# EDGAR Filing Document

**Accession Number:** 0001683471
**File Stem:** 0000894189-25-014676
**Filing Date:** 2025-11
**Character Count:** 19091
**Document Hash:** 2cb269cb2ada5a8e70f4e05fdf9b2857
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014676.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000894189-25-014676

**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**: 20260630

**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:** 251516368

**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

### Spear Alpha ETF (Series ID: S000072639)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000229040 | Spear Alpha ETF | SPRX            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Spear Alpha ETF** | **Spear Alpha ETF** | **Spear Alpha ETF** | **Spear Alpha 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 - 99.1%** | **COMMON STOCKS - 99.1%** | **Shares** | **Value**  |
| **Computer Data Security - 14.6%** | **Computer Data Security - 14.6%** | **Computer Data Security - 14.6%** | |
| Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup> | Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup> | 9387 | $4603197 |
| Rubrik, Inc. - Class A <sup>(a)</sup> | Rubrik, Inc. - Class A <sup>(a)</sup> | 86820 | 7140945 |
| Zscaler, Inc. <sup>(a)</sup> | Zscaler, Inc. <sup>(a)</sup> | 19172 | 5745082 |
|  |  |  | 17489224 |
| **Computer Software - 14.3%** | **Computer Software - 14.3%** | **Computer Software - 14.3%** |  |
| Cloudflare, Inc. - Class A <sup>(a)</sup> | Cloudflare, Inc. - Class A <sup>(a)</sup> | 42471 | 9113852 |
| IonQ, Inc. <sup>(a)</sup> | IonQ, Inc. <sup>(a)</sup> | 69459 | 4271729 |
| Snowflake, Inc. - Class A <sup>(a)</sup> | Snowflake, Inc. - Class A <sup>(a)</sup> | 16575 | 3738491 |
|  |  |  | 17124072 |
| **Computers - 4.7%** | **Computers - 4.7%** | **Computers - 4.7%** |  |
| Rigetti Computing, Inc. <sup>(a)</sup> | Rigetti Computing, Inc. <sup>(a)</sup> | 188487 | 5615028 |
| **Electric-Generation - 4.9%** | **Electric-Generation - 4.9%** | **Electric-Generation - 4.9%** |  |
| Constellation Energy Corp. | Constellation Energy Corp. | 17699 | 5824210 |
| **Electronic Components-Semiconductors - 11.5%** | **Electronic Components-Semiconductors - 11.5%** | **Electronic Components-Semiconductors - 11.5%** |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | Advanced Micro Devices, Inc. <sup>(a)</sup> | 21543 | 3485442 |
| NVIDIA Corp. | NVIDIA Corp. | 54895 | 10242309 |
|  |  |  | 13727751 |
| **Enterprise Software-Services - 1.4%** | **Enterprise Software-Services - 1.4%** | **Enterprise Software-Services - 1.4%** |  |
| Oracle Corp. | Oracle Corp. | 5738 | 1613755 |
| **Independent Power Producer - 3.5%** | **Independent Power Producer - 3.5%** | **Independent Power Producer - 3.5%** |  |
| Vistra Corp. | Vistra Corp. | 21369 | 4186614 |
| **Internet Application Software - 3.8%** | **Internet Application Software - 3.8%** | **Internet Application Software - 3.8%** |  |
| Shopify, Inc. - Class A <sup>(a)</sup> | Shopify, Inc. - Class A <sup>(a)</sup> | 30543 | 4538995 |
| **Internet Security - 4.0%** | **Internet Security - 4.0%** | **Internet Security - 4.0%** |  |
| Palo Alto Networks, Inc. <sup>(a)</sup> | Palo Alto Networks, Inc. <sup>(a)</sup> | 23670 | 4819685 |
| **Lasers-Systems-Components - 6.1%** | **Lasers-Systems-Components - 6.1%** | **Lasers-Systems-Components - 6.1%** |  |
| Coherent Corp. <sup>(a)</sup> | Coherent Corp. <sup>(a)</sup> | 67258 | 7245032 |
| **Machinery-Electric Utilities - 4.5%** | **Machinery-Electric Utilities - 4.5%** | **Machinery-Electric Utilities - 4.5%** |  |
| GE Vernova, Inc. | GE Vernova, Inc. | 8781 | 5399437 |
| **Metal-Diversified - 0.0%<sup>(b)</sup>** | **Metal-Diversified - 0.0%<sup>(b)</sup>** | **Metal-Diversified - 0.0%<sup>(b)</sup>** |  |
| Rio Tinto PLC - ADR | Rio Tinto PLC - ADR | 8 | 528 |
| **Networking Products - 7.2%** | **Networking Products - 7.2%** | **Networking Products - 7.2%** |  |
| Arista Networks, Inc. <sup>(a)</sup> | Arista Networks, Inc. <sup>(a)</sup> | 58837 | 8573139 |
| **Semiconductor Equipment - 9.8%** | **Semiconductor Equipment - 9.8%** | **Semiconductor Equipment - 9.8%** |  |
| Astera Labs, Inc. <sup>(a)</sup> | Astera Labs, Inc. <sup>(a)</sup> | 59579 | 11665568 |
| **Telecommunication Equipment - 8.8%** | **Telecommunication Equipment - 8.8%** | **Telecommunication Equipment - 8.8%** |  |
| Ciena Corp. <sup>(a)</sup> | Ciena Corp. <sup>(a)</sup> | 32505 | 4735003 |
| Credo Technology Group Holding Ltd. <sup>(a)</sup> | Credo Technology Group Holding Ltd. <sup>(a)</sup> | 39196 | 5707330 |
|  |  |  | 10442333 |
| **TOTAL COMMON STOCKS** (Cost $87,667,858) | **TOTAL COMMON STOCKS** (Cost $87,667,858) | **TOTAL COMMON STOCKS** (Cost $87,667,858) | 118265371 |
| **SHORT-TERM INVESTMENTS – 1.0%** | **SHORT-TERM INVESTMENTS – 1.0%** |  |  |
| **Money Market Funds – 1.0%** | **Money Market Funds – 1.0%** |  |  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(c)</sup> | First American Government Obligations Fund - Class X, 4.05%<sup>(c)</sup> | 1240452 | 1240452 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,240,452) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,240,452) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,240,452) | 1240452 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $88,908,310**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $88,908,310**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $88,908,310**)** | 119505823 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (59744) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $119446079 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

ADR - American Depositary Receipt <br> PLC - Public Limited Company

(a) Non-income producing security.

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

(c) The rate shown represents the 7-day annualized yield as of September 30, 2025.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Spear Alpha 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 | $118265371 | $– | $– | $118265371 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1240452 | – | – | 1240452 |
| Total Investments | $119505823 | $– | $– | $119505823 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## 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:** Spear Alpha ETF

- **b. EDGAR series identifier (if any):** S000072639

- **c. LEI of Series:** 5493008UAZ2YXP941O45

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

- **a. Date of fiscal year-end:** 2026-06-30

- **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:** $119509681.49

**Total Liabilities:** $63601.65

**Net Assets:** $119446079.84

**Cash Not Reported:** $141.02

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229040 | 12.22%               | 1.90%                | 13.71%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $189073.85               | $7164836.54                                |
| Month 2  | $38653.93                | $1073564.03                                |
| Month 3  | $7385009.51              | $4570659.40                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   1240311 | NS      | $1240311.11   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Rubrik Inc                     | Rubrik Inc                                 | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |     86820 | NS      | $7140945.00   | 5.98%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                             | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      8781 | NS      | $5399436.90   | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     54895 | NS      | $10242309.10  | 8.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                    | Zscaler Inc                                | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |     19172 | NS      | $5745081.52   | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     21543 | NS      | $3485441.97   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                        | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     58837 | NS      | $8573139.27   | 7.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc       | Crowdstrike Holdings Inc                   | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      9387 | NS      | $4603197.06   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc                     | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     23670 | NS      | $4819685.40   | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                | Astera Labs Inc                            | CUSIP: 04626A103<br>LEI: 529900LJL8TUEGF7HG20 | Long             | EC               | CORP              | US        |     59579 | NS      | $11665568.20  | 9.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                  | Coherent Corp                              | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |     67258 | NS      | $7245031.76   | 6.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                     | Ciena Corp                                 | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     32505 | NS      | $4735003.35   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                 | Cloudflare Inc                             | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |     42471 | NS      | $9113851.89   | 7.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp                  | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     17699 | NS      | $5824209.93   | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |
| IonQ Inc                       | IonQ Inc                                   | CUSIP: 46222L108<br>LEI: 529900RB2VEFGLQS7G28 | Long             | EC               | CORP              | US        |     69459 | NS      | $4271728.50   | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      5738 | NS      | $1613755.12   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Rigetti Computing Inc          | Rigetti Computing Inc                      | CUSIP: 76655K103<br>LEI: 52990024JHY459DH8W71 | Long             | EC               | CORP              | US        |    188487 | NS      | $5615027.73   | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                  | Rio Tinto PLC                              | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |         8 | NS      | $528.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                    | Shopify Inc                                | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     30543 | NS      | $4538995.23   | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                  | Snowflake Inc                              | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     16575 | NS      | $3738491.25   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                                | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     21369 | NS      | $4186614.48   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding | Credo Technology Group Holding Ltd         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     39196 | NS      | $5707329.56   | 4.78%             |  |  |  | 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