# EDGAR Filing Document

**Accession Number:** 0001683471
**File Stem:** 0001193125-26-236571
**Filing Date:** 2026-5
**Character Count:** 23066
**Document Hash:** 1bffd19cdfd46cac27f8bfd72723838d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-236571.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001193125-26-236571

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Listed Funds Trust
- **CENTRAL INDEX KEY:** 0001683471

**ORGANIZATION NAME:**
- **EIN:** 826272597
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23226
- **FILM NUMBER:** 261013262

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

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

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

## Series and Classes Contracts Data

### Horizon Kinetics Medical ETF (Series ID: S000078972)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000239791 | Horizon Kinetics Medical ETF | MEDX            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Horizon Kinetics Medical ETF** | **Horizon Kinetics Medical ETF** | **Horizon Kinetics Medical ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 92.1%** | **Shares**  | **Value**  |
| **Cosmetics & Toiletries - 0.7%** | **Cosmetics & Toiletries - 0.7%** | |
| Haleon PLC - ADR | 12900 | $129129 |
| **Diagnostic Equipment - 0.1%** | **Diagnostic Equipment - 0.1%** |  |
| Pacific Biosciences of California, Inc. <sup>(a)</sup> | 10551 | 13927 |
| **Medical Imaging Systems - 0.4%** | **Medical Imaging Systems - 0.4%** |  |
| GE HealthCare Technologies, Inc. | 880 | 62639 |
| **Medical-Biomedical-Genetics - 25.1% <sup>(b)</sup>** | **Medical-Biomedical-Genetics - 25.1% <sup>(b)</sup>** |  |
| Allogene Therapeutics, Inc. <sup>(a)</sup> | 17582 | 42900 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 2272 | 751737 |
| Amgen, Inc. | 2161 | 760348 |
| Beam Therapeutics, Inc. <sup>(a)</sup> | 8791 | 209490 |
| Bicycle Therapeutics PLC - ADR <sup>(a)</sup> | 13188 | 61192 |
| Biogen, Inc. <sup>(a)</sup> | 2857 | 523774 |
| CRISPR Therapeutics AG <sup>(a)(c)</sup> | 9671 | 460049 |
| Decoy Therapeutics, Inc. <sup>(a)</sup> | 21 | 135 |
| Editas Medicine, Inc. <sup>(a)</sup> | 29010 | 71655 |
| Intellia Therapeutics, Inc. <sup>(a)</sup> | 13188 | 169070 |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup> | 11428 | 858129 |
| Lantern Pharma, Inc. <sup>(a)(c)</sup> | 26373 | 36131 |
| Regeneron Pharmaceuticals, Inc. | 660 | 509942 |
| Replimune Group, Inc. <sup>(a)</sup> | 13188 | 100888 |
|  |  | 4555440 |
| **Medical-Drugs - 64.8% <sup>(b)</sup>** | **Medical-Drugs - 64.8% <sup>(b)</sup>** |  |
| AbbVie, Inc. | 7034 | 1529825 |
| Alkermes PLC <sup>(a)</sup> | 21099 | 746061 |
| AstraZeneca PLC | 5256 | 1036588 |
| Bristol-Myers Squibb Co. | 15348 | 930856 |
| Eli Lilly & Co. | 3077 | 2830132 |
| Galectin Therapeutics, Inc. <sup>(a)</sup> | 49226 | 137340 |
| GSK PLC - ADR | 10319 | 569506 |
| Johnson & Johnson | 4401 | 1075780 |
| Merck & Co., Inc. | 6154 | 740265 |
| Novartis AG - ADR | 8791 | 1342825 |
| Pfizer, Inc. | 23736 | 666507 |
| Vanda Pharmaceuticals, Inc. <sup>(a)</sup> | 23736 | 164016 |
|  |  | 11769701 |
| **Medical-Generic Drugs - 1.0%** | **Medical-Generic Drugs - 1.0%** |  |
| Sandoz Group AG - ADR | 1760 | 137632 |
| Viatris, Inc. | 3272 | 44205 |
|  |  | 181837 |
| **TOTAL COMMON STOCKS** (Cost $9,077,143) | **TOTAL COMMON STOCKS** (Cost $9,077,143) | 16712673 |
| **RIGHTS - 0.0% <sup>(d)</sup>** |  |  |
| **Medical-Biomedical-Genetics *-* 0.0% <sup>(b)(d)</sup>** | **Medical-Biomedical-Genetics *-* 0.0% <sup>(b)(d)</sup>** |  |
| Pathos AI, Inc., Expires 01/29/2027, Exercise Price $1.00 <sup>(a)(e)</sup> | 23992 | 0 |
| **TOTAL RIGHTS** (Cost $0) | **TOTAL RIGHTS** (Cost $0) | 0 |
| **TOTAL INVESTMENTS - 92.1% (**Cost $9,077,143**)** | **TOTAL INVESTMENTS - 92.1% (**Cost $9,077,143**)** | 16712673 |
| Money Market Deposit Account - 10.0% <sup>(f)(g)</sup> | Money Market Deposit Account - 10.0% <sup>(f)(g)</sup> | 1820804 |
| Liabilities in Excess of Other Assets - (2.1)% | Liabilities in Excess of Other Assets - (2.1)% | (378447) |
| **TOTAL NET ASSETS - 100.0%** |  | $18155030 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

ADR - American Depositary Receipt <br> PLC - Public Limited Company <br>

(a) Non-income producing security.

(b) 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.

(c) All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $422,155.

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

(e) 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 March 31, 2026.

(f) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and
 is subject to change daily. The rate as of March 31, 2026, was 3.49%.

(g) All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of March 31, 2026, is $406,585 which represented 2.2% of
 net assets.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
Horizon Kinetics Medical 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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $16712673 | $– | $– | $16712673 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Rights | – | – | 0<br> <sup>(a)</sup>  | 0<br> <sup>(a)</sup>  |
| Total Investments | $16712673 | $– | $0<br> <sup>(a)</sup>  | $16712673 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |
| (a) The Fund held a Level 3 security at the end of the period valued at $0. The security classified as Level 3 is deemed immaterial and did not warrant a disclosure of significant unobservable inputs. | (a) The Fund held a Level 3 security at the end of the period valued at $0. The security classified as Level 3 is deemed immaterial and did not warrant a disclosure of significant unobservable inputs. | (a) The Fund held a Level 3 security at the end of the period valued at $0. The security classified as Level 3 is deemed immaterial and did not warrant a disclosure of significant unobservable inputs. | (a) The Fund held a Level 3 security at the end of the period valued at $0. The security classified as Level 3 is deemed immaterial and did not warrant a disclosure of significant unobservable inputs. | (a) The Fund held a Level 3 security at the end of the period valued at $0. The security classified as Level 3 is deemed immaterial and did not warrant a disclosure of significant unobservable inputs. |

---

---

| | | |
|:---|:---|:---|
| **Allocation of Portfolio Holdings by Country as of March 31, 2026** | **Allocation of Portfolio Holdings by Country as of March 31, 2026** | |
| (% of Net Assets) | (% of Net Assets) |  |
| United States | $12229691 | 67.5% |
| Switzerland | 1940506 | 10.7 |
| United Kingdom | 1796415 | 9.8 |
| Ireland | 746061 | 4.1 |
| Assets in Excess of Other Liabilities | 1442357 | 7.9 |
|  | $**18155030** | 100.0<br> **%** |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** Horizon Kinetics Medical ETF

- **b. EDGAR series identifier (if any):** S000078972

- **c. LEI of Series:** 549300CIMHLERTH7OU26

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $18575150.03

**Total Liabilities:** $420135.21

**Net Assets:** $18155014.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000239791 | 0.80%                | 5.87%                | -6.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $127440.24                                 |
| Month 2  | $0.00                    | $1094819.01                                |
| Month 3  | $426453.38               | $-1715270.54                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Merck & Co Inc                 | Merck & Co Inc                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      6154 | NS      | $740264.66    | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                           | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      8791 | NS      | $1342825.25   | 7.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Biosciences of Califor | Pacific Biosciences of California Inc | CUSIP: 69404D108<br>LEI: 529900F1BWRE1M0KZN89 | Long             | EC               | CORP              | US        |     10551 | NS      | $13927.32     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Pathos AI Inc                  | Pathos AI Inc                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     23992 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Editas Medicine Inc            | Editas Medicine Inc                   | CUSIP: 28106W103<br>LEI: 5299000AON4Q9NT2JE42 | Long             | EC               | CORP              | US        |     29010 | NS      | $71654.70     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc | GE HealthCare Technologies Inc        | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |       880 | NS      | $62638.40     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Galectin Therapeutics Inc      | Galectin Therapeutics Inc             | CUSIP: 363225202<br>LEI: 5299004HFYSAZM2ALW85 | Long             | EC               | CORP              | US        |     49226 | NS      | $137340.54    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                        | GSK PLC                               | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     10319 | NS      | $569505.61    | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon PLC                     | Haleon PLC                            | CUSIP: 405552100<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |     12900 | NS      | $129129.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Intellia Therapeutics Inc      | Intellia Therapeutics Inc             | CUSIP: 45826J105<br>LEI: 5493002T5BCPE5DZC723 | Long             | EC               | CORP              | US        |     13188 | NS      | $169070.16    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ionis Pharmaceuticals Inc      | Ionis Pharmaceuticals Inc             | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |     11428 | NS      | $858128.52    | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                     | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      4401 | NS      | $1075780.44   | 5.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantern Pharma Inc             | Lantern Pharma Inc                    | CUSIP: 51654W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26373 | NS      | $36131.01     | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| Eli Lilly & Co                 | Eli Lilly & Co                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      3077 | NS      | $2830132.29   | 15.59%            |  |  |  | No            |                  1 | On Loan: No      |
| Decoy Therapeutics Inc         | Decoy Therapeutics Inc                | CUSIP: 79400X602<br>LEI: 549300CLUMLZXIHU7X22 | Long             | EC               | CORP              | US        |        21 | NS      | $135.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CRISPR Therapeutics AG         | CRISPR Therapeutics AG                | CUSIP: N/A<br>LEI: 506700O6IRRIQLT3W370       | Long             | EC               | CORP              | CH        |      9671 | NS      | $460049.47    | 2.53%             |  |  |  | No            |                  1 | On Loan: —       |
| AbbVie Inc                     | AbbVie Inc                            | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      7034 | NS      | $1529824.66   | 8.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Allogene Therapeutics Inc      | Allogene Therapeutics Inc             | CUSIP: 019770106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17582 | NS      | $42900.08     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc    | Alnylam Pharmaceuticals Inc           | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      2272 | NS      | $751736.64    | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen Inc                             | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      2161 | NS      | $760347.85    | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Beam Therapeutics Inc          | Beam Therapeutics Inc                 | CUSIP: 07373V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8791 | NS      | $209489.53    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bicycle Therapeutics PLC       | Bicycle Therapeutics PLC              | CUSIP: 088786108<br>LEI: 213800XKUI6R7GKC3E43 | Long             | EC               | CORP              | GB        |     13188 | NS      | $61192.32     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                     | Biogen Inc                            | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      2857 | NS      | $523773.81    | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co               | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     15348 | NS      | $930856.20    | 5.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer Inc                            | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     23736 | NS      | $666506.88    | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc  | Regeneron Pharmaceuticals Inc         | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       660 | NS      | $509942.40    | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Replimune Group Inc            | Replimune Group Inc                   | CUSIP: 76029N106<br>LEI: 549300AY704NEIRC4K64 | Long             | EC               | CORP              | US        |     13188 | NS      | $100888.20    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                | Sandoz Group AG                       | CUSIP: 799926100<br>LEI: 5493000JWK6XWFEUD320 | Long             | EC               | CORP              | CH        |      1760 | NS      | $137632.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBGFS 7        | US BANK MMDA - USBGFS 7               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |   1820804 | NS      | $1820804.47   | 10.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanda Pharmaceuticals Inc      | Vanda Pharmaceuticals Inc             | CUSIP: 921659108<br>LEI: 529900AY8VOOQBKJ0O70 | Long             | EC               | CORP              | US        |     23736 | NS      | $164015.76    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                    | Viatris Inc                           | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |      3272 | NS      | $44204.72     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                   | Alkermes PLC                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     21099 | NS      | $746060.64    | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                       | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |      5256 | NS      | $1036588.32   | 5.71%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-19

**Name of Applicant:** Listed Funds Trust

**Signature:** /s/Travis Babich

**Name of Signer:** Listed Funds Trust

**Title:** Treasurer