# EDGAR Filing Document

**Accession Number:** 0001683471
**File Stem:** 0000894189-25-014669
**Filing Date:** 2025-11
**Character Count:** 20656
**Document Hash:** 17ffbea9346ddc1ba5b181a6ffa0fa2a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014669.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000894189-25-014669

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**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:** 251516359

**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

### GlacierShares Nasdaq Iceland ETF (Series ID: S000090959)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000258348 | GlacierShares Nasdaq Iceland ETF | GLCR            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **GlacierShares Nasdaq Iceland ETF** | **GlacierShares Nasdaq Iceland ETF** | **GlacierShares Nasdaq Iceland ETF** | **GlacierShares Nasdaq Iceland ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.0%** | **COMMON STOCKS - 99.0%** | **Shares** | **Value**  |
| **Canada - 3.9%** | **Canada - 3.9%** | **Canada - 3.9%** | |
| Amaroq Ltd. <sup>(a)</sup> | Amaroq Ltd. <sup>(a)</sup> | 31221 | $30263 |
| **Faroe Islands - 4.5%** | **Faroe Islands - 4.5%** | **Faroe Islands - 4.5%** |  |
| Bakkafrost P/F | Bakkafrost P/F | 761 | 34886 |
| **Iceland - 60.9%<sup>(b)</sup>** | **Iceland - 60.9%<sup>(b)</sup>** | **Iceland - 60.9%<sup>(b)</sup>** |  |
| Arion Banki HF <sup>(c)</sup> | Arion Banki HF <sup>(c)</sup> | 65085 | 95058 |
| Eik fasteignafelag HF | Eik fasteignafelag HF | 60363 | 6874 |
| Eimskipafelag Islands HF | Eimskipafelag Islands HF | 4165 | 11960 |
| Embla Medical HF <sup>(a)</sup> | Embla Medical HF <sup>(a)</sup> | 4867 | 23826 |
| Festi HF | Festi HF | 10860 | 27063 |
| Hagar HF | Hagar HF | 26174 | 23109 |
| Hampidjan HF | Hampidjan HF | 23978 | 24138 |
| Heimar HF | Heimar HF | 73241 | 21031 |
| Icelandair Group HF <sup>(a)</sup> | Icelandair Group HF <sup>(a)</sup> | 1489542 | 13766 |
| Islandsbanki HF | Islandsbanki HF | 101482 | 102160 |
| Kaldalon HF <sup>(a)</sup> | Kaldalon HF <sup>(a)</sup> | 39333 | 7789 |
| Kvika banki HF | Kvika banki HF | 212260 | 31439 |
| Nova Klubburinn HF | Nova Klubburinn HF | 157636 | 6269 |
| Olgerdin Egill Skallagrims HF <sup>(a)</sup> | Olgerdin Egill Skallagrims HF <sup>(a)</sup> | 114318 | 16791 |
| Reitir fasteignafelag HF | Reitir fasteignafelag HF | 26279 | 25154 |
| Siminn HF | Siminn HF | 85995 | 9225 |
| Sjova-Almennar Tryggingar HF | Sjova-Almennar Tryggingar HF | 26506 | 9098 |
| Skagi HF | Skagi HF | 73297 | 10887 |
| Skel fjarfestingafelag HF | Skel fjarfestingafelag HF | 44318 | 6107 |
|  |  |  | 471744 |
| **Luxembourg - 8.7%** | **Luxembourg - 8.7%** | **Luxembourg - 8.7%** |  |
| Alvotech SA <sup>(a)</sup> | Alvotech SA <sup>(a)</sup> | 8255 | 67608 |
| **Norway - 10.7%** | **Norway - 10.7%** | **Norway - 10.7%** |  |
| Aker BioMarine ASA <sup>(a)</sup> | Aker BioMarine ASA <sup>(a)</sup> | 105 | 976 |
| Austevoll Seafood ASA | Austevoll Seafood ASA | 487 | 4637 |
| Grieg Seafood ASA <sup>(a)</sup> | Grieg Seafood ASA <sup>(a)</sup> | 260 | 1728 |
| Leroy Seafood Group ASA | Leroy Seafood Group ASA | 1333 | 6581 |
| Mowi ASA | Mowi ASA | 1615 | 34120 |
| Salmar ASA | Salmar ASA | 640 | 34188 |
| Salmon Evolution ASA <sup>(a)</sup> | Salmon Evolution ASA <sup>(a)</sup> | 2222 | 1127 |
|  |  |  | 83357 |
| **Switzerland - 5.7%** | **Switzerland - 5.7%** | **Switzerland - 5.7%** |  |
| Oculis Holding AG <sup>(a)</sup> | Oculis Holding AG <sup>(a)</sup> | 2492 | 44183 |
| **United States - 4.6%** | **United States - 4.6%** | **United States - 4.6%** |  |
| JBT Marel Corp. | JBT Marel Corp. | 254 | 35674 |
| **TOTAL COMMON STOCKS** (Cost $694,870) | **TOTAL COMMON STOCKS** (Cost $694,870) | **TOTAL COMMON STOCKS** (Cost $694,870) | 767715 |
| **TOTAL INVESTMENTS - 99.1% (**Cost $694,870**)** | **TOTAL INVESTMENTS - 99.1% (**Cost $694,870**)** | **TOTAL INVESTMENTS - 99.1% (**Cost $694,870**)** | 767715 |
| Money Market Deposit Account - 0.9% <sup>(d)</sup> | Money Market Deposit Account - 0.9% <sup>(d)</sup> | Money Market Deposit Account - 0.9% <sup>(d)</sup> | 7148 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(e)</sup> | Other Assets in Excess of Liabilities - 0.0% <sup>(e)</sup> | Other Assets in Excess of Liabilities - 0.0% <sup>(e)</sup> | 237 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $775100 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

(a) Non-income producing security.

(b) To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions
 affecting such country or region.

(c) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of September 30, 2025, the value of these securities total $95,058 or 12.3% of the Fund's net assets.

(d) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on
 market conditions and is subject to change daily. The rate as of September 30, 2025, was 3.95%.

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

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
GlacierShares Nasdaq Iceland ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $760841 | $6874 | $– | $767715 |
| Total Investments | $760841 | $6874 | $– | $767715 |

---

## 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:** GlacierShares Nasdaq Iceland ETF

- **b. EDGAR series identifier (if any):** S000090959

- **c. LEI of Series:** 5299002OP8DSOI8GA658

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $775743.35

**Total Liabilities:** $642.90

**Net Assets:** $775100.45

**Cash Not Reported:** $256.80

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000258348 | -0.45%               | -0.85%               | 2.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6.92                   | $-2602.20                                  |
| Month 2  | $0.48                    | $-6127.57                                  |
| Month 3  | $1477.71                 | $19381.80                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Hampidjan HF                  | Hampidjan HF                  | CUSIP: N/A<br>LEI: 25490002T5TRM5T6US82       | Long             | EC               | CORP              | IS        |     23978 | NS      | $24138.26     | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Leroy Seafood Group ASA       | Leroy Seafood Group ASA       | CUSIP: N/A<br>LEI: 5967007LIEEXZXJ2JK50       | Long             | EC               | CORP              | NO        |      1333 | NS      | $6580.97      | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Skagi Hf                      | Skagi Hf                      | CUSIP: N/A<br>LEI: 213800QFQIHO7KG2P786       | Long             | EC               | CORP              | IS        |     73297 | NS      | $10886.59     | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Mowi ASA                      | Mowi ASA                      | CUSIP: N/A<br>LEI: 549300W1OGQF5LZIH349       | Long             | EC               | CORP              | NO        |      1615 | NS      | $34119.95     | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Icelandair Group HF           | Icelandair Group HF           | CUSIP: N/A<br>LEI: 549300UMI5MBLZSXGL15       | Long             | EC               | CORP              | IS        |   1489542 | NS      | $13765.88     | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Grieg Seafood ASA             | Grieg Seafood ASA             | CUSIP: N/A<br>LEI: 5967007LIEEXZXH5VC37       | Long             | EC               | CORP              | NO        |       260 | NS      | $1727.64      | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Arion Banki HF                | Arion Banki HF                | CUSIP: N/A<br>LEI: RIL4VBPDB0M7Z3KXSF19       | Long             | EC               | CORP              | IS        |     65085 | NS      | $95057.72     | 12.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Sjova-Almennar Tryggingar hf  | Sjova-Almennar Tryggingar hf  | CUSIP: N/A<br>LEI: 213800R3IXBON2LBEI63       | Long             | EC               | CORP              | IS        |     26506 | NS      | $9098.52      | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Aker BioMarine ASA            | Aker BioMarine ASA            | CUSIP: N/A<br>LEI: 549300V34T6VWDSYWE64       | Long             | EC               | CORP              | NO        |       105 | NS      | $976.57       | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Olgerdin Egill Skallagrims HF | Olgerdin Egill Skallagrims HF | CUSIP: N/A<br>LEI: 5493003YDW5CUGC5PS30       | Long             | EC               | CORP              | IS        |    114318 | NS      | $16790.66     | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Klubburinn hf            | Nova Klubburinn hf            | CUSIP: N/A<br>LEI: 64886J4FR973Q12HGS61       | Long             | EC               | CORP              | IS        |    157636 | NS      | $6269.54      | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Amaroq Ltd                    | Amaroq Ltd                    | CUSIP: 02311U103<br>LEI: 213800Q21S5JQ6WKCE70 | Long             | EC               | CORP              | CA        |     31221 | NS      | $30262.68     | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Reitir fasteignafelag hf      | Reitir fasteignafelag hf      | CUSIP: N/A<br>LEI: 967600GFEYNJK2W4G048       | Long             | EC               | CORP              | IS        |     26279 | NS      | $25153.59     | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Eik fasteignafelag hf         | Eik fasteignafelag hf         | CUSIP: N/A<br>LEI: 2138005WRSDC4DI3BJ43       | Long             | EC               | CORP              | IS        |     60363 | NS      | $6873.58      | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Siminn HF                     | Siminn HF                     | CUSIP: N/A<br>LEI: 254900X9GQZM6UGXYF10       | Long             | EC               | CORP              | IS        |     85995 | NS      | $9224.65      | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Embla Medical HF              | Embla Medical HF              | CUSIP: N/A<br>LEI: 213800K2AVTAFWJ4DP64       | Long             | EC               | CORP              | IS        |      4867 | NS      | $23826.30     | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Salmon Evolution ASA          | Salmon Evolution ASA          | CUSIP: N/A<br>LEI: 549300P2OB7L255PF765       | Long             | EC               | CORP              | NO        |      2222 | NS      | $1126.83      | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Skel fjarfestingafelag hf     | Skel fjarfestingafelag hf     | CUSIP: N/A<br>LEI: 549300HQOKYY8SFBUW85       | Long             | EC               | CORP              | IS        |     44318 | NS      | $6107.03      | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Oculis Holding AG             | Oculis Holding AG             | CUSIP: N/A<br>LEI: 5067005370C2KK324336       | Long             | EC               | CORP              | CH        |      2492 | NS      | $44183.16     | 5.70%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp                | JBT Marel Corp                | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |       254 | NS      | $35674.30     | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Salmar ASA                    | Salmar ASA                    | CUSIP: N/A<br>LEI: 5967007LIEEXZXGDBK67       | Long             | EC               | CORP              | NO        |       640 | NS      | $34187.90     | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Eimskipafelag Islands hf      | Eimskipafelag Islands hf      | CUSIP: N/A<br>LEI: 549300IUR8Q7Y44KBL02       | Long             | EC               | CORP              | IS        |      4165 | NS      | $11959.90     | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Islandsbanki HF               | Islandsbanki HF               | CUSIP: N/A<br>LEI: 549300PZMFIQR79Q0T97       | Long             | EC               | CORP              | IS        |    101482 | NS      | $102160.28    | 13.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Alvotech SA                   | Alvotech SA                   | CUSIP: N/A<br>LEI: 222100DCZBOWV5DZ8372       | Long             | EC               | CORP              | LU        |      8255 | NS      | $67608.45     | 8.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Austevoll Seafood ASA         | Austevoll Seafood ASA         | CUSIP: N/A<br>LEI: 5967007LIEEXZXFFDC03       | Long             | EC               | CORP              | NO        |       487 | NS      | $4636.79      | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Bakkafrost P/F                | Bakkafrost P/F                | CUSIP: N/A<br>LEI: 2138007LH7OP4V112978       | Long             | EC               | CORP              | FO        |       761 | NS      | $34885.59     | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Heimar HF                     | Heimar HF                     | CUSIP: N/A<br>LEI: 9676000V0KP4AUXNSZ66       | Long             | EC               | CORP              | IS        |     73241 | NS      | $21031.33     | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Kvika banki hf                | Kvika banki hf                | CUSIP: N/A<br>LEI: 254900WR3I1Z9NPC7D84       | Long             | EC               | CORP              | IS        |    212260 | NS      | $31438.79     | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Festi hf                      | Festi hf                      | CUSIP: N/A<br>LEI: 5493005OLOCYXGTC7E83       | Long             | EC               | CORP              | IS        |     10860 | NS      | $27062.63     | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaldalon hf                   | Kaldalon hf                   | CUSIP: N/A<br>LEI: 254900A1SVOQEMA2WP49       | Long             | EC               | CORP              | IS        |     39333 | NS      | $7789.36      | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBGFS 9       | US BANK MMDA - USBGFS 9       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |      7148 | NS      | $7147.68      | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Hagar hf                      | Hagar hf                      | CUSIP: N/A<br>LEI: 635400TICHH43JJTNP54       | Long             | EC               | CORP              | IS        |     26174 | NS      | $23109.32     | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** Listed Funds Trust

**Signature:** /s/Travis Babich

**Name of Signer:** Travis Babich

**Title:** Treasurer