# EDGAR Filing Document

**Accession Number:** 0001683471
**File Stem:** 0001145549-25-055227
**Filing Date:** 2025-8
**Character Count:** 18462
**Document Hash:** 96758b86106478fb89760ea268f1c3d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-055227.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001145549-25-055227

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23226
- **FILM NUMBER:** 251268803

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

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

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

## Series and Classes Contracts Data

### Horizon Kinetics Inflation Beneficiaries ETF (Series ID: S000070458)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000223962 | Horizon Kinetics Inflation Beneficiaries ETF | INFL            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** Horizon Kinetics Inflation Beneficiaries ETF

- **b. EDGAR series identifier (if any):** S000070458

- **c. LEI of Series:** 5493002HSH81OPEVAK36

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1314551445.30

**Total Liabilities:** $56097895.80

**Net Assets:** $1258453549.50

**Cash Not Reported:** $143963.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223962 | 0.90%                | 1.78%                | 1.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3496211.93              | $7216510.68                                |
| Month 2  | $533899.48               | $18015982.07                               |
| Month 3  | $6339362.95              | $10264771.40                               |

### Schedule of Portfolio Investments

| Name                           | Title                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Wheaton Precious Metals Corp   | Wheaton Precious Metals Corp     | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |   1121939 | NS      | $100750122.20 | 8.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Wilmar International Ltd       | Wilmar International Ltd         | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |   4455112 | NS      | $10038999.29  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarkson PLC                   | Clarkson PLC                     | CUSIP: N/A<br>LEI: 2138007G6BGTEHI3OT22       | Long             | EC               | CORP              | GB        |    110829 | NS      | $4958707.01   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co      | Archer-Daniels-Midland Co        | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |    397433 | NS      | $20976513.74  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I | Hawaiian Electric Industries Inc | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |   3245507 | NS      | $34499739.41  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc    | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |    337790 | NS      | $61974331.30  | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Water Solutions Inc       | Aris Water Solutions Inc         | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1016323 | NS      | $24036038.95  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                  | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |    234010 | NS      | $14473518.50  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc        | DigitalBridge Group Inc          | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |   2827435 | NS      | $29263952.25  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorchester Minerals LP         | Dorchester Minerals LP           | CUSIP: 25820R105<br>LEI: 529900J537JTEZOMXG05 | Long             | EC               | CORP              | US        |    188591 | NS      | $5254145.26   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp             | Franco-Nevada Corp               | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |    327191 | NS      | $53633148.72  | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG             | Deutsche Boerse AG               | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |    154398 | NS      | $50185240.29  | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                    | Cameco Corp                      | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |    594740 | NS      | $44147550.20  | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc            | Cheniere Energy Inc              | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |    177750 | NS      | $43285680.00  | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Altius Minerals Corp           | Altius Minerals Corp             | CUSIP: 020936100<br>LEI: 54930083UJGDUCMJMU61 | Long             | EC               | CORP              | CA        |    378934 | NS      | $7603673.81   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ASX Ltd                        | ASX Ltd                          | CUSIP: N/A<br>LEI: 549300VSBVYUCBIQKT71       | Long             | EC               | CORP              | AU        |    576400 | NS      | $26351441.12  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Deterra Royalties Ltd          | Deterra Royalties Ltd            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   5708166 | NS      | $14065603.36  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                | Bunge Global SA                  | CUSIP: N/A<br>LEI: 254900IVXSV9K0B7PO26       | Long             | EC               | CORP              | US        |    310798 | NS      | $24950863.44  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC              | Landbridge Co LLC                | CUSIP: 514952100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1251189 | NS      | $84555352.62  | 6.72%             |  |  |  | No            |                  1 | On Loan: —       |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc         | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |    152526 | NS      | $33348284.64  | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                   | Mesabi Trust                     | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    393971 | NS      | $9439545.16   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Metalla Royalty & Streaming Lt | Metalla Royalty & Streaming Ltd  | CUSIP: 59124U605<br>LEI: 549300RPR0O774QEKV20 | Long             | EC               | CORP              | CA        |    390000 | NS      | $1497600.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Toei Animation Co Ltd          | Toei Animation Co Ltd            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     79599 | NS      | $1810257.99   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Exchange Ltd         | Singapore Exchange Ltd           | CUSIP: N/A<br>LEI: 549300IQ650PPXM76X03       | Long             | EC               | CORP              | SG        |   3004752 | NS      | $35104392.70  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group Inc       | Japan Exchange Group Inc         | CUSIP: N/A<br>LEI: 353800578ADEGIJTVW07       | Long             | EC               | CORP              | JP        |   1672809 | NS      | $16913964.10  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| OR Royalties Inc               | OR Royalties Inc                 | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |   1610101 | NS      | $41395696.71  | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Basin Royalty Trust    | Permian Basin Royalty Trust      | CUSIP: 714236106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1665275 | NS      | $20749326.50  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabine Royalty Trust           | Sabine Royalty Trust             | CUSIP: 785688102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85201 | NS      | $5681202.68   | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| St Joe Co/The                  | St Joe Co/The                    | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |    287516 | NS      | $13714513.20  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| San Juan Basin Royalty Trust   | San Juan Basin Royalty Trust     | CUSIP: 798241105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1283345 | NS      | $7674403.10   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandstorm Gold Ltd             | Sandstorm Gold Ltd               | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               | CORP              | CA        |   2012413 | NS      | $18916682.20  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitio Royalties Corp           | Sitio Royalties Corp             | CUSIP: 82983N108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    889770 | NS      | $16353972.60  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Inc                     | Sprott Inc                       | CUSIP: 852066208<br>LEI: 254900QHJAD5TP2JNM15 | Long             | EC               | CORP              | CA        |    181437 | NS      | $12535482.33  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tejon Ranch Co                 | Tejon Ranch Co                   | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |    643204 | NS      | $10908739.84  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp          | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62412 | NS      | $65931412.68  | 5.24%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBGFS 7        | US BANK MMDA - USBGFS 7          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        | 110363557 | NS      | $110363557.14 | 8.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc               | Viper Energy Inc                 | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |   1589447 | NS      | $60605614.11  | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| West Fraser Timber Co Ltd      | West Fraser Timber Co Ltd        | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |    286257 | NS      | $20982638.10  | 1.67%             |  |  |  | No            |                  1 | On Loan: —       |
| IG Port Inc                    | IG Port Inc                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    142000 | NS      | $2148997.89   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| London Stock Exchange Group PL | London Stock Exchange Group PLC  | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |     54282 | NS      | $7910887.03   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                   | Glencore PLC                     | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | CH        |   4802907 | NS      | $18665612.76  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| TMX Group Ltd                  | TMX Group Ltd                    | CUSIP: 87262K105<br>LEI: 549300N65GFVKSHGJW59 | Long             | EC               | CORP              | CA        |    908540 | NS      | $38432340.64  | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Labrador Iron Ore Royalty Corp | Labrador Iron Ore Royalty Corp   | CUSIP: 505440107<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    290214 | NS      | $6036110.90   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Lithium Royalty Corp           | Lithium Royalty Corp             | CUSIP: 53680W105<br>LEI: 549300PNTZ1SGOX9FY92 | Long             | EC               | CORP              | CA        |    100000 | NS      | $370831.81    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Topaz Energy Corp              | Topaz Energy Corp                | CUSIP: 89055A203<br>LEI: 98450056D90CB02FQ571 | Long             | EC               | CORP              | CA        |    676913 | NS      | $12729635.46  | 1.01%             |  |  |  | No            |                  1 | On Loan: —       |
| PrairieSky Royalty Ltd         | PrairieSky Royalty Ltd           | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |   3194296 | NS      | $55294445.97  | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC             | Royalty Pharma PLC               | CUSIP: N/A<br>LEI: 549300FGFN7VOK8BZR03       | Long             | EC               | CORP              | US        |    342984 | NS      | $12357713.52  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Listed Funds Trust

**Signature:** /s/Travis Babich

**Name of Signer:** Listed Funds Trust

**Title:** Treasurer