# EDGAR Filing Document

**Accession Number:** 0001650149
**File Stem:** 0000894189-25-007902
**Filing Date:** 2025-9
**Character Count:** 22692
**Document Hash:** d36771a0b7e2a10069cf17dcb639054f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-007902.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0000894189-25-007902

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Series Portfolios Trust
- **CENTRAL INDEX KEY:** 0001650149

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23084
- **FILM NUMBER:** 251329326

**BUSINESS ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-6620

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

## Series and Classes Contracts Data

### Adaptiv Select ETF (Series ID: S000077998)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000238720 | Adaptiv Select ETF | ADPV            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Adaptiv<sup>TM</sup> Select ETF** | **Adaptiv<sup>TM</sup> Select ETF** | **Adaptiv<sup>TM</sup> Select ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.0%** | **Shares** | **Value**  |
| **All Other Business Support Services - 4.7%** | **All Other Business Support Services - 4.7%** | |
| ROBLOX Corp. - Class A <sup>(a)</sup> | 49297 | $6792634 |
| **All Other Specialty Food Retailers - 2.6%** | **All Other Specialty Food Retailers - 2.6%** |  |
| Dutch Bros, Inc. - Class A <sup>(a)</sup> | 62812 | 3722867 |
| **All Other Transit and Ground Passenger Transportation - 2.8%** | **All Other Transit and Ground Passenger Transportation - 2.8%** |  |
| Lyft, Inc. - Class A <sup>(a)</sup> | 293858 | 4131643 |
| **Broadwoven Fabric Mills - 4.1%** | **Broadwoven Fabric Mills - 4.1%** |  |
| Amer Sports, Inc. <sup>(a)</sup> | 158255 | 5940893 |
| **Commercial Banking - 3.4%** | **Commercial Banking - 3.4%** |  |
| First Horizon Corp. | 225137 | 4910238 |
| **Crude Petroleum Extraction - 3.1%** | **Crude Petroleum Extraction - 3.1%** |  |
| EQT Corp. | 84268 | 4529405 |
| **Data Processing Hosting and Related Services - 3.2%** | **Data Processing Hosting and Related Services - 3.2%** |  |
| Kyndryl Holdings, Inc. <sup>(a)</sup> | 121798 | 4600310 |
| **Deep Sea Passenger Transportation - 4.2%** | **Deep Sea Passenger Transportation - 4.2%** |  |
| Carnival Corp. <sup>(a)</sup> | 204647 | 6092341 |
| **Guided Missile and Space Vehicle Manufacturing - 4.5%** | **Guided Missile and Space Vehicle Manufacturing - 4.5%** |  |
| Rocket Lab Corp. <sup>(a)</sup> | 143902 | 6607980 |
| **Investment Banking and Securities Intermediation - 8.8%** | **Investment Banking and Securities Intermediation - 8.8%** |  |
| Robinhood Markets, Inc. - Class A <sup>(a)</sup> | 78254 | 8064075 |
| SLM Corp. | 146278 | 4651640 |
|  |  | 12715715 |
| **Marketing Research and Public Opinion Polling - 3.7%** | **Marketing Research and Public Opinion Polling - 3.7%** |  |
| API Group Corp. <sup>(a)</sup> | 149475 | 5391563 |
| **Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers - 3.6%** | **Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers - 3.6%** |  |
| Liberty Media Corp.-Liberty Live - Class A <sup>(a)</sup> | 63247 | 5173605 |
| **Miscellaneous Intermediation - 5.5%** | **Miscellaneous Intermediation - 5.5%** |  |
| SoFi Technologies, Inc. <sup>(a)</sup> | 354036 | 7994133 |
| **Natural Gas Distribution - 13.6%** | **Natural Gas Distribution - 13.6%** |  |
| Antero Midstream Corp. | 259922 | 4769569 |
| CenterPoint Energy, Inc. | 131338 | 5098541 |
| Kinder Morgan, Inc. | 175434 | 4922678 |
| UGI Corp. | 138892 | 5025112 |
|  |  | 19815900 |
| **Offices of Other Holding Companies - 3.2%** | **Offices of Other Holding Companies - 3.2%** |  |
| CNH Industrial NV | 360498 | 4672054 |
| **Other Leather and Allied Product Manufacturing - 4.4%** | **Other Leather and Allied Product Manufacturing - 4.4%** |  |
| Tapestry, Inc. | 59500 | 6427785 |
| **Research and Development in the Physical Engineer - 2.7%** | **Research and Development in the Physical Engineer - 2.7%** |  |
| Exelixis, Inc. <sup>(a)</sup> | 108540 | 3931319 |
| **Software Publishers - 7.8%** | **Software Publishers - 7.8%** |  |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 38048 | 6024901 |
| Toast, Inc. - Class A <sup>(a)</sup> | 110195 | 5381924 |
|  |  | 11406825 |
| **Support Activities for Metal Mining - 9.7%** | **Support Activities for Metal Mining - 9.7%** |  |
| MP Materials Corp. <sup>(a)</sup> | 228577 | 14057486 |
| **Telecommunications Resellers - 3.4%** | **Telecommunications Resellers - 3.4%** |  |
| AT&T, Inc. | 177781 | 4872977 |
| **TOTAL COMMON STOCKS** (Cost $123,177,111) | **TOTAL COMMON STOCKS** (Cost $123,177,111) | 143787673 |
| **SHORT-TERM INVESTMENTS - 1.0%** | **Shares** | **Value**  |
| **Money Market Funds - 1.0%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.22% <sup>(b)</sup> | 1399699 | 1399699 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,399,699) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,399,699) | 1399699 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $124,576,810**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $124,576,810**)** | 145187372 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | 45625 |
| **TOTAL NET ASSETS - 100.0%** |  | $145232997 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized effective yield as of July 31, 2025.

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

------

#### Investment Valuation
The following is a summary of the Fund's pricing procedures. It is intended to be a general discussion and may not necessarily reflect all the pricing procedures followed by the Fund.

Equity securities, including common stocks, preferred stocks, and real estate investment trusts ("REITS") that are traded on a national securities exchange, except those listed on the Nasdaq Global Market<sup>®</sup>, Nasdaq Global Select Market<sup>®</sup> and the Nasdaq Capital Market<sup>®</sup> exchanges (collectively "Nasdaq"), are valued at the last reported sale price on that exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price ("NOCP"). If, on a particular day, an exchange traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter ("OTC") market. If a non-exchanged traded equity security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (including money market funds), other than exchange-traded funds, are typically valued at their reported NAV per share. To the extent these securities are valued at their NAV per share, they are categorized in Level 1 of the fair value hierarchy.

The Board of Trustees (the "Board") has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated Client First Investment Management, LLC as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of the portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

The Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 in 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:

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 would be based on the best information available.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following table is a summary of the inputs used to value the Fund's securities by level within the fair value hierarchy as of July 31, 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 | $143787673 | $– | $– | $143787673 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1399699 | – | – | 1399699 |
| Total Investments | $145187372 | $– | $– | $145187372 |
| For the period ended July 31, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Schedule of Investments for further information on the classification of investments. | For the period ended July 31, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Schedule of Investments for further information on the classification of investments. | For the period ended July 31, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Schedule of Investments for further information on the classification of investments. | For the period ended July 31, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Schedule of Investments for further information on the classification of investments. | For the period ended July 31, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Schedule of Investments for further information on the classification of investments. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Series Portfolios Trust

- **b. Investment Company Act file number:** 811-23084

- **c. CIK number of Registrant:** 0001650149

- **d. LEI of Registrant:** 5493008VNHP5UNYJ3713

- **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:** 414-765-6047

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

- **a. Name of Series:** Adaptiv Select ETF

- **b. EDGAR series identifier (if any):** S000077998

- **c. LEI of Series:** 549300DF8OW8ICIUMT19

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $145350597.37

**Total Liabilities:** $117601.45

**Net Assets:** $145232995.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000238720 | -1.44%               | 8.81%                | 8.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-416818.00              | $-1619768.90                               |
| Month 2  | $-1036997.14             | $11463598.01                               |
| Month 3  | $373564.27               | $10770529.86                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CenterPoint Energy Inc         | CenterPoint Energy Inc                   | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |    131338 | NS      | $5098541.16   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                   | Exelixis Inc                             | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |    108540 | NS      | $3931318.80   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports Inc                | Amer Sports Inc                          | CUSIP: N/A<br>LEI: 391200YCSWTRD1J21867       | Long             | EC               | CORP              | FI        |    158255 | NS      | $5940892.70   | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan Inc                        | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    175434 | NS      | $4922678.04   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Liv | Liberty Media Corp-Liberty Live          | CUSIP: 531229748<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63247 | NS      | $5173604.60   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp          | Antero Midstream Corp                    | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    259922 | NS      | $4769568.70   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corp             | First Horizon Corp                       | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |    225137 | NS      | $4910237.97   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Lab Corp                | Rocket Lab Corp                          | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    143902 | NS      | $6607979.84   | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SoFi Technologies Inc          | SoFi Technologies Inc                    | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |    354036 | NS      | $7994132.88   | 5.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV              | CNH Industrial NV                        | CUSIP: N/A<br>LEI: 549300WGC2HZ5J67V817       | Long             | EC               | CORP              | GB        |    360498 | NS      | $4672054.08   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp              | MP Materials Corp                        | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |    228577 | NS      | $14057485.50  | 9.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                    | ROBLOX Corp                              | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49297 | NS      | $6792633.63   | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                       | SLM Corp                                 | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    146278 | NS      | $4651640.40   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                 | API Group Corp                           | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |    149475 | NS      | $5391563.25   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Dutch Bros Inc                 | Dutch Bros Inc                           | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62812 | NS      | $3722867.24   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                       | AT&T Inc                                 | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    177781 | NS      | $4872977.21   | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   1399699 | NS      | $1399698.84   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyndryl Holdings Inc           | Kyndryl Holdings Inc                     | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |    121798 | NS      | $4600310.46   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc          | Robinhood Markets Inc                    | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     78254 | NS      | $8064074.70   | 5.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp                            | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |    204647 | NS      | $6092341.19   | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                       | Lyft Inc                                 | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |    293858 | NS      | $4131643.48   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc      | Palantir Technologies Inc                | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     38048 | NS      | $6024900.80   | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                       | UGI Corp                                 | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |    138892 | NS      | $5025112.56   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                   | Tapestry Inc                             | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     59500 | NS      | $6427785.00   | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                       | EQT Corp                                 | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     84268 | NS      | $4529405.00   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast Inc                      | Toast Inc                                | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |    110195 | NS      | $5381923.80   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-11

**Name of Applicant:** Series Portfolios Trust

**Signature:** /s/ Ryan Roell

**Name of Signer:** Series Portfolios Trust

**Title:** President