# EDGAR Filing Document

**Accession Number:** 0001683471
**File Stem:** 0001145549-23-005681
**Filing Date:** 2023-2
**Character Count:** 54298
**Document Hash:** e04865c3e47a593496c8dd32ab68329a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-005681.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001145549-23-005681

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**EFFECTIVENESS DATE**: 20230208

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23226
- **FILM NUMBER:** 23597989

**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

### Swan Hedged Equity US Large Cap ETF (Series ID: S000070373)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000223805 | Swan Hedged Equity US Large Cap ETF | HEGD            |

### B.A.D. ETF (Series ID: S000074649)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232691 | B.A.D. ETF   | BAD             |

## Internal

#### <br>

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of B.A.D. ETF and

Board of Trustees of Listed Funds Trust

In planning and performing our audit of the financial statements of B.A.D. ETF (the "Fund"), a series of Listed Funds Trust, as of and for the period from December 22, 2021 (commencement of operations) through November 30, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of November 30, 2022.

This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/Cohen & Company, LTD.

COHEN & COMPANY, LTD.

Cleveland, Ohio

January 27, 2023

## Internal

#### <br>

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Swan Hedged Equity US Large Cap ETF and

Board of Trustees of Listed Funds Trust

In planning and performing our audit of the financial statements of Swan Hedged Equity US Large Cap ETF (the "Fund"), a series of Listed Funds Trust, as of and for the year ended November 30, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of November 30, 2022.

This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/Cohen & Company, LTD.

COHEN & COMPANY, LTD.

Cleveland, Ohio

January 27, 2023

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001683471

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000070373

**Series ID Record:2**
- **Series ID:** S000074649

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2022-11-30

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Listed Funds Trust

- **Item B.1.b - Investment Company Act file number:** 811-23226

- **Item B.1.c - CIK:** 0001683471

- **Item B.1.d - LEI:** 549300C5D73JL0P1YC11

- **Item B.2.a - Street 1:** C/O U.S. BANCORP FUND SERVICES LLC

- **Item B.2.a - Street 2:** 615 East Michigan Street

- **Item B.2.b - City:** Milwaukee

- **Item B.2.c - State:** WI

- **Item B.2.e - Zip Code:** 53202

- **Item B.2.f - Telephone:** 8336121912

- **Item B.2.g - Public Website:** https://alpha-intelligent-strategies.com/

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** U.S. Bank N/A

- **b. Street 1:** 1555 North River Center Drive

- **Street 2:** Suite 302

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53202

- **g. Telephone number:** 8336121912

- **h. Briefly describe the books and records kept at this location:** Books and records related to the custody of Fund assets

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Core Alternative Capital LLC

- **b. Street 1:** 3930 East Jones Bridge Rd

- **Street 2:** Suite 380

- **c. City:** Peachtree Corners

- **d. State, if applicable:** GA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 30092

- **g. Telephone number:** 8006170004

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by advisor for CCOR

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Wahed Invest LLC

- **b. Street 1:** 12 East 49th Street

- **Street 2:** 11th floor

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10017

- **g. Telephone number:** 8559764747

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by advisor for Wahed ETFs

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** U.S. Bancorp Fund Services LLC

- **b. Street 1:** 615 East Michigan Street

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53202

- **g. Telephone number:** 8336121912

- **h. Briefly describe the books and records kept at this location:** Books and records related to transfer agency fund accounting and fund administration services provided

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** Foreside Fund Services LLC

- **b. Street 1:** 3 Canal Plaza

- **Street 2:** Suite 100

- **c. City:** Portland

- **d. State, if applicable:** ME

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 04101

- **g. Telephone number:** 2075537116

- **h. Briefly describe the books and records kept at this location:** Books and records related to distribution data of the fund

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** Quasar Distributors LLC

- **b. Street 1:** 111 East Kilbourn Avenue

- **Street 2:** Suite 2200

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53202

- **g. Telephone number:** 4147103012

- **h. Briefly describe the books and records kept at this location:** Books and records related to distribution data of the fund

**Location books Record: 7**

- **a. Name of person (e.g., a custodian of records):** Roundhill Financial LLC

- **b. Street 1:** 154 W 14th Street

- **Street 2:** 2nd Floor

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10011

- **g. Telephone number:** 6466615441

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by advisor for Roundhill ETFs

**Location books Record: 8**

- **a. Name of person (e.g., a custodian of records):** Exchange Traded Concepts LLC

- **b. Street 1:** 10900 Hefner Pointe Drive

- **Street 2:** Suite 400

- **c. City:** Oklahoma City

- **d. State, if applicable:** OK

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 73120

- **g. Telephone number:** 4057788377

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by sub-advisor for Roundhill ETFs and Grizzle Growth ETF

**Location books Record: 9**

- **a. Name of person (e.g., a custodian of records):** Liquid Strategies LLC

- **b. Street 1:** 3550 Lenox Rd

- **Street 2:** Suite 2550

- **c. City:** Atlanta

- **d. State, if applicable:** GA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 30326

- **g. Telephone number:** 8667046857

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by advisor for Overlay Shares ETFs

**Location books Record: 10**

- **a. Name of person (e.g., a custodian of records):** TrueMark Investments LLC

- **b. Street 1:** 433 West Van Buren Street

- **Street 2:** Suite 1150-E

- **c. City:** Chicago

- **d. State, if applicable:** IL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 60607

- **g. Telephone number:** 8777748783

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Advisor for TrueShares ETFs and RiverNorth ETFs

**Location books Record: 11**

- **a. Name of person (e.g., a custodian of records):** Black Hill Capital Partners LLC

- **b. Street 1:** 101 California St

- **c. City:** San Francisco

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94111

- **g. Telephone number:** 4158057885

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by sub-advisor for LRNZ

**Location books Record: 12**

- **a. Name of person (e.g., a custodian of records):** SpiderRock Advisors LLC

- **b. Street 1:** 300 South Wacker Drive

- **Street 2:** Suite 2840

- **c. City:** Chicago

- **d. State, if applicable:** IL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 60606

- **g. Telephone number:** 3128470300

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by sub-advisor for TrueShares Structured Outcome Series

**Location books Record: 13**

- **a. Name of person (e.g., a custodian of records):** Changebridge Capital LLC

- **b. Street 1:** 180 Canal Street

- **Street 2:** Suite 600

- **c. City:** Boston

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02114

- **g. Telephone number:** 6177172910

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Advisor for Changebridge ETFs

**Location books Record: 14**

- **a. Name of person (e.g., a custodian of records):** Swan Capital Management LLC

- **b. Street 1:** 1099 Main Avenue

- **Street 2:** Suite 206

- **c. City:** Durango

- **d. State, if applicable:** CO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 81301

- **g. Telephone number:** 9703828901

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Advisor for HEGD

**Location books Record: 15**

- **a. Name of person (e.g., a custodian of records):** Swan Global Management LLC

- **b. Street 1:** 20 Ridge Top

- **c. City:** Humacao

- **f. Zip code and zip code extension, or foreign postal code:** 00791

- **g. Telephone number:** 9703828901

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Sub-Advisor for HEGD

**Location books Record: 16**

- **a. Name of person (e.g., a custodian of records):** Horizon Kinetics Asset Management LLC

- **b. Street 1:** 470 Park Avenue South

- **Street 2:** 3rd Floor South

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10016

- **g. Telephone number:** 6464957333

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Advisor for Horizon Kinetics ETFs

**Location books Record: 17**

- **a. Name of person (e.g., a custodian of records):** Morgan Creek Capital Management, LLC

- **b. Street 1:** 301 W. Barbee Chapel Road

- **Street 2:** Suite 200

- **c. City:** Chapel Hill

- **d. State, if applicable:** NC

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 27517

- **g. Telephone number:** 8558572677

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Advisor for CSH

**Location books Record: 18**

- **a. Name of person (e.g., a custodian of records):** Exos Asset Management LLC

- **b. Street 1:** 1370 Broadway

- **Street 2:** Suite 1450

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10018

- **g. Telephone number:** 2124988942

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Sub-Advisor for Morgan Creek ETFs

**Location books Record: 19**

- **a. Name of person (e.g., a custodian of records):** Opal Capital LLC

- **b. Street 1:** 1919 Flower Dr.

- **c. City:** Palm Beach Gardens

- **d. State, if applicable:** FL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 33410

- **g. Telephone number:** 9177166257

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Sub-Advisor for DIVZ

**Location books Record: 20**

- **a. Name of person (e.g., a custodian of records):** Spear Advisors LLC

- **b. Street 1:** 64 Three Mile Harbor HC Rd

- **c. City:** East Hampton

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 11937

- **g. Telephone number:** 8333407222

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Adviser for SPRX

**Location books Record: 21**

- **a. Name of person (e.g., a custodian of records):** Princeton Fund Advisors, LLC

- **b. Street 1:** 1580 Lincoln Street

- **Street 2:** Suite 680

- **c. City:** Denver

- **d. State, if applicable:** CO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 80203

- **g. Telephone number:** 8558975390

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Adviser for Alpha Intelligent ETFs

**Location books Record: 22**

- **a. Name of person (e.g., a custodian of records):** Thematic Investments, LLC

- **b. Street 1:** 6201 College Boulevard

- **Street 2:** 7th Floor

- **c. City:** Overland Park

- **d. State, if applicable:** KS

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 66211

- **g. Telephone number:** 8662516920

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Adviser for BAD

**Location books Record: 23**

- **a. Name of person (e.g., a custodian of records):** Toroso Investments, LLC

- **b. Street 1:** 898 North Broadway

- **Street 2:** Suite 2

- **c. City:** Massapequa

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 11758

- **g. Telephone number:** 8449867676

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Sub-Adviser for BAD

**Location books Record: 24**

- **a. Name of person (e.g., a custodian of records):** Grizzle Investments Management LLC

- **b. Street 1:** 573 Coldstream Drive

- **c. City:** Berwyn

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 19312

- **g. Telephone number:** 4167218257

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Adviser for GRZZ

**Location books Record: 25**

- **a. Name of person (e.g., a custodian of records):** RiverNorth Capital Management, LLC

- **b. Street 1:** 360 South Rosemary Avenue

- **Street 2:** Suite 1420

- **c. City:** West Palm Beach

- **d. State, if applicable:** FL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 33401

- **g. Telephone number:** 5614847185

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Sub-Adviser for RiverNorth ETFs

**Location books Record: 26**

- **a. Name of person (e.g., a custodian of records):** Innovative Portfolios, LLC

- **b. Street 1:** 8801 River Crossing Boulevard

- **Street 2:** Suite 100

- **c. City:** Indianapolis

- **d. State, if applicable:** IN

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 46240

- **g. Telephone number:** 3176896450

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Adviser for IPPP and IPDP

**Location books Record: 27**

- **a. Name of person (e.g., a custodian of records):** Merk Investments, LLC

- **b. Street 1:** 1150 Chestnut Street

- **c. City:** Menlo Park

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94025

- **g. Telephone number:** 6503234341

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Adviser for STGF

**Location books Record: 28**

- **a. Name of person (e.g., a custodian of records):** STF Management LP

- **b. Street 1:** 6136 Frisco Square Boulevard

- **Street 2:** Suite 400

- **c. City:** Frisco

- **d. State, if applicable:** TX

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 75034

- **g. Telephone number:** 8665909112

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Adviser for TUG and TUGN

**Location books Record: 29**

- **a. Name of person (e.g., a custodian of records):** Teucrium Investment Advisors, LLC

- **b. Street 1:** Three Main Street

- **Street 2:** Suite 215

- **c. City:** Burlington

- **d. State, if applicable:** VT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 05401

- **g. Telephone number:** 8025400019

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Adviser for Teucrium ETFs

**Location books Record: 30**

- **a. Name of person (e.g., a custodian of records):** Alexis Investment Partners, LLC

- **b. Street 1:** 103 Casterly Green Ct

- **c. City:** Montgomery

- **d. State, if applicable:** TX

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 77316

- **g. Telephone number:** 8665394383

- **h. Briefly describe the books and records kept at this location:** Books and records related to work done by Adviser for LEXI

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 51

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name           | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Pam Conroy     | No                      | 811-07685                               |
| Koji Felton    | No                      | 811-23084                               |
| John L. Jacobs | No                      | 811-23323                               |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Steven Jensen

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** C/O U.S. BANCORP FUND SERVICES LLC

- **   Street Address 2:** 622 North Cass Street

- **d. City:** Milwaukee

- **e. State, if applicable:** WI

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 53202

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** Yes

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

**Chief compliance officer Record: 2**

- **a. Full Name:** Elizabeth Scalf

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** C/O U.S. BANCORP FUND SERVICES LLC

- **   Street Address 2:** 622 North Cass Street

- **d. City:** Milwaukee

- **e. State, if applicable:** WI

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 53202

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** Yes

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

**Chief compliance officer Record: 3**

- **a. Full Name:** Christi James

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** C/O U.S. BANCORP FUND SERVICES LLC

- **   Street Address 2:** 622 North Cass Street

- **d. City:** Milwaukee

- **e. State, if applicable:** WI

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 53202

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** Yes

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-33897

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Foreside Funds Distributors LLC

- **ii. SEC file number:** 8-32480

- **iii. CRD number:** 000031334

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

**Principal underwriter Record: 2**

- **i. Full name:** Quasar Distributors, LLC

- **ii. SEC file number:** 8-52323

- **iii. CRD number:** 000103848

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** Yes

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** BBD LLP

- **b. PCAOB Number:** 00552

- **c. LEI, if any:** N/A

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

**Public accountant Record: 2**

- **a. Full Name:** Cohen and Company, Ltd.

- **b. PCAOB Number:** 00925

- **c. LEI, if any:** N/A

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - B.A.D. ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** B.A.D. ETF

- **b. Series identification number, if any:** S000074649

- **c. LEI:** 5493002SSW74311N8X25

- **d. Is this the first filing on this form by the Fund?:** Yes

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | B.A.D. ETF              | C000232691                                | BAD                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 6c-11 (17 CFR 270.6c-11)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Thematic Investments, LLC

- **ii. SEC file number:** 801-122685

- **iii. CRD number:** 000315752

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** KS

- **vi. Foreign country, if applicable:** US

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Toroso Investments, LLC

- **ii. SEC file number:** 801-76857

- **iii. CRD number:** 000164201

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Intercontinental Exchange Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** PricingDirect Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Thomson Reuters Pricing Service

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** Yes

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** Yes

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** BTIG LLC

- **ii. SEC file number:** 8-65473

- **iii. CRD number:** 000122225

- **iv. LEI, if any:** 549300GTG9PL6WO3EC51

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $749.00

**Brokers Record: 2**

- **i. Full name of broker:** MIRAE ASSET SECURITIES (USA) INC.

- **ii. SEC file number:** 8-45034

- **iii. CRD number:** 000030679

- **iv. LEI, if any:** 25490087B4GFZLJZE912

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $721.00

**Brokers Record: 3**

- **i. Full name of broker:** MISCHLER FINANCIAL GROUP INC.

- **ii. SEC file number:** 8-48067

- **iii. CRD number:** 000037818

- **iv. LEI, if any:** 2549004IPXPSM9EJFC92

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,546.00

**Aggregate Commission:** $3,016.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $7,942,185.87

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - Swan Hedged Equity US Large Cap ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Swan Hedged Equity US Large Cap ETF

- **b. Series identification number, if any:** S000070373

- **c. LEI:** 549300Y53A5E7UC3Z264

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class               | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Swan Hedged Equity US Large Cap ETF | C000223805                                | HEGD                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 6c-11 (17 CFR 270.6c-11)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Swan Capital Management, LLC

- **ii. SEC file number:** 801-76701

- **iii. CRD number:** 000164280

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CO

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Swan Global Management

- **ii. SEC file number:** 801-80552

- **iii. CRD number:** 000173621

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** PR

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Intercontinental Exchange Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** PricingDirect Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Thomson Reuters Pricing Service

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** DASH FINANCIAL TECHNOLOGIES LLC

- **ii. SEC file number:** 8-52503

- **iii. CRD number:** 000104031

- **iv. LEI, if any:** 549300VYG4AYVBIDN394

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $147.00

**Brokers Record: 2**

- **i. Full name of broker:** JANE STREET EXECUTION SERVICES LLC

- **ii. SEC file number:** 8-69254

- **iii. CRD number:** 000167280

- **iv. LEI, if any:** 549300HXJLXCPDWAH070

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $22,033.00

**Brokers Record: 3**

- **i. Full name of broker:** SEAPORT GLOBAL SECURITIES LLC

- **ii. SEC file number:** 8-53535

- **iii. CRD number:** 000116270

- **iv. LEI, if any:** 54930028D6D0G5RZJ888

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,900.00

**Brokers Record: 4**

- **i. Full name of broker:** STONEX FINANCIAL INC.

- **ii. SEC file number:** 8-51269

- **iii. CRD number:** 000045993

- **iv. LEI, if any:** 549300LNKU6K5TJCRG93

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,357.00

**Aggregate Commission:** $35,437.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $158,585,651.40

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## Part E: Additional Questions for ETFs and ETMFs

### B.A.D. ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** BAD

**Item E.2 - Authorized Participants**

| Name                                      | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| GOLDMAN SACHS & CO. LLC                   | $9,688,576.00    | $289,780.00    |
| MERRILL LYNCH PROFESSIONAL CLEARING CORP. | $572,520.00      | $0.00          |
| MIRAE ASSET SECURITIES (USA) INC.         | $513,064.00      | $498,288.00    |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 20,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 0.22%

- **c.i. Average percentage of value composed of cash (redeemed):** 0.77%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $500.00

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** Yes

### Swan Hedged Equity US Large Cap ETF

**Item E.1 - Exchange**

- **Exchange:** CBSX

- **Ticker:** HEGD

**Item E.2 - Authorized Participants**

| Name                                      | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| GOLDMAN SACHS & CO. LLC                   | $23,890,919.00   | $28,204,120.00 |
| MERRILL LYNCH PROFESSIONAL CLEARING CORP. | $47,864,794.00   | $44,051,211.00 |
| VIRTU AMERICAS LLC                        | $14,602,751.00   | $10,083,034.00 |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 10,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 92.65%

- **c.i. Average percentage of value composed of cash (redeemed):** 25.51%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $300.00

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Listed Funds Trust

**Date:** 2023-02-08

**Signature:** /s/ Gregory Bakken

**Title:** President