# EDGAR Filing Document

**Accession Number:** 0001683471
**File Stem:** 0001145549-25-049778
**Filing Date:** 2025-7
**Character Count:** 13968
**Document Hash:** e3f925ebe8b9589519ad58c338e8e116
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-049778.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001145549-25-049778

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**PERIOD START**: 20250831

**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:** 251164176

**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

### Overlay Shares Foreign Equity ETF (Series ID: S000066486)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000214448 | Overlay Shares Foreign Equity ETF | OVF             |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Overlay Shares Foreign Equity ETF** | **Overlay Shares Foreign Equity ETF** | **Overlay Shares Foreign Equity ETF** | **Overlay Shares Foreign Equity ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 99.9%** | **EXCHANGE TRADED FUNDS - 99.9%** | **Shares** | **Value** |
| iShares Core MSCI EAFE ETF <sup>(a)(b)</sup> | iShares Core MSCI EAFE ETF <sup>(a)(b)</sup> | 196992 | $16263660 |
| iShares Core MSCI Emerging Markets ETF <sup>(b)</sup> | iShares Core MSCI Emerging Markets ETF <sup>(b)</sup> | 69416 | 3935193 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $17,236,197) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $17,236,197) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $17,236,197) | 20198853 |
| **PURCHASED OPTIONS - 0.3%<sup>(c)</sup>** | **Notional Amount** | **Contracts** |  |
| **Put Options - 0.3%** | **Put Options - 0.3%** |  | $**–** |
| S&P 500 Index <sup>(d)(e)</sup> | S&P 500 Index <sup>(d)(e)</sup> | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/06/2025; Exercise Price: $5,790.00 | $4729352 | 8 | 13200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/09/2025; Exercise Price: $5,790.00 | 4729352 | 8 | 16600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/11/2025; Exercise Price: $5,700.00 | 5320521 | 9 | 13140 |
| **TOTAL PURCHASED OPTIONS** (Cost $58,148) | **TOTAL PURCHASED OPTIONS** (Cost $58,148) | **TOTAL PURCHASED OPTIONS** (Cost $58,148) | 42940 |
| **SHORT-TERM INVESTMENTS - 0.0%<sup>(f)</sup>** | **SHORT-TERM INVESTMENTS - 0.0%<sup>(f)</sup>** | **Shares** |  |
| **Money Market Funds - 0.0%<sup>(f)</sup>** | **Money Market Funds - 0.0%<sup>(f)</sup>** |  |  |
| First American Government Obligations Fund - Class X, 4.23% <sup>(g)</sup> | First American Government Obligations Fund - Class X, 4.23% <sup>(g)</sup> | 2722 | 2722 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,722) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,722) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,722) | 2722 |
| **TOTAL INVESTMENTS - 100.2% (**Cost $17,297,067**)** | **TOTAL INVESTMENTS - 100.2% (**Cost $17,297,067**)** | **TOTAL INVESTMENTS - 100.2% (**Cost $17,297,067**)** | 20244515 |
| Liabilities in Excess of Other Assets - (0.2)% | Liabilities in Excess of Other Assets - (0.2)% | Liabilities in Excess of Other Assets - (0.2)% | (31564) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $20212951 |
| 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. | –% |

---

(a) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the
 financial statements, is available from the SEC's EDGAR database at www.sec.gov.

(b) All or a portion of this security is segregated as collateral for written options. The total market value of these securities
 segregated as collateral for written options is $7,132,910.

(c) Non-income producing security.

(d) Exchange-traded.

(e) 100 shares per contract.

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

(g) The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

------

---

| | | | |
|:---|:---|:---|:---|
| **Overlay Shares Foreign Equity ETF** | **Overlay Shares Foreign Equity ETF** | **Overlay Shares Foreign Equity ETF** | **Overlay Shares Foreign Equity ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (0.4)%** | **Notional Amount** | **Contracts** | **Value** |
| **Put Options - (0.4)%** | **Put Options - (0.4)%** | **Put Options - (0.4)%** | **Put Options - (0.4)%** |
| S&P 500 Index <sup>(a)(b)</sup> |  | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/06/2025; Exercise Price: $5,850.00 | $(4729352) | (8) | $(24200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/09/2025; Exercise Price: $5,850.00 | (4729352) | (8) | (28000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/11/2025; Exercise Price: $5,760.00 | (5320521) | (9) | (20610) |
| **Total Put Options** |  |  | (72810) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $90,061) |  |  | $(72810) |
| 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 May 31, 2025 (Unaudited)
Overlay Shares Foreign Equity 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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $20198853 | $– | $– | $20198853 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | – | 42940 | – | 42940 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 2722 | – | – | 2722 |
| Total Investments | $20201575 | $42940 | $– | $20244515 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $– | $(72810) | $– | $(72810) |
| Total Investments | $– | $(72810) | $– | $(72810) |

---

## 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:** Overlay Shares Foreign Equity ETF

- **b. EDGAR series identifier (if any):** S000066486

- **c. LEI of Series:** 549300NWI685WB987C78

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $20282141.43

**Total Liabilities:** $69085.83

**Net Assets:** $20213055.60

**Cash Not Reported:** $48797.69

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214448 | -1.19%               | 3.16%                | 5.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-859.41                 | $79924.02                                  |
| Month 2  | $26685.48                | $494426.55                                 |
| Month 3  | $647.70                  | $840355.41                                 |

**Designated Index Information**

- **Index Name:** MSCI ACWI ex USA Net Total Return USD Index

- **Index Identifier:** NDUEACWZ

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |      2722 | NS      | $2722.04      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI EAFE ETF     | iShares Core MSCI EAFE ETF                 | CUSIP: 46432F842<br>LEI: 5493009FT582MI7Y3I36 | Long             | EC               | RF                | US        |    196992 | NS      | $16263659.52  | 80.46%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Emerging Mar | iShares Core MSCI Emerging Markets ETF     | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             | EC               | RF                | US        |     69416 | NS      | $3935193.04   | 19.47%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | SPXW US 06/04/25 P5700                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         9 | NC      | $1867.50      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPXW US 06/04/25 P5760                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -9 | NC      | $-4860.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPXW US 06/06/25 P5790                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         8 | NC      | $13200.00     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPXW US 06/06/25 P5850                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -8 | NC      | $-24200.00    | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPXW US 06/09/25 P5790                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         8 | NC      | $16600.00     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPXW US 06/09/25 P5850                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -8 | NC      | $-28000.00    | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

**Name of Applicant:** Listed Funds Trust

**Signature:** /s/Travis Babich

**Name of Signer:** Travis Babich

**Title:** Treasurer