# EDGAR Filing Document

**Accession Number:** 0001683471
**File Stem:** 0001133228-25-009566
**Filing Date:** 2025-9
**Character Count:** 217169
**Document Hash:** 6218fdc5e899c5cd16aaf7f6b47a63e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009566.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001133228-25-009566

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23226
- **FILM NUMBER:** 251299278

**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

### TrueShares Structured Outcome (January) ETF (Series ID: S000068433)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000218841 | TrueShares Structured Outcome (January) ETF | JANZ            |

### TrueShares Structured Outcome (October) ETF (Series ID: S000068434)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000218842 | TrueShares Structured Outcome (October) ETF | OCTZ            |

### TrueShares Structured Outcome (November) ETF (Series ID: S000068435)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000218843 | TrueShares Structured Outcome (November) ETF | NOVZ            |

### TrueShares Structured Outcome (December) ETF (Series ID: S000068436)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000218844 | TrueShares Structured Outcome (December) ETF | DECZ            |

### TrueShares Structured Outcome (February) ETF (Series ID: S000068437)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000218845 | TrueShares Structured Outcome (February) ETF | FEBZ            |

### TrueShares Structured Outcome (March) ETF (Series ID: S000068438)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000218846 | TrueShares Structured Outcome (March) ETF | MARZ            |

### TrueShares Structured Outcome (April) ETF (Series ID: S000068439)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000218847 | TrueShares Structured Outcome (April) ETF | APRZ            |

### TrueShares Structured Outcome (May) ETF (Series ID: S000068440)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000218848 | TrueShares Structured Outcome (May) ETF | MAYZ            |

### TrueShares Structured Outcome (June) ETF (Series ID: S000068441)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000218849 | TrueShares Structured Outcome (June) ETF | JUNZ            |

### TrueShares Structured Outcome (July) ETF (Series ID: S000068442)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000218850 | TrueShares Structured Outcome (July) ETF | JULZ            |

### TrueShares Structured Outcome (August) ETF (Series ID: S000068443)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000218851 | TrueShares Structured Outcome (August) ETF | AUGZ            |

### TrueShares Structured Outcome (September) ETF (Series ID: S000068444)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000218852 | TrueShares Structured Outcome (September) ETF | SEPZ            |

?xml version='1.0' encoding='ASCII'? 2025-07-03197702_TrueSharesStructuredOutcomeJanuaryETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>(811-23226)</u>**

**<u>Listed Funds Trust</u>**

(Exact name of registrant as specified in charter)

**<u>615 East Michigan Street</u>**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**<u>Kacie G. Briody, President</u>**

**<u>Listed Funds Trust</u>**

**<u>c/o U.S. Bancorp Fund Services, LLC</u>**

**<u>777 East Wisconsin Avenue, 6<sup>th</sup> Floor</u>**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>(414) 403-6135</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31</u>**

Date of reporting period: **<u>June 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | |
|:---|:---|
| ![image](img98883_202408151926974.jpg) | **TrueShares Structured Outcome January** **ETF**  |
| ![image](img98883_202408151926974.jpg) | JANZ (Principal U.S. Listing Exchange: CBOE) |
| ![image](img98883_202408151926974.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  |

---

This semi-annual shareholder report contains important information about the TrueShares Structured Outcome January ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.true-shares.com/janz. You can also request this information by contacting us at 1-877-774-8783.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| TrueShares Structured Outcome January ETF | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $24264710 |
| **Number of Holdings** | 4 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.true-shares.com/janz for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 91.0% |
|  Purchased Options  | 7.6% |
|  Money Market Funds  | 0.1% |
|  Written Options  | -1.4% |
|  Cash & Other  | 2.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 91.0% |
|  SPDR S&P 500 ETF Trust  | 6.2% |
|  First American Treasury Obligations Fund  | 0.1% |

---

**Other Material Fund Changes:**

The LiFT Board has approved an Agreement and Plan of Reorganization for the Funds to convert into a newly-created series of the Elevation Series Trust. The Reorganizations are primarily being driven by the Advisor's pursuit of operational efficiencies by transitioning to an administrator that services other products managed by the Advisor.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.true-shares.com/janz.

TrueShares Structured Outcome January ETF PAGE 1 TSR-SAR-53656F763

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your TrueMark Investments, LLC documents not be householded, please contact TrueMark Investments, LLC at 1-877-774-8783, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by TrueMark Investments, LLC or your financial intermediary.

TrueShares Structured Outcome January ETF PAGE 2 TSR-SAR-53656F763

------

---

| | |
|:---|:---|
| ![image](img98882_202408151925721.jpg) | **TrueShares Structured Outcome February** **ETF**  |
| ![image](img98882_202408151925721.jpg) | FEBZ (Principal U.S. Listing Exchange: CBOE) |
| ![image](img98882_202408151925721.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  |

---

This semi-annual shareholder report contains important information about the TrueShares Structured Outcome February ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.true-shares.com/febz. You can also request this information by contacting us at 1-877-774-8783.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| TrueShares Structured Outcome February ETF | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9331958 |
| **Number of Holdings** | 4 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.true-shares.com/febz for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 94.8% |
|  Purchased Options  | 6.6% |
|  Money Market Funds  | 0.1% |
|  Written Options  | -1.9% |
|  Cash & Other  | 0.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 94.8% |
|  SPDR S&P 500 ETF ust  | 4.8% |
|  First American Treasury Obligations Fund  | 0.1% |

---

**Other Material Fund Changes:**

The LiFT Board has approved an Agreement and Plan of Reorganization for the Funds to convert into a newly-created series of the Elevation Series Trust. The Reorganizations are primarily being driven by the Advisor's pursuit of operational efficiencies by transitioning to an administrator that services other products managed by the Advisor.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.true-shares.com/febz.

TrueShares Structured Outcome February ETF PAGE 1 TSR-SAR-53656F755

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your TrueMark Investments, LLC documents not be householded, please contact TrueMark Investments, LLC at 1-877-774-8783, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by TrueMark Investments, LLC or your financial intermediary.

TrueShares Structured Outcome February ETF PAGE 2 TSR-SAR-53656F755

------

---

| | |
|:---|:---|
| ![image](img98887_202408151934828.jpg) | **TrueShares Structured Outcome March** **ETF**  |
| ![image](img98887_202408151934828.jpg) | MARZ (Principal U.S. Listing Exchange: CBOE) |
| ![image](img98887_202408151934828.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  |

---

This semi-annual shareholder report contains important information about the TrueShares Structured Outcome March ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.true-shares.com/marz. You can also request this information by contacting us at 1-877-774-8783.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| TrueShares Structured Outcome March ETF | $40 | 0.80% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $14056398 |
| **Number of Holdings** | 4 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.true-shares.com/marz for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 93.1% |
|  Purchased Options  | 7.9% |
|  Money Market Funds  | 0.1% |
|  Written Options  | -1.9% |
|  Cash & Other  | 0.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 93.1% |
|  SPDR S&P 500 ETF ust  | 6.0% |
|  First American Treasury Obligations Fund  | 0.1% |

---

**Other Material Fund Changes:**

The LiFT Board has approved an Agreement and Plan of Reorganization for the Funds to convert into a newly-created series of the Elevation Series Trust. The Reorganizations are primarily being driven by the Advisor's pursuit of operational efficiencies by transitioning to an administrator that services other products managed by the Advisor.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.true-shares.com/marz.

TrueShares Structured Outcome March ETF PAGE 1 TSR-SAR-53656F748

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your TrueMark Investments, LLC documents not be householded, please contact TrueMark Investments, LLC at 1-877-774-8783, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by TrueMark Investments, LLC or your financial intermediary.

TrueShares Structured Outcome March ETF PAGE 2 TSR-SAR-53656F748

------

---

| | |
|:---|:---|
| ![image](img98875_202408151917921.jpg) | **TrueShares Structured Outcome April ETF**  |
| ![image](img98875_202408151917921.jpg) | APRZ (Principal U.S. Listing Exchange: CBOE) |
| ![image](img98875_202408151917921.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  |

---

This semi-annual shareholder report contains important information about the TrueShares Structured Outcome April ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.true-shares.com/aprz. You can also request this information by contacting us at 1-877-774-8783.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| TrueShares Structured Outcome April ETF | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $11386127 |
| **Number of Holdings** | 4 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.true-shares.com/aprz for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 85.0% |
|  Purchased Options  | 11.9% |
|  Money Market Funds  | 0.2% |
|  Written Options  | -1.6% |
|  Cash & Other  | 4.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 85.0% |
|  SPDR S&P 500 ETF Trust  | 10.4% |
|  First American Treasury Obligations Fund  | 0.2% |

---

**Other Material Fund Changes:**

The LiFT Board has approved an Agreement and Plan of Reorganization for the Funds to convert into a newly-created series of the Elevation Series Trust. The Reorganizations are primarily being driven by the Advisor's pursuit of operational efficiencies by transitioning to an administrator that services other products managed by the Advisor.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.true-shares.com/aprz.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your TrueMark Investments, LLC documents not be householded, please contact TrueMark Investments, LLC at 1-877-774-8783, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by TrueMark Investments, LLC or your financial intermediary.

TrueShares Structured Outcome April ETF PAGE 1 TSR-SAR-53656F730

------

---

| | |
|:---|:---|
| ![image](img98889_y20240815193526.jpg) | **TrueShares Structured Outcome May ETF**  |
| ![image](img98889_y20240815193526.jpg) | MAYZ (Principal U.S. Listing Exchange: CBOE) |
| ![image](img98889_y20240815193526.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  |

---

This semi-annual shareholder report contains important information about the TrueShares Structured Outcome May ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.true-shares.com/mayz. You can also request this information by contacting us at 1-877-774-8783.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| TrueShares Structured Outcome May ETF | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $8806318 |
| **Number of Holdings** | 4 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.true-shares.com/mayz for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 86.9% |
|  Purchased Options  | 13.1% |
|  Money Market Funds  | 0.2% |
|  Written Options  | -1.7% |
|  Cash & Other  | 1.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 87.0% |
|  SPDR S&P 500 ETF Trust  | 11.4% |
|  First American Treasury Obligations Fund  | 0.2% |

---

**Other Material Fund Changes:**

The LiFT Board has approved an Agreement and Plan of Reorganization for the Funds to convert into a newly-created series of the Elevation Series Trust. The Reorganizations are primarily being driven by the Advisor's pursuit of operational efficiencies by transitioning to an administrator that services other products managed by the Advisor.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.true-shares.com/mayz.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your TrueMark Investments, LLC documents not be householded, please contact TrueMark Investments, LLC at 1-877-774-8783, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by TrueMark Investments, LLC or your financial intermediary.

TrueShares Structured Outcome May ETF PAGE 1 TSR-SAR-53656F797

------

---

| | |
|:---|:---|
| ![image](img98886_202408151932604.jpg) | **TrueShares Structured Outcome June ETF**  |
| ![image](img98886_202408151932604.jpg) | JUNZ (Principal U.S. Listing Exchange: CBOE) |
| ![image](img98886_202408151932604.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  |

---

This semi-annual shareholder report contains important information about the TrueShares Structured Outcome June ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.true-shares.com/junz. You can also request this information by contacting us at 1-877-774-8783.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| TrueShares Structured Outcome June ETF | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9397145 |
| **Number of Holdings** | 4 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.true-shares.com/junz for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 87.9% |
|  Purchased Options  | 9.6% |
|  Money Market Funds  | 0.1% |
|  Written Options  | -2.4% |
|  Cash & Other  | 4.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 88.0% |
|  SPDR S&P 500 ETF Trust  | 7.1% |
|  First American Treasury Obligations Fund  | 0.1% |

---

**Other Material Fund Changes:**

The LiFT Board has approved an Agreement and Plan of Reorganization for the Funds to convert into a newly-created series of the Elevation Series Trust. The Reorganizations are primarily being driven by the Advisor's pursuit of operational efficiencies by transitioning to an administrator that services other products managed by the Advisor.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.true-shares.com/junz.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your TrueMark Investments, LLC documents not be householded, please contact TrueMark Investments, LLC at 1-877-774-8783, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by TrueMark Investments, LLC or your financial intermediary.

TrueShares Structured Outcome June ETF PAGE 1 TSR-SAR-53656F771

------

---

| | |
|:---|:---|
| ![image](img98885_202408151931488.jpg) | **TrueShares Structured Outcome July ETF**  |
| ![image](img98885_202408151931488.jpg) | JULZ (Principal U.S. Listing Exchange: CBOE) |
| ![image](img98885_202408151931488.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  |

---

This semi-annual shareholder report contains important information about the TrueShares Structured Outcome July ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.true-shares.com/julz. You can also request this information by contacting us at 1-877-774-8783.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| TrueShares Structured Outcome July ETF | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $35175518 |
| **Number of Holdings** | 5 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.true-shares.com/julz for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 88.7% |
|  Purchased Options  | 7.2% |
|  Money Market Funds  | 0.0% |
|  Written Options  | -3.3% |
|  Cash & Other  | 7.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 88.7% |
|  SPDR S&P 500 ETF Trust  | 3.9% |
|  First American Treasury Obligations Fund  | 0.0% |

---

**Other Material Fund Changes:**

The LiFT Board has approved an Agreement and Plan of Reorganization for the Funds to convert into a newly-created series of the Elevation Series Trust. The Reorganizations are primarily being driven by the Advisor's pursuit of operational efficiencies by transitioning to an administrator that services other products managed by the Advisor.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.true-shares.com/julz.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your TrueMark Investments, LLC documents not be householded, please contact TrueMark Investments, LLC at 1-877-774-8783, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by TrueMark Investments, LLC or your financial intermediary.

TrueShares Structured Outcome July ETF PAGE 1 TSR-SAR-53656F664

------

---

| | |
|:---|:---|
| ![image](img98878_202408151920633.jpg) | **TrueShares Structured Outcome August** **ETF**  |
| ![image](img98878_202408151920633.jpg) | AUGZ (Principal U.S. Listing Exchange: CBOE) |
| ![image](img98878_202408151920633.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  |

---

This semi-annual shareholder report contains important information about the TrueShares Structured Outcome August ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.true-shares.com/augz. You can also request this information by contacting us at 1-877-774-8783.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| TrueShares Structured Outcome August ETF | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $21630213 |
| **Number of Holdings** | 4 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.true-shares.com/augz for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 89.5% |
|  Purchased Options  | 9.8% |
|  Money Market Funds  | 0.1% |
|  Written Options  | -0.1% |
|  Cash & Other  | 0.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 89.5% |
|  SPDR S&P 500 ETF Trust  | 9.7% |
|  First American Treasury Obligations Fund  | 0.1% |

---

**Other Material Fund Changes:**

The LiFT Board has approved an Agreement and Plan of Reorganization for the Funds to convert into a newly-created series of the Elevation Series Trust. The Reorganizations are primarily being driven by the Advisor's pursuit of operational efficiencies by transitioning to an administrator that services other products managed by the Advisor.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.true-shares.com/augz.

TrueShares Structured Outcome August ETF PAGE 1 TSR-SAR-53656F722

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your TrueMark Investments, LLC documents not be householded, please contact TrueMark Investments, LLC at 1-877-774-8783, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by TrueMark Investments, LLC or your financial intermediary.

TrueShares Structured Outcome August ETF PAGE 2 TSR-SAR-53656F722

------

---

| | |
|:---|:---|
| ![image](img98892_202408151938200.jpg) | **TrueShares Structured Outcome** **September ETF**  |
| ![image](img98892_202408151938200.jpg) | SEPZ (Principal U.S. Listing Exchange: CBOE) |
| ![image](img98892_202408151938200.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  |

---

This semi-annual shareholder report contains important information about the TrueShares Structured Outcome September ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.true-shares.com/sepz. You can also request this information by contacting us at 1-877-774-8783.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| TrueShares Structured Outcome September ETF | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $113179133 |
| **Number of Holdings** | 4 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.true-shares.com/sepz for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 91.2% |
|  Purchased Options  | 8.7% |
|  Money Market Funds  | 0.1% |
|  Written Options  | -0.2% |
|  Cash & Other  | 0.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 91.3% |
|  SPDR S&P 500 ETF Trust  | 8.5% |
|  First American Treasury Obligations Fund  | 0.1% |

---

**Other Material Fund Changes:**

The LiFT Board has approved an Agreement and Plan of Reorganization for the Funds to convert into a newly-created series of the Elevation Series Trust. The Reorganizations are primarily being driven by the Advisor's pursuit of operational efficiencies by transitioning to an administrator that services other products managed by the Advisor.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.true-shares.com/sepz.

TrueShares Structured Outcome September ETF PAGE 1 TSR-SAR-53656F714

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your TrueMark Investments, LLC documents not be householded, please contact TrueMark Investments, LLC at 1-877-774-8783, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by TrueMark Investments, LLC or your financial intermediary.

TrueShares Structured Outcome September ETF PAGE 2 TSR-SAR-53656F714

------

---

| | |
|:---|:---|
| ![image](img98891_202408151937754.jpg) | **TrueShares Structured Outcome October** **ETF**  |
| ![image](img98891_202408151937754.jpg) | OCTZ (Principal U.S. Listing Exchange: CBOE) |
| ![image](img98891_202408151937754.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  |

---

This semi-annual shareholder report contains important information about the TrueShares Structured Outcome October ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.true-shares.com/octz. You can also request this information by contacting us at 1-877-774-8783.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| TrueShares Structured Outcome October ETF | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $33906127 |
| **Number of Holdings** | 4 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.true-shares.com/octz for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 92.4% |
|  Purchased Options  | 7.6% |
|  Money Market Funds  | 0.2% |
|  Written Options  | -0.5% |
|  Cash & Other  | 0.3% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 92.4% |
|  SPDR S&P 500 ETF Trust  | 7.2% |
|  First American Treasury Obligations Fund  | 0.2% |

---

**Other Material Fund Changes:**

The LiFT Board has approved an Agreement and Plan of Reorganization for the Funds to convert into a newly-created series of the Elevation Series Trust. The Reorganizations are primarily being driven by the Advisor's pursuit of operational efficiencies by transitioning to an administrator that services other products managed by the Advisor.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.true-shares.com/octz.

TrueShares Structured Outcome October ETF PAGE 1 TSR-SAR-53656F698

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your TrueMark Investments, LLC documents not be householded, please contact TrueMark Investments, LLC at 1-877-774-8783, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by TrueMark Investments, LLC or your financial intermediary.

TrueShares Structured Outcome October ETF PAGE 2 TSR-SAR-53656F698

------

---

| | |
|:---|:---|
| ![image](img98890_202408151936876.jpg) | **TrueShares Structured Outcome** **November ETF**  |
| ![image](img98890_202408151936876.jpg) | NOVZ (Principal U.S. Listing Exchange: CBOE) |
| ![image](img98890_202408151936876.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  |

---

This semi-annual shareholder report contains important information about the TrueShares Structured Outcome November ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.true-shares.com/novz. You can also request this information by contacting us at 1-877-774-8783.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| TrueShares Structured Outcome November ETF | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $30986145 |
| **Number of Holdings** | 4 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.true-shares.com/novz for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 91.5% |
|  Purchased Options  | 8.9% |
|  Money Market Funds  | 0.1% |
|  Written Options  | -0.7% |
|  Cash & Other  | 0.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 91.6% |
|  SPDR S&P 500 ETF Trust  | 8.2% |
|  First American Treasury Obligations Fund  | 0.1% |

---

**Other Material Fund Changes:**

The LiFT Board has approved an Agreement and Plan of Reorganization for the Funds to convert into a newly-created series of the Elevation Series Trust. The Reorganizations are primarily being driven by the Advisor's pursuit of operational efficiencies by transitioning to an administrator that services other products managed by the Advisor.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.true-shares.com/novz.

TrueShares Structured Outcome November ETF PAGE 1 TSR-SAR-53656F680

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your TrueMark Investments, LLC documents not be householded, please contact TrueMark Investments, LLC at 1-877-774-8783, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by TrueMark Investments, LLC or your financial intermediary.

TrueShares Structured Outcome November ETF PAGE 2 TSR-SAR-53656F680

------

---

| | |
|:---|:---|
| ![image](img98879_202408151922753.jpg) | **TrueShares Structured Outcome** **December ETF**  |
| ![image](img98879_202408151922753.jpg) | DECZ (Principal U.S. Listing Exchange: CBOE) |
| ![image](img98879_202408151922753.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  |

---

This semi-annual shareholder report contains important information about the TrueShares Structured Outcome December ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.true-shares.com/decz. You can also request this information by contacting us at 1-877-774-8783.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| TrueShares Structured Outcome December ETF | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $21124915 |
| **Number of Holdings** | 4 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.true-shares.com/decz for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 94.7% |
|  Purchased Options  | 5.5% |
|  Money Market Funds  | 0.1% |
|  Written Options  | -1.3% |
|  Cash & Other  | 1.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 94.7% |
|  SPDR S&P 500 ETF Trust  | 4.2% |
|  First American Treasury Obligations Fund  | 0.1% |

---

**Other Material Fund Changes:**

The LiFT Board has approved an Agreement and Plan of Reorganization for the Funds to convert into a newly-created series of the Elevation Series Trust. The Reorganizations are primarily being driven by the Advisor's pursuit of operational efficiencies by transitioning to an administrator that services other products managed by the Advisor.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.true-shares.com/decz.

TrueShares Structured Outcome December ETF PAGE 1 TSR-SAR-53656F672

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your TrueMark Investments, LLC documents not be householded, please contact TrueMark Investments, LLC at 1-877-774-8783, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by TrueMark Investments, LLC or your financial intermediary.

TrueShares Structured Outcome December ETF PAGE 2 TSR-SAR-53656F672

------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable for semi-annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](tslogo.jpg)

**TrueShares Structured Outcome ETFs** 

**TrueShares Structured Outcome (January) ETF (JANZ)** 

**TrueShares Structured Outcome (February) ETF (FEBZ)** 

**TrueShares Structured Outcome (March) ETF (MARZ)** 

**TrueShares Structured Outcome (April) ETF (APRZ)** 

**TrueShares Structured Outcome (May) ETF (MAYZ)** 

**TrueShares Structured Outcome (June) ETF (JUNZ)** 

**TrueShares Structured Outcome (July) ETF (JULZ)** 

**TrueShares Structured Outcome (August) ETF (AUGZ)** 

**TrueShares Structured Outcome (September) ETF (SEPZ)** 

**TrueShares Structured Outcome (October) ETF (OCTZ)** 

**TrueShares Structured Outcome (November) ETF (NOVZ)** 

**TrueShares Structured Outcome (December) ETF (DECZ)** 

Core Financial Statements and Other Information

June 30, 2025 (Unaudited)

------

****TABLE OF CONTENTS** (Unaudited)** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments and Written Options](#sch_001)<br>|  |
| &nbsp;&nbsp;&nbsp; [TrueShares Structured Outcome (January) ETF](#tsjan) | [1](#tsjan) |
| &nbsp;&nbsp;&nbsp; [TrueShares Structured Outcome (February) ETF](#tsfeb) | [3](#tsfeb) |
| &nbsp;&nbsp;&nbsp; [TrueShares Structured Outcome (March) ETF](#tsmar) | [5](#tsmar) |
| &nbsp;&nbsp;&nbsp; [TrueShares Structured Outcome (April) ETF](#apr1) | [7](#apr1) |
| &nbsp;&nbsp;&nbsp; [TrueShares Structured Outcome (May) ETF](#tsmay) | [9](#tsmay) |
| &nbsp;&nbsp;&nbsp; [TrueShares Structured Outcome (June) ETF](#tsjun) | [11](#tsjun) |
| &nbsp;&nbsp;&nbsp; [TrueShares Structured Outcome (July) ETF](#tsjul) | [13](#tsjul) |
| &nbsp;&nbsp;&nbsp; [TrueShares Structured Outcome (August) ETF](#aug) | [15](#aug) |
| &nbsp;&nbsp;&nbsp; [TrueShares Structured Outcome (September) ETF](#tsep) | [17](#tsep) |
| &nbsp;&nbsp;&nbsp; [TrueShares Structured Outcome (October) ETF](#oct) | [19](#oct) |
| &nbsp;&nbsp;&nbsp; [TrueShares Structured Outcome (November) ETF](#nov) | [21](#nov) |
| &nbsp;&nbsp;&nbsp; [TrueShares Structured Outcome (December) ETF](#dec) | [23](#dec) |
| [Statements of Assets and Liabilities](#tsal) | [25](#tsal) |
| [Statements of Operations](#tsop) | [28](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [31](#tscna) |
| [Financial Highlights](#tfihi) | [37](#tfihi) |
| [Notes to Financial Statements](#tnote) | [42](#tnote) |
| [Additional Information](#add) | [53](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (January) ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 7.6%**  | **PURCHASED OPTIONS - 7.6%**  | **PURCHASED OPTIONS - 7.6%**  | **PURCHASED OPTIONS - 7.6%**  |
| **Call Options - 7.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; <br>Exercise Price: $586.08<sup>(a)(b)(f)</sup> | $20265480 | 328 | $1844383  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,468,792)** |  |  | 1844383  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 91.1%**<br>|  |  |  |
| **Money Market Funds - 0.1%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 4.23%<sup>(c)</sup> |  | 17564 | 17564  |
|  |  | **Par** |  |
| **U.S. Treasury Bills - 91.0%**<br>|  |  |  |
| 4.16%, 12/26/2025<sup>(d)(e)</sup> |  | $22539000 | 22081109  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $22,110,104)** |  |  | 22098673  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.7%** <br>**(Cost $23,578,896)** |  |  | $23943056  |
| Other Assets in Excess of Liabilities - 1.3% |  |  | 321654  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $24264710 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2025 is $14,695,200 which represented 60.6% of net assets. 

<sup>(f)</sup> Held in connection with a written option, see Schedule of Written Options for more detail.

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (January) ETF** 

**Schedule of Written Options** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.4)%** | **WRITTEN OPTIONS - (1.4)%** | **WRITTEN OPTIONS - (1.4)%** | **WRITTEN OPTIONS - (1.4)%** |
| **Put Options - (1.4)%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; <br>Exercise Price: $527.47<sup>(a)(b)</sup> | $(27370755) | (443) | $(333801)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $706,782)** |  |  | $(333801) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $1844383 | $— | $1844383  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 17564 |  |  | 17564  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 22081109 |  | 22081109  |
| **Total Investments** | $17564 | $23925492 | $— | $23943056  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(333801) | $— | $(333801)  |
| **Total Investments** | $— | $(333801) | $— | $(333801) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (February) ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 6.6%**<br>|  |  |  |
| **Call Options - 6.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; <br>Exercise Price: $601.82<sup>(a)(b)(f)</sup> | $7908480 | 128 | $616937  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $576,016)** |  |  | 616937  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 94.9%**<br>|  |  |  |
| **Money Market Funds - 0.1%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 4.23%<sup>(c)</sup> |  | 6926 | 6926  |
|  |  | **Par** |  |
| **U.S. Treasury Bills - 94.8%**<br>|  |  |  |
| 4.14%, 01/22/2026<sup>(d)(e)</sup> |  | $9049000 | 8843463  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $8,850,340)** |  |  | 8850389  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.5%** <br>**(Cost $9,426,356)** |  |  | $9467326 |
| Liabilities in Excess of Other Assets - (1.5)% |  |  | (135368)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $9331958 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2025 is $3,908,560 which represented 41.9% of net assets. 

<sup>(f)</sup> Held in connection with a written option, see Schedule of Written Options for more detail.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (February) ETF** 

**Schedule of Written Options** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.9)%**<br>|  |  |  |
| **Put Options - (1.9)%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; <br>Exercise Price: $541.64<sup>(a)(b)</sup> | $(10441665) | &nbsp;&nbsp;&nbsp;&nbsp;(169) | $(172819)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $264,830)** |  |  | $(172819) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $616937 | $— | $616937  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 6926 |  |  | 6926  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 8843463 |  | 8843463  |
| **Total Investments** | $6926 | $9460400 | $— | $9467326  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(172819) | $— | $(172819)  |
| **Total Investments** | $— | $(172819) | $— | $(172819) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (March) ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 7.9%**<br>|  |  |  |
| **Call Options - 7.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; <br>Exercise Price: $594.18<sup>(a)(b)(f)</sup> | $11986290 | 194 | $1109653  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $916,626)** |  |  | 1109653  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 93.2%**<br>|  |  |  |
| **Money Market Funds - 0.1%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 4.23%<sup>(c)</sup> |  | 10629 | 10629 |
|  |  | **Par** |  |
| **U.S. Treasury Bills - 93.1%**<br>|  |  |  |
| 4.17%, 02/19/2026<sup>(d)(e)</sup> |  | $13425000 | 13085595  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $13,086,879)** |  |  | 13096224  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.1%** <br>**(Cost $14,003,505)** |  |  | $14205877  |
| Liabilities in Excess of Other Assets - (1.1)% |  |  | (149479)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $14056398 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2025 is $7,796,800 which represented 55.5% of net assets. 

<sup>(f)</sup> Held in connection with a written option, see Schedule of Written Options for more detail.

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (March) ETF** 

**Schedule of Written Options** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.9)%**<br>|  |  |  |
| **Put Options - (1.9)%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; <br>Exercise Price: $534.76<sup>(a)(b)</sup> | $(15816960) | &nbsp;&nbsp;&nbsp;&nbsp;(256) | $(268749)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $432,611)** |  |  | $(268749) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $1109653 | $— | $1109653  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 10629 |  |  | 10629  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 13085595 |  | 13085595  |
| **Total Investments** | $10629 | $14195248 | $— | $14205877  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(268749) | $— | $(268749)  |
| **Total Investments** | $— | $(268749) | $— | $(268749) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (April) ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 11.9%**<br>|  |  |  |
| **Call Options - 11.9%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; <br>Exercise Price: $559.39<sup>(a)(b)(f)</sup> | $9700245 | 157 | $1360016  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $826,323)** |  |  | 1360016  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 85.2%**<br>|  |  |  |
| **Money Market Funds - 0.2%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 4.23%<sup>(c)</sup> |  | 21029 | 21029  |
|  |  | **Par** |  |
| **U.S. Treasury Bills - 85.0%**<br>|  |  |  |
| 4.09%, 03/19/2026<sup>(d)(e)</sup> |  | $9958000 | 9676907  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $9,694,936)** |  |  | 9697936  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.1%** <br>**(Cost $10,521,259)** |  |  | $11057952  |
| Other Assets in Excess of Liabilities - 2.9% |  |  | 328175  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $11386127 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2025 is $3,886,920 which represented 34.1% of net assets.

<sup>(f)</sup> Held in connection with a written option, see Schedule of Written Options for more detail.

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (April) ETF** 

**Schedule of Written Options** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.6)%**<br>|  |  |  |
| **Put Options - (1.6)%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; <br>Exercise Price: $503.45<sup>(a)(b)</sup> | $(12913065) | &nbsp;&nbsp;&nbsp;&nbsp;(209) | $(179847)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $338,068)** |  |  | $(179847) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $1360016 | $— | $1360016  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 21029 |  |  | 21029  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 9676907 |  | 9676907  |
| **Total Investments** | $21029 | $11036923 | $— | $11057952  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(179847) | $— | $(179847)  |
| **Total Investments** | $— | $(179847) | $— | $(179847) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (May) ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 13.1%**  | **PURCHASED OPTIONS - 13.1%**  | **PURCHASED OPTIONS - 13.1%**  | **PURCHASED OPTIONS - 13.1%**  |
| **Call Options - 13.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; <br>Exercise Price: $554.54<sup>(a)(b)(f)</sup> | $7599555 | 123 | $1151281  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $731,576)** |  |  | 1151281  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 87.1%**<br>|  |  |  |
| **Money Market Funds - 0.2%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 4.23%<sup>(c)</sup> |  | 16463 | 16463  |
|  |  | **Par**  |  |
| **U.S. Treasury Bills - 86.9%**<br>|  |  |  |
| 3.99%, 04/16/2026<sup>(d)(e)</sup> |  | $7903000 | 7659416  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $7,675,834)** |  |  | 7675879  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $8,407,410)** |  |  | $8827160  |
| Liabilities in Excess of Other Assets - (0.2)% |  |  | (20842)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $8806318 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2025 is $4,845,650 which represented 55.0% of net assets.

<sup>(f)</sup> Held in connection with a written option, see Schedule of Written Options for more detail.

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (May) ETF** 

**Schedule of Written Options** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.7)%**  | **WRITTEN OPTIONS - (1.7)%**  | **WRITTEN OPTIONS - (1.7)%**  | **WRITTEN OPTIONS - (1.7)%**  |
| **Put Options - (1.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; <br>Exercise Price: $499.09<sup>(a)(b)</sup> | $(10009170) | (162) | $(146080)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $322,472)** |  |  | $(146080) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $1151281 | $— | $1151281  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 16463 |  |  | 16463  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 7659416 |  | 7659416  |
| **Total Investments** | $16463 | $8810697 | $— | $8827160  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(146080) | $— | $(146080)  |
| **Total Investments** | $— | $(146080) | $— | $(146080) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (June) ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 9.6%**  | **PURCHASED OPTIONS - 9.6%**  | **PURCHASED OPTIONS - 9.6%**  | **PURCHASED OPTIONS - 9.6%**  |
| **Call Options - 9.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; <br>Exercise Price: $589.39<sup>(a)(b)(f)</sup> | $7970265 | 129 | $897419  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $683,965)** |  |  | 897419  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 88.0%**<br>|  |  |  |
| **Money Market Funds - 0.1%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 4.23%<sup>(c)</sup> |  | 6876 | 6876  |
|  |  | **Par** |  |
| **U.S. Treasury Bills - 87.9%**<br>|  |  |  |
| 4.10%, 05/14/2026<sup>(d)(e)</sup> |  | 8555000 | 8266317  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $8,265,231)** |  |  | 8273193  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.6%** <br>**(Cost $8,949,196)** |  |  | $9170612  |
| Other Assets in Excess of Liabilities - 2.4% |  |  | 226533  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $9397145 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2025 is $2,898,690 which represented 30.8% of net assets.

<sup>(f)</sup> Held in connection with a written option, see Schedule of Written Options for more detail.

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (June) ETF** 

**Schedule of Written Options** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.4)%**  | **WRITTEN OPTIONS - (2.4)%**  | **WRITTEN OPTIONS - (2.4)%**  | **WRITTEN OPTIONS - (2.4)%**  |
| **Put Options - (2.4)%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; <br>Exercise Price: $530.45<sup>(a)(b)</sup> | $(10565235) | &nbsp;&nbsp;&nbsp;&nbsp;(171) | $(226028)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $323,352)** |  |  | $(226028) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $897419 | $— | $897419  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 6876 |  |  | 6876  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 8266317 |  | 8266317  |
| **Total Investments** | $6876 | $9163736 | $— | $9170612  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(226028) | $— | $(226028)  |
| **Total Investments** | $— | $(226028) | $— | $(226028) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (July) ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 7.2%** | **PURCHASED OPTIONS - 7.2%** | **PURCHASED OPTIONS - 7.2%** | **PURCHASED OPTIONS - 7.2%** |
| **Call Options - 7.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; <br>Exercise Price: $617.85<sup>(a)(b)(g)</sup> | $30336435 | 491 | $2519321  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $2,520,330)** |  |  | 2519321  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 88.7%**<br>|  |  |  |
| **Money Market Funds - 0.0%<sup>(c)</sup>**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 4.23%<sup>(d)</sup> |  | 13145 | 13145  |
|  |  | **Par** |  |
| **U.S. Treasury Bills - 88.7%**<br>|  |  |  |
| 4.05%, 06/11/2026<sup>(e)(f)</sup> |  | $32370000 | 31189641  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $31,174,040)** |  |  | 31202786  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 95.9%** <br>**(Cost $33,694,370)** |  |  | $33722107  |
| Other Assets in Excess of Liabilities - 4.1% |  |  | 1453411  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $35175518 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(e)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2025 is $4,817,700 which represented 13.7% of net assets.

<sup>(g)</sup> Held in connection with a written option, see Schedule of Written Options for more detail.

The accompanying notes are an integral part of these financial statements.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (July) ETF** 

**Schedule of Written Options** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.3)%**  | **WRITTEN OPTIONS - (3.3)%**  | **WRITTEN OPTIONS - (3.3)%**  | **WRITTEN OPTIONS - (3.3)%**  |
| **Put Options - (3.3)%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; <br>Exercise Price: $556.07<sup>(a)(b)</sup> | (39109905) | &nbsp;&nbsp;&nbsp;&nbsp;(633) | $(1161555)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,160,255)** |  |  | $(1161555) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $2519321 | $— | $2519321  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 13145 |  |  | 13145  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 31189641 |  | 31189641  |
| **Total Investments** | $13145 | $33708962 | $— | $33722107  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1161555) | $— | $(1161555)  |
| **Total Investments** | $— | $(1161555) | $— | $(1161555) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (August) ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 9.8%** | **PURCHASED OPTIONS - 9.8%** | **PURCHASED OPTIONS - 9.8%** | **PURCHASED OPTIONS - 9.8%** |
| **Call Options - 9.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; <br>Exercise Price: $550.81<sup>(a)(b)(f)</sup> | $18844425 | 305 | $2119268  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,011,854)** |  |  | 2119268  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 89.6%**<br>|  |  |  |
| **Money Market Funds - 0.1%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 4.24 4.23%<sup>(c)</sup> |  | 15745 | 15745  |
|  |  | **Par** |  |
| **U.S. Treasury Bills - 89.5%**<br>|  |  |  |
| 4.64%, 07/10/2025<sup>(d)(e)</sup> |  | $19385000 | 19364727  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $19,379,081)** |  |  | 19380472  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%** <br>**(Cost $20,390,935)** |  |  | $21499740  |
| Other Assets in Excess of Liabilities - 0.6% |  |  | 130473  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $21630213 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2025 is $12,486,875 which represented 57.5% of net assets.

<sup>(f)</sup> Held in connection with a written option, see Schedule of Written Options for more detail.

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (August) ETF** 

**Schedule of Written Options** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.1)%**  | **WRITTEN OPTIONS - (0.1)%**  | **WRITTEN OPTIONS - (0.1)%**  | **WRITTEN OPTIONS - (0.1)%**  |
| **Put Options - (0.1)%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; <br>Exercise Price: $495.73<sup>(a)(b)</sup> | $(25517205) | &nbsp;&nbsp;&nbsp;&nbsp;(413) | $(12547)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $523,320)** |  |  | $(12547) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $2119268 | $— | $2119268  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 15745 |  |  | 15745  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 19364727 |  | 19364727  |
| **Total Investments** | $15745 | $21483995 | $— | $21499740  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(12547) | $— | $(12547)  |
| **Total Investments** | $— | $(12547) | $— | $(12547) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

16<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (September) ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 8.7%** | **PURCHASED OPTIONS - 8.7%** | **PURCHASED OPTIONS - 8.7%** | **PURCHASED OPTIONS - 8.7%** |
| **Call Options - 8.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; <br>Exercise Price: $563.68<sup>(a)(b)(g)</sup> | $98732430 | 1598 | $9825767  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $4,852,436)** |  |  | 9825767  |
|  |  | **Shares**  |  |
| **SHORT-TERM INVESTMENTS - 91.3%**  | **SHORT-TERM INVESTMENTS - 91.3%**  | **SHORT-TERM INVESTMENTS - 91.3%**  | **SHORT-TERM INVESTMENTS - 91.3%**  |
| **Money Market Funds - 0.1%** | **Money Market Funds - 0.1%** | **Money Market Funds - 0.1%** | **Money Market Funds - 0.1%** |
| First American Treasury Obligations Fund - Class X, 4.23%<sup>(c)</sup> |  | 82981 | 82981  |
|  |  | **Par**  |  |
| **U.S. Treasury Bills - 91.2%** | **U.S. Treasury Bills - 91.2%** | **U.S. Treasury Bills - 91.2%** | **U.S. Treasury Bills - 91.2%** |
| 4.25%, 08/07/2025<sup>(d)(f)</sup> |  | $103773000 | 103320567  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $103,409,470)** |  |  | 103403548  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $108,261,906)** |  |  | $113229315  |
| Liabilities in Excess of Other Assets - (0.0)%<sup>(e)</sup> |  |  | (50182)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $113179133 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(e)</sup> Represents less than (0.05)% of net assets.

<sup>(f)</sup> All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2025 is $20,211,289 which represented 17.9% of net assets.

<sup>(g)</sup> Held in connection with a written option, see Schedule of Written Options for more detail.

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (September) ETF** 

**Schedule of Written Options** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.7)%** | **WRITTEN OPTIONS - (1.7)%** | **WRITTEN OPTIONS - (1.7)%** | **WRITTEN OPTIONS - (1.7)%** |
| **Put Options - (0.2)%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; <br>Exercise Price: $507.31<sup>(a)(b)</sup> | $(133208460) | (2156) | $(238540)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,382,221)** |  |  | $(238540) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $9825766 | $— | $9825766 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 82981 |  |  | 82981 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 103320567 |  | 103320567  |
| **Total Investments** | $82981 | $113146333 | $— | $113229314 |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(238540) | $— | $(238540) |
| **Total Investments** | $— | $(238540) | $— | $(238540) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

18<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (October) ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 7.6%**<br>|  |  |  |
| **Call Options - 7.6%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; <br>Exercise Price: $573.76<sup>(a)(b)(f)</sup> | $28915380 | 468 | $2589664  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $2,091,530)** |  |  | 2589664  |
|  |  | **Shares**  |  |
| **SHORT-TERM INVESTMENTS - 92.6%**<br>|  |  |  |
| **Money Market Funds - 0.2%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 4.23%<sup>(c)</sup> |  | 55953 | 55953  |
|  |  | **Par**  |  |
| **U.S. Treasury Bills - 92.4%**<br>|  |  |  |
| 4.18%, 09/04/2025<sup>(d)(e)</sup> |  | $31563000 | 31320940  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $31,386,112)** |  |  | 31376893  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $33,477,642)** |  |  | $33966557  |
| Liabilities in Excess of Other Assets - (0.2)% |  |  | (60430)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $33906127 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2025 is $9,923,100 which represented 29.3% of net assets. 

<sup>(f)</sup> Held in connection with a written option, see Schedule of Written Options for more detail.

The accompanying notes are an integral part of these financial statements.

19<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (October) ETF** 

**Schedule of Written Options** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.5)%**<br>|  |  |  |
| **Put Options - (0.5)%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; <br>Exercise Price: $516.38<sup>(a)(b)</sup> | $(38739195) | &nbsp;&nbsp;&nbsp;&nbsp;(627) | $(161371)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $779,570)** |  |  | $(161371) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $2589664 | $— | $2589664  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 55953 |  |  | 55953  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 31320940 |  | 31320940  |
| **Total Investments** | $55953 | $33910604 | $— | $33966557  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(161371) | $— | $(161371)  |
| **Total Investments** | $— | $(161371) | $— | $(161371) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

20<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (November) ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 8.9%**<br>|  |  |  |
| **Call Options - 8.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; <br>Exercise Price: $568.64<sup>(a)(b)(f)</sup> | $26382195 | 427 | $2746733  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $2,137,393)** |  |  | 2746733  |
|  |  | **Shares**  |  |
| **SHORT-TERM INVESTMENTS - 91.6%**<br>|  |  |  |
| **Money Market Funds - 0.1%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 4.23%<sup>(c)</sup> |  | 22327 | 22327  |
|  |  | **Par**  |  |
| **U.S. Treasury Bills - 91.5%**<br>|  |  |  |
| 4.15%, 10/02/2025<sup>(d)(e)</sup> |  | $28681000 | 28368366  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $28,405,902)** |  |  | 28390693  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.5%** <br>**(Cost $30,543,295)** |  |  | $31137426  |
| Liabilities in Excess of Other Assets - (0.5)% |  |  | (151281)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $30986145 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2025 is $8,407,180 which represented 27.1% of net assets.

<sup>(f)</sup> Held in connection with a written option, see Schedule of Written Options for more detail.

The accompanying notes are an integral part of these financial statements.

21<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (November) ETF** 

**Schedule of Written Options** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.7)%**<br>|  |  |  |
| **Put Options - (0.7)%**  | **Put Options - (0.7)%**  | **Put Options - (0.7)%**  | **Put Options - (0.7)%**  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; <br>Exercise Price: $511.78<sup>(a)(b)</sup> | $(36020655) | (583) | $(216031)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $819,383)** |  |  | $(216031) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $2746733 | $— | $2746733  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 22327 |  |  | 22327  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 28368366 |  | 28368366  |
| **Total Investments** | $22327 | $31115099 | $— | $31137426  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(216031) | $— | $(216031)  |
| **Total Investments** | $— | $(216031) | $— | $(216031) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

22<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (December) ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 5.5%**<br>|  |  |  |
| **Call Options - 5.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; <br>Exercise Price: $602.55<sup>(a)(b)(f)</sup> | $17732295 | 287 | $1169436  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,161,243)** |  |  | 1169436  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 94.8%**<br>|  |  |  |
| **Money Market Funds - 0.1%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 4.23%<sup>(c)</sup> |  | 15366 | 15366  |
|  |  | **Par** |  |
| **U.S. Treasury Bills - 94.7%**<br>|  |  |  |
| 4.27%, 11/28/2025<sup>(d)(e)</sup> |  | $20351000 | 20001524  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $20,018,734)** |  |  | 20016890  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.3%** <br>**(Cost $21,179,977)** |  |  | $21186326  |
| Liabilities in Excess of Other Assets - (0.3)% |  |  | (61411)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $21124915 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2025 is $14,742,150 which represented 69.8% of net assets.

<sup>(f)</sup> Held in connection with a written option, see Schedule of Written Options for more detail.

The accompanying notes are an integral part of these financial statements.

23<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TrueShares Structured Outcome (December) ETF** 

**Schedule of Written Options** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.3)%**<br>|  |  |  |
| **Put Options - (1.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; <br>Exercise Price: $542.30<sup>(a)(b)</sup> | $(24219720) | &nbsp;&nbsp;&nbsp;&nbsp;(392) | $(284561)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $576,567)** |  |  | $(284561) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $1169436 | $— | $1169436  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 15366 |  |  | 15366  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 20001524 |  | 20001524  |
| **Total Investments** | $15366 | $21170960 | $— | $21186326  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(284561) | $— | $(284561)  |
| **Total Investments** | $— | $(284561) | $— | $(284561) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

24<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TRUESHARES ETFs** 

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TrueShares** <br>**Structured** <br>**Outcome** <br>(January) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(February) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(March) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(April) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(May) ETF  |
| **ASSETS:** <br>|  |  |  |  |  |
| Investments, at value | $23943056 | &nbsp;&nbsp; $9467326 | $14205877 | $11057952 | $8827160  |
| Deposit at broker for option contracts | 668393 | &nbsp;&nbsp; 43206 | 51000 | 513056 | 130588  |
| Interest receivable | 2406 | &nbsp;&nbsp; 172 | 560 | 2110 | 171  |
| Receivable for investments sold |  | &nbsp;&nbsp; — | 741993 |  | —  |
| Receivable for transaction fee |  | &nbsp;&nbsp; — | 131 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 24613855 | &nbsp;&nbsp; 9510704 | 14999561 | 11573118 | 8957919  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 333801 | &nbsp;&nbsp; 172819 | 268749 | 179847 | 146080  |
| Payable to adviser | 15344 | &nbsp;&nbsp; 5927 | 9131 | 7144 | 5521  |
| Payable for investments purchased |  | &nbsp;&nbsp; — | 11517 |  | —  |
| Payable for capital shares redeemed |  | &nbsp;&nbsp; — | 653766 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 349145 | &nbsp;&nbsp; 178746 | 943163 | 186991 | 151601  |
| **NET ASSETS** | $24264710 | &nbsp;&nbsp; $9331958 | $14056398 | $11386127 | $8806318  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $24041003 | &nbsp;&nbsp; $8396321 | $12488615 | $10141699 | $8614921  |
| Total distributable earnings | 223707 | &nbsp;&nbsp; 935637 | 1567783 | 1244428 | 191397  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $24264710 | &nbsp;&nbsp; $9331958 | $14056398 | $11386127 | $8806318  |
| Net assets | $24264710 | &nbsp;&nbsp; $9331958 | $14056398 | $11386127 | $8806318  |
| Shares issued and outstanding<sup>(a)</sup> | 680000 | &nbsp;&nbsp; 260000 | 430000 | 320000 | 280000  |
| Net asset value per share | $35.68 | &nbsp;&nbsp; $35.89 | $32.69 | $35.58 | $31.45  |
| **COST:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $23578896 | &nbsp;&nbsp; $9426356 | $14003505 | $10521259 | $8407410  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $706782 | &nbsp;&nbsp; $264830 | $432611 | $338068 | $322472 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

25<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TRUESHARES ETFs** 

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TrueShares** <br>**Structured** <br>**Outcome** <br>(June) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(July) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(August) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(September) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(October) ETF  |
| **ASSETS:** <br>|  |  |  |  |  |
| Investments, at value | $9170612 | $33722107 | $21499740 | $113229315 | $33966557  |
| Deposit at broker for option contracts | 457030 | 241360 | 156157 | 64028 | 122026  |
| Interest receivable | 1491 | 32856 | 574 | 599 | 580  |
| Receivable for investments sold |  | 4885928 |  | 993042 | —  |
| Receivable for transaction fee |  |  |  | 159 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 9629133 | 38882251 | 21656471 | 114287143 | 34089163  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 226028 | 1161555 | 12547 | 238540 | 161371  |
| Payable to adviser | 5960 | 24848 | 13711 | 72227 | 21665  |
| Payable for investments purchased |  | 2520330 |  | 1611 | —  |
| Payable for capital shares redeemed |  |  |  | 795632 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 231988 | 3706733 | 26258 | 1108010 | 183036  |
| **NET ASSETS** | $9397145 | $35175518 | $21630213 | $113179133 | $33906127  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $8826311 | $31808053 | $20113653 | $105510841 | $32428007  |
| Total distributable earnings | 570834 | 3367465 | 1516560 | 7668292 | 1478120  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $9397145 | $35175518 | $21630213 | $113179133 | $33906127  |
| Net assets | $9397145 | $35175518 | $21630213 | $113179133 | $33906127  |
| Shares issued and outstanding<sup>(a)</sup> | 305000 | 810000 | 535000 | 2845000 | 830000  |
| Net asset value per share | $30.81 | $43.43 | $40.43 | $39.78 | $40.85  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $8949196 | $33694370 | $20390935 | $108261906 | $33477642  |
| **PROCEEDS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $323352 | $1160255 | $523320 | $2382221 | $779570 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

26<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TRUESHARES ETFs** 

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **TrueShares** <br>**Structured** <br>**Outcome** <br>(November) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(December) ETF  |
| **ASSETS:** <br>|  |  |
| Investments, at value | $31137426 | $21186326  |
| Deposit at broker for option contracts | 83593 | 236019  |
| Interest receivable | 637 | 821  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 31221656 | 21423166  |
| **LIABILITIES:**<br>|  |  |
| Written option contracts, at value | 216031 | 284561  |
| Payable to adviser | 19480 | 13690  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 235511 | 298251  |
| **NET ASSETS** | $30986145 | $21124915  |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | $30867973 | $24109631  |
| Total distributable earnings/(accumulated losses) | 118172 | (2984716)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $30986145 | $21124915  |
| Net assets | $30986145 | $21124915  |
| Shares issued and outstanding<sup>(a)</sup> | 740000 | 550000  |
| Net asset value per share | $41.87 | $38.41  |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $30543295 | $21179977  |
| **PROCEEDS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $819383 | $576567 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

27<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TRUESHARES STRUCTURED OUTCOME ETFs** 

**Statements of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TrueShares** <br>**Structured** <br>**Outcome** <br>(January) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(February) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(March) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(April) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(May) ETF  |
| **INVESTMENT INCOME:** <br>|  |  |  |  |  |
| Dividend income | &nbsp;&nbsp; $16442 | &nbsp;&nbsp; $7218 | $14085 | $12867 | $8774  |
| Interest income | &nbsp;&nbsp; 643670 | &nbsp;&nbsp; 147784 | 370019 | 408462 | 182106  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 660112 | &nbsp;&nbsp; 155002 | 384104 | 421329 | 190880  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 128836 | &nbsp;&nbsp; 29743 | 73148 | 83325 | 37902  |
| Interest expense | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 24 | 487 | 26 | 37  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 128971 | &nbsp;&nbsp; 29767 | 73635 | 83351 | 37939  |
| **Net INVESTMENT INCOME** | &nbsp;&nbsp; 531141 | &nbsp;&nbsp; 125235 | 310469 | 337978 | 152941  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (325538) | &nbsp;&nbsp; 620550 | 705248 | (431699) | (380602)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts expired <br>or closed | &nbsp;&nbsp; 53033 | &nbsp;&nbsp; 56140 | 202318 | 641730 | 147568  |
| Net realized gain (loss) | &nbsp;&nbsp; (272505) | &nbsp;&nbsp; 676690 | 907566 | 210031 | (233034)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 357929 | &nbsp;&nbsp; (529703) | (1008578) | (456428) | 151740  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp; 377177 | &nbsp;&nbsp; (48742) | (272944) | (492485) | 82432  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 735106 | &nbsp;&nbsp; (578445) | (1281522) | (948913) | 234172  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 462601 | &nbsp;&nbsp; 98245 | (373956) | (738882) | 1138  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $993742 | &nbsp;&nbsp; $223480 | $(63487) | $(400904) | $154079 |

---

The accompanying notes are an integral part of these financial statements.

28<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TRUESHARES STRUCTURED OUTCOME ETFs** 

**Statements of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TrueShares** <br>**Structured** <br>**Outcome** <br>(June) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(July) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(August) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(September) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(October) ETF  |
| **INVESTMENT INCOME:** <br>|  |  |  |  |  |
| Dividend income | $5173 | $35255 | $8402 | &nbsp;&nbsp; $48500 | $9935  |
| Interest income | 127650 | 808111 | 572038 | &nbsp;&nbsp; 898457 | 512286  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 132823 | 843366 | 580440 | &nbsp;&nbsp; 946957 | 522221  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 24755 | 150766 | 108306 | &nbsp;&nbsp; 182978 | 100958  |
| Interest expense |  |  | 101 | &nbsp;&nbsp; 40 | 66  |
| &nbsp;&nbsp;&nbsp; Total expenses | 24755 | 150766 | 108407 | &nbsp;&nbsp; 183018 | 101024  |
| **Net INVESTMENT INCOME** | 108068 | 692600 | 472033 | &nbsp;&nbsp; 763939 | 421197  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 43189 | 1868525 | (468687) | &nbsp;&nbsp; 18692 | (34073)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts expired or <br>closed | 100316 | 900464 | 39598 | &nbsp;&nbsp; 11995 | 2984  |
| Net realized gain (loss) | 143505 | 2768989 | (429089) | &nbsp;&nbsp; 30687 | (31089)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 22718 | (1046788) | 616217 | &nbsp;&nbsp; 4551004 | 507200  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 36229 | (482429) | 264138 | &nbsp;&nbsp; 1853095 | 506770  |
|  Net change in unrealized appreciation (depreciation) | 58947 | (1529217) | 880355 | &nbsp;&nbsp; 6404099 | 1013970  |
| **Net realized and unrealized gain** | 202452 | 1239772 | 451266 | &nbsp;&nbsp; 6434786 | 982881  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $310520 | $1932372 | $923299 | &nbsp;&nbsp; $7198725 | $1404078 |

---

The accompanying notes are an integral part of these financial statements.

29<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TRUESHARES STRUCTURED OUTCOME ETFs** 

**Statements of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **TrueShares** <br>**Structured** <br>**Outcome** <br>(November) ETF | **TrueShares** <br>**Structured** <br>**Outcome** <br>(December) ETF  |
| **INVESTMENT INCOME:** <br>|  |  |
| Dividend income | &nbsp;&nbsp; $3441 | &nbsp;&nbsp; $6090  |
| Interest income | &nbsp;&nbsp; 491624 | &nbsp;&nbsp; 1244554  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 495065 | &nbsp;&nbsp; 1250644  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee | &nbsp;&nbsp; 98975 | &nbsp;&nbsp; 233925  |
| Interest expense | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 65  |
| Other expenses and fees | &nbsp;&nbsp; 12 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 99019 | &nbsp;&nbsp; 233990  |
| **Net INVESTMENT INCOME** | &nbsp;&nbsp; 396046 | &nbsp;&nbsp; 1016654  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (47433) | &nbsp;&nbsp; (2851036)  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp; (9949) | &nbsp;&nbsp; (1534533)  |
| Net realized loss | &nbsp;&nbsp; (57382) | &nbsp;&nbsp; (4385569)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 385484 | &nbsp;&nbsp; 1229100  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp; 378411 | &nbsp;&nbsp; 659762  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 763895 | &nbsp;&nbsp; 1888862  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 706513 | &nbsp;&nbsp; (2496707)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $1102559 | &nbsp;&nbsp; $(1480053) |

---

The accompanying notes are an integral part of these financial statements.

30<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TRUESHARES STRUCTURED OUTCOME ETFs** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TrueShares Structured** <br>**Outcome (January) ETF** | **TrueShares Structured** <br>**Outcome (January) ETF** | **TrueShares Structured** <br>**Outcome (February) ETF**  | **TrueShares Structured** <br>**Outcome (February) ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $531141 | $637105 | $125235 | $213513  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (272505) | 2604247 | 676690 | 308542  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 735106 | 5437 | (578445) | 436927  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations**  | 993742 | 3246789 | 223480 | 958982  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders |  | (731620) |  | (253412)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (731620) |  | (253412)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 17827150 | 68166267 | 10841940 | 5897048  |
| &nbsp;&nbsp;&nbsp; Redemptions | (21709048) | (48926323) | (8282357) | (3721188)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 7906 | 12142 | 1573 | 438  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (3873992) | 19252086 | 2561156 | 2176298  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (2880250) | 21767255 | 2784636 | 2881868  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 27144960 | 5377705 | 6547322 | 3665454  |
| &nbsp;&nbsp;&nbsp; End of the period | $24264710 | $27144960 | $9331958 | $6547322  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 520000 | 2050000 | 310000 | 190000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (630000) | (1440000) | (240000) | (120000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (110000) | 610000 | 70000 | 70000 |

---

The accompanying notes are an integral part of these financial statements.

31<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TRUESHARES STRUCTURED OUTCOME ETFs** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TrueShares Structured** <br>**Outcome (March) ETF** | **TrueShares Structured** <br>**Outcome (March) ETF** | **TrueShares Structured** <br>**Outcome (April) ETF**  | **TrueShares Structured** <br>**Outcome (April) ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $310469 | $817938 | $337978 | $658363  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 907566 | 1571591 | 210031 | 1499929  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1281522) | 1298819 | (948913) | 1188188  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations**  | (63487) | 3688348 | (400904) | 3346480  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders |  | (899328) |  | (655696)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (899328) |  | (655696)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 31468193 | 52256786 | 30906725 | 43342628  |
| &nbsp;&nbsp;&nbsp; Redemptions | (37136187) | (39168156) | (42770052) | (27450054)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 5453 | 12301 | 4759 | 12239  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions**  | (5662541) | 13100931 | (11858568) | 15904813  |
| **NET INCREASE (DECREASE) IN NET ASSETS**  | (5726028) | 15889951 | (12259472) | 18595597  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 19782426 | 3892475 | 23645599 | 5050002  |
| &nbsp;&nbsp;&nbsp; End of the period | $14056398 | $19782426 | $11386127 | $23645599  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 990000 | 1800000 | 930000 | 1350000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1190000) | (1310000) | (1300000) | (830000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (200000) | 490000 | (370000) | 520000 |

---

The accompanying notes are an integral part of these financial statements.

32<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TRUESHARES STRUCTURED OUTCOME ETFs** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TrueShares Structured** <br>**Outcome (May) ETF** | **TrueShares Structured** <br>**Outcome (May) ETF** | **TrueShares Structured** <br>**Outcome (June) ETF**  | **TrueShares Structured** <br>**Outcome (June) ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $152941 | $188837 | $108068 | $159817  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (233034) | 505647 | 143505 | 489075  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation | 234172 | 1005 | 58947 | 5202  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations**  | 154079 | 695489 | 310520 | 654094  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders |  | (187684) |  | (182184)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (187684) |  | (182184)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 4543126 | 9352858 | 15166522 | 5750511  |
| &nbsp;&nbsp;&nbsp; Redemptions | (5536147) | (4652501) | (10685780) | (4899811)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 2016 | 1048 | 1489 | 878  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions**  | (991005) | 4701405 | 4482231 | 851578  |
| **NET INCREASE (DECREASE) IN NET ASSETS**  | (836926) | 5209210 | 4792751 | 1323488  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 9643244 | 4434034 | 4604394 | 3280906  |
| &nbsp;&nbsp;&nbsp; End of the period | $8806318 | $9643244 | $9397145 | $4604394  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 150000 | 320000 | 510000 | 200000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (190000) | (170000) | (360000) | (170000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (40000) | 150000 | 150000 | 30000 |

---

The accompanying notes are an integral part of these financial statements.

33<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TRUESHARES STRUCTURED OUTCOME ETFs** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TrueShares Structured** <br>**Outcome (July) ETF** | **TrueShares Structured** <br>**Outcome (July) ETF** | **TrueShares Structured** <br>**Outcome (August) ETF**  | **TrueShares Structured** <br>**Outcome (August) ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $692600 | $1105067 | $472033 | $655347  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2768989 | 1851537 | (429089) | 1557443  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1529217) | 1021992 | 880355 | 440650  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations**  | 1932372 | 3978596 | 923299 | 2653440  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders |  | (1097643) |  | (653147)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (1097643) |  | (653147)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 51392556 | 70884014 | 46779823 | 28815758  |
| &nbsp;&nbsp;&nbsp; Redemptions | (51502230) | (53471501) | (42165174) | (30235960)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 6858 | 16268 | 17789 | 5457  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions**  | (102816) | 17428781 | 4632438 | (1414745)  |
| **NET INCREASE (DECREASE) IN NET ASSETS**  | 1829556 | 20309734 | 5555737 | 585548  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 33345962 | 13036228 | 16074476 | 15488928  |
| &nbsp;&nbsp;&nbsp; End of the period | $35175518 | $33345962 | $21630213 | $16074476  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 1230000 | 1760000 | 1250000 | 760000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1220000) | (1320000) | (1130000) | (800000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 10000 | 440000 | 120000 | (40000) |

---

The accompanying notes are an integral part of these financial statements.

34<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**TRUESHARES STRUCTURED OUTCOME ETFs** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TrueShares Structured** <br>**Outcome (September) ETF** | **TrueShares Structured** <br>**Outcome (September) ETF** | **TrueShares Structured** <br>**Outcome (October) ETF**  | **TrueShares Structured** <br>**Outcome (October) ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $763939 | $700186 | $421197 | $206376  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 30687 | 2613036 | (31089) | 1210247  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 6404099 | 144613 | 1013970 | (167955)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations**  | 7198725 | 3457835 | 1404078 | 1248668  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders |  | (698133) |  | (192856)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (698133) |  | (192856)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 88216827 | 31516005 | 18774276 | 26172866  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1573920) | (32190918) | (1589260) | (15597202)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 17958 | 5092 | 4073 | 6682  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions**  | 86660865 | (669821) | 17189089 | 10582346  |
| **NET INCREASE (DECREASE) IN NET ASSETS**  | 93859590 | 2089881 | 18593167 | 11638158  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 19319543 | 17229662 | 15312959 | 3674801  |
| &nbsp;&nbsp;&nbsp; End of the period | $113179133 | $19319543 | $33906127 | $15312959  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 2380000 | 830000 | 480000 | 670000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (40000) | (840000) | (40000) | (390000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 2340000 | (10000) | 440000 | 280000 |

---

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**TRUESHARES STRUCTURED OUTCOME ETFs** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TrueShares Structured** <br>**Outcome (November) ETF** | **TrueShares Structured** <br>**Outcome (November) ETF** | **TrueShares Structured** <br>**Outcome (December) ETF**  | **TrueShares Structured** <br>**Outcome (December) ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $396046 | $651823 | $1016654 | $1876821  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (57382) | 3811893 | (4385569) | 9803821  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 763895 | (1171442) | 1888862 | (2694546)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1102559 | 3292274 | (1480053) | 8986096  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders |  | (649213) |  | (1869389)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (649213) |  | (1869389)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 8923557 | 26258436 | 10767135 | 96864661  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1587616) | (24429865) | (62562057) | (69778537)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 2102 | 1075 | 14666 | 7786  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 7338043 | 1829646 | (51780256) | 27093910  |
| **NET INCREASE (DECREASE) IN NET ASSETS**  | 8440602 | 4472707 | (53260309) | 34210617  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 22545543 | 18072836 | 74385224 | 40174607  |
| &nbsp;&nbsp;&nbsp; End of the period | $30986145 | $22545543 | $21124915 | $74385224  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 220000 | 640000 | 290000 | 2560000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (40000) | (600000) | (1750000) | (1810000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 180000 | 40000 | (1460000) | 750000 |

---

The accompanying notes are an integral part of these financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| <br>**For the period Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup> | **Net** <br>**Realized and** <br>**Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** <br>**Distributions**  |
| TrueShares Structured Outcome (January) ETF  | TrueShares Structured Outcome (January) ETF  | TrueShares Structured Outcome (January) ETF  | TrueShares Structured Outcome (January) ETF  | TrueShares Structured Outcome (January) ETF  | TrueShares Structured Outcome (January) ETF  | TrueShares Structured Outcome (January) ETF  | TrueShares Structured Outcome (January) ETF  |
| 6/30/2025<sup>(f)</sup> | &nbsp;&nbsp; $34.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 12/31/2024 | &nbsp;&nbsp; $29.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)  |
| 12/31/2023 | &nbsp;&nbsp; $25.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp; (0.77) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)  |
| 12/31/2022 | &nbsp;&nbsp; $29.10 | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.20) | &nbsp;&nbsp;&nbsp;&nbsp; (3.28) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)  |
| 12/31/2021<sup>(h)</sup> | &nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;5.42 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.32) | &nbsp;&nbsp;&nbsp;&nbsp; (1.32)  |
| TrueShares Structured Outcome (February) ETF  | TrueShares Structured Outcome (February) ETF  | TrueShares Structured Outcome (February) ETF  | TrueShares Structured Outcome (February) ETF  | TrueShares Structured Outcome (February) ETF  | TrueShares Structured Outcome (February) ETF  | TrueShares Structured Outcome (February) ETF  | TrueShares Structured Outcome (February) ETF  |
| 6/30/2025<sup>(f)</sup> | &nbsp;&nbsp; $34.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 12/31/2024 | &nbsp;&nbsp; $30.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp; (1.33)  |
| 12/31/2023 | &nbsp;&nbsp; $27.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp;&nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp;&nbsp; (2.08)  |
| 12/31/2022 | &nbsp;&nbsp; $30.15 | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.09) | &nbsp;&nbsp;&nbsp;&nbsp; (3.11) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 12/31/2021<sup>(i)</sup> | &nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| TrueShares Structured Outcome (March) ETF  | TrueShares Structured Outcome (March) ETF  | TrueShares Structured Outcome (March) ETF  | TrueShares Structured Outcome (March) ETF  | TrueShares Structured Outcome (March) ETF  | TrueShares Structured Outcome (March) ETF  | TrueShares Structured Outcome (March) ETF  | TrueShares Structured Outcome (March) ETF  |
| 6/30/2025<sup>(f)</sup> | &nbsp;&nbsp; $31.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 12/31/2024 | &nbsp;&nbsp; $27.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp; (1.29) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (1.42)  |
| 12/31/2023 | &nbsp;&nbsp; $24.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.13) | &nbsp;&nbsp;&nbsp;&nbsp; (2.04)  |
| 12/31/2022 | &nbsp;&nbsp; $28.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.67) | &nbsp;&nbsp;&nbsp;&nbsp; (3.66) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (0.19)  |
| 12/31/2021<sup>(j)</sup> | &nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;4.48 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp;&nbsp;&nbsp; (0.70)  |
| TrueShares Structured Outcome (April) ETF  | TrueShares Structured Outcome (April) ETF  | TrueShares Structured Outcome (April) ETF  | TrueShares Structured Outcome (April) ETF  | TrueShares Structured Outcome (April) ETF  | TrueShares Structured Outcome (April) ETF  | TrueShares Structured Outcome (April) ETF  | TrueShares Structured Outcome (April) ETF  |
| 6/30/2025<sup>(f)</sup> | &nbsp;&nbsp; $34.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 12/31/2024 | &nbsp;&nbsp; $29.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;5.49 | &nbsp;&nbsp;&nbsp;&nbsp; (0.95) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.95)  |
| 12/31/2023 | &nbsp;&nbsp; $24.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp; (0.86) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.86)  |
| 12/31/2022 | &nbsp;&nbsp; $28.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.40) | &nbsp;&nbsp;&nbsp;&nbsp; (3.26) | &nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.15)  |
| 12/31/2021<sup>(k)</sup> | &nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| TrueShares Structured Outcome (May) ETF  | TrueShares Structured Outcome (May) ETF  | TrueShares Structured Outcome (May) ETF  | TrueShares Structured Outcome (May) ETF  | TrueShares Structured Outcome (May) ETF  | TrueShares Structured Outcome (May) ETF  | TrueShares Structured Outcome (May) ETF  | TrueShares Structured Outcome (May) ETF  |
| 6/30/2025<sup>(f)</sup> | &nbsp;&nbsp; $30.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 12/31/2024 | &nbsp;&nbsp; $26.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.59)  |
| 12/31/2023 | &nbsp;&nbsp; $23.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.72)  |
| 12/31/2022 | &nbsp;&nbsp; $27.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.93) | &nbsp;&nbsp;&nbsp;&nbsp; (3.80) | &nbsp;&nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.16)  |
| 12/31/2021<sup>(l)</sup> | &nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp;&nbsp; (0.51)  |
| TrueShares Structured Outcome (June) ETF  | TrueShares Structured Outcome (June) ETF  | TrueShares Structured Outcome (June) ETF  | TrueShares Structured Outcome (June) ETF  | TrueShares Structured Outcome (June) ETF  | TrueShares Structured Outcome (June) ETF  | TrueShares Structured Outcome (June) ETF  | TrueShares Structured Outcome (June) ETF  |
| 6/30/2025<sup>(f)</sup> | &nbsp;&nbsp; $29.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 12/31/2024 | &nbsp;&nbsp; $26.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;4.63 | &nbsp;&nbsp;&nbsp;&nbsp; (1.03) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (1.18)  |
| 12/31/2023 | &nbsp;&nbsp; $23.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp; (1.10) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp; (1.58)  |
| 12/31/2022 | &nbsp;&nbsp; $27.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.65) | &nbsp;&nbsp;&nbsp;&nbsp; (3.54) | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.13)  |
| 12/31/2021<sup>(m)</sup> | &nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)  |
| TrueShares Structured Outcome (July) ETF  | TrueShares Structured Outcome (July) ETF  | TrueShares Structured Outcome (July) ETF  | TrueShares Structured Outcome (July) ETF  | TrueShares Structured Outcome (July) ETF  | TrueShares Structured Outcome (July) ETF  | TrueShares Structured Outcome (July) ETF  | TrueShares Structured Outcome (July) ETF  |
| 6/30/2025<sup>(f)</sup> | &nbsp;&nbsp; $41.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 12/31/2024 | &nbsp;&nbsp; $36.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;6.82 | &nbsp;&nbsp;&nbsp;&nbsp; (1.37) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.37)  |
| 12/31/2023 | &nbsp;&nbsp; $31.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp;&nbsp; (1.30) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.30)  |
| 12/31/2022 | &nbsp;&nbsp; $35.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.51) | &nbsp;&nbsp;&nbsp;&nbsp; (3.35) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  |
| 12/31/2021 | &nbsp;&nbsp; $29.20 | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;6.25 | &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 12/31/2020<sup>(n)</sup> | &nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| <br>**ETF** <br>**Transaction** <br>**Fees** <br>**Per Share** | <br>**Net Asset** <br>**Value, End** <br>**of Period** | <br>**Total** <br>**Return<sup>(c)</sup>** | **Net Assets,** <br>**End of Period** <br>**(in thousands)** | **Ratio of** <br>**Expense to** <br>**Average Net** <br>**Assets<sup>(d)</sup>** | **Ratio of Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average Net** <br>**Assets<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; $35.68 | 3.85% | &nbsp;&nbsp;&nbsp;&nbsp; $24265 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.26% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; $34.36 | 18.10% | &nbsp;&nbsp;&nbsp;&nbsp; $27145 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.58% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $29.88 | 18.91% | &nbsp;&nbsp;&nbsp;&nbsp; $5378 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.40% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $25.77 | -11.29% | &nbsp;&nbsp;&nbsp;&nbsp; $3866 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.32)% | &nbsp;&nbsp; 2,899%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $29.10 | 21.65% | &nbsp;&nbsp;&nbsp;&nbsp; $2182 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $35.89 | 4.16% | &nbsp;&nbsp;&nbsp;&nbsp; $9332 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.33% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(j)</sup> | &nbsp;&nbsp;&nbsp; $34.46 | 17.12% | &nbsp;&nbsp;&nbsp;&nbsp; $6547 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.48% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $30.55 | 20.64% | &nbsp;&nbsp;&nbsp;&nbsp; $3665 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $27.04 | -10.30% | &nbsp;&nbsp;&nbsp;&nbsp; $2704 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)% | &nbsp;&nbsp; 1,309%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $30.15 | 20.58% | &nbsp;&nbsp;&nbsp;&nbsp; $3768 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $32.69 | 4.10% | &nbsp;&nbsp;&nbsp;&nbsp; $14056 | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 3.35% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; $31.40 | 18.00% | &nbsp;&nbsp;&nbsp;&nbsp; $19782 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.76% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $27.80 | 20.45% | &nbsp;&nbsp;&nbsp;&nbsp; $3892 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | &nbsp;&nbsp; 67%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $24.77 | -12.76% | &nbsp;&nbsp;&nbsp;&nbsp; $3716 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp; 1,280%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $28.62 | 17.24% | &nbsp;&nbsp;&nbsp;&nbsp; $5724 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $35.58 | 3.83% | &nbsp;&nbsp;&nbsp;&nbsp; $11386 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.20% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; $34.27 | 18.52% | &nbsp;&nbsp;&nbsp;&nbsp; $23646 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.73% | &nbsp;&nbsp; 741%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $29.71 | 22.28% | &nbsp;&nbsp;&nbsp;&nbsp; $5050 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 2.88% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $24.99 | -11.47% | &nbsp;&nbsp;&nbsp;&nbsp; $5624 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 1,153%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $28.40 | 13.59% | &nbsp;&nbsp;&nbsp;&nbsp; $6389 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $31.45 | 4.37% | &nbsp;&nbsp;&nbsp;&nbsp; $8806 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.19% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $30.14 | 17.76% | &nbsp;&nbsp;&nbsp;&nbsp; $9643 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.56% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $26.08 | 15.87% | &nbsp;&nbsp;&nbsp;&nbsp; $4434 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.02% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $23.13 | -14.03% | &nbsp;&nbsp;&nbsp;&nbsp; $3469 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $27.09 | 1,039.00% | &nbsp;&nbsp;&nbsp;&nbsp; $5417 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $30.81 | 3.72% | &nbsp;&nbsp;&nbsp;&nbsp; $9397 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.45% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $29.71 | 17.60% | &nbsp;&nbsp;&nbsp;&nbsp; $4604 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; $26.25 | 17.02% | &nbsp;&nbsp;&nbsp;&nbsp; $3281 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.22% | &nbsp;&nbsp; 637%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $23.78 | -12.87% | &nbsp;&nbsp;&nbsp;&nbsp; $2972 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $27.45 | 10.13% | &nbsp;&nbsp;&nbsp;&nbsp; $4117 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $43.43 | 4.18% | &nbsp;&nbsp;&nbsp;&nbsp; $35176 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; $41.68 | 18.85% | &nbsp;&nbsp;&nbsp;&nbsp; $33346 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.87% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $36.21 | 17.81% | &nbsp;&nbsp;&nbsp;&nbsp; $13036 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.31% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $31.84 | -9.50% | &nbsp;&nbsp;&nbsp;&nbsp; $11939 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $35.21 | 20.56% | &nbsp;&nbsp;&nbsp;&nbsp; $14963 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)% | &nbsp;&nbsp; 1,307%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $29.20 | 16.81% | &nbsp;&nbsp;&nbsp;&nbsp; $6571 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)% | &nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| <br>**For the period Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup> | **Net** <br>**Realized and** <br>**Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** <br>**Distributions**  |
| TrueShares Structured Outcome (August) ETF  | TrueShares Structured Outcome (August) ETF  | TrueShares Structured Outcome (August) ETF  | TrueShares Structured Outcome (August) ETF  | TrueShares Structured Outcome (August) ETF  | TrueShares Structured Outcome (August) ETF  | TrueShares Structured Outcome (August) ETF  | TrueShares Structured Outcome (August) ETF  |
| 6/30/2025<sup>(f)</sup> | &nbsp;&nbsp; $38.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 12/31/2024 | &nbsp;&nbsp; $34.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;6.25 | &nbsp;&nbsp;&nbsp;&nbsp; (1.57) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.57)  |
| 12/31/2023 | &nbsp;&nbsp; $30.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.16)  |
| 12/31/2022 | &nbsp;&nbsp; $33.70 | &nbsp;&nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.72) | &nbsp;&nbsp;&nbsp;&nbsp; (3.56) | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.12)  |
| 12/31/2021 | &nbsp;&nbsp; $27.89 | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 12/31/2020<sup>(o)</sup> | &nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| TrueShares Structured Outcome (September) ETF  | TrueShares Structured Outcome (September) ETF  | TrueShares Structured Outcome (September) ETF  | TrueShares Structured Outcome (September) ETF  | TrueShares Structured Outcome (September) ETF  | TrueShares Structured Outcome (September) ETF  | TrueShares Structured Outcome (September) ETF  | TrueShares Structured Outcome (September) ETF  |
| 6/30/2025<sup>(f)</sup> | &nbsp;&nbsp; $38.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 12/31/2024 | &nbsp;&nbsp; $33.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp;&nbsp;&nbsp; (1.38) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.38)  |
| 12/31/2023 | &nbsp;&nbsp; $29.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;&nbsp;&nbsp; (1.19) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.19)  |
| 12/31/2022 | &nbsp;&nbsp; $32.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.88) | &nbsp;&nbsp;&nbsp;&nbsp; (2.70) | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.20)  |
| 12/31/2021 | &nbsp;&nbsp; $26.63 | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;&nbsp;&nbsp;5.71 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  |
| 12/31/2020<sup>(p)</sup> | &nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| TrueShares Structured Outcome (October) ETF  | TrueShares Structured Outcome (October) ETF  | TrueShares Structured Outcome (October) ETF  | TrueShares Structured Outcome (October) ETF  | TrueShares Structured Outcome (October) ETF  | TrueShares Structured Outcome (October) ETF  | TrueShares Structured Outcome (October) ETF  | TrueShares Structured Outcome (October) ETF  |
| 6/30/2025<sup>(f)</sup> | &nbsp;&nbsp; $39.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 12/31/2024 | &nbsp;&nbsp; $33.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp; (0.49) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.49)  |
| 12/31/2023 | &nbsp;&nbsp; $29.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;5.31 | &nbsp;&nbsp;&nbsp;&nbsp; (1.09) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.09)  |
| 12/31/2022 | &nbsp;&nbsp; $32.75 | &nbsp;&nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.51) | &nbsp;&nbsp;&nbsp;&nbsp; (3.37) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.20)  |
| 12/31/2021 | &nbsp;&nbsp; $27.21 | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;5.77 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 12/31/2020<sup>(q)</sup> | &nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| TrueShares Structured Outcome (November) ETF  | TrueShares Structured Outcome (November) ETF  | TrueShares Structured Outcome (November) ETF  | TrueShares Structured Outcome (November) ETF  | TrueShares Structured Outcome (November) ETF  | TrueShares Structured Outcome (November) ETF  | TrueShares Structured Outcome (November) ETF  | TrueShares Structured Outcome (November) ETF  |
| 6/30/2025<sup>(f)</sup> | &nbsp;&nbsp; $40.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 12/31/2024 | &nbsp;&nbsp; $34.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp;&nbsp; (1.18) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.18)  |
| 12/31/2023 | &nbsp;&nbsp; $30.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;&nbsp; (0.79) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)  |
| 12/31/2022 | &nbsp;&nbsp; $33.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.30) | &nbsp;&nbsp;&nbsp;&nbsp; (3.23) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)  |
| 12/31/2021 | &nbsp;&nbsp; $27.62 | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;6.14 | &nbsp;&nbsp;&nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (0.17)  |
| 12/31/2020<sup>(r)</sup> | &nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| TrueShares Structured Outcome (December) ETF  | TrueShares Structured Outcome (December) ETF  | TrueShares Structured Outcome (December) ETF  | TrueShares Structured Outcome (December) ETF  | TrueShares Structured Outcome (December) ETF  | TrueShares Structured Outcome (December) ETF  | TrueShares Structured Outcome (December) ETF  | TrueShares Structured Outcome (December) ETF  |
| 6/30/2025<sup>(f)</sup> | &nbsp;&nbsp; $37.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 12/31/2024 | &nbsp;&nbsp; $31.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;6.06 | &nbsp;&nbsp;&nbsp;&nbsp; (0.94) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.94)  |
| 12/31/2023 | &nbsp;&nbsp; $27.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.39)  |
| 12/31/2022 | &nbsp;&nbsp; $30.43 | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.63) | &nbsp;&nbsp;&nbsp;&nbsp; (2.68) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp; (0.39)  |
| 12/31/2021 | &nbsp;&nbsp; $25.44 | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)  |
| 12/31/2020<sup>(s)</sup> | &nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| <br>**ETF** <br>**Transaction** <br>**Fees** <br>**Per Share** | <br>**Net Asset** <br>**Value, End** <br>**of Period** | <br>**Total** <br>**Return<sup>(c)</sup>** | **Net Assets,** <br>**End of Period** <br>**(in thousands)** | **Ratio of** <br>**Expense to** <br>**Average Net** <br>**Assets<sup>(d)</sup>** | **Ratio of Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average Net** <br>**Assets<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; $40.43 | 4.38% | &nbsp;&nbsp;&nbsp; $21630 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.44% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $38.73 | 18.35% | &nbsp;&nbsp;&nbsp; $16074 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.82% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $34.04 | 17.25% | &nbsp;&nbsp;&nbsp; $15489 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.51% | &nbsp;&nbsp; 228%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $30.02 | -10.55% | &nbsp;&nbsp;&nbsp; $12761 | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 134%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $33.70 | 20.83% | &nbsp;&nbsp;&nbsp; $18536 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp; 1,297%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $27.89 | 11.57% | &nbsp;&nbsp;&nbsp; $9065 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.73)% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $39.78 | 3.99% | &nbsp;&nbsp;&nbsp; $113179 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $38.26 | 18.43% | &nbsp;&nbsp;&nbsp; $19320 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.61% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $33.46 | 17.72% | &nbsp;&nbsp;&nbsp; $17230 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.15% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $29.43 | -8.34% | &nbsp;&nbsp;&nbsp; $20598 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $32.33 | 20.83% | &nbsp;&nbsp;&nbsp; $25861 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)% | &nbsp;&nbsp; 1,301%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $26.63 | 6.51% | &nbsp;&nbsp;&nbsp; $10651 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.73)% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $40.85 | 4.04% | &nbsp;&nbsp;&nbsp; $33906 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; $39.26 | 18.99% | &nbsp;&nbsp;&nbsp; $15313 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $33.41 | 18.23% | &nbsp;&nbsp;&nbsp; $3675 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.19% | &nbsp;&nbsp; 3%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $29.18 | -10.31% | &nbsp;&nbsp;&nbsp; $4377 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $32.75 | 20.37% | &nbsp;&nbsp;&nbsp; $8189 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp; 1,021%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $27.21 | 8.85% | &nbsp;&nbsp;&nbsp; $4082 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.73)% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $41.87 | 4.01% | &nbsp;&nbsp;&nbsp; $30986 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.16% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $40.26 | 19.19% | &nbsp;&nbsp;&nbsp; $22546 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.39% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $34.76 | 18.21% | &nbsp;&nbsp;&nbsp; $18073 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.65% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $30.07 | -9.66% | &nbsp;&nbsp;&nbsp; $9772 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; $33.37 | 21.40% | &nbsp;&nbsp;&nbsp; $14181 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)% | &nbsp;&nbsp; 1,302%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $27.62 | 10.51% | &nbsp;&nbsp;&nbsp; $1381 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.50)% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $38.41 | 3.79% | &nbsp;&nbsp;&nbsp; $21125 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.43% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $37.01 | 19.00% | &nbsp;&nbsp;&nbsp; $74385 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.52% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $31.88 | 17.97% | &nbsp;&nbsp;&nbsp; $40175 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.02% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $27.36 | -8.80% | &nbsp;&nbsp;&nbsp; $5472 | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; (0.17)% | &nbsp;&nbsp; —%  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; $30.43 | 20.17% | &nbsp;&nbsp;&nbsp; $6086 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp; 1,286%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $25.44 | 1.75% | &nbsp;&nbsp;&nbsp; $5723 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.74)% | &nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

40<br>

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**Financial Highlights** 

**June 30, 2025 (Unaudited)(Continued)** 

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(f)</sup> Unaudited.

<sup>(g)</sup> Amount represents less than 0.005%.

<sup>(h)</sup> Inception date of the Fund was December 31, 2020.

<sup>(i)</sup> Inception date of the Fund was January 29, 2021.

<sup>(j)</sup> Inception date of the Fund was February 26, 2021.

<sup>(k)</sup> Inception date of the Fund was March 31, 2021.

<sup>(l)</sup> Inception date of the Fund was April 30, 2021.

<sup>(m)</sup> Inception date of the Fund was May 28, 2021.

<sup>(n)</sup> Inception date of the Fund was June 30, 2020.

<sup>(o)</sup> Inception date of the Fund was July 31, 2020.

<sup>(p)</sup> Inception date of the Fund was August 31, 2020.

<sup>(q)</sup> Inception date of the Fund was September 30, 2020.

<sup>(r)</sup> Inception date of the Fund was October 30, 2020.

<sup>(s)</sup> Inception date of the Fund was November 30, 2020.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**TRUESHARES STRUCTURED OUTCOME ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)** 

1. ORGANIZATION

The TrueShares Structured Outcome ETFs are a series of Listed Funds Trust (the "Trust"), formerly Active Weighting Funds ETF Trust. The Trust was organized as a Delaware statutory trust on August 26, 2016, under a Declaration of Trust amended on December 21, 2018 and is registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). As of June 30, 2025, the TrueShares ETFs consist of twelve active series identified below (each a "Fund," and collectively, the "Funds" or "Structured Outcome ETFs").

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Ticker** | **Diversified/**<br>**Non-Diversified** | **Commencement** <br>**of Operations**  |
| TrueShares Structured Outcome (January) ETF ("JANZ ETF") | JANZ | Diversified | January 4, 2021 |
| TrueShares Structured Outcome (February) ETF ("FEBZ ETF") | FEBZ | Diversified | February 1, 2021 |
| TrueShares Structured Outcome (March) ETF ("MARZ ETF") | MARZ | Diversified | March 1, 2021 |
| TrueShares Structured Outcome (April) ETF ("APRZ ETF") | APRZ | Diversified | April 1, 2021 |
| TrueShares Structured Outcome (May) ETF ("MAYZ ETF") | MAYZ | Diversified | May 3, 2021 |
| TrueShares Structured Outcome (June) ETF ("JUNZ ETF") | JUNZ | Diversified | June 1, 2021 |
| TrueShares Structured Outcome (July) ETF ("JULZ ETF") | JULZ | Diversified | July 1, 2020 |
| TrueShares Structured Outcome (August) ETF ("AUGZ ETF") | AUGZ | Diversified | August 3, 2020 |
| TrueShares Structured Outcome (September) ETF ("SEPZ ETF") | SEPZ | Diversified | September 1, 2020 |
| TrueShares Structured Outcome (October) ETF ("OCTZ ETF") | OCTZ | Diversified | October 1, 2020 |
| TrueShares Structured Outcome (November) ETF ("NOVZ ETF") | NOVZ | Diversified | November 2, 2020 |
| TrueShares Structured Outcome (December) ETF ("DECZ ETF") | DECZ | Diversified | December 1, 2020 |

---

Each Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its total return investment objective by investing in Options that reference the S&P 500<sup>®</sup> Price Index, employing a "buffer protect" options strategies that uses such options to seek to achieve exposure to the S&P 500<sup>®</sup> Price Index while mitigating the first 8% to 12% decline in the S&P 500<sup>®</sup> Price Index over a 12-month period.

2. SIGNIFICANT ACCOUNTING POLICIES

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies*. Each Fund prepares its financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and follows the significant accounting policies described below.

**Use of Estimates – The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.** 

**Share Transactions – The net asset value ("NAV") per share of each Fund will be equal to a Fund's total assets minus a Fund's total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the New York Stock Exchange ("NYSE") is open for trading.** 

**Fair Value Measurement – In calculating the NAV, each Fund's exchange-traded equity securities will be valued at fair value, which will generally be determined using the last reported official closing or last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Such valuations are typically categorized as Level 1 in the fair value hierarchy described below.** 

Securities listed on the NASDAQ Stock Market, Inc. are generally valued at the NASDAQ official closing price.

Money market funds are valued at NAV. If NAV is not readily available the securities will be valued at fair value.

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**TRUESHARES STRUCTURED OUTCOME ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

FASB ASC Topic 820, *Fair Value Measurements and Disclosures* ("ASC 820") defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurements. Under ASC 820, various inputs are used in determining the value of the Funds' investments. These inputs are summarized in the following hierarchy:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). See the Schedules of Investments and Written Options for a summary of the valuations as of June 30, 2025, for each Fund based upon the three levels described above.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The valuation of each Fund's investments is performed in accordance with the principles found in Rule 2a-5 of the 1940 Act. The Board of Trustees of the Trust (the "Board" or the "Trustees") has designated a fair valuation committee at the Adviser as the valuation designee of the Funds. In its capacity as valuation designee, the Adviser, has adopted procedures and methodologies to fair value the Funds' investments whose market prices are not "readily available" or are deemed to be unreliable. The circumstances in which a security may be fair valued include, among others: the occurrence of events that are significant to a particular issuer, such as mergers, restructurings or defaults; the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or government actions; trading restrictions on securities; thinly traded securities; and market events such as trading halts and early market closings. Due to the inherent uncertainty of valuations, fair values may differ significantly from the values that would have been used had an active market existed. Fair valuation could result in a different NAV than a NAV determined by using market quotations. Such valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy described above.

Debt securities, including short-term debt instruments having a maturity of less than 60 days, are generally valued using the last available evaluated mean or current market quotations provided by dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. Pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values. Due to the inherent uncertainty of valuations, fair values may differ significantly from the values that would have been used had an active market existed. An amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity, unless the Adviser determines in good faith that such method does not represent fair value.

Exchange-traded options are valued at the composite mean price, which calculates the mean of the highest bid price and lowest asked price across the exchange. On the last trading day prior to expiration, expiring options may be priced at intrinsic value. The premium a fund pays when purchasing a call or put option or receives when writing a call or put option will reflect, among other things, the market price of the security, the relationship of the exercise price to

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**TRUESHARES STRUCTURED OUTCOME ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the value of an option at the date of purchase.

FLexible EXchange Options ("FLEX Options") are valued at a model-based price provided by the exchange on which the option is traded. If the exchange on which the option is traded is unable to provide a price, FLEX Options are valued at a model-based price provided by an approved secondary pricing service.

All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board, although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

**Security Transactions – Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated based on the specific identification basis.** 

**Investment Income – Interest income is accrued daily. Discounts and premiums on fixed income securities purchased are accreted or amortized using the effective interest method.** 

**Tax Information, Dividends and Distributions to Shareholders and Uncertain Tax Positions – The Funds are treated as separate entities for Federal income tax purposes. Each Fund intends to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). To qualify and remain eligible for the special tax treatment accorded to RICs, each Fund must meet certain annual income and quarterly asset diversification requirements and must distribute annually at least 90% of the sum of (i) its investment company taxable income (which includes dividends, interest and net short-term capital gains) and (ii) certain net tax-exempt income, if any. If so qualified, each Fund will not be subject to Federal income tax.** 

Distributions to shareholders are recorded on the ex-dividend date. The Funds generally pay out dividends from net investment income, if any, at least annually, and distribute net capital gains, if any, to shareholders at least annually. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their Federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions which exceed earnings and profit for tax purposes are reported as a tax return of capital.

Management evaluates the Funds' tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as income tax expense. The Funds' Federal income tax returns are subject to examination by the Internal Revenue Service (the "IRS") for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. As of June 30, 2025, the Funds' period ended, the Funds had no material uncertain tax positions and did not have a liability for any unrecognized tax benefits. As of June 30, 2025, the Funds' period ended, the Funds had no examination in progress and management is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. The Funds recognized no interest or penalties related to uncertain tax benefits in the 2024 fiscal year. At June 30, 2025, the Funds' period ended, the tax periods from previous three fiscal years remained open to examination in the Funds' major tax jurisdiction.

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**TRUESHARES STRUCTURED OUTCOME ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

**Indemnification – In the normal course of business, the Funds expect to enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds' maximum exposure under these anticipated arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.** 

**Derivatives – The Structured Outcome ETFs employ a "buffer protect" options strategy that uses such options to seek to achieve exposure to the S&P 500<sup>®</sup> Price Index while mitigating the first 8% to 12% decline in the S&P 500<sup>®</sup> Price Index (the "Buffer") over a 12-month period beginning on a specified day (each, a "Roll Date"). The period from one Roll Date to the next Roll Date is referred to as the "Investment Period," and the first day of the Investment Period is referred to as the initial investment day. In the event an investor purchases shares after the date on which the options were entered into or sells shares prior to the expiration of the options, the Buffer that the Structured Outcome ETFs seeks to provide may not be available. The Structured Outcome ETFs are not designed to protect against declines of more than 8% to 12% in the level of the S&P 500<sup>®</sup> Price Index, and there can be no guarantee that the Structured Outcome ETFs will be successful in implementing the buffer protect options strategy to avoid the first 8% to 12% decline.** 

In general, the Structured Outcome ETFs invest in exchange-traded FLEX Options only. FLEX Options are customized option contracts made available by the Cboe Options Exchange with the ability to customize key contract terms like exercise price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over–the–counter options positions. Like traditional exchange–traded options, FLEX Options are guaranteed for settlement by the Options Clearing Corporation, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options in which the Structured Outcome ETFs invest generally have a term of up to one year and are all European style options (options that are exercisable only on the expiration date) based on the S&P 500<sup>®</sup> Price Index or an ETF that tracks the S&P 500<sup>®</sup> Price Index and have an expiration date that is the last day of the Investment Period.

The Structured Outcome ETFs will purchase and sell call and put FLEX Options. In general, put and call options on indices give the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the underlying index is greater than (or less than, in the case of puts) the exercise price of the option. This amount of cash is equal to the difference between the closing price of the index and the exercise price of the option, expressed in dollars multiplied by a specified number. The premium paid to the writer is the consideration for undertaking the obligations under the option contract.

The Structured Outcome ETFs purchasing put and call options pay a premium; therefore, if price movements in the underlying securities are such that exercise of the options would not be profitable for the Structured Outcome ETFs, loss of the premium paid may be offset by an increase in the value of the Structured Outcome ETFs' securities or by a decrease in the cost of acquisition of securities by the Structured Outcome ETFs. When the Structured Outcome ETFs write an option, if the underlying securities do not increase or decrease to a price level that would make the exercise of the option profitable to the holder thereof, the option generally will expire without being exercised and the Structured Outcome ETFs will realize as profit the premium received for such option. When a call option of which the Structured Outcome ETFs are the writer is exercised, the Structured Outcome ETFs will be required to sell the underlying securities to the option holder at the strike price and will not participate in any increase in the price of such securities above the strike price. When a put option of which the Structured Outcome ETFs are the writer is exercised, the Structured Outcome ETFs will be required to purchase the underlying securities at a price in excess of the market value of such securities. The Structured Outcome ETFs maintain minimal counterparty risk through contracts bought or sold on an exchange. As of June 30, 2025, the Structured Outcome ETFs' derivative instruments are not subject to a master netting arrangement.

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**TRUESHARES STRUCTURED OUTCOME ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

**Derivative Investments – The average monthly value outstanding of purchased and written options during the period ended June 30, 2025, were as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **TrueShares** <br>**Structured** <br>**Outcome** <br>(January) <br>**ETF** | **TrueShares** <br>**Structured** <br>**Outcome** <br>(February) <br>**ETF** | **TrueShares** <br>**Structured** <br>**Outcome** <br>(March) <br>**ETF** | **TrueShares** <br>**Structured** <br>**Outcome** <br>(April) <br>**ETF** | **TrueShares** <br>**Structured** <br>**Outcome** <br>(May) <br>**ETF** | **TrueShares** <br>**Structured** <br>**Outcome** <br>(June) <br>**ETF**  |
| Purchased Options | $1810994 | $393200 | $1291458 | $1863375 | $1076267 | $552618  |
| Written Options | 989015 | 264369 | 583429 | 398742 | 145373 | 62362 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **TrueShares** <br>**Structured** <br>**Outcome** <br>(July) <br>**ETF** | **TrueShares** <br>**Structured** <br>**Outcome** <br>(August) <br>**ETF** | **TrueShares** <br>**Structured** <br>**Outcome** <br>(September) <br>**ETF** | **TrueShares** <br>**Structured** <br>**Outcome** <br>(October) <br>**ETF** | **TrueShares** <br>**Structured** <br>**Outcome** <br>(November) <br>**ETF** | **TrueShares** <br>**Structured** <br>**Outcome** <br>(December) <br>**ETF**  |
| Purchased Options | $2728285 | $2039962 | $3586431 | $1500257 | $1806451 | $2351981  |
| Written Options | 244994 | 351855 | 410733 | 465941 | 491808 | 1976531 |

---

The following is a summary of the effect of derivative instruments on the Funds' Statements of Assets and Liabilities as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Equity Risk**<br>**Contracts** | **Asset Derivatives,**<br>**Investments,**<br>**at value** | **Liability**<br>**Derivatives,**<br>**Written options,**<br>**at value**  |
| TrueShares Structured Outcome (January) ETF | Purchased Options | &nbsp;&nbsp;&nbsp; $1844383 | &nbsp;&nbsp; $—  |
|  | Written Options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 333801  |
| TrueShares Structured Outcome (February) ETF | Purchased Options | &nbsp;&nbsp;&nbsp; 616937 | &nbsp;&nbsp; —  |
|  | Written Options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 172819  |
| TrueShares Structured Outcome (March) ETF | Purchased Options | &nbsp;&nbsp;&nbsp; 1109653 | &nbsp;&nbsp; —  |
|  | Written Options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 268749  |
| TrueShares Structured Outcome (April) ETF | Purchased Options | &nbsp;&nbsp;&nbsp; 1360016 | &nbsp;&nbsp; —  |
|  | Written Options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 179847  |
| TrueShares Structured Outcome (May) ETF | Purchased Options | &nbsp;&nbsp;&nbsp; 1151281 | &nbsp;&nbsp; —  |
|  | Written Options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 146080  |
| TrueShares Structured Outcome (June) ETF | Purchased Options | &nbsp;&nbsp;&nbsp; 897419 | &nbsp;&nbsp; —  |
|  | Written Options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 226028  |
| TrueShares Structured Outcome (July) ETF | Purchased Options | &nbsp;&nbsp;&nbsp; 2519321 | &nbsp;&nbsp; —  |
|  | Written Options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1161555  |
| TrueShares Structured Outcome (August) ETF | Purchased Options | &nbsp;&nbsp;&nbsp; 2119268 | &nbsp;&nbsp; —  |
|  | Written Options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 12547  |
| TrueShares Structured Outcome (September) ETF | Purchased Options | &nbsp;&nbsp;&nbsp; 9825766 | &nbsp;&nbsp; —  |
|  | Written Options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 238540  |
| TrueShares Structured Outcome (October) ETF | Purchased Options | &nbsp;&nbsp;&nbsp; 2589664 | &nbsp;&nbsp; —  |
|  | Written Options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 161371  |
| TrueShares Structured Outcome (November) ETF | Purchased Options | &nbsp;&nbsp;&nbsp; 2746733 | &nbsp;&nbsp; —  |
|  | Written Options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 216031  |
| TrueShares Structured Outcome (December) ETF | Purchased Options | &nbsp;&nbsp;&nbsp; 1169436 | &nbsp;&nbsp; —  |
|  | Written Options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 284561 |

---

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**TRUESHARES STRUCTURED OUTCOME ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

The following is a summary of the effect of derivative instruments on the Funds' Statements of Operations for the period ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Net Realized Gain(Loss)** | **Net Realized Gain(Loss)** | **Change in Unrealized** <br>**Appreciation/Depreciation**  | **Change in Unrealized** <br>**Appreciation/Depreciation**  |
|  |  | **Purchased** <br>**Options** | **Written** <br>**Options** | **Purchased** <br>**Options** | **Written** <br>**Options**  |
|  TrueShares Structured Outcome (January) ETF | Equity Risk Contracts | $(308821) | $53033 | $376370 | $377177  |
|  TrueShares Structured Outcome (February) ETF | Equity Risk Contracts | 618802 | 56140 | (527834) | (48742)  |
|  TrueShares Structured Outcome (March) ETF | Equity Risk Contracts | 707202 | 202318 | (1001191) | (272943)  |
|  TrueShares Structured Outcome (April) ETF | Equity Risk Contracts | (423046) | 641730 | (438855) | (492484)  |
|  TrueShares Structured Outcome (May) ETF | Equity Risk Contracts | (377198) | 147568 | 163580 | 82432  |
|  TrueShares Structured Outcome (June) ETF | Equity Risk Contracts | 42321 | 100316 | 26324 | 36229  |
|  TrueShares Structured Outcome (July) ETF | Equity Risk Contracts | 1868903 | 900464 | (974922) | (482429)  |
|  TrueShares Structured Outcome (August) ETF | Equity Risk Contracts | (466733) | 39598 | 654741 | 264138  |
|  TrueShares Structured Outcome (September) ETF | Equity Risk Contracts | 19191 | 11995 | 4563291 | 1853095  |
|  TrueShares Structured Outcome (October) ETF | Equity Risk Contracts | (32738) | 2984 | 517324 | 506771  |
|  TrueShares Structured Outcome (November) ETF | Equity Risk Contracts | (44558) | (9949) | 393825 | 378411  |
|  TrueShares Structured Outcome (December) ETF | Equity Risk Contracts | (2876591) | (1534533) | 1316205 | 659762 |

---

3. INVESTMENT ADVISORY AND OTHER AGREEMENTS

**Investment Advisory Agreement – The Trust has entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Adviser. Under the Advisory Agreement, the Adviser provides a continuous investment program for the Funds' assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of the Funds subject to the supervision of the Board, including the Trustees who are not "interested persons" of the Trust as defined in the 1940 Act (the "Independent Trustees").** 

Pursuant to the Advisory Agreement between the Trust, on behalf of the Funds, and TrueMark, each Fund pays a unified management fee to the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.79% of the Structured Outcome ETF's average daily net assets, respectively. TrueMark has agreed to pay all expenses of the Funds except the fee paid to TrueMark under the Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses (if any). TrueMark, in turn, compensates the Sub-Advisers from the management fee it receives.

**Distribution Agreement and 12b-1 Plan – Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) (the "Distributor"), serves as each Fund's distributor pursuant to a Distribution Agreement. The Distributor receives compensation from the Adviser for certain statutory underwriting services it provides to the Funds. The Distributor enters into agreements with certain broker-dealers and others that will allow** 

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**TRUESHARES STRUCTURED OUTCOME ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

those parties to be "Authorized Participants" and to subscribe for and redeem shares of the Funds. The Distributor will not distribute shares in less than whole Creation Units and does not maintain a secondary market in shares.

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act ("Rule 12b-1 Plan"). In accordance with the Rule 12b-1 Plan, each Fund is authorized to pay an amount up to 0.25% of the Fund's average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of each Fund's assets. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds.

**Administrator, Custodian and Transfer Agent – U.S. Bancorp Fund Services LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or "Administrator") serves as administrator, transfer agent and fund accountant of the Funds pursuant to a Fund Servicing Agreement. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' custodian pursuant to a Custody Agreement. Under the terms of these agreements, the Adviser pays each Fund's administrative, custody and transfer agency fees.** 

A Trustee and all officers of the Trust are affiliated with the Administrator and the Custodian.

4. CREATION AND REDEMPTION TRANSACTIONS

Shares of the Structured Outcome ETFs are listed and traded on the Cboe BZX Exchange, Inc. Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called "Creation Units". Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Market prices for the shares may be different from their NAV. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the NYSE is open for trading. The NAV of the shares of each Fund will be equal to a Fund's total assets minus a Fund's total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to four decimal places.

**Creation Unit Transaction Fee – Authorized Participants will be required to pay to the Custodian a fixed transaction fee (the "Creation Unit Transaction Fee") in connection with the issuance or redemption of Creation Units. The standard Creation Unit Transaction Fee will be the same regardless of the number of Creation Units purchased or redeemed by an investor on the applicable business day. The Creation Unit Transaction Fee charged by the Fund for each creation order is $300.** 

An additional variable fee of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for (1) creations effected outside the clearing process and (2) creations made in an all-cash amount (to offset the Trust's brokerage and other transaction costs associated with using cash to purchase the requisite Deposit Securities). Investors are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the Trust. Each Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders. Variable fees, if any, received by the Funds are displayed in the Capital Share Transactions section on the Statements of Changes in Net Assets.

Only "Authorized Participants" may purchase or redeem shares directly from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.

A creation unit will generally not be issued until the transfer of good title of the deposit securities to the Funds and the payment of any cash amounts have been completed. To the extent contemplated by the applicable participant agreement, Creation Units of the Funds will be issued to such authorized participant notwithstanding the fact that the Funds' deposits have not been received in part or in whole, in reliance on the undertaking of the authorized participant

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**TRUESHARES STRUCTURED OUTCOME ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

to deliver the missing deposit securities as soon as possible. If the Funds or their agents do not receive all of the deposit securities, or the required cash amounts, by such time, then the order may be deemed rejected and the authorized participant shall be liable to the Funds for losses, if any.

5. FEDERAL INCOME TAX

The tax character of distributions paid was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** | **Six Months Ended** <br>**June 30, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
|  | **Ordinary** <br>**Income<sup>(1)</sup>** | **Long-Term** <br>**Capital Gain** | **Ordinary** <br>**Income<sup>(1)</sup>** | **Long-Term** <br>**Capital Gain**  |
| TrueShares Structured Outcome (January) ETF | $— | $— | $731620 | $—  |
| TrueShares Structured Outcome (February) ETF | $— |  | $253412 | —  |
| TrueShares Structured Outcome (March) ETF | $— |  | $899328 | —  |
| TrueShares Structured Outcome (April) ETF | $— |  | $655696 | —  |
| TrueShares Structured Outcome (May) ETF | $— |  | $187684 | —  |
| TrueShares Structured Outcome (June) ETF | $— |  | $182184 | —  |
| TrueShares Structured Outcome (July) ETF | $— |  | $1097643 | —  |
| TrueShares Structured Outcome (August) ETF | $— |  | $653147 | —  |
| TrueShares Structured Outcome (September) ETF | $— |  | $698133 | —  |
| TrueShares Structured Outcome (October) ETF | $— |  | $192856 | —  |
| TrueShares Structured Outcome (November) ETF | $— |  | $649213 | —  |
| TrueShares Structured Outcome (December) ETF | $— |  | $1869389 |  |

---

<sup>(1)</sup> Ordinary income may include short-term capital gains.

At December 31, 2024, the Funds' fiscal year end, the components of distributable earnings (accumulated losses) and cost of investments on a tax basis, including the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting year, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **TrueShares**<br>**Structured**<br>**Outcome**<br>**January** <br>**ETF** | **TrueShares**<br>**Structured**<br>**Outcome**<br>**February** <br>**ETF** | **TrueShares**<br>**Structured**<br>**Outcome**<br>**March** <br>**ETF** | **TrueShares**<br>**Structured**<br>**Outcome**<br>**April** <br>**ETF** | **TrueShares**<br>**Structured**<br>**Outcome**<br>**May** <br>**ETF** | **TrueShares**<br>**Structured**<br>**Outcome**<br>**June** <br>**ETF**  |
| Federal Tax Cost of Investments\* | $24026690 | $5839449 | $18165494 | $22013302 | $9284876 | $4346255  |
| Gross Tax Unrealized Appreciation | $7025 | $711427 | $1647756 | $1648016 | $365696 | $259795  |
| Gross Tax Unrealized Depreciation | (1864) |  | (18610) | (5351) | (3880) | —  |
|  Net Tax Unrealized Appreciation (Depreciation) | 5161 | 711427 | 1629146 | 1642665 | 361816 | 259795  |
| Undistributed Ordinary Income | 1107 | 13080 | 2123 | 2667 | 1153 | 520  |
| Other Accumulated Gain(Loss) | (776302) | (12350) |  |  | (325651) | —  |
|  Total Distributable Earnings/ (Accumulated Losses) | $(770034) | $712157 | $1631269 | $1645332 | $37318 | $260315 |

---

\* Includes written option premiums.

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**TRUESHARES STRUCTURED OUTCOME ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **TrueShares**<br>**Structured**<br>**Outcome**<br>**July** <br>**ETF** | **TrueShares**<br>**Structured**<br>**Outcome**<br>**August**<br>**ETF** | **TrueShares**<br>**Structured**<br>**Outcome**<br>**September**<br>**ETF** | **TrueShares**<br>**Structured**<br>**Outcome**<br>**October**<br>**ETF** | **TrueShares**<br>**Structured**<br>**Outcome**<br>**November**<br>**ETF** | **TrueShares**<br>**Structured**<br>**Outcome**<br>**December**<br>**ETF**  |
| Federal Tax Cost of Investments\* | $31988423 | $15340475 | $18656765 | $15241818 | $22519389 | $75690361  |
| Gross Tax Unrealized Appreciation | $1555653 | $739223  | $706995 | $143993 | $446808 | $86042  |
| Gross Tax Unrealized Depreciation | (180954) |  | (32463) | (83472) | (14040) | (1677183)  |
|  Net Tax Unrealized Appreciation (Depreciation) | 1374699 | 739223 | 674532 | 60521 | 432768 | (1591141)  |
| Undistributed Ordinary Income | 60393 | 28337 | 2053 | 13520 | 6195 | 86478  |
| Other Accumulated Gain(Loss) |  | 174300 | (207018) |  | 1423350 | —  |
|  Total Distributable Earnings/ (Accumulated Losses) | $1435092 | $593260 | $469567 | $74041 | $(984387) | $(1504663) |

---

\* Includes written option premiums.

The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

Under current tax law, net capital losses realized after October 31 as well as certain specified ordinary losses incurred after October 31 may be deferred and treated as occurring on the first day of the following fiscal year.

The Funds' post-October losses are determined only at the end of each fiscal year. At December 31, 2024, TrueShares Structured Outcome January ETF deferred post-October losses of $776,302.

The Funds' carryforward losses are determined only at the end of each fiscal year. At December 31, 2024, the Funds had carryforward losses which will be carried forward indefinitely to offset future realized capital gains are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Capital Loss**<br>**Carryover**<br>**Utilized** | **Indefinite**<br>**Short-Term**<br>**Capital Loss**<br>**Carryover** | **Indefinite**<br>**Long-Term**<br>**Capital Loss**<br>**Carryover**  |
| TrueShares Structured Outcome January ETF | $396465 | $— | &nbsp;&nbsp;&nbsp; $—  |
| TrueShares Structured Outcome February ETF |  | 12277 | &nbsp;&nbsp;&nbsp; 73  |
| TrueShares Structured Outcome March ETF |  |  | &nbsp;&nbsp;&nbsp; —  |
| TrueShares Structured Outcome April ETF | 197297 |  | &nbsp;&nbsp;&nbsp; —  |
| TrueShares Structured Outcome May ETF | 7319 | 325651 | &nbsp;&nbsp;&nbsp; —  |
| TrueShares Structured Outcome June ETF |  |  | &nbsp;&nbsp;&nbsp; —  |
| TrueShares Structured Outcome July ETF | 39161 |  | &nbsp;&nbsp;&nbsp; —  |
| TrueShares Structured Outcome August ETF | 130239 | 174300 | &nbsp;&nbsp;&nbsp; —  |
| TrueShares Structured Outcome September ETF | 154829 | 207018 | &nbsp;&nbsp;&nbsp; —  |
| TrueShares Structured Outcome October ETF | 338378 |  | &nbsp;&nbsp;&nbsp; —  |
| TrueShares Structured Outcome November ETF |  | 1422270 | &nbsp;&nbsp;&nbsp; 1080  |
| TrueShares Structured Outcome December ETF | 200608 |  | &nbsp;&nbsp;&nbsp; — |

---

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**TRUESHARES STRUCTURED OUTCOME ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

6. INVESTMENT TRANSACTIONS

During the period ended June 30, 2025, the Funds realized amounts in net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains are not taxable to the Funds, and are not distributed to shareholders, they have been reclassified from distributable earnings (accumulated losses) to paid in-capital. The amounts of realized gains and losses from in-kind redemptions included in realized gain/(loss) on investments in the Statements of Operations is as follows:

---

| | | |
|:---|:---|:---|
|  | **Realized Gains** | **Realized Losses**  |
| TrueShares Structured Outcome (January) ETF | $— | &nbsp;&nbsp; $—  |
| TrueShares Structured Outcome (February) ETF | 723353 | &nbsp;&nbsp; —  |
| TrueShares Structured Outcome (March) ETF | 1697662 | &nbsp;&nbsp; (4207)  |
| TrueShares Structured Outcome (April) ETF | 705680 | &nbsp;&nbsp; (184101)  |
| TrueShares Structured Outcome (May) ETF |  | &nbsp;&nbsp; —  |
| TrueShares Structured Outcome (June) ETF | 200277 | &nbsp;&nbsp; (22005)  |
| TrueShares Structured Outcome (July) ETF | 1802881 | &nbsp;&nbsp; —  |
| TrueShares Structured Outcome (August) ETF |  | &nbsp;&nbsp; —  |
| TrueShares Structured Outcome (September) ETF |  | &nbsp;&nbsp; —  |
| TrueShares Structured Outcome (October) ETF |  | &nbsp;&nbsp; —  |
| TrueShares Structured Outcome (November) ETF |  | &nbsp;&nbsp; —  |
| TrueShares Structured Outcome (December) ETF |  | &nbsp;&nbsp; — |

---

Purchases and sales of investments (excluding short-term investments), creations in-kind and redemptions in-kind for the period ended June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Creations**<br>**In-Kind** | **Redemptions**<br>**In-Kind**  |
| TrueShares Structured Outcome (January) ETF | $— | $— | $— | $—  |
| TrueShares Structured Outcome (February) ETF |  |  |  | 692627  |
| TrueShares Structured Outcome (March) ETF |  |  |  | —  |
| TrueShares Structured Outcome (April) ETF |  |  |  | —  |
| TrueShares Structured Outcome (May) ETF |  |  |  | —  |
| TrueShares Structured Outcome (June) ETF |  |  |  | —  |
| TrueShares Structured Outcome (July) ETF |  |  |  | —  |
| TrueShares Structured Outcome (August) ETF |  |  |  | —  |
| TrueShares Structured Outcome (September) ETF |  |  |  | —  |
| TrueShares Structured Outcome (October) ETF |  |  |  | —  |
| TrueShares Structured Outcome (November) ETF |  |  |  | —  |
| TrueShares Structured Outcome (December) ETF |  |  |  |  |

---

7. PRINCIPAL RISKS

As with all ETFs, shareholders of the Funds are subject to the risk that their investment could lose money. Each Fund is subject to the principal risks, any of which may adversely affect a Fund's NAV, trading price, yield, total return and ability to meet its investment objective.

A complete description of principal risks is included in the prospectus under the heading "Principal Investment Risks."

8. NEW ACCOUNTING PRONOUNCEMENT

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund(s). Each Fund operates as a single segment entity. The Fund's income, expenses, assets,

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**TRUESHARES STRUCTURED OUTCOME ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

9. SUBSEQUENT EVENTS

The Board has approved an Agreement and Plan of Reorganization for the Funds to reorganize into newly created series of Elevation Series Trust.

In preparing these financial statements management of the Funds has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that other than as disclosed above there are no subsequent events that would need to be recorded or disclosed in the Funds' financial statements.

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**TRUESHARES STRUCTURED OUTCOME ETFs** 

**ADDITIONAL INFORMATION** 

**June 30, 2025 (Unaudited)** 

**THE BELOW INFORMATION IS REQUIRED DISCLOSURE FROM FORM N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

The Advisor has agreed to pay all operating expenses of the Funds pursuant to the terms of the Investment Advisory Agreement, subject to certain exclusions provided therein. As a result, the Advisor is responsible for compensating the Independent Trustees. Further information related to Trustee and Officer compensation for the Trust can be obtained from the Funds' most recent Statement of Additional Information.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

There were none during the period covered by this report.

**TAX INFORMATION** 

For the fiscal year ended December 31, 2024, the percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for the Funds were as follows:

---

| | |
|:---|:---|
| TrueShares Structured Outcome (January) ETF | 13.07%  |
| TrueShares Structured Outcome (February) ETF | 20.91%  |
| TrueShares Structured Outcome (March) ETF | 9.29%  |
| TrueShares Structured Outcome (April) ETF | 0.00%  |
| TrueShares Structured Outcome (May) ETF | 0.00%  |
| TrueShares Structured Outcome (June) ETF | 12.56%  |
| TrueShares Structured Outcome (July) ETF | 0.00%  |
| TrueShares Structured Outcome (August) ETF | 0.00%  |
| TrueShares Structured Outcome (September) ETF | 0.00%  |
| TrueShares Structured Outcome (October) ETF | 0.00%  |
| TrueShares Structured Outcome (November) ETF | 0.00%  |
| TrueShares Structured Outcome (December) ETF | 0.00% |

---

53<br>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

The Advisor has agreed to pay all operating expenses of the Funds pursuant to the terms of the Investment Advisory Agreement, subject to certain exclusions provided therein. As a result, the Advisor is responsible for compensating the Independent Trustees. Further information related to Trustee and Officer compensation for the Trust can be obtained from the Funds' most recent Statement of Additional Information.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>** 

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President and Treasurer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act"))
 as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or
 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls
 and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed,
 summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a)under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](tssoe-efp17332_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](tssoe-efp17332_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Listed Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kacie G. Briody |
|  | Kacie G. Briody, President/Principal Executive Officer |

---

Date <u>9/5/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kacie G. Briody |
|  | Kacie G. Briody, President/Principal Executive Officer |

---

Date <u>9/5/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Travis G. Babich |
|  | Travis G. Babich, Treasurer/Principal Financial Officer |

---

Date <u>9/5/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Kacie G. Briody, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed
 this report on Form N-CSR of Listed Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on
 my knowledge, this report does not contain any untrue statement of a material fact or omit
 to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on
 my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's
 other certifying officer(s) and I are responsible for establishing and maintaining disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the
 Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's
 other certifying officer(s) and I have disclosed to the registrant's auditors and the
 audit committee of the registrant's board of directors (or persons performing the equivalent
 functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/5/2025 | /s/ Kacie G. Briody |
|  |  | Kacie G. Briody<br>President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Travis G. Babich, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed
 this report on Form N-CSR of Listed Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on
 my knowledge, this report does not contain any untrue statement of a material fact or omit
 to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on
 my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's
 other certifying officer(s) and I are responsible for establishing and maintaining disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the
 Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's
 other certifying officer(s) and I have disclosed to the registrant's auditors and the
 audit committee of the registrant's board of directors (or persons performing the equivalent
 functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/5/2025 | /s/ Travis G. Babich |
|  |  | Travis G. Babich<br>Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Listed Funds Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Listed Funds Trust, for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Listed Funds Trust for the stated period.

---

| | | |
|:---|:---|:---|
| /s/ Kacie G. Briody | /s/ Kacie G. Briody | /s/ Travis G. Babich |
| <br>Kacie G. Briody<br> President/Principal Executive Officer<br> Listed Funds Trust | <br>Kacie G. Briody<br> President/Principal Executive Officer<br> Listed Funds Trust | <br>Travis G. Babich<br> Treasurer/Principal Financial Officer<br> Listed Funds Trust<br>|
| Dated: | 9/5/2025 |  |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Listed Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.