# EDGAR Filing Document

**Accession Number:** 0001683471
**File Stem:** 0001133228-25-008180
**Filing Date:** 2025-8
**Character Count:** 133551
**Document Hash:** 625de7da4adb8b6dedd7ede730464b49
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-008180.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001133228-25-008180

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**EFFECTIVENESS DATE**: 20250808

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23226
- **FILM NUMBER:** 251196813

**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

### Wahed FTSE USA Shariah ETF (Series ID: S000065986)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000213140 | Wahed FTSE USA Shariah ETF | HLAL            |

### Wahed Dow Jones Islamic World ETF (Series ID: S000074340)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000232076 | Wahed Dow Jones Islamic World ETF | UMMA            |

?xml version='1.0' encoding='ASCII'? 2025-06-17199447_WahedDowJonesIslamicWorldETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-23226</u>**

**<u>Listed Funds Trust</u>**

(Exact name of registrant as specified in charter)

**<u>615 East Michigan Street</u>**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**<u>Kacie G. Briody, President</u>**

**<u>Listed Funds Trust</u>**

**<u>c/o U.S. Bancorp Fund Services, LLC</u>**

**<u>777 East Wisconsin Avenue, 6<sup>th</sup> Floor</u>**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>(414) 403-6135</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>May 31</u>**

Date of reporting period: **<u>May 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img66335_202412311928853.jpg) | **Wahed Dow Jones Islamic World ETF**  | ![image](img11883_202412311539562.jpg) |
| ![image](img66335_202412311928853.jpg) | UMMA (Principal U.S. Listing Exchange: NASDAQ) | ![image](img11883_202412311539562.jpg) |
| ![image](img66335_202412311928853.jpg) | Annual Shareholder Report \| May 31, 2025  | ![image](img11883_202412311539562.jpg) |

---

This annual shareholder report contains important information about the Wahed Dow Jones Islamic World ETF for the period of June 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://www.wahed.com/umma. You can also request this information by contacting us at 1-855-976-4747.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Wahed Dow Jones Islamic World ETF | $67 | 0.65% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

With the backdrop of a global trade war, global ex-U.S. equities have outperformed U.S. equities markedly year to date, with UMMA up almost +11% as of May 31, 2025 above HLAL (U.S. equities) during the same period. The administration's lack of foresight in its economic policies have likely caused many asset allocators globally to increase their strategic weighting to non-U.S. equities, which primarily include developed Europe, Canada, Australia, and some emerging market countries. While rhetoric between the U.S. and China has cooled down for now, uncertainty remains during this administration around knee jerk policies and mismanagement of global geopolitical tensions. As such, we expect global non-U.S. equities to contribute positively to investor returns and prove to be a strong diversifier in multi-asset class portfolios.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4501img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/06/2022)** |
| **Wahed Dow Jones Islamic World ETF NAV**  | 6.14 | 1.83 |
| **MSCI AC WORLD INDEX ex USA Net (USD)**  | 13.75 | 4.94 |
| **Dow Jones Islamic Market International Titans 100 Total Return Index**  | 5.64 | 2.14 |
| **Bloomberg World ex US Large & Mid Cap Total Return Index**  | 14.03 | 4.99 |

---

Visit https://www.wahed.com/umma for more recent performance information.

Wahed Dow Jones Islamic World ETF PAGE 1 TSR-AR-53656F268

------

\* The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $131475303 |
| **Number of Holdings** | 96 |
| **Net Advisory Fee** | $735631 |
| **Portfolio Turnover** | 15% |
| **30-Day SEC Yield** | 1.15% |

---

Visit https://www.wahed.com/umma for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 33.3% |
|  Health Care  | 19.0% |
|  Industrials  | 16.9% |
|  Consumer Discretionary  | 9.1% |
|  Consumer Staples  | 7.8% |
|  Materials  | 7.5% |
|  Energy  | 2.1% |
|  Communications  | 1.6% |
|  Financials  | 0.6% |
|  Cash & Other  | 2.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 11.4% |
|  Infineon Technologies AG  | 4.1% |
|  SAP SE  | 3.9% |
|  ASML Holding NV  | 3.7% |
|  Nestle SA  | 3.5% |
|  Roche Holding AG  | 3.0% |
|  Novartis AG  | 2.8% |
|  Novo Nordisk AS  | 2.7% |
|  AstraZeneca PLC  | 2.7% |
|  Samsung Electronics Co. Ltd.  | 2.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wahed.com/umma.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wahed Invest LLC documents not be householded, please contact Wahed Invest LLC at 1-855-976-4747, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wahed Invest LLC or your financial intermediary.

Wahed Dow Jones Islamic World ETF PAGE 2 TSR-AR-53656F268

------

---

| | | |
|:---|:---|:---|
| ![image](img66335_202412311928853.jpg) | **Wahed FTSE USA Shariah ETF**  | ![image](img11883_202412311539562.jpg) |
| ![image](img66335_202412311928853.jpg) | HLAL (Principal U.S. Listing Exchange: NASDAQ) | ![image](img11883_202412311539562.jpg) |
| ![image](img66335_202412311928853.jpg) | Annual Shareholder Report \| May 31, 2025  | ![image](img11883_202412311539562.jpg) |

---

This annual shareholder report contains important information about the Wahed FTSE USA Shariah ETF for the period of June 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://www.wahed.com/hlal. You can also request this information by contacting us at 1-855-976-4747.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Wahed FTSE USA Shariah ETF | $51 | 0.50% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Since November 30, 2024, we've seen HLAL, as U.S. equities by extension do a round trip in performance. Coming off a strong calendar year performance in 2024, it appears that U.S. equities, and HLAL by extension, have priced in all the bullish fiscal policy from the Trump administration before he took office. Performance has been muted as a result year to date. In Q1 2025, however, much of the rhetoric around global trade tariffs turned out to be more than just campaign talking points. U.S. equities entered correction territory with major indices down as much as -20% at certain points. Eventually, however, there were exemptions and capitulations on tariffs, which ended up being a shell of the initial plans resulting in U.S. equities recovering much of the losses year to date, while still being below all time highs.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4502img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/15/2019)** |
| **Wahed FTSE USA Shariah ETF NAV**  | 5.91 | 15.45 | 13.99 |
| **S&P 500 TR**  | 13.52 | 15.94 | 13.94 |
| **FTSE Shariah USA Index TR**  | 6.39 | 16.09 | 14.61 |

---

Visit https://www.wahed.com/hlal for more recent performance information.

\* The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Wahed FTSE USA Shariah ETF PAGE 1 TSR-AR-53656F607

------

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $596794718 |
| **Number of Holdings** | 208 |
| **Net Advisory Fee** | $2716667 |
| **Portfolio Turnover** | 10% |
| **30-Day SEC Yield** | 0.71% |

---

Visit https://www.wahed.com/hlal for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 56.4% |
|  Health Care  | 11.1% |
|  Consumer Discretionary  | 8.5% |
|  Industrials  | 7.0% |
|  Energy  | 5.4% |
|  Consumer Staples  | 5.2% |
|  Basic Materials  | 2.6% |
|  Telecommunications  | 2.1% |
|  Real Estate  | 1.3% |
|  Cash & Other  | 0.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 15.3% |
|  Apple, Inc.  | 13.2% |
|  Alphabet, Inc.  | 8.2% |
|  Meta Platforms, Inc.  | 6.3% |
|  Tesla, Inc.  | 4.2% |
|  Exxon Mobil Corp.  | 2.0% |
|  Procter & Gamble Co.  | 1.8% |
|  Johnson & Johnson  | 1.7% |
|  Coca-Cola Co.  | 1.2% |
|  Cisco Systems, Inc.  | 1.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wahed.com/hlal.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wahed Invest LLC documents not be householded, please contact Wahed Invest LLC at 1-855-976-4747, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wahed Invest LLC or your financial intermediary.

Wahed FTSE USA Shariah ETF PAGE 2 TSR-AR-53656F607

------

(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. John Jacobs is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 5/31/2025 | FYE 5/31/2024 |
| (a) Audit Fees | $33300 | $31700 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $6850 | $6500 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Co applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 5/31/2025 | FYE 5/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 5/31/2025</u> <u>FYE 5/31/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u> N/A </u> <u> N/A </u>

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The committee consists of the independent members of the entire Board.

(b) Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](efp-8623_wahedetfs.jpg)

**Wahed Dow Jones Islamic World ETF** 

(UMMA)

**Wahed FTSE USA Shariah ETF** 

(HLAL)

**Annual Financial Statements & Additional Information** 

**May 31, 2025**

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#abc)<br>|  |
| &nbsp;&nbsp;&nbsp; [Wahed Dow Jones Islamic World ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Wahed FTSE USA Shariah ETF](#soi2) | [7](#soi2) |
| [Statements of Assets and Liabilities](#sal) | [13](#sal) |
| [Statements of Operations](#sop) | [14](#sop) |
| [Statements of Changes in Net Assets](#scna) | [15](#scna) |
| [Financial Highlights](#fihi) | [16](#fihi) |
| [Notes to Financial Statements](#notes) | [18](#notes) |
| [Report of Independent Public Accounting Firm](#report) | [25](#report) |
| [Board Consideration and Approval of Continuation of Advisory Agreement (Unaudited)](#board) | [26](#board) |
| [Additional Information (Unaudited)](#add) | [29](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wahed Dow Jones Islamic World ETF** 

**Schedule of Investments** 

**May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.9%**<br>|  |  |
| **Aerospace & Defense - 1.2%**<br>|  |  |
| Safran SA | 5423 | $1609305  |
| **Apparel & Textile Products - 2.9%**<br>|  |  |
| adidas AG | 2657 | 662093  |
| Cie Financière Richemont SA | 8823 | 1663005  |
| Hermes International SCA | 540 | 1488454  |
|  |  | 3813552  |
| **Automotive - 1.9%**<br>|  |  |
| BYD Co. Ltd. - Class H | 21646 | 1084294  |
| Denso Corp. | 33913 | 461002  |
| Ferrari NV | 1951 | 933351  |
|  |  | 2478647  |
| **Biotech & Pharmaceutical - 15.8%**<br>|  |  |
| AstraZeneca PLC | 24573 | 3552372  |
| Chugai Pharmaceutical Co. Ltd. | 10239 | 538081  |
| CSL Ltd. | 7764 | 1234092  |
| Daiichi Sankyo Co. Ltd. | 31285 | 832995  |
| GSK PLC | 67103 | 1363706  |
| Novartis AG | 32458 | 3714960  |
| Novo Nordisk AS – Class B | 51715 | 3570446  |
| Otsuka Holdings Co. Ltd. | 8351 | 425378  |
| Roche Holding AG | 11582 | 3742951  |
| Roche Holding AG – Bearer Shares | 452 | 154050  |
| Sanofi SA | 17887 | 1777207  |
|  |  | 20906238  |
| **Chemicals - 2.8%**<br>|  |  |
| Air Liquide SA | 9355 | 1937143  |
| Givaudan SA | 125 | 628081  |
| Shin-Etsu Chemical Co. Ltd. | 32172 | 1034757  |
|  |  | 3599981  |
| **Commercial Support Services - 4.3%**<br>|  |  |
| Compass Group PLC | 29595 | 1039660  |
| Recruit Holdings Co. Ltd. | 26536 | 1597916  |
| RELX PLC | 29986 | 1615073  |
| Waste Connections, Inc. | 4055 | 797050  |
| Wolters Kluwer NV | 3882 | 688823  |
|  |  | 5738522  |
| **Construction Materials - 0.5%**<br>|  |  |
| Sika AG | 2569 | 687005  |
| **Diversified Industrials - 1.6%**<br>|  |  |
| Hitachi Ltd. | 74634 | 2092721  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wahed Dow Jones Islamic World ETF** 

**Schedule of Investments** 

**May 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **E-Commerce Discretionary - 1.5%**<br>|  |  |
| JD.com, Inc. - ADR | 25258 | $818612  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 12640 | 1219886  |
|  |  | 2038498  |
| **Electrical Equipment - 5.2%**<br>|  |  |
| ABB Ltd. | 25697 | 1455710  |
| Assa Abloy AB - Class B | 15932 | 504087  |
| Daikin Industries Ltd. | 4700 | 540209  |
| Legrand SA | 4200 | 509945  |
| Mitsubishi Electric Corp. | 34346 | 691228  |
| Schneider Electric SE | 8899 | 2236217  |
| Siemens Energy AG<sup>(a)</sup> | 8986 | 872219  |
|  |  | 6809615  |
| **Food - 3.5%**<br>|  |  |
| Nestle SA | 43137 | 4604850  |
| **Health Care Facilities & Services - 0.6%**<br>|  |  |
| Lonza Group AG | 1147 | 794684  |
| **Household Products - 4.3%**<br>|  |  |
| Haleon PLC | 133111 | 742976  |
| L'Oreal SA | 3681 | 1556211  |
| Reckitt Benckiser Group PLC | 11180 | 758661  |
| Unilever PLC | 40054 | 2542468  |
|  |  | 5600316  |
| **Internet Media & Services - 1.6%**<br>|  |  |
| Meituan - Class B<sup>(a)(b)</sup> | 91717 | 1614087  |
| Trip.com Group Ltd. - ADR | 8736 | 547310  |
|  |  | 2161397  |
| **IT Services - 1.6%**<br>|  |  |
| Capgemini SE | 2452 | 407108  |
| Fujitsu Ltd. | 27282 | 627338  |
| Infosys Ltd. - ADR | 58579 | 1065552  |
|  |  | 2099998  |
| **Leisure Facilities & Services - 0.5%**<br>|  |  |
| Amadeus IT Group SA | 7031 | 585717  |
| **Machinery - 2.4%**<br>|  |  |
| Atlas Copco AB - Class A | 41473 | 664521  |
| Atlas Copco AB - Class B | 25305 | 359752  |
| FANUC Corp. | 14608 | 391585  |
| Keyence Corp. | 3203 | 1348281  |
| SMC Corp. | 967 | 362889  |
|  |  | 3127028  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wahed Dow Jones Islamic World ETF** 

**Schedule of Investments** 

**May 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Medical Equipment & Devices - 2.6%**<br>|  |  |
| Alcon AG | 8018 | $690004  |
| EssilorLuxottica SA | 4618 | 1282865  |
| FUJIFILM Holdings Corp. | 19902 | 452948  |
| Hoya Corp. | 5556 | 659004  |
| Terumo Corp. | 23144 | 426808  |
|  |  | 3511629  |
| **Metals & Mining - 4.2%**<br>|  |  |
| Agnico Eagle Mines Ltd. | 7995 | 940653  |
| Barrick Mining Corp. | 27573 | 527817  |
| BHP Group Ltd. | 82441 | 2029351  |
| Franco-Nevada Corp. | 3090 | 519521  |
| Rio Tinto Ltd. | 6471 | 469163  |
| Rio Tinto PLC | 17109 | 1015641  |
|  |  | 5502146  |
| **Oil & Gas Supply Chain - 1.9%**<br>|  |  |
| Canadian Natural Resources Ltd. | 34223 | 1037181  |
| Cenovus Energy, Inc. | 19879 | 261400  |
| LUKOIL PJSC - ADR<sup>(a)(c)</sup> | 224 | 0  |
| Suncor Energy, Inc. | 20424 | 724744  |
| Woodside Energy Group Ltd. | 30509 | 436858  |
|  |  | 2460183  |
| **Renewable Energy - 0.2%**<br>|  |  |
| Vestas Wind Systems AS | 16725 | 263828  |
| **Retail - Discretionary - 2.3%**<br>|  |  |
| Fast Retailing Co. Ltd. | 3321 | 1112792  |
| Industria de Diseno Textil SA | 18045 | 977576  |
| Wesfarmers Ltd. | 17966 | 959879  |
|  |  | 3050247  |
| **Semiconductors - 22.2%**<br>|  |  |
| Advantest Corp. | 12742 | 650545  |
| ASM International NV | 745 | 405629  |
| ASML Holding NV | 6585 | 4888327  |
| Disco Corp. | 1574 | 358553  |
| Infineon Technologies AG | 138837 | 5402264  |
| SK Hynix, Inc. | 8391 | 1243719  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 77194 | 14923144  |
| Tokyo Electron Ltd. | 7575 | 1207422  |
|  |  | 29079603  |
| **Software - 5.1%**<br>|  |  |
| Constellation Software, Inc. | 313 | 1132705  |
| Dassault Systemes SE | 10537 | 394752  |
| SAP SE | 16801 | 5071619  |
|  |  | 6599076  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wahed Dow Jones Islamic World ETF** 

**Schedule of Investments** 

**May 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Specialty Finance - 0.6%**<br>|  |  |
| Experian PLC | 14773 | $735721  |
| **Technology Hardware - 4.4%**<br>|  |  |
| Canon, Inc. | 15431 | 473961  |
| Murata Manufacturing Co. Ltd. | 29188 | 431261  |
| NIDEC CORP | 16062 | 312791  |
| Samsung Electronics Co. Ltd. | 75356 | 3069513  |
| Xiaomi Corp. - Class B<sup>(a)(b)</sup> | 233931 | 1519953  |
|  |  | 5807479  |
| **Transportation & Logistics - 2.2%**<br>|  |  |
| Canadian National Railway Co. | 8892 | 932950  |
| Canadian Pacific Kansas City Ltd. | 14992 | 1222192  |
| DSV AS | 3268 | 769907  |
|  |  | 2925049  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $114,312,659)** |  | 128683035  |
| **REAL ESTATE INVESTMENT TRUSTS - 0.5%**<br>|  |  |
| Goodman Group | 32228 | 682772  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $749,219)** |  | 682772  |
|  | **Contracts** |  |
| **WARRANTS - 0.0%<sup>(d)</sup>**<br>|  |  |
| **Software - 0.0%<sup>(d)</sup>**<br>|  |  |
| Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00<sup>(a)(c)(f)(g)</sup> | 122 | 0<sup>(e)</sup>  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 0<sup>(e)</sup>  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.4%** <br>**(Cost $115,061,878)** |  | $129365807  |
| Other Assets in Excess of Liabilities - 1.6% |  | 2109496  |
| **TOTAL NET ASSETS - 100.0%** |  | $131475303 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PJSC - Public Joint Stock Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2025, the value of these securities total $3,134,040 or 2.4% of the Fund's net assets.

<sup>(c)</sup> 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 $0 or 0.0% of net assets as of May 31, 2025.

<sup>(d)</sup> Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wahed Dow Jones Islamic World ETF** 

**Schedule of Investments** 

**May 31, 2025(Continued)** 

<sup>(e)</sup> Rounds to zero.

<sup>(f)</sup> Expiration is the earlier of March 2040 or the first date on which all the outstanding Series 1 Debentures have matured or have otherwise been repurchased, redeemed or cancelled.

<sup>(g)</sup> Each warrant will, upon exercise, entitle the holder to receive $100 CAD principal of Series 2 Debentures for each $100 principal amount of Series 1 Debentures tendered for repurchase by the company. 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $128683035 | $— | $0<sup>(a)</sup> | $128683035  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 682772 |  |  | 682772  |
| &nbsp;&nbsp;&nbsp; Warrants |  |  | 0<sup>(a)</sup> | 0<sup>(a)</sup>  |
| **Total Investments** | $129365807 | $— | $0<sup>(a)</sup> | $129365807 |

---

<sup>(a)</sup> Amount is less than $0.50. The security classified as Level 3 is deemed immaterial. 

Refer to the Schedule of Investments for further disaggregation of investment categories.

**Level 3 Reconciliation Disclosure** 

---

| | |
|:---|:---|
|  | **Common Stocks**  |
| Balance as of May 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $2464  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Change in unrealized net appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (2464)  |
| &nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Sales) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transfer in/(out) of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Balance as of May 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
|  Change in Net unrealized appreciation/depreciation during the year for Level 3 investments held at May 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(2464) |

---

The Level 3 investments as of May 31, 2025 represented 0.00% of net assets. Certain Russian-issued securities continue to be untradeable due to the ongoing conflict in Russia and Ukraine, which has caused significant disruption and volatility in the global stock market.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting year as compared to the security classifications from the prior year's annual report.

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wahed Dow Jones Islamic World ETF** 

**Schedule of Investments** 

**May 31, 2025(Continued)** 

**Allocation of Portfolio Holdings by Country as of May 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Switzerland | $18135300 | 13.8%  |
| Japan | 17030464 | 13.0  |
| Taiwan | 14923144 | 11.4  |
| France | 13199207 | 10.0  |
| United Kingdom | 12630556 | 9.6  |
| Germany | 12008195 | 9.1  |
| Canada | 8096214 | 6.2  |
| Netherlands | 5982778 | 4.5  |
| Australia | 5812115 | 4.4  |
| China | 5036946 | 3.8  |
| Denmark | 4604181 | 3.5  |
| South Korea | 4313232 | 3.3  |
| Ireland | 1955608 | 1.5  |
| Spain | 1563293 | 1.2  |
| Sweden | 1528361 | 1.2  |
| India | 1065552 | 0.8  |
| Italy | 933351 | 0.7  |
| Singapore | 547310 | 0.4  |
| Russia | 0 | 0.0  |
| Other Assets in Excess of Liabilities | 2109496 | 1.6  |
|  | $131475303 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wahed FTSE USA Shariah ETF** 

**Schedule of Investments** 

**May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.3%**<br>|  |  |
| **Automobiles and Parts - 4.4%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 6283 | $419767  |
| Genuine Parts Co. | 3748 | 474197  |
| Tesla, Inc.<sup>(a)</sup> | 72895 | 25255202  |
|  |  | 26149166  |
| **Basic Resources - 0.8%**<br>|  |  |
| Fastenal Co. | 30728 | 1270295  |
| International Paper Co. | 14117 | 674934  |
| Newmont Corp. | 30255 | 1595044  |
| Nucor Corp. | 6613 | 723198  |
| Southern Copper Corp. | 2411 | 219141  |
| Steel Dynamics, Inc. | 3587 | 441452  |
|  |  | 4924064  |
| **Chemicals - 1.8%**<br>|  |  |
| Air Products and Chemicals, Inc. | 5838 | 1628277  |
| CF Industries Holdings, Inc. | 4607 | 417901  |
| Ecolab, Inc. | 6559 | 1742202  |
| International Flavors & Fragrances, Inc. | 6979 | 534312  |
| Linde PLC | 12848 | 6007468  |
| LyondellBasell Industries NV - Class A | 7056 | 398593  |
| Westlake Corp. | 892 | 63359  |
|  |  | 10792112  |
| **Construction and Materials - 1.6%**<br>|  |  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 3089 | 332624  |
| Carrier Global Corp. | 22597 | 1608906  |
| CRH PLC | 18068 | 1647079  |
| Martin Marietta Materials, Inc. | 1649 | 902910  |
| Quanta Services, Inc. | 3891 | 1332901  |
| Trane Technologies PLC | 5960 | 2564409  |
| Vulcan Materials Co. | 3447 | 913696  |
|  |  | 9302525  |
| **Consumer Products and Services - 2.4%**<br>|  |  |
| DR Horton, Inc. | 7763 | 916500  |
| eBay, Inc. | 12798 | 936430  |
| Electronic Arts, Inc. | 6952 | 999559  |
| Estee Lauder Cos., Inc. - Class A | 6190 | 414359  |
| Garmin Ltd. | 4136 | 839484  |
| Lennar Corp. - Class A | 6132 | 650482  |
| Lennar Corp. - Class B | 297 | 30086  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 3147 | 996560  |
| NIKE, Inc. - Class B | 31405 | 1902829  |
| Pool Corp. | 994 | 298786  |
| PulteGroup, Inc. | 5648 | 553673  |
| Rollins, Inc. | 7428 | 425253  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wahed FTSE USA Shariah ETF** 

**Schedule of Investments** 

**May 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Consumer Products and Services - (Continued)** | **Consumer Products and Services - (Continued)** | **Consumer Products and Services - (Continued)** |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 4554 | $1030479  |
| Uber Technologies, Inc.<sup>(a)</sup> | 53767 | 4525031  |
|  |  | 14519511  |
| **Energy - 5.4%**<br>|  |  |
| Baker Hughes Co. | 25963 | 961929  |
| Chevron Corp. | 43505 | 5947134  |
| ConocoPhillips | 34427 | 2938344  |
| Devon Energy Corp. | 16590 | 502013  |
| EOG Resources, Inc. | 14963 | 1624533  |
| Expand Energy Corp. | 6140 | 713038  |
| Exxon Mobil Corp. | 117436 | 12013703  |
| First Solar, Inc.<sup>(a)</sup> | 2812 | 444521  |
| Halliburton Co. | 22031 | 431587  |
| Hess Corp. | 7429 | 982040  |
| Marathon Petroleum Corp. | 8656 | 1391365  |
| Occidental Petroleum Corp. | 18119 | 738893  |
| Phillips 66 | 10838 | 1229896  |
| Schlumberger NV | 37518 | 1239970  |
| Valero Energy Corp. | 8480 | 1093666  |
|  |  | 32252632  |
| **Food, Beverage and Tobacco - 2.5%**<br>|  |  |
| Archer-Daniels-Midland Co. | 12734 | 614670  |
| Bunge Global SA | 3542 | 276807  |
| Coca-Cola Co. | 103431 | 7457375  |
| Corteva, Inc. | 18405 | 1303074  |
| Keurig Dr Pepper, Inc. | 31877 | 1073299  |
| McCormick & Co., Inc. | 6675 | 485473  |
| Mondelez International, Inc. - Class A | 35463 | 2393398  |
| Monster Beverage Corp.<sup>(a)</sup> | 18762 | 1199830  |
|  |  | 14803926  |
| **Health Care - 11.1%**<br>|  |  |
| Abbott Laboratories | 46032 | 6148955  |
| Agilent Technologies, Inc. | 7722 | 864246  |
| Align Technology, Inc.<sup>(a)</sup> | 2019 | 365318  |
| Becton Dickinson & Co. | 7756 | 1338608  |
| Biogen, Inc.<sup>(a)</sup> | 3878 | 503326  |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 5015 | 291221  |
| Bio-Techne Corp. | 4145 | 200618  |
| Boston Scientific Corp.<sup>(a)</sup> | 39203 | 4126508  |
| Cardinal Health, Inc. | 6494 | 1002933  |
| Cooper Cos., Inc.<sup>(a)</sup> | 5262 | 359289  |
| Danaher Corp. | 17218 | 3269698  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 15646 | 1223830  |
| GE HealthCare Technologies, Inc. | 12235 | 863057  |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wahed FTSE USA Shariah ETF** 

**Schedule of Investments** 

**May 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Health Care - (Continued)** | **Health Care - (Continued)** | **Health Care - (Continued)** |
| Hologic, Inc.<sup>(a)</sup> | 5891 | $366243  |
| ICON PLC<sup>(a)</sup> | 2185 | 284662  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 2173 | 1115531  |
| Illumina, Inc.<sup>(a)</sup> | 4149 | 341214  |
| Insulet Corp.<sup>(a)</sup> | 1881 | 611381  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 9378 | 5179845  |
| Johnson & Johnson | 64050 | 9941200  |
| Labcorp Holdings, Inc. | 2231 | 555452  |
| Medtronic PLC | 34023 | 2823229  |
| Merck & Co., Inc. | 68146 | 5236339  |
| Pfizer, Inc. | 151093 | 3549175  |
| Regeneron Pharmaceuticals, Inc. | 2777 | 1361508  |
| ResMed, Inc. | 3890 | 952233  |
| Revvity, Inc. | 3232 | 292237  |
| STERIS PLC | 2689 | 659370  |
| Stryker Corp. | 9580 | 3665691  |
| Thermo Fisher Scientific, Inc. | 10255 | 4130919  |
| Universal Health Services, Inc. - Class B | 1524 | 290093  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 6845 | 3025832  |
| Viatris, Inc. | 32309 | 283996  |
| West Pharmaceutical Services, Inc. | 1916 | 403989  |
| Zimmer Biomet Holdings, Inc. | 5325 | 490805  |
|  |  | 66118551  |
| **Industrial Goods and Services - 5.4%**<br>|  |  |
| 3M Co. | 14626 | 2169767  |
| Allegion PLC | 2347 | 334917  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 200 | 4135  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 1950 | 1463202  |
| Cintas Corp. | 9117 | 2065001  |
| Cummins, Inc. | 3574 | 1148970  |
| Dover Corp. | 3682 | 654476  |
| Dow, Inc. | 19015 | 527476  |
| DuPont de Nemours, Inc. | 10875 | 726450  |
| Emerson Electric Co. | 15314 | 1828185  |
| Expeditors International of Washington, Inc. | 3690 | 415974  |
| FedEx Corp. | 5839 | 1273486  |
| Ferguson Enterprises, Inc. | 5368 | 978801  |
| Fortive Corp. | 9322 | 654311  |
| GE Vernova, Inc. | 7271 | 3439038  |
| Hubbell, Inc. | 1437 | 559826  |
| IDEX Corp. | 2049 | 370685  |
| Ingersoll Rand, Inc. | 10896 | 889549  |
| Jacobs Solutions, Inc. | 3304 | 417295  |
| JB Hunt Transport Services, Inc. | 2152 | 298805  |
| Johnson Controls International PLC | 17819 | 1806312  |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wahed FTSE USA Shariah ETF** 

**Schedule of Investments** 

**May 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrial Goods and Services - (Continued)**  | **Industrial Goods and Services - (Continued)**  | **Industrial Goods and Services - (Continued)**  |
| Old Dominion Freight Line, Inc. | 5106 | $817828  |
| Packaging Corp. of America | 2385 | 460710  |
| Pentair PLC | 4447 | 441054  |
| PPG Industries, Inc. | 6210 | 688068  |
| Rockwell Automation, Inc. | 3039 | 958956  |
| Snap-on, Inc. | 1383 | 443597  |
| Stanley Black & Decker, Inc. | 4135 | 270553  |
| Trimble, Inc.<sup>(a)</sup> | 6495 | 462899  |
| United Parcel Service, Inc. - Class B | 19563 | 1908175  |
| Veralto Corp. | 6637 | 670536  |
| Westinghouse Air Brake Technologies Corp. | 4560 | 922579  |
| WW Grainger, Inc. | 1128 | 1226768  |
| Xylem, Inc. | 6260 | 789010  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 1351 | 391479  |
|  |  | 32478873  |
| **Media - 0.3%**<br>|  |  |
| Interpublic Group of Cos., Inc. | 9906 | 237348  |
| Liberty Media Corp.-Liberty Formula One - Class A<sup>(a)</sup> | 617 | 54370  |
| Liberty Media Corp.-Liberty Formula One - Class C<sup>(a)</sup> | 5629 | 543367  |
| News Corp. - Class A | 10192 | 287822  |
| News Corp. - Class B | 3045 | 99633  |
| Omnicom Group, Inc. | 5152 | 378363  |
|  |  | 1600903  |
| **Personal Care, Drug and Grocery Stores - 2.7%**<br>|  |  |
| Cencora, Inc. | 4583 | 1334753  |
| Church & Dwight Co., Inc. | 6491 | 638130  |
| Kenvue, Inc. | 51354 | 1225820  |
| McKesson Corp. | 3367 | 2422590  |
| Procter & Gamble Co. | 62888 | 10684043  |
|  |  | 16305336  |
| **Retail - 1.3%**<br>|  |  |
| Burlington Stores, Inc.<sup>(a)</sup> | 1704 | 388972  |
| Dollar Tree, Inc.<sup>(a)</sup> | 5351 | 482981  |
| Ross Stores, Inc. | 8697 | 1218363  |
| TJX Cos., Inc. | 30151 | 3826162  |
| Tractor Supply Co. | 14205 | 687522  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 1217 | 573767  |
| Williams-Sonoma, Inc. | 3283 | 531058  |
|  |  | 7708825  |
| **Technology - 56.4%<sup>(b)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 11596 | 4813384  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 43398 | 4805461  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 3975 | 301822  |
| Alphabet, Inc. - Class A | 156266 | 26837123  |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wahed FTSE USA Shariah ETF** 

**Schedule of Investments** 

**May 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Technology - (Continued)**  | **Technology - (Continued)**  | **Technology - (Continued)**  |
| Alphabet, Inc. - Class C | 129046 | $22305601  |
| Analog Devices, Inc. | 13292 | 2844222  |
| ANSYS, Inc.<sup>(a)</sup> | 2336 | 772795  |
| Apple, Inc. | 391663 | 78665514  |
| Applied Materials, Inc. | 21839 | 3423263  |
| Autodesk, Inc.<sup>(a)</sup> | 5777 | 1710685  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 7229 | 2075229  |
| Corning, Inc. | 20645 | 1023786  |
| Dell Technologies, Inc. - Class C | 7352 | 818057  |
| Docusign, Inc.<sup>(a)</sup> | 5270 | 466975  |
| F5, Inc.<sup>(a)</sup> | 1545 | 440912  |
| Flex Ltd.<sup>(a)</sup> | 10191 | 431079  |
| Gartner, Inc.<sup>(a)</sup> | 2000 | 872840  |
| GLOBALFOUNDRIES, Inc.<sup>(a)</sup> | 2632 | 94226  |
| Hewlett Packard Enterprise Co. | 35259 | 609275  |
| HP, Inc. | 25162 | 626534  |
| Intel Corp. | 111155 | 2173080  |
| International Business Machines Corp. | 24541 | 6357591  |
| KLA Corp. | 3525 | 2668002  |
| Lam Research Corp. | 34013 | 2747910  |
| Marvell Technology, Inc. | 22925 | 1379856  |
| Meta Platforms, Inc. - Class A | 57607 | 37299956  |
| Micron Technology, Inc. | 29541 | 2790443  |
| Microsoft Corp. | 198302 | 91290309  |
| NetApp, Inc. | 5388 | 534274  |
| NXP Semiconductors NV | 6705 | 1281527  |
| Okta, Inc.<sup>(a)</sup> | 4284 | 441980  |
| ON Semiconductor Corp.<sup>(a)</sup> | 11405 | 479238  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 17228 | 3315012  |
| PTC, Inc.<sup>(a)</sup> | 3160 | 531891  |
| QUALCOMM, Inc. | 29959 | 4350047  |
| Roper Technologies, Inc. | 2874 | 1638956  |
| Salesforce, Inc. | 24650 | 6541370  |
| Sandisk Corp.<sup>(a)</sup> | 3129 | 117932  |
| ServiceNow, Inc.<sup>(a)</sup> | 5493 | 5553917  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 12704 | 508414  |
| Synopsys, Inc.<sup>(a)</sup> | 4116 | 1909742  |
| TE Connectivity PLC | 8217 | 1315295  |
| Teradyne, Inc. | 4175 | 328155  |
| Texas Instruments, Inc. | 24428 | 4466660  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 4056 | 477391  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 1129 | 651422  |
| Vertiv Holdings Co. - Class A | 9660 | 1042604  |
| Western Digital Corp.<sup>(a)</sup> | 9323 | 480601  |
|  |  | 336612358  |

---

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wahed FTSE USA Shariah ETF** 

**Schedule of Investments** 

**May 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Telecommunications - 2.0%**<br>|  |  |
| AT&T, Inc. | 188986 | $5253811  |
| Cisco Systems, Inc. | 106318 | 6702287  |
| Juniper Networks, Inc. | 8652 | 310866  |
|  |  | 12266964  |
| **Travel and Leisure - 0.1%**<br>|  |  |
| Delta Air Lines, Inc. | 4356 | 210787  |
| Southwest Airlines Co. | 3988 | 133119  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 2202 | 174938  |
|  |  | 518844  |
| **Utilities - 0.1%**<br>|  |  |
| Atmos Energy Corp. | 4119 | 637127  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $472,276,155)** |  | 586991717  |
| **REAL ESTATE INVESTMENT TRUSTS- 1.3%**<br>|  |  |
| **Real Estate - 1.3%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 4575 | 321119  |
| Digital Realty Trust, Inc. | 8907 | 1527729  |
| Prologis, Inc. | 24584 | 2669822  |
| Welltower, Inc. | 16457 | 2538986  |
| Weyerhaeuser Co. | 19822 | 513588  |
|  |  | 7571244  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $7,138,846)** |  | 7571244  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.6%**<br>**(Cost $479,415,001)** |  | $594562961  |
| Other Assets in Excess of Liabilities - 0.4% |  | 2231757  |
| **TOTAL NET ASSETS - 100.0%** |  | $596794718 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $586991717 | $— | $— | $586991717  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 7571244 |  |  | 7571244  |
| **Total Investments** | $594562961 | $— | $— | $594562961 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WAHED ETFs** 

**Statements of Assets and Liabilities** 

**May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Wahed Dow Jones** <br>**Islamic World ETF** | **Wahed FTSE USA** <br>**Shariah ETF**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | &nbsp;&nbsp; $129365807 | &nbsp;&nbsp; $594562961  |
| Cash | &nbsp;&nbsp; 1736289 | &nbsp;&nbsp; 1667047  |
| Dividends receivable | &nbsp;&nbsp; 246042 | &nbsp;&nbsp; 809947  |
| Dividend tax reclaims receivable | &nbsp;&nbsp; 197553 | &nbsp;&nbsp; 3234  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 131545691 | &nbsp;&nbsp; 597043189  |
| **LIABILITIES:**<br>|  |  |
| Payable to adviser | &nbsp;&nbsp; 70388 | &nbsp;&nbsp; 248471  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 70388 | &nbsp;&nbsp; 248471  |
| **NET ASSETS** | &nbsp;&nbsp; $131475303 | &nbsp;&nbsp; $596794718  |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | &nbsp;&nbsp; $120469342 | &nbsp;&nbsp; $502815915  |
| Total distributable earnings | &nbsp;&nbsp; 11005961 | &nbsp;&nbsp; 93978803  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $131475303 | &nbsp;&nbsp; $596794718  |
| Net assets | &nbsp;&nbsp; $131475303 | &nbsp;&nbsp; $596794718  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 5150000 | &nbsp;&nbsp; 11675000  |
| Net asset value per share | &nbsp;&nbsp; $25.53 | &nbsp;&nbsp; $51.12  |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $115061878 | &nbsp;&nbsp; $479415001 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**WAHED ETFs** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Wahed Dow Jones** <br>**Islamic World ETF** | **Wahed FTSE USA** <br>**Shariah ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | &nbsp;&nbsp;&nbsp;&nbsp; $2236673 | &nbsp;&nbsp; $6360105  |
| Dividend withholding tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp; 171904 | &nbsp;&nbsp; 45352  |
| Less: Issuance fees | &nbsp;&nbsp;&nbsp;&nbsp; (2078) | &nbsp;&nbsp;&nbsp;&nbsp;(62)  |
| Less: Dividend withholding taxes | &nbsp;&nbsp;&nbsp;&nbsp; (432334) | &nbsp;&nbsp; (49084)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp;&nbsp; 1974165 | &nbsp;&nbsp; 6356311  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp; 735631 | &nbsp;&nbsp; 2716667  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 735631 | &nbsp;&nbsp; 2716667  |
| **Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp; 1238534 | &nbsp;&nbsp; 3639644  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** <br>|  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp; 940270 | &nbsp;&nbsp; 6060903  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp; (37149) | &nbsp;&nbsp; —  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; 903121 | &nbsp;&nbsp; 6060903  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp; 5173329 | &nbsp;&nbsp; 18607827  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp; 17446 | &nbsp;&nbsp; —  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 5190775 | &nbsp;&nbsp; 18607827  |
| **Net realized and unrealized gain** | &nbsp;&nbsp;&nbsp;&nbsp; 6093896 | &nbsp;&nbsp; 24668730  |
| &nbsp;&nbsp;&nbsp; **NET INCREASE IN NET ASSETS RESULTING FROM** <br>**OPERATIONS** | &nbsp;&nbsp;&nbsp;&nbsp; $7332430 | &nbsp;&nbsp; $28308374 |

---

The accompanying notes are an integral part of these financial statements.

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**WAHED ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Wahed Dow Jones Islamic World ETF** | **Wahed Dow Jones Islamic World ETF** | **Wahed FTSE USA Shariah ETF**  | **Wahed FTSE USA Shariah ETF**  |
|  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $1238534 | &nbsp;&nbsp; $826491 | $3639644 | $2476118  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 903121 | &nbsp;&nbsp; (1883064) | 6060903 | 3010924  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 5190775 | &nbsp;&nbsp; 11313776 | 18607827 | 58317487  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets from** <br>**operations** | &nbsp;&nbsp; 7332430 | &nbsp;&nbsp; 10257203 | 28308374 | 63804529  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (975231) | &nbsp;&nbsp; (520101) | (3754182) | (1942537)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (975231) | &nbsp;&nbsp; (520101) | (3754182) | (1942537)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | &nbsp;&nbsp; 39145500 | &nbsp;&nbsp; 39440915 | 161049600 | 169876580  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (6200730) | &nbsp;&nbsp; — | (40729658) | (22270655)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | &nbsp;&nbsp; 2232 | &nbsp;&nbsp; 12282 |  | 41  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | &nbsp;&nbsp; 32947002 | &nbsp;&nbsp; 39453197 | 120319942 | 147605966  |
| **Net increase in net assets** | &nbsp;&nbsp; 39304201 | &nbsp;&nbsp; 49190299 | 144874134 | 209467958  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | &nbsp;&nbsp; 92171102 | &nbsp;&nbsp; 42980803 | 451920584 | 242452626  |
| &nbsp;&nbsp;&nbsp; End of the year | &nbsp;&nbsp; $131475303 | &nbsp;&nbsp; $92171102 | $596794718 | $451920584  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1750000 | 3175000 | 3775000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (250000) | &nbsp;&nbsp; — | (800000) | (500000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1750000 | 2375000 | 3275000 |

---

The accompanying notes are an integral part of these financial statements.

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WAHED ETFs** 

**FINANCIAL HIGHLIGHTS** 

**WAHED DOW JONES ISLAMIC WORLD ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Period Ended** <br>**May 31, 2022<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **Period Ended** <br>**May 31, 2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | $24.26 | $20.97 | $20.70 | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.27 | 0.30 | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.25  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.21 | 3.18 | 0.30 | &nbsp;&nbsp;&nbsp; (4.44)  |
| **Total from investment operations** | 1.48 | 3.48 | 0.61 | &nbsp;&nbsp;&nbsp; (4.19)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | (0.21) | (0.19) | (0.34) | &nbsp;&nbsp;&nbsp; (0.13)  |
| **Total distributions** | (0.21) | (0.19) | (0.34) | &nbsp;&nbsp;&nbsp; (0.13)  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| **Net asset value, end of period** | $25.53 | $24.26 | $20.97 | &nbsp;&nbsp;&nbsp; $20.70  |
| Total return<sup>(e)</sup> | 6.14% | 16.66% | 3.20% | &nbsp;&nbsp;&nbsp; -16.76%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | $131475 | $92171 | $42981 | &nbsp;&nbsp;&nbsp; $32077  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.65% | 0.65% | 0.65% | &nbsp;&nbsp;&nbsp; 0.65%  |
| Ratio of net investment income to average net assets<sup>(f)</sup> | 1.09% | 1.34% | 1.56% | &nbsp;&nbsp;&nbsp; 2.91%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | 15% | 11% | 11% | &nbsp;&nbsp;&nbsp; 8% |

---

<sup>(a)</sup> The Fund commenced operations on January 7, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**WAHED ETFs** 

**FINANCIAL HIGHLIGHTS** 

**WAHED FTSE USA SHARIAH ETF** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $48.59 | $40.24 | $38.50 | $36.50 | $26.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.34 | 0.33 | 0.40 | 0.40 | 0.36  |
|  Net realized and unrealized gain on investments<sup>(b)</sup> | 2.54 | 8.28 | 1.74 | 1.96 | 10.44  |
| **Total from investment operations** | 2.88 | 8.61 | 2.14 | 2.36 | 10.80  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.35) | (0.26) | (0.40) | (0.36) | (0.30)  |
| **Total distributions** | (0.35) | (0.26) | (0.40) | (0.36) | (0.30)  |
| ETF transaction fees per share |  | 0.00<sup>(c)</sup> |  |  | —  |
| **Net asset value, end of year** | $51.12 | $48.59 | $40.24 | $38.50 | $36.50  |
| Total return | 5.91% | 21.47% | 5.70% | 6.43% | 41.70%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $596795 | $451921 | $242453 | $167486 | $109505  |
| Ratio of expenses to average net assets | 0.50% | 0.50% | 0.50% | 0.50% | 0.50%  |
|  Ratio of net investment income to average net assets | 0.67% | 0.73% | 1.10% | 1.01% | 1.08%  |
| Portfolio turnover rate<sup>(d)</sup> | 10% | 7% | 29% | 16% | 19% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**WAHED ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025** 

1. ORGANIZATION

The Wahed Dow Jones Islamic World ETF ("UMMA") and Wahed FTSE USA Shariah ETF ("HLAL") (each a "Fund" and collectively, the "Funds") are diversified and non-diversified series, respectively, of Listed Funds Trust (the "Trust"), formerly Active Weighting Funds ETF Trust. The Trust was organized as a Delaware statutory trust on August 26, 2016, under a Declaration of Trust amended on December 21, 2018, and is registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act").

UMMA is an actively-managed ETF. The Fund's objective is to seek long-term capital appreciation. UMMA seeks to achieve its objective by investing in a portfolio of global companies (excluding U.S. domiciled companies) the characteristics of which meet the requirements of Shariah and are consistent with Islamic principles as interpreted by subject-matter experts. Wahed Invest LLC ("Wahed" or the "Adviser"), the Fund's investment adviser, seeks to invest the Fund's assets in securities similar to the components of, and to achieve returns similar to those of, the Dow Jones Islamic International Titans 100 Index (the "Index"). The Index is a data-driven index owned and maintained by S&P Dow Jones Indices, and is designed to measure the stock performance of the largest ex-U.S. companies that have passed rules-based screens for adherence to Shariah investment guidelines.

HLAL is a passively-managed exchange-traded fund ("ETF"). The Fund's objective is to track the total return performance, before fees and expenses, of the FTSE USA Shariah Index (the "Index"). The Index is composed of common stocks of large and mid-capitalization U.S. companies the characteristics of which meet the requirements of the Shariah and are consistent with Islamic principles as interpreted by subject-matter experts.

2. SIGNIFICANT ACCOUNTING POLICIES

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies.* Each Fund prepares its financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and follows the significant accounting policies described below.

**Use of Estimates – The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.** 

**Share Transactions – The net asset value ("NAV") per share of each Fund will be equal to each Fund's total assets minus each Fund's total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the New York Stock Exchange ("NYSE") is open for trading.** 

**Fair Value Measurement – In calculating the NAV, each Fund's exchange-traded equity securities will be valued at fair value, which will generally be determined using the last reported official closing or last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Such valuations are typically categorized as Level 1 in the fair value hierarchy described below.** 

Securities listed on the NASDAQ Stock Market, Inc. are generally valued at the NASDAQ official closing price. Foreign securities will be priced at their local currencies as of the close of their primary exchange or market or as of the time each Fund calculates its NAV on the valuation date, whichever is earlier.

The valuation of each Fund's investments is performed in accordance with the principles found in Rule 2a-5 of the 1940 Act. The Board of Trustees of the Trust (the "Board" or "Trustees") has designated a fair valuation committee at the Adviser as the valuation designee of the Funds. In its capacity as valuation designee, the Adviser has adopted procedures and methodologies to fair value the Funds' investments whose market prices are not "readily available" or are deemed to be unreliable. The circumstances in which a security may be fair valued include, among others: the occurrence of events that are significant to a particular issuer, such as mergers, restructurings or defaults; the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or government actions;

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**WAHED ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

trading restrictions on securities; thinly traded securities; and market events such as trading halts and early market closings. Due to the inherent uncertainty of valuations, fair values may differ significantly from the values that would have been used had an active market existed. Fair valuation could result in a different NAV than a NAV determined by using market quotations. Such valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy described below.

FASB ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820") defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurements. Under ASC 820, various inputs are used in determining the value of the Funds' investments. These inputs are summarized in the following hierarchy:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). See the Schedules of Investments for a summary of the valuations as of May 31, 2025, for each Fund based upon the three levels described above.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Foreign securities, currencies and other assets denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar using the applicable currency exchange rates as of the close of the NYSE, generally 4:00 p.m. Eastern Time.

All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

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

**Security Transactions – Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated based on the specific identification basis.** 

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**WAHED ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments and currency gains or losses realized between the trade and settlement dates on securities transactions from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

**Investment Income – Dividend income is recognized on the ex-dividend date. Withholding taxes on foreign dividends, a portion of which may be reclaimable, has been provided for in accordance with the Funds' understanding of the applicable tax rules and regulations. Dividend withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. Dividends received on investments that represent a return of capital are classified as a reduction of cost of investments.** 

Distributions received from each Fund's investments in real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of its income and distributions received during the current calendar year for financial statement purposes. The actual character of distributions to each Fund's shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by each Fund's shareholders may represent a return of capital.

**Tax Information, Dividends and Distributions to Shareholders and Uncertain Tax Positions – The Funds are treated as separate entities for Federal income tax purposes. Each Fund intends to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). To qualify and remain eligible for the special tax treatment accorded to RICs, each Fund must meet certain annual income and quarterly asset diversification requirements and must distribute annually at least 90% of the sum of (i) its investment company taxable income (which includes dividends, interest and net short-term capital gains) and (ii) certain net tax-exempt income, if any. If so qualified, each Fund will not be subject to Federal income tax.** 

Distributions to shareholders are recorded on the ex-dividend date. The Funds generally pay out dividends from net investment income, if any, quarterly, and distribute their net capital gains, if any, to shareholders at least annually. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their Federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions which exceed earnings and profit for tax purposes are reported as a tax return of capital.

Management evaluates each Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as income tax expense. The Funds' Federal income tax returns are subject to examination by the Internal Revenue Service (the "IRS") for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. As of May 31, 2025, the Funds' fiscal year end, the Funds had no material uncertain tax positions and did not have a liability for any unrecognized tax benefits. As of May 31, 2025,

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**[**TABLE OF CONTENTS**](#TOC)**

**WAHED ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

the Funds' fiscal year end, the Funds had no examination in progress and management is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. The Funds recognized no interest or penalties related to uncertain tax benefits in the 2025 fiscal year. At May 31, 2025, the Funds' fiscal year end, the tax periods for the prior three years are open to examination in the Funds' major tax jurisdiction.

**Indemnification – In the normal course of business, the Funds expect to enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds' maximum exposure under these anticipated arrangements is unknown, as this would involve future claims that may be made against a Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.** 

3. INVESTMENT ADVISORY AND OTHER AGREEMENTS

**Investment Advisory Agreement – The Trust has entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Adviser. Under the Advisory Agreement, the Adviser provides a continuous investment program for the Funds' assets in accordance with their investment objectives, policies and limitations, and oversees the day-to-day operations of the Funds subject to the supervision of the Board, including the Trustees who are not "interested persons" of the Trust as defined in the 1940 Act.** 

Pursuant to the Advisory Agreement between the Trust, on behalf of the Funds, and Wahed, each Fund pays a unified management fee to the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.65% of UMMA's average daily net assets and at an annual rate of 0.50% of HLAL's average daily net assets. Wahed has agreed to pay all expenses of the Funds except the fee paid to Wahed under the Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses (if any).

**Distribution Agreement and 12b-1 Plan – Quasar Distributors, LLC ("Quasar" or, the "Distributor"), a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) serves as each Fund's distributor pursuant to an ETF Distribution Services Agreement. The Distributor receives compensation for the statutory underwriting services it provides to the Funds. The Distributor enters into agreements with certain broker-dealers and others that will allow those parties to be "Authorized Participants" and to subscribe for and redeem shares of the Funds. The Distributor will not distribute shares in less than whole Creation Units and does not maintain a secondary market in shares.** 

The Board has adopted a Rule 12b-1 Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act ("Rule 12b-1 Plan"). In accordance with the Rule 12b-1 Plan, each Fund is authorized to pay an amount up to 0.25% of the Fund's average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of each Fund's assets. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds.

**Administrator, Custodian and Transfer Agent – U.S. Bancorp Fund Services LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or "Administrator") serves as administrator, transfer agent and fund accounting agent of the Funds pursuant to a Fund Servicing Agreement. U.S. Bank N.A., an affiliate of Fund Services, serves as the Funds' custodian pursuant to a Custody Agreement. Under the terms of these agreements, the Adviser pays each Fund's administrative, custody and transfer agency fees.** 

A Trustee and all officers of the Trust are affiliated with the Administrator and the Custodian.

4. CREATION AND REDEMPTION TRANSACTIONS

Shares of the Funds are listed and traded on the NASDAQ Stock Market LLC, (the "Exchange"). Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called "Creation Units." Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change

21<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WAHED ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

throughout the day. Market prices for the shares may be different from their NAV. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the NYSE is open for trading. The NAV of the shares of each Fund will be equal to the Fund's total assets minus the Fund's total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to four decimal places.

**Creation Unit Transaction Fee – Authorized Participants may be required to pay to the Custodian a fixed transaction fee (the "Creation Unit Transaction Fee") in connection with the issuance of Creation Units. The standard Creation Unit Transaction Fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Unit Transaction Fee charged by the Funds for each creation order is as follows:** 

---

| | |
|:---|:---|
| Wahed Dow Jones Islamic World ETF | $2000  |
| Wahed FTSE USA Shariah ETF | 500 |

---

An additional variable fee, payable to the Funds, of up to 2% of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage taxes) involved with buying the securities with cash. Each Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders. Variable fees, if any, received by the Funds are displayed in the Capital Share Transactions section on the Statements of Changes in Net Assets.

Only "Authorized Participants" may purchase or redeem shares directly from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.

A Creation Unit will generally not be issued until the transfer of good title of the deposit securities to the Funds and the payment of any cash amounts have been completed. To the extent contemplated by the applicable participant agreement, Creation Units of the Funds will be issued to such authorized participant notwithstanding the fact that the Funds' deposits have not been received in part or in whole, in reliance on the undertaking of the authorized participant to deliver the missing deposit securities as soon as possible. If the Funds or its agents do not receive all of the deposit securities, or the required cash amounts, by such time, then the order may be deemed rejected and the authorized participant shall be liable to the Funds for losses, if any.

5. FEDERAL INCOME TAX

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended May 31, 2025**  | **Fiscal Year Ended May 31, 2025**  |
|  | **Ordinary** <br>**Income<sup>(1)</sup>** | **Long-Term** <br>**Capital Gain**  |
| Wahed Dow Jones Islamic World ETF  | $975231 | $—  |
| Wahed FTSE USA Shariah ETF  | 3754182 |  |

---

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended May 31, 2024**  | **Fiscal Year Ended May 31, 2024**  |
|  | **Ordinary** <br>**Income<sup>(1)</sup>** | **Long-Term** <br>**Capital Gain**  |
| Wahed Dow Jones Islamic World ETF  | $520101 | $—  |
| Wahed FTSE USA Shariah ETF  | 1942537 |  |

---

<sup>(1)</sup> Ordinary income may include short-term capital gains.

22<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WAHED ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

At May 31, 2025, the Funds' fiscal year end, the components of distributable earnings (accumulated losses) and cost of investments on a tax basis, including the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting year, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Wahed Dow Jones** <br>**Islamic World ETF** | **Wahed FTSE USA** <br>**Shariah ETF**  |
| Federal Tax Cost of Investments | &nbsp;&nbsp; $116493260 | &nbsp;&nbsp; $490270096  |
| Gross Tax Unrealized Appreciation | &nbsp;&nbsp; $22067027 | &nbsp;&nbsp; $140058055  |
| Gross Tax Unrealized Depreciation | &nbsp;&nbsp; (9177446) | &nbsp;&nbsp; (35765190)  |
| Net Tax Unrealized Appreciation (Depreciation) | &nbsp;&nbsp; 12889581 | &nbsp;&nbsp; 104292865  |
| Undistributed Ordinary Income | &nbsp;&nbsp; 1133413 | &nbsp;&nbsp; 809672  |
| Other Accumulated Gain (Loss) | &nbsp;&nbsp; (3017033) | &nbsp;&nbsp; (11123734)  |
| Total Distributable Earnings / (Accumulated Losses) | &nbsp;&nbsp; $11005961 | &nbsp;&nbsp; $93978803 |

---

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales and passive foreign investment companies.

The Funds' carryforward losses and post-October losses are determined only at the end of each fiscal year. At May 31, 2025, the Funds had carryforward losses which will be carried forward indefinitely to offset future realized capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Capital Loss** <br>**Carryover** <br>**Utilized** | **Indefinite** <br>**Short-Term** <br>**Capital Loss** <br>**Carryover** | **Indefinite** <br>**Long-Term** <br>**Capital Loss** <br>**Carryover**  |
| Wahed Dow Jones Islamic World ETF | $— | $— | $3017033  |
| Wahed FTSE USA Shariah ETF |  | 7875444 | 3248290 |

---

U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences primarily relate to redemptions in-kind. For the fiscal year ended May 31, 2025, the following reclassifications were made for permanent tax differences on the Statements of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  | **Total Distributable Earnings** <br>**(Accumulated Losses)** | **Paid-In Capital**  |
| Wahed Dow Jones Islamic World ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1490839) | $1490839  |
| Wahed FTSE USA Shariah ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10745460) | 10745460 |

---

6. INVESTMENT TRANSACTIONS

During the year ended May 31, 2025, the Funds realized net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains are not taxable to the Funds, and are not distributed to shareholders, they have been reclassified from total distributable earnings (accumulated losses) to paid in-capital. The amount of realized gains and losses from in-kind redemptions included in realized gain/(loss) on investments in the Statements of Operations is as follows:

---

| | | |
|:---|:---|:---|
|  | **Realized Gains** | **Realized Losses**  |
| Wahed Dow Jones Islamic World ETF | $2192868 | $(599692)  |
| Wahed FTSE USA Shariah ETF | 13192347 | (1783212) |

---

23<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WAHED ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

Purchases and sales of investments (excluding short-term investments), creations in-kind and redemptions in-kind for the year ended May 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Creations** <br>**In-Kind** | **Redemptions** <br>**In-Kind**  |
| Wahed Dow Jones Islamic World ETF | $18169479 | $17352367 | $36589470 | $5440768  |
| Wahed FTSE USA Shariah ETF | 51583646 | 52265975 | 158399409 | 37974805 |

---

7. PRINCIPAL RISKS

As with all ETFs, shareholders of the Funds are subject to the risk that their investment could lose money. Each Fund is subject to the principal risks, any of which may adversely affect the Fund's NAV, trading price, yield, total return and ability to meet its investment objective.

A complete description of the principal risks is included in the prospectus under the heading "Principal Investment Risks."

8. NEW ACCOUNTING PRONOUNCEMENTS

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

9. SUBSEQUENT EVENTS

On June 26, 2025, the Funds paid a distribution to shareholders of record on June 25, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income Rate** | **Ordinary Income** <br>**Distribution Paid**  |
| Wahed Dow Jones Islamic World ETF | &nbsp;&nbsp; $0.0083 | &nbsp;&nbsp;&nbsp;&nbsp; $42745  |
| Wahed FTSE USA Shariah ETF | 0.0230 | &nbsp;&nbsp;&nbsp;&nbsp; 268525 |

---

Other than as disclosed, there were no other subsequent events requiring recognition or disclosure through the date the financial statements were issued.

In preparing these financial statements, management of the Funds has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that other than as disclosed above there are no subsequent events that need to be recorded or disclosed in the Funds' financial statements.

24<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Wahed ETFs** 

**REPORT OF INDEPENDENT PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Wahed ETFs and

Board of Trustees of Listed Funds Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Wahed Dow Jones Islamic World ETF and Wahed FTSE USA Shariah ETF (the "Funds"), each a series of Listed Funds Trust, as of May 31, 2025, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations** | **Statement(s) of Changes** <br>**in Net Assets**  | **Financial Highlights** |
| Wahed Dow Jones Islamic World ETF  | For the year ended May 31, 2025  | For the years ended May 31, 2025 and 2024  | For the years ended May 31, 2025, 2024, 2023 and for the period from January 7, 2022 (commencement of operations) through May 31, 2022 |
| Wahed FTSE USA <br>Shariah ETF  | For the year ended May 31, 2025  | For the years ended May 31, 2025 and 2024  | For the years ended May 31, 2025, 2024, 2023, 2022, and 2021 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2020.

![](wagner_cc.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

July 30, 2025

25<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WAHED ETFs** 

**BOARD CONSIDERATION AND APPROVAL OF CONTINUATION OF ADVISORY AGREEMENT** 

**May 31, 2025 (Unaudited)** 

At meetings held on November 18, 2024 (the "November Meeting") and December 3 and 4, 2024 (the "December Meeting" and together with the November Meeting, the "Meetings"), the Board of Trustees (the "Board") of Listed Funds Trust (the "Trust"), including those trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered the approval of the continuation of the advisory agreement (the "Agreement") between Wahed Invest LLC (the "Adviser") and the Trust, on behalf of Wahed FTSE USA Shariah ETF and Wahed Dow Jones Islamic World ETF (each, a "Fund" and together, the "Funds").

Pursuant to Section 15 of the 1940 Act, the continuation of the Agreements after their initial two-year term must be approved annually by: (i) the vote of the Board or shareholders of each Fund; and (ii) the vote of a majority of the Independent Trustees, cast at a meeting called for the purpose of voting on such approval. As discussed in greater detail below, in preparation for the Meetings, the Board requested from, and reviewed responsive information provided by the Adviser.

In addition to the written materials provided to the Board in advance of the Meetings, during the December Meeting representatives from the Adviser provided the Board with an overview of their advisory business, including their investment personnel, financial resources, experience, investment processes, and compliance program. The representatives discussed the services provided to each Fund by the Adviser, as well as each Fund's fees and information with respect to the Fund's strategy and certain operational aspects of the Fund. The Board considered the materials it received in advance of the Meetings, including a memorandum from legal counsel to the Trust regarding the responsibilities of the Board in considering the approval of the Agreement, and information conveyed during the Adviser's oral presentation. The Board also considered the information it received throughout the year about each Fund and the Adviser. The Board considered the approval of the continuation of the Agreement for an additional one-year term in light of this information. Throughout the process, the Board was afforded the opportunity to ask questions of, and request additional materials from, the Adviser. The Independent Trustees also met in executive session with counsel to the Trust to further discuss the advisory arrangements and the Independent Trustees' responsibilities relating thereto.

At the December Meeting, the Board, including a majority of the Independent Trustees, evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services provided by the Adviser; (ii) each Fund's expenses and performance; (iii) the cost of the services provided and profits to be realized by the Adviser from the relationship with the applicable Funds; (iv) comparative fee and expense data for each Fund and other investment companies with similar investment objectives and strategies; (v) the extent to which the advisory fee for each Fund reflects economies of scale shared with its shareholders; (vi) any fall-out benefits derived by the Adviser from the relationship with the applicable Fund; and (vii) other factors the Board deemed relevant. In its deliberations, the Board considered the factors and reached the conclusions described below relating to the advisory arrangements and renewal of the Agreement. In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and the individual Trustees may have attributed different weights to various factors.

**<u>Approval of the Continuation of the Advisory Agreement</u>** 

Nature, Extent, and Quality of Services Provided. The Board considered the scope of services provided under the Agreement, noting that the Adviser expected to continue to provide substantially similar investment management services to each Fund with respect to implementing its investment program, including arranging for, or implementing, the purchase and sale of portfolio securities, monitoring adherence to its investment restrictions, overseeing the activities of the service providers, monitoring compliance with various policies and procedures with applicable securities regulations, and monitoring the extent to which each Fund achieved its investment objective. In considering the nature, extent, and quality of the services provided by the Adviser, the Board considered the quality of the Adviser's compliance infrastructure and past and current reports from the Trust's Chief Compliance Officer regarding her review of the Adviser's compliance infrastructure, as well as the Board's experience with the Adviser and the investment management services it has provided to each Fund. The Board noted that it had received a copy of the Adviser's registration on Form ADV, as well as the response of the Adviser to a detailed series of questions which requested, among other information, information about the background and experience of the firm's key personnel, the firm's cybersecurity policy, and the services provided by the Adviser. The Board also considered the Adviser's operational capabilities and resources and its experience in managing investment portfolios, including the Funds.

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**[**TABLE OF CONTENTS**](#TOC)**

**WAHED ETFs** 

**BOARD CONSIDERATION AND APPROVAL OF CONTINUATION OF ADVISORY AGREEMENT** 

**May 31, 2025 (Unaudited)(Continued)** 

Historical Performance. The Board next considered each Fund's performance. The Board observed that information regarding each Fund's past investment performance for periods ended September 30, 2024 had been included in the Materials. The Board noted that it had been provided with the Barrington Report, which compared the performance results of each Fund with the returns of a group of ETFs selected by Barrington Partners as most comparable to the Fund (the "Peer Group"), as well as with funds in each Fund's respective Morningstar category (each, a "Category Peer Group"). Additionally, at the Board's request, the Adviser identified the funds the Adviser considered to be each Fund's most direct competitors (each, a "Selected Peer Group") and provided the Selected Peer Group's performance results.

<u>Wahed FTSE USA Shariah ETF</u>: The Board noted that, for each of the one-year period ended September 30, 2024, the Fund underperformed its broad-based benchmark, the S&P 500 Index, but outperformed it for the three-year and since inception periods. The Board also noted that, for each of the one-year and five-year periods ended September 30, 2024, the Fund underperformed the average of its Peer Group and but outperformed the average of its Peer Group for the three-year period. The Board also noted that while the Fund underperformed the average of its Category Peer Group for the one-year period ended September 30, 2024, it outperformed the average of its Category Peer Group for the three- and five-year periods. The Board also noted that the Fund performed within the range of the funds in its Selected Peer Group for the same one-, three- and five-year periods.

<u>Wahed Dow Jones Islamic World ETF</u>: The Board noted that, for the one-year period ended September 30, 2024, the Fund outperformed its broad-based benchmark, the Bloomberg World ex US Large & Mid Cap Total Return Index, but underperformed it for the since-inception period. The Board also noted that, for the one-year period ended September 30, 2024, the Fund outperformed the average of its Peer Group and Category Peer Group. The Board also noted that the Fund outperformed the fund it its Selected Peer Group with at least one-year of performance for the same one-year period.

Cost of Services Provided and Profitability. The Board reviewed the management fee for each Fund, including in comparison to the management fees of its respective Peer Group as provided in the Barrington Report, as well as its respective Selected Peer Group.

The Board took into consideration that the Adviser charges a "unitary fee," meaning the Funds pay no expenses except for the fee paid to the Adviser pursuant to the Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act. The Board noted that the Adviser is responsible for compensating each Fund's other service providers and, with the exception of the expenses noted above, paying each Fund's other operating expenses out of its own fee and resources. The Board also evaluated whether the Adviser received any other compensation or fall-out benefits from its relationship with the Funds, taking into account analyses of the Adviser's profitability with respect to each Fund.

<u>Wahed FTSE USA Shariah ETF</u>: The Board noted that the management fee for the Fund was higher than the average and median of its Peer Group, but was within the range of funds included in the Peer Group. The Board also noted that the Fund's management fee was within the range of its Selected Peer Group.

<u>Wahed Dow Jones Islamic World ETF</u>: The Board noted that the management fee for the Fund was slightly higher than the average of its Peer Group and lower than the median of its Peer Group. The Board also noted that the Fund's management fee was within the range of its Selected Peer Group.

The Board accordingly noted that each Fund's unitary fee is reasonable and competitive with the fees of its respective peer funds.

Economies of Scale. The Board noted that it is not yet evident that any of the Funds have reached the size at which they have begun to realize economies of scale. The Board also determined that, based on the amount and structure of each Fund's unitary fee, any such economies of scale would be shared with such Fund's respective shareholders. The Board stated that it would monitor fees as the Funds grow and consider whether fee breakpoints may be warranted in the future.

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**[**TABLE OF CONTENTS**](#TOC)**

**WAHED ETFs** 

**BOARD CONSIDERATION AND APPROVAL OF CONTINUATION OF ADVISORY AGREEMENT** 

**May 31, 2025 (Unaudited)(Continued)** 

Conclusion. No single factor was determinative of the Board's decision to approve the continuation of the Agreement; rather, the Board based its determination on the total mix of information available to it. The Board, including a majority of the Independent Trustees, determined that the terms of the Agreement, including the compensation payable under the Agreement, are fair and reasonable with respect to each Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the continuation of the Agreement was in the best interests of each Fund and its shareholders.

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**[**TABLE OF CONTENTS**](#TOC)**

**WAHED ETFs** 

**ADDITIONAL INFORMATION** 

**May 31, 2025 (Unaudited)** 

**THE BELOW INFORMATION IS REQUIRED DISCLOSURE FROM FORM N-CSR**

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Pursuant to the Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds, except those specified in the Funds' Prospectus. As a result, the Adviser is responsible for compensating the Independent Trustees. Further information related to Trustee and Officer compensation for the Trust can be obtained from the Funds' most recent SAI.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Refer to the Board Consideration and Approval of Continuation of Advisory Agreements.

**TAX INFORMATION** 

Each Fund designated 100.00% of its ordinary income distribution for the most recent fiscal year ended May 31, 2025, as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

For the fiscal year ended May 31, 2025, 0.00% and 100.00% of dividends paid from net ordinary income qualified for the dividends received deduction available to corporate shareholders of the Wahed Dow Jones Islamic World ETF and Wahed FTSE USA Shariah ETF, respectively.

For the fiscal year ended May 31, 2025, Wahed FTSE USA Shariah ETF earned foreign source income and paid foreign taxes, which the Fund intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code:

---

| | | |
|:---|:---|:---|
|  | **Foreign Source** <br>**Income Earned**  | **Foreign** <br>**Taxes Paid**  |
| Wahed Dow Jones Islamic World ETF | $2236672  | $260430 |

---

29<br>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

All Fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Funds' Statement of Additional Information.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President and Treasurer have reviewed the Registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing
of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.
Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information
required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others
within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](war-efp16721_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a)under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](war-efp16721_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](war-efp16721_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Listed Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kacie G. Briody |
|  | Kacie G. Briody, President/Principal Executive Officer |

---

Date <u>8/4/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kacie G. Briody |
|  | Kacie G. Briody, President/Principal Executive Officer |

---

Date <u>8/4/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Travis G. Babich |
|  | Travis G. Babich, Treasurer/Principal Financial Officer |

---

Date <u>8/4/2025</u>

*\* Print the name and title of each signing officer under his or her signature*

## Ex-99.Code

**EX.99.CODE ETH**

**Listed Funds Trust**

**Code of Ethics**

**For Principal Executive Officer & Principal Financial Officer**

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction/Covered Persons** 

Listed Funds Trust (the "Trust") has been successful in large part by managing its business with honesty and integrity. The principal officers of the Trust have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among its officers, the Audit Committee of the Board of Trustees of the Trust has adopted this Code of Ethics. This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics applies to the principal executive officer, principal financial officer, controller and other senior financial officers of the Trust, as may be identified from time to time by the Audit Committee (collectively, the "Covered Persons").

The Audit Committee shall be responsible for the overall administration of this Code of Ethics, but has delegated to the Trust's Chief Compliance Officer (the "Chief Compliance Officer") the responsibility to oversee the day-to-day operation of this Code of Ethics. This Code of Ethics is in addition to, not in replacement of, the Trust's Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Covered Persons may also be subject to the Investment Company Code of Ethics.

**II. Code of Ethics Requirements**

This Code of Ethics requires each Covered Person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide full, fair, accurate, timely and understandable disclosure in reports submitted to or filed with the SEC and in all other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Comply with laws, rules and regulations of the federal government, state governments and other regulatory agencies as they apply to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclose promptly to the Chief Compliance Officer any violations of this Code of Ethics of which the Covered Person may become aware; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not retaliate against any other Covered Person or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith.

**III. Conflicts of Interest**

A conflict of interest occurs when a Covered Person's private interest interferes in any way—or even appears to interfere—with the interests of the Trust as a whole or with his or her service to the Trust. For example, a conflict of interest would arise if a Covered Person, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Trust and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Persons may not individually engage in certain transactions with the Trust (such as the purchase or sale of securities or other property, except the Trust's own fund shares) because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser and/or administrator of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for the Trust or for the adviser and/or administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and/or administrator and the Trust. The participation of the Covered Persons in such activities is inherent in the contractual relationship between the Trust and its investment adviser and/or administrator and is consistent with the performance by the Covered Persons of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the Trust.

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Person would benefit personally to the detriment of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal

benefit of the Covered Person rather than for the benefit of the Trust.

There are some conflict of interest situations that should be discussed with the Chief Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person's employment, such as compensation or equity ownership.

**IV. Accurate, Complete, Timely and Understandable Information**

The Covered Persons are responsible for ensuring that Trust's shareholders and the public receive financial and other information that is accurate, complete, timely and understandable. Covered Persons are obligated to comply with all laws and regulations governing the public disclosure of Trust information. All public statements, whether oral or written, must be understandable and accurate, with no material omissions.

The books and records of the Trust must be kept accurate and current to ensure that the public receives information that is full, fair, accurate, complete and timely. The Covered Persons must ensure that transactions are completely and accurately recorded on the Trust's books and records in accordance with generally accepted accounting principles. Economic evaluations must fairly represent all information relevant to the evaluation being made. No secret or unrecorded cash funds or other assets may be established or maintained for any purpose. Each Covered Person shall also comply with the Trust's disclosure controls and procedures and the Trust's internal controls and procedures for financial reporting.

**V. Waivers**

The Audit Committee may grant a waiver from one or more provisions of this Code of Ethics upon the request of a Covered Person and after a review of the relevant facts and circumstances. The decision by the Audit Committee whether to grant a waiver from this Code of Ethics shall be final.

"Waiver" shall mean the approval of a material departure from a provision of this Code of Ethics. If an executive officer becomes aware of a material departure from a provision of this Code of Ethics by any Covered Person, he or she shall immediately report such violation to the Chief Compliance Officer or the Audit Committee, as appropriate. The Chief Compliance Officer shall promptly report the violation to the Audit Committee. If the Audit Committee fails to take action with respect to the violation within ten business days, the Trust shall be deemed to have made an "implicit waiver" from this Code of Ethics.

If a waiver from one or more provisions of Section II of this Code of Ethics is granted by the Audit Committee to any Covered Person, including an implicit waiver, the Audit Committee shall direct the Trust to (a) post a notice and description of the waiver on the each applicable Fund's website within five business days following the waiver, including the name of the person to whom the Trust granted the waiver and the date of the waiver, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the waiver occurred; or (b) include a description of the waiver in the Trust's next report on Form N-CSR relating to the applicable Fund. If the waiver will be disclosed via a Fund's website, the Trust must have first disclosed in its most recent Form N-CSR relating to the applicable Fund that it intends to disclose these events on the Fund's website and website's address.

**VI. Amendments**

This Code of Ethics may be amended by the Audit Committee as it deems appropriate. If a provision of the Code of Ethics that applies to any Covered Person and that relates to one or more provisions of Section II of this Code is amended, the Audit Committee shall direct the applicable Fund to (a) post a notice and description of the amendment on the Fund's website within five business days following the amendment, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the amendment occurred; or (b) include a description of the amendment in the Trust's next report on Form N-CSR relating to the applicable Fund. If the amendment will be disclosed via a Fund's website, the rules applicable to website postings of waivers, discussed in Section V above, apply. Technical, administrative or other non-substantive amendments to the Code of Ethics need not be disclosed.

**VII. Violations**

If the Audit Committee becomes aware of an actual or potential violation of this Code of Ethics, it shall direct an investigation into the facts and circumstances surrounding the violation. If a violation is found, the Audit Committee may impose on the Covered Person found to be in violation of this Code of Ethics any of a wide range of consequences as it deems appropriate, including warnings or letters of reprimand for less significant, first-time offenses, fines, reduced professional duties, suspension without pay and, in the most serious cases, termination.

**VIII. Disclosure**

The Audit Committee shall direct the Trust to make this Code of Ethics publicly available through one of the following three methods: (1) filing the Code as an exhibit to the Trust's annual report on Form N-CSR relating to each Fund; (2) posting the text of the Code on the applicable Fund's website, provided that the Fund has first disclosed the website's address and intent to provide disclosure in this manner in its most report on Form N-CSR and provided further that the text of the Code remains on the applicable Fund's website for as long as the Trust remains subject to the SEC's rules promulgated under Section 406 of Sarbanes-Oxley ; or (3) providing an undertaking in its most recent report on Form N-CSR relating to each applicable Fund to provide a copy of the Code of Ethics to any person without charge upon request.

**IX. Acknowledgement**

Each Covered Person shall, in the form attached hereto as Appendix A, acknowledge receipt of and compliance with the Code of Ethics upon adoption of this Code of Ethics or when initially hired, whichever occurs later. Each Covered Person shall annually, in the form attached hereto as Appendix B, acknowledge receipt of and compliance with this Code of Ethics.

**X. Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or in the course of investigating any alleged violation of this Code, such matters shall not be disclosed to anyone other than the Board, its counsel, the Trust, its counsel, the investment adviser, and its counsel.

**XI. Internal Use**

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**Adopted: March 19, 2019**

**Amended: June 16, 2022**

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Kacie G. Briody, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Listed Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 8/4/2025 | /s/ Kacie G. Briody |
|  |  | Kacie G. Briody<br> President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Travis G. Babich, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Listed Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 8/4/2025 | /s/ Travis G. Babich |
|  |  | Travis G. Babich<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Listed Funds Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Listed Funds Trust, for the year ended May 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Listed Funds Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Kacie G. Briody | /s/ Travis G. Babich |
| Kacie G. Briody<br> President/Principal Executive Officer<br> Listed Funds Trust | Travis G. Babich<br> Treasurer/Principal Financial Officer<br> Listed Funds Trust |

---

Dated: <u>8/4/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Listed Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.