# EDGAR Filing Document

**Accession Number:** 0001683471
**File Stem:** 0000894189-26-014145
**Filing Date:** 2026-4
**Character Count:** 29438
**Document Hash:** b3016dd2b4b2875c0dfbba68e3e87672
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-014145.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0000894189-26-014145

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-215588
- **FILM NUMBER:** 26927134

**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 SPAC Active ETF (Series ID: S000078973)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000239792 | Horizon Kinetics SPAC Active ETF | SPAQ            |

**Horizon Kinetics SPAC Active ETF (SPAQ)**

**Listed on The Nasdaq Stock Market, LLC**

Summary Prospectus dated April 30, 2026

Before you invest, you may want to review the Fund's prospectus and Statement of Additional Information ("SAI"), which contain

more information about the Fund and its risks. The current Prospectus and SAI dated April 30, 2026, are incorporated by reference

into this Summary Prospectus. You can find the Fund's Prospectus, reports to shareholders, and other information about the Fund

online at www.horizonkinetics.com/products/etf/spaq/. You can also get this information at no cost by calling 1-800-617-0004 or by

sending an e-mail request to ETF@usbank.com.

**Investment Objective** 

Horizon Kinetics SPAC Active ETF ("SPAC ETF" or the "Fund") seeks to generate realized capital gains in excess of short-term

interest rates on a risk adjusted basis.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may pay** 

**other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and** 

**Example below.** 

---

| | |
|:---|:---|
| **Shareholder Fees** *(fees paid directly from your investment)* |  |
| **Annual Fund Operating Expenses** *(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses** *(expenses that you pay each year as a percentage of the value of your investment)* |
| Management Fee | 0.85% |
| Distribution and/or Service (Rule 12b-1) Fees | 0.00% |
| Other Expenses | 0.00% |
| **Total Annual Fund Operating Expenses** | **0.85%** |

---

**Example** 

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example

assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those

periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the

same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **1 Year:**  | $87 | **3 Years:**  | $271 | **5 Years:** | $471 | **10 Years:** | $1049 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher

portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account.

These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance.

For the fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 81% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund is an actively managed exchange-traded fund ("ETF") that pursues its investment objective primarily by investing, under

normal circumstances, in special purpose acquisition companies ("SPACs") that Ryan Heritage, LLP, the Fund's investment sub-

adviser (the "Sub-Adviser"), believes will generate net realized capital gains in excess of the income derived from bank certificates of

deposit with similar maturities.

A SPAC (also known as a "blank check" company) is an investment vehicle with no commercial operations that is designed to raise

capital via an initial public offering ("IPO") for the purpose of engaging in a merger, acquisition, reorganization, or similar business

combination (a "Combination") with one or more operating companies to be identified subsequent to the SPAC's IPO. SPACs are

often used as a vehicle to transition a company from private to publicly traded as an alternative to a more traditional direct IPO by a

private company. Unless and until Combination is completed, a SPAC generally places a minimum of the total amount of cash raised

in the IPO in a trust account that invests such cash in U.S. government securities or money market funds. A SPAC sponsor generally

has 24 months (or less) to find an acquisition target, secure shareholder approval, and complete the Combination. Prior to

consummation of a Combination, the SPAC's shares trade in the market at prices that may be below or above the per share value of

the trust account. If a Combination is not consummated within the allowed time span, the SPAC is automatically liquidated and the

cash value, after any applicable taxes, fees, and administrative expenses, of the SPAC trust is distributed to shareholders. If a

Combination is proposed, shareholders can (1) continue to hold onto their shares (which then bear the risks associated with all equity

securities) or (2) redeem their shares for the pro rata value of the cash value of the trust. The Sub-Adviser believes SPACs offer upside

potential when sold after an attractive Combination announcement, coupled with one or more redemption options, such as when the

Fund is permitted to exit a SPAC prior to the completion of a Combination without loss of the principal it invested in the SPAC, thus

providing a true asymmetric risk/reward profile for investors. Under normal circumstances, at least 80% of the Fund's net assets, plus

borrowings for investment purposes, will be invested in Pre-Combination SPACs, together with the warrants or rights issued in

connection with the IPO of Pre-Combination SPACs. A warrant or right is a security that allows its holder to purchase a specified

amount of common stock at a specified price for a specified time.

The Fund may maintain during a temporary period of abnormal conditions, a significant portion of its total assets in cash and

securities, generally considered to be cash and cash equivalents, including, but not limited to, high quality, U.S. short-term debt

securities and money market instruments. The Sub-Adviser will invest in such short-term cash positions to the extent the Sub-Adviser

is unable to find sufficient investments meeting its criteria and when the Sub-Adviser believes the purchase of additional equity

securities would not further the investment objective of the Fund during such periods of time. The criteria for temporarily investing in

cash equivalents is a lack of current investments that the Sub-Adviser believes will generate net realized capital gains in excess of the

income derived from bank certificates of deposit with similar maturities. Additionally, to respond to adverse market, economic,

political or other conditions, which may persist for short or long periods of time, the Fund may invest up to 100% of its assets in the

types of high quality, U.S. short-term debt securities and money market instruments described above.

If the market advances during periods when the Fund is holding a large cash position, the Fund may not participate in the positive

performance as much as it would have if it had been more fully invested in securities. During the temporary periods mentioned in the

paragraph above, the Sub-Adviser believes that an additional amount of liquidity in the Fund is desirable both to meet operating

requirements and to take advantage of new investment opportunities. When the Fund holds a significant portion of assets in cash and

cash equivalents, it may not meet its investment objective.

The Fund is classified as a "non-diversified" investment company under the Investment Company Act of 1940 (the "1940 Act").

**Principal Investment Risks**

The principal risks of investing in the Fund are summarized below. The principal risks are presented in alphabetical order to facilitate

finding particular risks and comparing them with the risks of other funds. Each risk summarized below is considered a "principal risk"

of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a

portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund's net asset value ("NAV"), trading

price, yield, total return and/or ability to meet its investment objective. The following risks could affect the value of your investment in

the Fund:

• **Active Management Risk.** The Fund is actively-managed and may not meet its investment objective based on the Adviser's

success or failure to implement investment strategies for the Fund. The Adviser's evaluations and assumptions regarding

investments, interest rates, inflation, and other factors may not successfully achieve the Fund's investment objective given actual

market conditions. The Adviser seeks to select for the Fund equity securities of companies that it expects to benefit, either directly

or indirectly, from rising prices of real assets that are sensitive to inflationary pressures. To the extent the Adviser's expectations

for increases in the prices of real assets do not materialize (for example, because inflation did not materially increase for a period

of time), the Fund may underperform other funds. Similarly, if the Adviser's judgments about the extent to which a company will

benefit from increases in the prices of real assets prove to be incorrect, the value of such companies, and consequently the Fund,

may decline.

• **Associated Risks of Pre-Combination SPACs.** "Pre-Combination" SPACs are SPACs that are either seeking a target for a

Combination or have not yet completed a Combination with an identified target. Pre-Combination SPACs often have

predetermined time frames to consummate a Combination (typically, two years) or the SPAC will liquidate. A Pre-Combination

SPAC may extend the time to consummate a Combination. The Fund invests in equity securities including common stock, rights

and warrants of SPACs, which raise cash to seek potential Combination opportunities. Unless and until a Combination is

completed, substantially all of the cash raised by a SPAC is deposited in a trust account that generally invests its assets in U.S.

government securities, money market securities, and cash. Because SPACs have no operating history or ongoing business other

than seeking Combinations, the value of their securities is particularly dependent on the ability of the entity's management to

identify and complete a Combination that investors find attractive. There is no guarantee that the SPACs in which the Fund

invests will complete a Combination or that any Combination that is completed will be attractive to investors. Some SPACs may

pursue Combinations only within certain industries or regions, which may affect the volatility of their prices. A SPAC may

restrict holders from redeeming more than a certain percentage of the outstanding public shares to discourage holders from

accumulating large blocks of shares. While the terms of warrants issued by SPACs will vary, to the extent warrants are

exercisable prior to a business combination, the holders of a SPAC's common stock may be subject to dilution which could

reduce the holder's proportional ownership in the SPAC.

• **Cybersecurity Risk.** Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets or proprietary

information, or cause the Fund, the Adviser (defined below), the Sub-Adviser, and/or other service providers (including

custodians and financial intermediaries) to suffer data breaches or data corruption. Additionally, cybersecurity failures or breaches

of the electronic systems of the Fund, the Adviser, the Sub-Adviser, the Fund's other service providers, market makers,

Authorized Participants ("APs"), the Fund's primary listing exchange, or the issuers of securities in which the Fund invests have

the ability to disrupt and negatively affect the Fund's business operations, including the ability to purchase and sell Shares,

potentially resulting in financial losses to the Fund and its shareholders.

• **Equity Securities Risk.** The equity securities held in the Fund's portfolio may experience sudden, unpredictable drops in value or

long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting

specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock

market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers

change. Preferred stocks are subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that

participation in the growth of an issuer may be limited.

• **ETF Risks.** The Fund is an ETF and, as a result of its structure, is exposed to the following risks:

*◦Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of

financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity

providers in the marketplace. Shares may trade at a material discount to NAV and possibly face delisting if either: (i) APs

exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to

perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business

activities and no other entities step forward to perform their functions.

*◦Costs of Buying or Selling Shares Risk.* Due to the costs of buying or selling Shares, including brokerage commissions

imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an

investment in Shares may not be advisable for investors who anticipate regularly making small investments.

*◦Shares May Trade at Prices Other Than NAV Risk.* As with all ETFs, Shares may be bought and sold in the secondary market

at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be

times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount)

due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market

volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary

market, in which case such premiums or discounts may be significant. Because securities held by the Fund may trade on

foreign exchanges that are closed when the Fund's primary listing exchange is open, the Fund is likely to experience

premiums or discounts greater than those of ETFs that invest in and hold only securities and other investments that are listed

and trade in the U.S.

◦ *Trading Risk.* Although Shares are listed for trading on The Nasdaq Stock Market, LLC (the "Exchange") and may be traded

on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on

any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's

underlying portfolio holdings, which can be significantly less liquid than the Shares.

• **Liquidity Risk.** Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's

returns because the Fund may be unable to transact at advantageous times or prices.

• **Market Capitalization Risk.** 

◦ *Mid-Capitalization Investing Risk.* The securities of mid-capitalization companies may be more vulnerable to adverse issuer,

market, political, or economic developments than securities of large-capitalization companies. The securities of mid-

capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes

than large-capitalization stocks or the stock market as a whole. Some mid-capitalization companies have limited product

lines, markets, financial resources, and management personnel and tend to concentrate on fewer geographical markets relative

to large-capitalization companies.

◦ *Small-Capitalization Investing Risk.* The securities of small-capitalization companies may be more vulnerable to adverse

issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities

of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price

changes than large- or mid-capitalization stocks or the stock market as a whole. Some small-capitalization companies have

limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets

relative to larger capitalization companies. There is typically less publicly available information concerning smaller-

capitalization companies than for larger, more established companies. Small-capitalization companies also may be

particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.

• **Market Risk.** The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors

include events impacting the entire market or specific market segments, such as political, market and economic developments, as

well as events that impact specific issuers. The Fund's NAV and market price, like security and commodity prices generally, may

fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods

of time. In addition, government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade

restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including

geopolitical), social, public health, market, extreme weather, natural or man-made disasters, or other conditions or events have in

the past and may in the future result in volatility in financial markets and reduced liquidity in equity, credit, and/or debt markets,

which could adversely impact the Fund and its investments and their value and performance. These developments as well as other

events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the

normal operations of securities exchanges and other markets.

• **Non-Diversification Risk.** Because the Fund is "non-diversified," it may invest a greater percentage of its assets in the securities

of a single issuer or a lesser number of issuers than if it was a diversified fund. As a result, the Fund may be more exposed to the

risks associated with and developments affecting an individual issuer or a lesser number of issuers than a fund that invests more

widely. This may increase the Fund's volatility and cause the performance of a relatively small number of issuers to have a

greater impact on the Fund's performance.

• **Portfolio Turnover Risk.** Because the Fund may "turn over" some or all of its portfolio frequently, the Fund may incur high

levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover (*e.g.*, in excess of

100% per year) may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for

shareholders.

• **Securities Lending Risk**. To the extent the Fund engages in securities lending, there are certain risks associated with securities

lending, including the risk that the borrower may fail to return the securities on a timely basis or even the loss of rights in the

collateral deposited by the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a

decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash

collateral. As a result, the Fund may lose money.

• **Temporary Defensive Positions Risk.** If the Fund takes a temporary defensive position, it may invest all or a large portion of its

assets in cash and/or cash equivalents. If the Fund takes a temporary defensive position, it may not achieve its investment

objective.

• **Warrants and Rights Risk.** The Fund may receive warrants or rights in connection with purchasing equity securities, specifically

SPAC Units. Investments in warrants or rights are pure speculation in that they have no voting rights, pay no dividends and have

no rights with respect to the assets of the corporation issuing them. They do not represent ownership of the securities, but only the

right to buy them. Warrants and rights also are complex financial instruments. Their prices do not necessarily move parallel to the

prices of underlying securities and their accounting treatment and valuation is subject to special considerations making them more

prone to errors than less complex financial instruments. For example, determining whether warrants should be treated as equity or

an asset or liability of the SPAC entity depends not only on the specific terms of the warrant contract, but also on the SPAC

entity's specific facts and circumstances. Warrants and rights are also subject to the risk that the Fund could lose the purchase

value of the warrant if the warrant is not exercised or sold prior to its expiration. They also involve the risk that the effective price

paid for the warrant or right added to the subscription price of the related security may be greater than the value of the subscribed

security's market price. If the Fund holds warrants or rights associated with a SPAC that does not complete a business

combination within the designated time period, the warrants or rights held by the Fund will expire and lose all value.

**Performance** 

The performance information presented below provides some indication of the risks of investing in the Fund by showing the extent to

which the Fund's performance can change from year to year and over time. The Fund commenced operations after the assets of

another investment company advised by the Adviser, the Kinetics Alternative Income Fund (the "Predecessor Fund"), were transferred

to the Fund in a tax-free reorganization as of the close of business on January 27, 2023 in which the Fund was the performance

survivor. The bar chart below shows the Fund's performance for the most recent calendar year ended December 31. The table

illustrates how the Fund's average annual returns for the 1-year and since inception periods compare with those of the S&P 500<sup>®</sup>

Index, a broad-based securities market index intended to represent the overall domestic equity market. The table also shows how the

Fund's performance compares to the NASDAQ Composite Total Return Index, a second index that provides a broad measure of

market performance. The Fund's past performance, before and after taxes, does not necessarily indicate how it will perform in the

future. Updated performance information is available on the Fund's website at www.horizonkinetics.com.

**Calendar Year Returns as of December 31**

![chart-efb36dbf560c45e9b9d.gif](chart-efb36dbf560c45e9b9d.gif)

During the period shown in the bar chart, the best performance for a quarter was 4.01% (for the quarter ended June 30, 2025) and the

worst performance was 0.62% (for the quarter ended September 30, 2025).

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns**<br>**(for the Periods Ended December 31, 2025)** | **Average Annual Total Returns**<br>**(for the Periods Ended December 31, 2025)** | **Average Annual Total Returns**<br>**(for the Periods Ended December 31, 2025)** |
|  | **<u>One Year</u>** | **Since Inception**<br>**<u>1/27/23</u>**<br>|
| Return Before Taxes | 8.85% | 6.08% |
| Return After Taxes on Distributions | 2.61% | 3.16% |
| Return After Taxes on Distributions and Sale of Fund Shares | 5.29% | 3.45% |
| **S&P 500**<sup>®</sup> **Index**<br>(reflects no deduction for fees, expenses, or taxes)<br>| 17.88% | 21.17% |
| **ICE BofA 6-Month US Treasury Bill Total Return Index**<br>(reflects no deduction for fees, expenses, or taxes)<br>| 4.28% | 4.94% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by

the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and

may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred

arrangements such as an individual retirement account ("IRA") or other tax-advantaged accounts. In certain cases, the figure

representing "Return After Taxes on Distributions and Sale of Shares" may be higher than the other return figures for the same period.

A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the

investor.

**Portfolio Management** 

---

| | |
|:---|:---|
| **Adviser** | Horizon Kinetics Asset Management LLC (the "Adviser") |
| **Sub-Adviser** | Ryan Heritage, LLP |
| **Portfolio Managers** | Philip Goldstein, Partner of the Sub-Adviser, Andrew Dakos, Partner of the Sub-Adviser, and Rajeev Das, <br>Principal of the Sub-Adviser, have been the portfolio managers of the Fund since its inception in January <br>2023.<br>|

---

**Purchase and Sale of Shares** 

The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-

dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities and/

or a designated amount of U.S. cash.

Shares are listed on an Exchange, and individual Shares may only be bought and sold in the secondary market through a broker or

dealer at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater

than NAV (premium) or less than NAV (discount).

An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (the

"bid" price) and the lowest price a seller is willing to accept for Shares (the "ask" price) when buying or selling Shares in the

secondary market. The difference in the bid and ask prices is referred to as the "bid-ask spread."

Recent information regarding the Fund's NAV, market price, how often Shares traded on an Exchange at a premium or discount, and

bid-ask spreads can be found on the Fund's website at www.horizonkinetics.com.

**Tax Information** 

The Fund's distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination),

unless your investment is held in an IRA or other tax-advantaged account. Distributions on investments made through tax-deferred

arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation** 

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Adviser or its

affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to

make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as

marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of

interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such

arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.