# EDGAR Filing Document

**Accession Number:** 0001683471
**File Stem:** 0000894189-25-014665
**Filing Date:** 2025-11
**Character Count:** 32218
**Document Hash:** 12aa1607933d3d52f5b76cbf3c93348d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014665.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000894189-25-014665

**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:** 251516354

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Horizon Kinetics Inflation Beneficiaries ETF** | **Horizon Kinetics Inflation Beneficiaries ETF** | **Horizon Kinetics Inflation Beneficiaries ETF** | **Horizon Kinetics Inflation Beneficiaries 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 - 96.3%** | **COMMON STOCKS - 96.3%** | **Shares** | **Value**  |
| **Agricultural Operations - 3.5%** | **Agricultural Operations - 3.5%** | **Agricultural Operations - 3.5%** | |
| Bunge Global SA | Bunge Global SA | 311058 | $25273463 |
| Tejon Ranch Co. <sup>(a)</sup> | Tejon Ranch Co. <sup>(a)</sup> | 688436 | 11001207 |
| Wilmar International Ltd. | Wilmar International Ltd. | 4458840 | 9857038 |
|  |  |  | 46131708 |
| **Building Production-Wood - 1.5%** | **Building Production-Wood - 1.5%** | **Building Production-Wood - 1.5%** |  |
| West Fraser Timber Co. Ltd. <sup>(b)</sup> | West Fraser Timber Co. Ltd. <sup>(b)</sup> | 286496 | 19475998 |
| **Diversified Minerals - 0.0%<sup>(c)</sup>** | **Diversified Minerals - 0.0%<sup>(c)</sup>** | **Diversified Minerals - 0.0%<sup>(c)</sup>** |  |
| Lithium Royalty Corp. <sup>(a)(b)</sup> | Lithium Royalty Corp. <sup>(a)(b)</sup> | 100000 | 442719 |
| **Electric-Integrated - 2.8%** | **Electric-Integrated - 2.8%** | **Electric-Integrated - 2.8%** |  |
| Hawaiian Electric Industries, Inc. <sup>(a)</sup> | Hawaiian Electric Industries, Inc. <sup>(a)</sup> | 3398048 | 37514450 |
| **Global Exchanges – 17.5%** | **Global Exchanges – 17.5%** | **Global Exchanges – 17.5%** |  |
| ASX Ltd. | ASX Ltd. | 576882 | 22400697 |
| Deutsche Boerse AG | Deutsche Boerse AG | 154527 | 41416127 |
| Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | 338072 | 56958370 |
| Japan Exchange Group, Inc. | Japan Exchange Group, Inc. | 1674208 | 18733309 |
| London Stock Exchange Group PLC | London Stock Exchange Group PLC | 54327 | 6228443 |
| Miami International Holdings Inc <sup>(a)(b)</sup> | Miami International Holdings Inc <sup>(a)(b)</sup> | 355665 | 14319073 |
| Singapore Exchange Ltd. | Singapore Exchange Ltd. | 3007266 | 38558879 |
| TMX Group Ltd. | TMX Group Ltd. | 909300 | 34793109 |
|  |  |  | 233408007 |
| **Insurance Brokers - 2.3%** | **Insurance Brokers - 2.3%** | **Insurance Brokers - 2.3%** |  |
| Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | 152653 | 30764159 |
| **Investment Management-Advisor Services – 2.3%** | **Investment Management-Advisor Services – 2.3%** | **Investment Management-Advisor Services – 2.3%** |  |
| Brookfield Corp. 234,205 | Brookfield Corp. 234,205 | Brookfield Corp. 234,205 | 16061779 |
| Sprott, Inc. | Sprott, Inc. | 181588 | 15106306 |
|  |  |  | 31168085 |
| **Medical-Biomedical-Genetics - 0.9%** | **Medical-Biomedical-Genetics - 0.9%** | **Medical-Biomedical-Genetics - 0.9%** |  |
| Royalty Pharma PLC - Class A | Royalty Pharma PLC - Class A | 343271 | 12110601 |
| **Metal-Diversified - 7.2%** | **Metal-Diversified - 7.2%** | **Metal-Diversified - 7.2%** |  |
| Altius Minerals Corp. | Altius Minerals Corp. | 378934 | 9115223 |
| Cameco Corp. | Cameco Corp. | 595237 | 49916575 |
| Deterra Royalties Ltd. | Deterra Royalties Ltd. | 5712942 | 15069330 |
| Glencore PLC | Glencore PLC | 4722527 | 21718029 |
|  |  |  | 95819157 |
| **Metal-Iron - 1.3%** | **Metal-Iron - 1.3%** | **Metal-Iron - 1.3%** |  |
| Labrador Iron Ore Royalty Corp. <sup>(b)</sup> | Labrador Iron Ore Royalty Corp. <sup>(b)</sup> | 290456 | 5861725 |
| Mesabi Trust | Mesabi Trust | 393971 | 11531531 |
|  |  |  | 17393256 |
| **Motion Pictures & Services - 0.3%** | **Motion Pictures & Services - 0.3%** | **Motion Pictures & Services - 0.3%** |  |
| IG Port, Inc. | IG Port, Inc. | 203000 | 2109930 |
| Toei Animation Co. Ltd. | Toei Animation Co. Ltd. | 103999 | 2147794 |
|  |  |  | 4257724 |
| **Oil Companies - Exploration & Production - 6.3%** | **Oil Companies - Exploration & Production - 6.3%** | **Oil Companies - Exploration & Production - 6.3%** |  |
| Dorchester Minerals LP | Dorchester Minerals LP | 187324 | 4849818 |
| Landbridge Co. LLC - Class A <sup>(b)</sup> | Landbridge Co. LLC - Class A <sup>(b)</sup> | 1251189 | 66750933 |
| Topaz Energy Corp. <sup>(b)</sup> | Topaz Energy Corp. <sup>(b)</sup> | 677479 | 12576745 |
|  |  |  | 84177496 |
| **Oil-Field Services - 4.8%** | **Oil-Field Services - 4.8%** | **Oil-Field Services - 4.8%** |  |
| WaterBridge Infrastructure LLC - Class A <sup>(a)</sup> | WaterBridge Infrastructure LLC - Class A <sup>(a)</sup> | 2523199 | 63635079 |
| **Oil-US Royalty Trusts - 16.7%** | **Oil-US Royalty Trusts - 16.7%** | **Oil-US Royalty Trusts - 16.7%** |  |
| Permian Basin Royalty Trust | Permian Basin Royalty Trust | 1665275 | 30391269 |
| PrairieSky Royalty Ltd. | PrairieSky Royalty Ltd. | 3196969 | 59325672 |
| Sabine Royalty Trust | Sabine Royalty Trust | 85201 | 6770071 |
| San Juan Basin Royalty Trust <sup>(a)</sup> | San Juan Basin Royalty Trust <sup>(a)</sup> | 1283345 | 7751404 |
| Texas Pacific Land Corp. | Texas Pacific Land Corp. | 62464 | 58318889 |
| Viper Energy, Inc. - Class A | Viper Energy, Inc. - Class A | 1590777 | 60799497 |
|  |  |  | 223356802 |
| **Pipelines - 3.1%** | **Pipelines - 3.1%** | **Pipelines - 3.1%** |  |
| Cheniere Energy, Inc. | Cheniere Energy, Inc. | 177898 | 41802472 |
| **Precious Metals – 18.8%** | **Precious Metals – 18.8%** | **Precious Metals – 18.8%** |  |
| Franco-Nevada Corp. | Franco-Nevada Corp. | 327464 | 72995000 |
| Metalla Royalty & Streaming Ltd. <sup>(a)</sup> | Metalla Royalty & Streaming Ltd. <sup>(a)</sup> | 390000 | 2476500 |
| OR Royalties, Inc. | OR Royalties, Inc. | 1611448 | 64586836 |
| Wheaton Precious Metals Corp. | Wheaton Precious Metals Corp. | 990881 | 110820131 |
|  |  |  | 250878467 |
| **Real Estate Operations-Development - 1.1%** | **Real Estate Operations-Development - 1.1%** | **Real Estate Operations-Development - 1.1%** |  |
| St Joe Co. | St Joe Co. | 287756 | 14238167 |
| **Securities & Commodities Exchanges - 3.0%** | **Securities & Commodities Exchanges - 3.0%** | **Securities & Commodities Exchanges - 3.0%** |  |
| CME Group, Inc. | CME Group, Inc. | 146754 | 39651463 |
| **Telecommunication Services - 2.5%** | **Telecommunication Services - 2.5%** | **Telecommunication Services - 2.5%** |  |
| DigitalBridge Group, Inc. | DigitalBridge Group, Inc. | 2829801 | 33108672 |
| **Transport-Marine - 0.4%** | **Transport-Marine - 0.4%** | **Transport-Marine - 0.4%** |  |
| Clarkson PLC | Clarkson PLC | 110921 | 5480346 |
| **TOTAL COMMON STOCKS** (Cost $1,020,528,410) | **TOTAL COMMON STOCKS** (Cost $1,020,528,410) | **TOTAL COMMON STOCKS** (Cost $1,020,528,410) | 1284814828 |
| **PRIVATE FUNDS – 0.3%** | **PRIVATE FUNDS – 0.3%** | **PRIVATE FUNDS – 0.3%** |  |
| Evolve Strategic Element Royalties Ltd. <sup>(a)(d)</sup> | Evolve Strategic Element Royalties Ltd. <sup>(a)(d)</sup> | 6250000 | 3593503 |
| **TOTAL PRIVATE FUNDS** (Cost $3,622,270) | **TOTAL PRIVATE FUNDS** (Cost $3,622,270) | **TOTAL PRIVATE FUNDS** (Cost $3,622,270) | 3593503 |
| **TOTAL INVESTMENTS - 96.6% (**Cost $1,024,150,680**)** | **TOTAL INVESTMENTS - 96.6% (**Cost $1,024,150,680**)** | **TOTAL INVESTMENTS - 96.6% (**Cost $1,024,150,680**)** | 1288408331 |
| Money Market Deposit Account - 8.9% <sup>(e)(f)</sup> | Money Market Deposit Account - 8.9% <sup>(e)(f)</sup> | Money Market Deposit Account - 8.9% <sup>(e)(f)</sup> | 119099035 |
| Liabilities in Excess of Other Assets - (5.5)% | Liabilities in Excess of Other Assets - (5.5)% | Liabilities in Excess of Other Assets - (5.5)% | (73723521) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $1333783845 |
| 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. |  |

---

LLC - Limited Liability Company <br> LP - Limited Partnership <br> PLC - Public Limited Company

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $69,671,136.

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

(d) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $3,593,503 or 0.3% of net assets as of September 30, 2025.

(e) 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 3.99%.

(f) All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of September 30, 2025, is
 $71,137,375 which represented 5.3% of net assets.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Horizon Kinetics Inflation Beneficiaries 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 | $1284814828 | $– | $– | $1284814828 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Private Funds | – | – | 3593503 | 3593503 |
| Total Investments | $1284814828 | $– | $3593503 | $1288408331 |
| Refer to the Schedule of Investments for further disaggregation of investment categories.<br>**<u>Level 3 Reconciliation Disclosure</u>** | Refer to the Schedule of Investments for further disaggregation of investment categories.<br>**<u>Level 3 Reconciliation Disclosure</u>** | Refer to the Schedule of Investments for further disaggregation of investment categories.<br>**<u>Level 3 Reconciliation Disclosure</u>** | Refer to the Schedule of Investments for further disaggregation of investment categories.<br>**<u>Level 3 Reconciliation Disclosure</u>** | Refer to the Schedule of Investments for further disaggregation of investment categories.<br>**<u>Level 3 Reconciliation Disclosure</u>** |

---

---

| | |
|:---|:---|
|  | Private Funds |
| Balance as of December 31, 2024 | $— |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) |  |
| &nbsp;&nbsp;&nbsp; Change in Net unrealized depreciation | (28767) |
| &nbsp;&nbsp;&nbsp; Purchases | 3622270 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Sales) |  |
| &nbsp;&nbsp;&nbsp; Transfer in/(out) of Level 3 |  |
| Balance as of September 30, 2025 | $3593503 |
| Change in Net unrealized appreciation/depreciation during the period for Level 3 investments held at September 30, 2025 | $(28767) |

---

---

| |
|:---|
| **Allocation of Portfolio Holdings by Country as of September 30, 2025** |
| (% of Net Assets) |

---

---

| | | |
|:---|:---|:---|
| United States | $627540588 | 47.1% |
| Canada | 477147821 | 35.7 |
| Singapore | 48415917 | 3.7 |
| Germany | 41416127 | 3.1 |
| Australia | 37470027 | 2.8 |
| Japan | 22991033 | 1.7 |
| Switzerland | 21718029 | 1.6 |
| United Kingdom | 11708789 | 0.9 |
| Other Assets in Excess of Other Assets | 45375514 | 3.4 |
|  | $**1333783845** | 100.0<br> **%** |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

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

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

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

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

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

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

**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:** $1409589753.43

**Total Liabilities:** $75807797.86

**Net Assets:** $1333781955.57

**Delayed Delivery Securities:** $3622269.71

**Cash Not Reported:** $122501.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223962 | -1.70%               | 4.22%                | 3.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6851648.54             | $-14157979.67                              |
| Month 2  | $8801376.79              | $40580606.40                               |
| Month 3  | $575322.26               | $44036028.32                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Toei Animation Co Ltd                  | Toei Animation Co Ltd                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    103599 | NS      | $2139533.13   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Exchange Ltd                 | Singapore Exchange Ltd                 | CUSIP: N/A<br>LEI: 549300IQ650PPXM76X03       | Long             | EC               | CORP              | SG        |   3007266 | NS      | $38558879.13  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc                       | Viper Energy Inc                       | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1590777 | NS      | $60799496.94  | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| St Joe Co/The                          | St Joe Co/The                          | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |    287756 | NS      | $14238166.88  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| San Juan Basin Royalty Trust           | San Juan Basin Royalty Trust           | CUSIP: 798241105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1283345 | NS      | $7751403.80   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Inc                             | Sprott Inc                             | CUSIP: 852066208<br>LEI: 254900QHJAD5TP2JNM15 | Long             | EC               | CORP              | CA        |    181588 | NS      | $15106305.72  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC         | WaterBridge Infrastructure LLC         | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2523199 | NS      | $63635078.78  | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| West Fraser Timber Co Ltd              | West Fraser Timber Co Ltd              | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |    286496 | NS      | $19475998.08  | 1.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Wheaton Precious Metals Corp           | Wheaton Precious Metals Corp           | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    990881 | NS      | $110820131.04 | 8.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Wilmar International Ltd               | Wilmar International Ltd               | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |   4458840 | NS      | $9857038.47   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Tejon Ranch Co                         | Tejon Ranch Co                         | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |    688436 | NS      | $11001207.28  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp                | Texas Pacific Land Corp                | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62464 | NS      | $58318888.96  | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBGFS 7                | US BANK MMDA - USBGFS 7                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        | 119099035 | NS      | $119099035.49 | 8.93%             |  |  |  | No            |                  1 | On Loan: No      |
| TMX Group Ltd                          | TMX Group Ltd                          | CUSIP: 87262K105<br>LEI: 549300N65GFVKSHGJW59 | Long             | EC               | CORP              | CA        |    909300 | NS      | $34793109.10  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                        | Brookfield Corp                        | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |    234205 | NS      | $16061778.90  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Altius Minerals Corp                   | Altius Minerals Corp                   | CUSIP: 020936100<br>LEI: 54930083UJGDUCMJMU61 | Long             | EC               | CORP              | CA        |    378934 | NS      | $9115222.78   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ASX Ltd                                | ASX Ltd                                | CUSIP: N/A<br>LEI: 549300VSBVYUCBIQKT71       | Long             | EC               | CORP              | AU        |    576882 | NS      | $22400697.47  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Topaz Energy Corp                      | Topaz Energy Corp                      | CUSIP: 89055A203<br>LEI: 98450056D90CB02FQ571 | Long             | EC               | CORP              | CA        |    677479 | NS      | $12576744.70  | 0.94%             |  |  |  | No            |                  1 | On Loan: —       |
| Bunge Global SA                        | Bunge Global SA                        | CUSIP: N/A<br>LEI: 254900IVXSV9K0B7PO26       | Long             | EC               | CORP              | US        |    311058 | NS      | $25273462.50  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarkson PLC                           | Clarkson PLC                           | CUSIP: N/A<br>LEI: 2138007G6BGTEHI3OT22       | Long             | EC               | CORP              | GB        |    110921 | NS      | $5480345.58   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                          | CME Group Inc                          | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |    146754 | NS      | $39651463.26  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                            | Cameco Corp                            | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |    595237 | NS      | $49916574.82  | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                    | Cheniere Energy Inc                    | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |    177898 | NS      | $41802472.04  | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                | DigitalBridge Group Inc                | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |   2829801 | NS      | $33108671.70  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorchester Minerals LP                 | Dorchester Minerals LP                 | CUSIP: 25820R105<br>LEI: 529900J537JTEZOMXG05 | Long             | EC               | CORP              | US        |    187324 | NS      | $4849818.36   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp                     | Franco-Nevada Corp                     | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |    327464 | NS      | $72995000.24  | 5.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I         | Hawaiian Electric Industries Inc       | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |   3398048 | NS      | $37514449.92  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc          | Intercontinental Exchange Inc          | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |    338072 | NS      | $56958370.56  | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC                      | Landbridge Co LLC                      | CUSIP: 514952100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1251189 | NS      | $66750933.15  | 5.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Marsh & McLennan Cos Inc               | Marsh & McLennan Cos Inc               | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |    152653 | NS      | $30764159.09  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                           | Mesabi Trust                           | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    393971 | NS      | $11531531.17  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Metalla Royalty & Streaming Lt         | Metalla Royalty & Streaming Ltd        | CUSIP: 59124U605<br>LEI: 549300RPR0O774QEKV20 | Long             | EC               | CORP              | CA        |    390000 | NS      | $2476500.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Miami International Holdings I         | Miami International Holdings Inc       | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |    355665 | NS      | $14319072.90  | 1.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Japan Exchange Group Inc               | Japan Exchange Group Inc               | CUSIP: N/A<br>LEI: 353800578ADEGIJTVW07       | Long             | EC               | CORP              | JP        |   1674208 | NS      | $18733308.87  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| OR Royalties Inc                       | OR Royalties Inc                       | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |   1611448 | NS      | $64586835.84  | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG                     | Deutsche Boerse AG                     | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |    154527 | NS      | $41416126.60  | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Basin Royalty Trust            | Permian Basin Royalty Trust            | CUSIP: 714236106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1665275 | NS      | $30391268.75  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabine Royalty Trust                   | Sabine Royalty Trust                   | CUSIP: 785688102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85201 | NS      | $6770071.46   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolve Strategic Element Royalties Ltd | Evolve Strategic Element Royalties Ltd | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   6250000 | NS      | $3593502.95   | 0.27%             |  |  |  | No            |                  3 | On Loan: No      |
| IG Port Inc                            | IG Port Inc                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    202000 | NS      | $2099536.17   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| London Stock Exchange Group PL         | London Stock Exchange Group PLC        | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |     54327 | NS      | $6228442.81   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                           | Glencore PLC                           | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | CH        |   4722527 | NS      | $21718029.39  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Labrador Iron Ore Royalty Corp         | Labrador Iron Ore Royalty Corp         | CUSIP: 505440107<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    290456 | NS      | $5861725.23   | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| Deterra Royalties Ltd                  | Deterra Royalties Ltd                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   5712942 | NS      | $15069329.93  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithium Royalty Corp                   | Lithium Royalty Corp                   | CUSIP: 53680W105<br>LEI: 549300PNTZ1SGOX9FY92 | Long             | EC               | CORP              | CA        |    100000 | NS      | $442719.56    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| PrairieSky Royalty Ltd                 | PrairieSky Royalty Ltd                 | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |   3196969 | NS      | $59325671.68  | 4.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC                     | Royalty Pharma PLC                     | CUSIP: N/A<br>LEI: 549300FGFN7VOK8BZR03       | Long             | EC               | CORP              | US        |    343271 | NS      | $12110600.88  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Listed Funds Trust

**Signature:** /s/Travis Babich

**Name of Signer:** Listed Funds Trust

**Title:** Treasurer