# EDGAR Filing Document

**Accession Number:** 0001650149
**File Stem:** 0000894189-26-007056
**Filing Date:** 2026-2
**Character Count:** 15276
**Document Hash:** 9eac317ddbe5199c6be405081acb6117
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-007056.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000894189-26-007056

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23084
- **FILM NUMBER:** 26698938

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

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

## Series and Classes Contracts Data

### Elm Market Navigator ETF (Series ID: S000089248)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000255763 | Elm Market Navigator ETF | ELM             |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Elm Market Navigator ETF** | **Elm Market Navigator ETF** | **Elm Market Navigator ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 99.1%** | **Shares** | **Value**  |
| iShares Core MSCI Europe ETF | 480775 | $34125410 |
| iShares Core U.S. Aggregate Bond ETF | 129731 | 12957532 |
| JPMorgan BetaBuilders Canada ETF | 127130 | 11823090 |
| JPMorgan BetaBuilders Europe ETF | 428690 | 31422977 |
| Schwab U.S. REIT ETF | 117374 | 2451943 |
| Schwab U.S. Broad Market ETF | 268538 | 7043752 |
| Schwab U.S. TIPS ETF | 3528185 | 93461621 |
| Vanguard 0-3 Month Treasury Bill ETF | 180115 | 13586074 |
| Vanguard FTSE Emerging Markets ETF | 1750690 | 94117094 |
| Vanguard FTSE Europe ETF | 48353 | 4042794 |
| Vanguard FTSE Pacific ETF | 396737 | 35865025 |
| Vanguard Small-Cap ETF <sup>(a)</sup> | 31311 | 8076672 |
| Vanguard Total Bond Market ETF | 435118 | 32229190 |
| Vanguard Total Stock Market ETF | 334591 | 112178325 |
| Vanguard Value ETF | 43779 | 8361351 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $450,723,005) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $450,723,005) | 501742850 |
| **SHORT-TERM INVESTMENTS - 1.3%** | **Shares** | **Value**  |
| **Money Market Funds – 1.3%** |  |  |
| First American Government Obligations Fund - Class X, 3.67% <sup>(b)</sup> | 6741838 | 6741838 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $6,741,838) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $6,741,838) | 6741838 |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.3%** | **Shares** | **Value**  |
| **Money Market Funds – 0.3%** |  |  |
| First American Government Obligations Fund - Class X, 3.67% <sup>(b)</sup> | 1418290 | 1418290 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $1,418,290) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $1,418,290) | 1418290 |
| **TOTAL INVESTMENTS - 100.7% (**Cost $458,883,133**)** | **TOTAL INVESTMENTS - 100.7% (**Cost $458,883,133**)** | 509902978 |
| Liabilities in Excess of Other Assets - (0.7)% | Liabilities in Excess of Other Assets - (0.7)% | (3796472) |
| **TOTAL NET ASSETS - 100.0%** |  | $506106506 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

ETF – Exchange Traded Fund<br> FTSE – Financial Times Stock Exchange<br> MSCI – Morgan Stanley Capital International<br> REIT - Real Estate Investment Trust<br> TIPS – Treasury Inflation-Protected Securities<br>

(a) All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $1,367,135.

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

------

#### Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
Elm Market Navigator ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments at Fair Value:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $501742850 | $– | $– | $501742850 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 6741838 | – | – | 6741838 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending | 1418290 | – | – | 1418290 |
| Total Investments in Securities | $509902978 | $– | $– | $509902978 |
| As of the period ended December 31, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Fund's Schedule of Investments for further information on the classification of investments. | As of the period ended December 31, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Fund's Schedule of Investments for further information on the classification of investments. | As of the period ended December 31, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Fund's Schedule of Investments for further information on the classification of investments. | As of the period ended December 31, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Fund's Schedule of Investments for further information on the classification of investments. | As of the period ended December 31, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Fund's Schedule of Investments for further information on the classification of investments. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-765-6047

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

- **a. Name of Series:** Elm Market Navigator ETF

- **b. EDGAR series identifier (if any):** S000089248

- **c. LEI of Series:** 529900BANA7GX2N62G42

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $505943151.88

**Total Liabilities:** $3912705.00

**Net Assets:** $502030446.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255763 | 1.27%                | 0.19%                | 0.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2769584.86              | $3046419.02                                |
| Month 2  | $786988.00               | $-333745.30                                |
| Month 3  | $103992.24               | $-1609732.84                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   8160128 | NS      | $8160127.84   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core U.S. Aggregate Bo | iShares Core U.S. Aggregate Bond ETF       | CUSIP: 464287226<br>LEI: 549300F7VSXTKBGHJE47 | Long             | EC               | RF                | US        |    128687 | NS      | $12853257.56  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan BetaBuilders Europe E | JPMorgan BetaBuilders Europe ETF           | CUSIP: 46641Q191<br>LEI: 549300JYD28ABFNSPC78 | Long             | EC               | RF                | US        |    425240 | NS      | $31170092.00  | 6.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan BetaBuilders Canada E | JPMorgan BetaBuilders Canada ETF           | CUSIP: 46641Q225<br>LEI: 5493001KDPNCCHEX2345 | Long             | EC               | RF                | US        |    126110 | NS      | $11728230.00  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab U.S. REIT ETF           | Schwab U.S. REIT ETF                       | CUSIP: 808524847<br>LEI: 549300OLDKO120DR6467 | Long             | EC               | RF                | US        |    116432 | NS      | $2432264.48   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total Bond Market ETF | Vanguard Total Bond Market ETF             | CUSIP: 921937835<br>LEI: N/A                  | Long             | EC               | RF                | US        |    431614 | NS      | $31969648.98  | 6.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Pacific ETF      | Vanguard FTSE Pacific ETF                  | CUSIP: 922042866<br>LEI: N/A                  | Long             | EC               | RF                | US        |    393545 | NS      | $35576468.00  | 7.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Europe ETF       | Vanguard FTSE Europe ETF                   | CUSIP: 922042874<br>LEI: N/A                  | Long             | EC               | RF                | US        |     47969 | NS      | $4010688.09   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Value ETF             | Vanguard Value ETF                         | CUSIP: 922908744<br>LEI: N/A                  | Long             | EC               | RF                | US        |     43431 | NS      | $8294886.69   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Small-Cap ETF         | Vanguard Small-Cap ETF                     | CUSIP: 922908751<br>LEI: N/A                  | Long             | EC               | RF                | US        |     31059 | NS      | $8011669.05   | 1.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Vanguard Total Stock Market ET | Vanguard Total Stock Market ETF            | CUSIP: 922908769<br>LEI: N/A                  | Long             | EC               | RF                | US        |    331897 | NS      | $111275107.19 | 22.17%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Europe ETF   | iShares Core MSCI Europe ETF               | CUSIP: 46434V738<br>LEI: 549300XU2KDV0C5LCG21 | Long             | EC               | RF                | US        |    476905 | NS      | $33850716.90  | 6.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab US Broad Market ETF     | Schwab US Broad Market ETF                 | CUSIP: 808524102<br>LEI: 549300Z43HSC4Q4CI525 | Long             | EC               | RF                | US        |    266378 | NS      | $6987094.94   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab US TIPS ETF             | Schwab US TIPS ETF                         | CUSIP: 808524870<br>LEI: 5493001H0ESLTZTZWE77 | Long             | EC               | RF                | US        |   3424487 | NS      | $90714660.63  | 18.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard 0-3 Month Treasury Bi | Vanguard 0-3 Month Treasury Bill ETF       | CUSIP: 922040845<br>LEI: 52990070DGBTWFWX8S21 | Long             | EC               | RF                | US        |    178669 | NS      | $13477002.67  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Emerging Markets | Vanguard FTSE Emerging Markets ETF         | CUSIP: 922042858<br>LEI: N/A                  | Long             | EC               | RF                | US        |   1773760 | NS      | $95357337.60  | 18.99%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-25

**Name of Applicant:** Series Portfolios Trust

**Signature:** /s/ Ryan Roell

**Name of Signer:** Series Portfolios Trust

**Title:** President