# EDGAR Filing Document

**Accession Number:** 0001683471
**File Stem:** 0001145549-23-018112
**Filing Date:** 2023-3
**Character Count:** 8420
**Document Hash:** 68d72cf7a6963609deff924a988153df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-018112.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001145549-23-018112

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Listed Funds Trust
- **CENTRAL INDEX KEY:** 0001683471
- **IRS NUMBER:** 826272597
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23226
- **FILM NUMBER:** 23764311

**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

### Merk Stagflation ETF (Series ID: S000076161)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000235634 | Merk Stagflation ETF | STGF            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Merk Stagflation ETF** | **Merk Stagflation ETF** | **Merk Stagflation ETF** |
| **Consolidated Schedule of Investments** | **Consolidated Schedule of Investments** | **Consolidated Schedule of Investments** |
| **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | |
|  | **Shares** | **Value** |
| **EXCHANGE TRAEDED PRODUCTS - 100.0%** | **EXCHANGE TRAEDED PRODUCTS - 100.0%** | |
| **Exchange Traded Products - 100.0%** | | |
| Invesco DB Oil Fund | 11103 | $167766 |
| Schwab U.S. TIPS ETF (b) | 19426 | 1025887 |
| VanEck Merk Gold Trust (a)(c) | 11272 | 210674 |
| Vanguard Real Estate ETF | 1972 | 179570 |
| **TOTAL EXCHANGE TRADED PRODUCTS (Cost $1,668,465)** |  | 1583897 |
| **SHORT-TERM INVESTMENTS - 0.0% (e)** |  |  |
| **Money Market Funds - 0.0% (e)** | **Money Market Funds - 0.0% (e)** |  |
| First American Treasury Obligations Fund - Class X, 4.24% (d) | 341 | 341 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $341)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $341)** | 341 |
| **Total Investments (Cost $1,668,806) - 100.0%** |  | **1584238** |
| Liabilities in Excess of Other Assets - 0.0% (e) |  | (507) |
| **TOTAL NET ASSETS - 100.0%** |  | $**1583731** |

---

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| (a) Non-income producing security. |
| (b) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov. |
| (c) All or a portion of this security is held by Merk Stagflation Cayman. |
| (d) The rate shown is the annualized seven-day yield at period end. |
| (e) Amount is less than 0.05%. |

---

------

---

| |
|:---|
| **Fair Value Measurements** |
| Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. |
| Level 1 Includes quoted prices in active markets for identical securities. Level 2 Includes other significant observable inputs |
| (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 Includes significant |
| unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the |
| securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. |
| The Fund did not hold any investments during the period with significant unobservable inputs which would be classified as Level 3. |
| The following is a summary of the inputs used to value the Fund's investments carried at fair value as of January 31, 2023: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| **Investments - Assets:** |  |  |  |  |
| Exchange Traded Products | $1583897 | $- | $- | $1583897 |
| Money Market Funds | 341 | - | - | 341 |
| **Total Investments - Assets** | $1584238 | $- | $- | $1584238 |

---

## 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:** 414-516-1681

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

- **a. Name of Series:** Merk Stagflation ETF

- **b. EDGAR series identifier (if any):** S000076161

- **c. LEI of Series:** 549300UYZ8F0MG8LIJ08

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

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**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:** $1584264.02

**Total Liabilities:** $532.59

**Net Assets:** $1583731.43

**Amount of Assets Invested in Other Investment Companies:** $210626.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000235634 | 1.73%                | -1.29%               | 2.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-25517.07               | $53008.34                                  |
| Month 2  | $-17779.60               | $-24323.23                                 |
| Month 3  | $-7461.50                | $53490.75                                  |

### 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 Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |       341 | NS      | $340.55       | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco DB Oil Fund            | Invesco DB Oil Fund                      | CUSIP: 46140H403<br>LEI: 549300GRR2RRZLHQIY24 | Long             | EC               | RF                | US        |     11103 | NS      | $167766.33    | 10.59%            |  |  |  | No            |                  1 | On Loan: No      |
| Schwab US TIPS ETF             | Schwab US TIPS ETF                       | CUSIP: 808524870<br>LEI: 5493001H0ESLTZTZWE77 | Long             | EC               | RF                | US        |     19426 | NS      | $1025887.06   | 64.78%            |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Merk Gold Shares        | VanEck Merk Gold Shares                  | CUSIP: 921078101<br>LEI: N/A                  | Long             | EC               | RF                | US        |     11272 | NS      | $210673.68    | 13.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Real Estate ETF       | Vanguard Real Estate ETF                 | CUSIP: 922908553<br>LEI: N/A                  | Long             | EC               | RF                | US        |      1972 | NS      | $179570.32    | 11.34%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-23

**Name of Applicant:** Listed Funds Trust

**Signature:** /s/Travis Babich

**Name of Signer:** Travis Babich

**Title:** Treasurer