup> | S&P 500 Mini Index <sup>(f)(g)</sup> | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $485.00<sup>(h)</sup> | $1164000 | 24 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $495.00<sup>(h)</sup> | 1584000 | 32 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/15/2025; Exercise Price: $495.00<sup>(h)</sup> | 1584000 | 32 | 1792 |
| **TOTAL PURCHASED OPTIONS** (Cost $7,933) | **TOTAL PURCHASED OPTIONS** (Cost $7,933) | **TOTAL PURCHASED OPTIONS** (Cost $7,933) | 3076 |
| **SHORT-TERM INVESTMENTS - 1.3%** | **SHORT-TERM INVESTMENTS - 1.3%** | **Shares** |  |
| **Money Market Funds - 1.3%** | **Money Market Funds - 1.3%** |  |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(i)</sup> | First American Government Obligations Fund - Class X, 4.25% <sup>(i)</sup> | 155208 | 155208 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $155,208) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $155,208) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $155,208) | 155208 |
| **TOTAL INVESTMENTS - 98.9% (**Cost $13,086,056**)** | **TOTAL INVESTMENTS - 98.9% (**Cost $13,086,056**)** | **TOTAL INVESTMENTS - 98.9% (**Cost $13,086,056**)** | 11776371 |
| Other Assets in Excess of Liabilities - 1.1% | Other Assets in Excess of Liabilities - 1.1% | Other Assets in Excess of Liabilities - 1.1% | 135135 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $11911506 |
| two | two | two | –% |
| 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. | –% |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LIBOR - London Interbank Offered Rate |
| LLC - Limited Liability Company |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |

---

(a) All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of June 30, 2025 is $8,708,996 which represented 73.1% of net
 assets.

(b) 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.

(c) Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

(d) Non-income producing security.

(e) Represents less than 0.05% of net assets.

(f) Exchange-traded.

(g) 100 shares per contract.

(h) Held in connection with written option contracts. See Schedule of Written Options for further information.

(i) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

(j) Variable rates for Preferred Stocks will typically have interest rates that redetermine periodically by reference to a base lending rate plus a spread. Preferred Stocks that reference SOFR may
 be subject to a credit spread adjustment, particularly to legacy LIBOR that have transitioned to SOFR as the base lending rate.

------

---

| | | | |
|:---|:---|:---|:---|
| **Preferred-Plus ETF** | **Preferred-Plus ETF** | **Preferred-Plus ETF** | **Preferred-Plus ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (0.2)%** | **Notional Amount** | **Contracts** | **Value** |
| **Put Options - (0.2)%** | **Put Options - (0.2)%** | **Put Options - (0.2)%** | **Put Options - (0.2)%** |
| S&P 500 Mini Index <sup>(a)(b)</sup> |  | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $568.00 | $(1363200) | (24) | $(1140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $580.00 | (1856000) | (32) | (6672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/15/2025; Exercise Price: $580.00 | (1856000) | (32) | (10896) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $48,955) |  |  | $(18708) |
| 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. | Percentages are stated as a percent of net assets. |

---

(a) Exchange-traded.

(b) 100 shares per contract.

------

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
Preferred-Plus 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | $11325485 | $– | $– | $11325485 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 292602 | – | – | 292602 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | – | 3076 | – | 3076 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 155208 | – | – | 155208 |
| Total Investments | $11773295 | $3076 | $– | $11776371 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $– | $(18708) | $– | $(18708) |
| Total Investments | $– | $(18708) | $– | $(18708) |
| 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. |

---

## 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:** Preferred-Plus ETF

- **b. EDGAR series identifier (if any):** S000075509

- **c. LEI of Series:** 549300CO924GOKN2EE10

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $11939926.38

**Total Liabilities:** $28422.20

**Net Assets:** $11911504.18

**Cash Not Reported:** $134502.75

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234657 | -1.25%               | 1.85%                | 1.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-28118.50               | $-85775.12                                 |
| Month 2  | $0.00                    | $-47340.78                                 |
| Month 3  | $-39665.51               | $63862.26                                  |

**Designated Index Information**

- **Index Name:** Innovative PP Blended Benchmark

- **Index Identifier:** IYBLEND02

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T INC                       | AT&T Inc                                          | CUSIP: 00206R508<br>LEI: 549300Z40J86GGSTL398 | Long             | EP               | CORP              | US        |      1199 | NS      | $24159.85     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                       | AT&T Inc                                          | CUSIP: 00206R706<br>LEI: 549300Z40J86GGSTL398 | Long             | EP               | CORP              | US        |      5811 | NS      | $110990.10    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MGMT            | Annaly Capital Management Inc                     | CUSIP: 035710847<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |      3034 | NS      | $76426.46     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MGMT            | Annaly Capital Management Inc                     | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |      2983 | NS      | $75141.77     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT       | Apollo Global Management Inc                      | CUSIP: 03769M205<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               | CORP              | US        |      4385 | NS      | $114141.55    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY TRUST INC         | Arbor Realty Trust Inc                            | CUSIP: 038923850<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |      7106 | NS      | $144322.86    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ATHENE HOLDING LTD             | Athene Holding Ltd                                | CUSIP: 04686J861<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |     10207 | NS      | $246703.19    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HLDGS LTD         | Axis Capital Holdings Ltd                         | CUSIP: 05461T305<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EP               | CORP              | BM        |      4741 | NS      | $94061.44     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEN INSURANCE HLDG LTD       | Aspen Insurance Holdings Ltd                      | CUSIP: EP0607309<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EP               | CORP              | BM        |      4052 | NS      | $96032.40     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEN INSURANCE HLDG LTD       | Aspen Insurance Holdings Ltd                      | CUSIP: EP0575472<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EP               | CORP              | BM        |      3069 | NS      | $61564.14     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR COMPANY             | Ford Motor Co                                     | CUSIP: 345370837<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EP               | CORP              | US        |      6638 | NS      | $138004.02    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR COMPANY             | Ford Motor Co                                     | CUSIP: 345370845<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EP               | CORP              | US        |      6019 | NS      | $126278.62    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE       | Hudson Pacific Properties Inc                     | CUSIP: 444097307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3012 | NS      | $44758.32     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| JACKSON FINANCIAL INC          | Jackson Financial Inc                             | CUSIP: 46817M206<br>LEI: 213800WXW2KG1N4CO374 | Long             | EP               | CORP              | US        |      7280 | NS      | $184329.60    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                               | CUSIP: 48128B523<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |      7891 | NS      | $141327.81    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                               | CUSIP: 48128B549<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |     10290 | NS      | $201169.50    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                               | CUSIP: 48128B655<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |      3351 | NS      | $82334.07     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR REAL ESTATE FIN            | KKR Real Estate Finance Trust Inc                 | CUSIP: 48251K209<br>LEI: 549300K23AYZDZ2REL62 | Long             | EP               | CORP              | US        |      6714 | NS      | $135622.80    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| KEMPER CORP                    | Kemper Corp                                       | CUSIP: 488401308<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EP               | CORP              | US        |      4596 | NS      | $110304.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                        | KeyCorp                                           | CUSIP: 493267702<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |      5112 | NS      | $124732.80    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                        | KeyCorp                                           | CUSIP: 493267843<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |      9149 | NS      | $221314.31    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| LINCOLN NATIONAL CORP          | Lincoln National Corp                             | CUSIP: 534187885<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EP               | CORP              | US        |      4689 | NS      | $124774.29    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T BANK CORPORATION           | M&T Bank Corp                                     | CUSIP: 55261F864<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |      4155 | NS      | $108861.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA FINANCIAL INC              | MFA Financial Inc                                 | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |      5231 | NS      | $123033.12    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCHANTS BANCORP              | Merchants Bancorp/IN                              | CUSIP: 58844R702<br>LEI: 54930008Y0GPVLF81889 | Long             | EP               | CORP              | US        |      3195 | NS      | $61983.00     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCHANTS BANCORP              | Merchants Bancorp/IN                              | CUSIP: 58844R884<br>LEI: 54930008Y0GPVLF81889 | Long             | EP               | CORP              | US        |      2829 | NS      | $70159.20     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                    | MetLife Inc                                       | CUSIP: 59156R850<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |      6223 | NS      | $121286.27    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                    | MetLife Inc                                       | CUSIP: 59156R876<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |      5682 | NS      | $134038.38    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSTRATEGY INC              | MicroStrategy Inc                                 | CUSIP: 594972887<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EP               | CORP              | US        |       445 | NS      | $53849.45     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                         | Sempra                                            | CUSIP: 816851604<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EP               | CORP              | US        |      6135 | NS      | $126074.25    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO                    | Southern Co/The                                   | CUSIP: 842587800<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |      3069 | NS      | $60766.20     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP              | State Street Corp                                 | CUSIP: 857477855<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |      4027 | NS      | $87466.44     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| STIFEL FINANCIAL CORP          | Stifel Financial Corp                             | CUSIP: 860630862<br>LEI: 549300E5F07FE5GHJX84 | Long             | EP               | CORP              | US        |      9117 | NS      | $154350.81    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL            | Synchrony Financial                               | CUSIP: 87165B202<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EP               | CORP              | US        |      6762 | NS      | $124420.80    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD BRP HOLDINGS        | Brookfield BRP Holdings Canada Inc                | CUSIP: 11259P208<br>LEI: 549300NSPD7QJ50GZW26 | Long             | EP               | CORP              | CA        |      6962 | NS      | $112575.54    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO       | Capital One Financial Corp                        | CUSIP: 14040H758<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |      3700 | NS      | $60569.00     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO       | Capital One Financial Corp                        | CUSIP: 14040H782<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |      3112 | NS      | $55300.24     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO       | Capital One Financial Corp                        | CUSIP: 14040H824<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |      5182 | NS      | $97939.80     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP CAPITAL XIII         | Citigroup Capital XIII                            | CUSIP: 173080201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      4197 | NS      | $123475.74    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD OAKTREE HLDGS       | Brookfield Oaktree Holdings LLC                   | CUSIP: 674001409<br>LEI: 254900T1ODNFOK2L6090 | Long             | EP               | CORP              | US        |      5069 | NS      | $110605.58    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP           | AGNC Investment Corp                              | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |      7162 | NS      | $179837.82    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AEGON FUNDING CO LLC           | AEGON Funding Co LLC                              | CUSIP: 00775V104<br>LEI: KEIOKM01PSK5VZ5CCI74 | Long             | EP               | CORP              | US        |      4794 | NS      | $93578.88     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ALGONQUIN PWR & UTILITY        | Algonquin Power & Utilities Corp                  | CUSIP: 015857808<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EP               | CORP              | CA        |      6258 | NS      | $157451.28    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLSTATE CORP                  | Allstate Corp/The                                 | CUSIP: 020002788<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EP               | CORP              | US        |      4690 | NS      | $122362.10    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN NATIONAL GROUP        | American National Group Inc                       | CUSIP: 025676859<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |      3000 | NS      | $78210.00     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                              | CUSIP: 06055H608<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      5329 | NS      | $90486.42     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                              | CUSIP: 06055H806<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     10692 | NS      | $184971.60    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                              | CUSIP: 06055H871<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      6433 | NS      | $125186.18    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL IN       | Brighthouse Financial Inc                         | CUSIP: 10922N202<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |      3471 | NS      | $66226.68     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORP                | CMS Energy Corp                                   | CUSIP: 125896845<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EP               | CORP              | US        |      3069 | NS      | $68131.80     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIZENS FINANCIAL GROUP       | Citizens Financial Group Inc                      | CUSIP: 174610600<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |      5324 | NS      | $138104.56    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CONNECTONE BANCORP INC         | ConnectOne Bancorp Inc                            | CUSIP: 20786W503<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EP               | CORP              | US        |      5102 | NS      | $115356.22    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TRUST INC       | Digital Realty Trust Inc                          | CUSIP: 253868822<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |      8009 | NS      | $160019.82    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS INC         | Equitable Holdings Inc                            | CUSIP: 29452E200<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EP               | CORP              | US        |      7010 | NS      | $143214.30    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| F&G ANNUITIES & LIFE INC       | F&G Annuities & Life Inc                          | CUSIP: 30190A609<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3425 | NS      | $83433.00     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP            | Fifth Third Bancorp                               | CUSIP: 316773860<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |      4079 | NS      | $80193.14     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund        | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    143264 | NS      | $143264.12    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARE       | First Citizens BancShares Inc/NC                  | CUSIP: 319626305<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EP               | CORP              | US        |      4596 | NS      | $99641.28     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| FLAGSTAR FINANCIAL INC         | Flagstar Financial Inc                            | CUSIP: 649445202<br>LEI: 529900HVXOTLY61GL030 | Long             | EP               | CORP              | US        |      7266 | NS      | $149752.26    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN NATIONAL GROUP        | American National Group Inc                       | CUSIP: 025676867<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |      7168 | NS      | $179916.80    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MIDLAND STATES BANCORP         | Midland States Bancorp Inc                        | CUSIP: 597742303<br>LEI: 5493006RHXW9TTBWYC94 | Long             | EP               | CORP              | US        |      4517 | NS      | $99961.21     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                    | CUSIP: 61762V606<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |      7267 | NS      | $170047.80    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                    | CUSIP: 61762V853<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |      4900 | NS      | $126077.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                    | CUSIP: 61762V861<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |      6097 | NS      | $104990.34    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                    | CUSIP: 61763E207<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |      6171 | NS      | $155077.23    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL RURAL UTIL COOP       | National Rural Utilities Cooperative Finance Corp | CUSIP: 637432105<br>LEI: 4NYF266XZC35SCTGX023 | Long             | EP               | CORP              | US        |      5112 | NS      | $121972.32    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP             | Rithm Capital Corp                                | CUSIP: 64828T706<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |      5375 | NS      | $128677.50    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD NATL BANCORP               | Old National Bancorp/IN                           | CUSIP: 68003D303<br>LEI: 549300MMK90CL5KMVX16 | Long             | EP               | CORP              | US        |      6135 | NS      | $152025.30    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST        | Pebblebrook Hotel Trust                           | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |      6135 | NS      | $107669.25    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| PITNEY BOWES INC               | Pitney Bowes Inc                                  | CUSIP: 724479506<br>LEI: 549300N2O26NW4ST6W55 | Long             | EP               | CORP              | US        |      3940 | NS      | $73441.60     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC       | Prudential Financial Inc                          | CUSIP: 744320805<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EP               | CORP              | US        |      2950 | NS      | $69354.50     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                 | Public Storage                                    | CUSIP: 74460W396<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |      6776 | NS      | $109906.72    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                 | Public Storage                                    | CUSIP: 74460W537<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |      1076 | NS      | $17840.08     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINANCIAL CORP         | Regions Financial Corp                            | CUSIP: 7591EP704<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |      6135 | NS      | $146442.45    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| REINSURANCE GRP OF AMER        | Reinsurance Group of America Inc                  | CUSIP: 759351802<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EP               | CORP              | US        |      2909 | NS      | $71415.95     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SCE TRUST IV                   | SCE Trust IV                                      | CUSIP: 78409G206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      5112 | NS      | $115224.48    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SCE TRUST V                    | SCE Trust V                                       | CUSIP: 78409W201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      5216 | NS      | $118924.80    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SACHEM CAPITAL C               | Sachem Capital Corp                               | CUSIP: 78590A505<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3135 | NS      | $47495.25     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SACHEM CAPITAL CORP            | Sachem Capital Corp                               | CUSIP: 78590A604<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2953 | NS      | $64198.22     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SCE TRUST VIII                 | SCE Trust VIII                                    | CUSIP: 80620A208<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      5324 | NS      | $114040.08    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOVUS FINANCIAL CORP         | Synovus Financial Corp                            | CUSIP: 87161C709<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EP               | CORP              | US        |     10071 | NS      | $257515.47    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL            | Synchrony Financial                               | CUSIP: 87165B400<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EP               | CORP              | US        |      7506 | NS      | $186449.04    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEPHONE & DATA SYS           | Telephone and Data Systems Inc                    | CUSIP: 879433787<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      6135 | NS      | $118344.15    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| VORNADO REALTY TRUST           | Vornado Realty Trust                              | CUSIP: 929042810<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      8185 | NS      | $135134.35    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL INC             | Voya Financial Inc                                | CUSIP: 929089209<br>LEI: 549300T065Z4KJ686G75 | Long             | EP               | CORP              | US        |      6581 | NS      | $156627.80    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                  | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |        99 | NS      | $116238.87    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                  | CUSIP: 95002Y400<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |      6135 | NS      | $105828.75    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| WESBANCO INC                   | WesBanco Inc                                      | CUSIP: 950810705<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      5112 | NS      | $129078.00    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ALLIANCE BANCORP       | Western Alliance Bancorp                          | CUSIP: 957638406<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EP               | CORP              | US        |      7538 | NS      | $164479.16    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTRUST FINANCIAL CORP        | Wintrust Financial Corp                           | CUSIP: 97650W504<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EP               | CORP              | US        |      6258 | NS      | $158828.04    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| TRITON INTERNATIONAL LTD       | Triton International Ltd                          | CUSIP: EP0607697<br>LEI: N/A                  | Long             | EP               | CORP              | BM        |      2000 | NS      | $47700.00     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | XSP US 06/30/25 P485                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        36 | NC      | $18.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | XSP US 07/18/25 P485                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        24 | NC      | $276.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | XSP US 07/18/25 P568                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -24 | NC      | $-1140.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | XSP US 08/01/25 P495                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        32 | NC      | $1008.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | XSP US 08/01/25 P580                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -32 | NC      | $-6672.00     | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | XSP US 08/15/25 P495                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        32 | NC      | $1792.00      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | XSP US 08/15/25 P580                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -32 | NC      | $-10896.00    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| BANC OF CALIFORNIA INC         | Banc of California Inc                            | CUSIP: 05990K841<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EP               | CORP              | US        |      8716 | NS      | $210055.60    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                              | CUSIP: 060505682<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |       101 | NS      | $122513.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                              | CUSIP: 06055H202<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      6135 | NS      | $124601.85    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL IN       | Brighthouse Financial Inc                         | CUSIP: 10922N509<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |      7309 | NS      | $141209.88    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL IN       | Brighthouse Financial Inc                         | CUSIP: 10922N707<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |      3699 | NS      | $54708.21     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD BRP HOLDINGS        | Brookfield BRP Holdings Canada Inc                | CUSIP: 11259P109<br>LEI: 549300NSPD7QJ50GZW26 | Long             | EP               | CORP              | CA        |      3430 | NS      | $54022.50     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FINANCIAL CORP          | Truist Financial Corp                             | CUSIP: 89832Q695<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |      6531 | NS      | $123827.76    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                     | US Bancorp                                        | CUSIP: 902973759<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |      6135 | NS      | $135828.90    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| US CELLULAR CORP               | United States Cellular Corp                       | CUSIP: 911684801<br>LEI: 549300B164AZXESI6E03 | Long             | EP               | CORP              | US        |      7475 | NS      | $153387.00    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| VORNADO REALTY TRUST           | Vornado Realty Trust                              | CUSIP: 929042794<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      1778 | NS      | $25603.20     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

**Name of Applicant:** Listed Funds Trust

**Signature:** /s/Travis Babich

**Name of Signer:** Travis Babich

**Title:** Treasurer