# EDGAR Filing Document

**Accession Number:** 0001650149
**File Stem:** 0001145549-25-055967
**Filing Date:** 2025-8
**Character Count:** 22068
**Document Hash:** 38a0614a6ae5f62329c5654bd3d7d62a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-055967.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001145549-25-055967

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**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:** 251273189

**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** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 99.2%** | **Shares** | **Value** |
| iShares 0-3 Month Treasury Bond ETF | 464891 | $46809875 |
| iShares Core MSCI Emerging Markets ETF | 446442 | 26799913 |
| iShares Core MSCI Europe ETF | 474110 | 31386082 |
| iShares Core MSCI Pacific ETF | 307354 | 21115220 |
| iShares Core S&P Total U.S. Stock Market ETF | 23611 | 3188429 |
| iShares Core U.S. Aggregate Bond ETF | 89488 | 8877209 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 39334 | 4311400 |
| iShares MSCI EAFE Small-Cap ETF | 49648 | 3608417 |
| iShares National Muni Bond ETF | 931 | 97271 |
| JPMorgan BetaBuilders Canada ETF | 40123 | 3237926 |
| JPMorgan BetaBuilders Europe ETF | 381928 | 25764863 |
| Schwab International Small-Cap Equity ETF | 98593 | 4199076 |
| Schwab U.S. REIT ETF | 227054 | 4804463 |
| Schwab U.S. Broad Market ETF | 400212 | 9537052 |
| Schwab U.S. TIPS ETF | 2376932 | 63416546 |
| SPDR Portfolio Emerging Markets ETF | 585210 | 25011875 |
| Vanguard FTSE All-World ex-US ETF | 72526 | 4875198 |
| Vanguard FTSE Emerging Markets ETF | 754856 | 37335178 |
| Vanguard FTSE Europe ETF | 12116 | 938990 |
| Vanguard FTSE Pacific ETF | 172374 | 14165695 |
| Vanguard Real Estate ETF | 943 | 83983 |
| Vanguard S&P 500 ETF | 1686 | 957698 |
| Vanguard Small-Cap ETF | 7005 | 1660045 |
| Vanguard Total Bond Market ETF | 125417 | 9234454 |
| Vanguard Total Stock Market ETF | 281275 | 85487911 |
| Vanguard Value ETF | 19447 | 3437063 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $390,098,693) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $390,098,693) | 440341832 |
| **U.S. TREASURY SECURITIES - 0.0%** | **Par** | **Value** |
| U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds |
| &nbsp;&nbsp; 0.63%, 07/15/2032 | 264984 | 247275 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/15/2034 | 40894 | 40949 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $279,659) | **TOTAL U.S. TREASURY SECURITIES** (Cost $279,659) | 288224 |
| **SHORT-TERM INVESTMENTS - 0.7%** | **Shares** | **Value** |
| **Money Market Funds - 0.5%** |  |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(a)</sup> | 2134880 | 2134880 |
| **U.S. Treasury Bills - 0.2%** | **<u>Par</u>** |  |
| U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.08%, 12/26/2025 <sup>(b)</sup> | 858000 | 840585 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,974,033) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,974,033) | 2975465 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $393,352,385**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $393,352,385**)** | 443605521 |
| Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | 412672 |
| **TOTAL NET ASSETS - 100.0%** |  | $444018193 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

REIT - Real Estate Investment Trust<br> TIPS – Treasury Inflation-Protected Securities<br>

(a) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

(b) The rate shown is the annualized effective yield as of June 30, 2025.

------

#### Investment Valuation
The following is a summary of the Fund's pricing procedures. It is intended to be a general discussion and may not necessarily reflect all the pricing procedures followed by the Fund.

Fixed income securities, including short-term debt instruments having a maturity less than 60 days, are valued at the evaluated mean price supplied by an approved independent third-party pricing service ("Pricing Service"). These securities are categorized in Level 2 of the fair value hierarchy.

The Board of Trustees (the "Board") has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated Elm Partners Management LLC as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of the portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

The Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 in 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:

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 would be based on the best information available.

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

The following table is a summary of the inputs used to value the Fund's securities by level within the fair value hierarchy as of June 30, 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 | 440341832 | – |  | 440341832 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 288224 |  | 288224 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 2134880 | – |  | 2134880 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 840585 |  | 840585 |
| Total Investments in Securities | 442476712 | 1128809 |  | 443605521 |
| As of the period ended June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $424079450.73

**Total Liabilities:** $67882.90

**Net Assets:** $424011567.83

**Cash Not Reported:** $4.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255763 | 0.44%                | 1.68%                | 3.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $39610829.29             | $-38451322.24                              |
| Month 2  | $2413171.68              | $3347283.91                                |
| Month 3  | $-492457.61              | $10301076.40                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares 0-3 Month Treasury Bon | iShares 0-3 Month Treasury Bond ETF                 | CUSIP: 46436E718<br>LEI: 549300L2T50TTT4U6186 | Long             | EC               | RF                | US        |    443966 | NS      | $44702936.54  | 10.54%            |  |  |  | No            |                  1 | On Loan: No      |
| TSY INFL IX N/B                | United States Treasury Inflation Indexed Bonds      | CUSIP: 91282CEZ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    264984 | PA      | $247275.50    | 0.06%             | 2032-07-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                | United States Treasury Inflation Indexed Bonds      | CUSIP: 91282CLE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40894 | PA      | $40949.09     | 0.01%             | 2034-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Vanguard Small-Cap ETF         | Vanguard Small-Cap ETF                              | CUSIP: 922908751<br>LEI: N/A                  | Long             | EC               | RF                | US        |      6695 | NS      | $1586581.10   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan BetaBuilders Canada E | JPMorgan BetaBuilders Canada ETF                    | CUSIP: 46641Q225<br>LEI: 5493001KDPNCCHEX2345 | Long             | EC               | RF                | US        |     38325 | NS      | $3092827.50   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Pacific ETF      | Vanguard FTSE Pacific ETF                           | CUSIP: 922042866<br>LEI: N/A                  | Long             | EC               | RF                | US        |    164624 | NS      | $13528800.32  | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard S&P 500 ETF           | Vanguard S&P 500 ETF                                | CUSIP: 922908363<br>LEI: N/A                  | Long             | EC               | RF                | US        |      1624 | NS      | $922480.72    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab U.S. REIT ETF           | Schwab U.S. REIT ETF                                | CUSIP: 808524847<br>LEI: 549300OLDKO120DR6467 | Long             | EC               | RF                | US        |    216824 | NS      | $4587995.84   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Emerging Markets | Vanguard FTSE Emerging Markets ETF                  | CUSIP: 922042858<br>LEI: N/A                  | Long             | EC               | RF                | US        |    720849 | NS      | $35653191.54  | 8.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Europe ETF       | Vanguard FTSE Europe ETF                            | CUSIP: 922042874<br>LEI: N/A                  | Long             | EC               | RF                | US        |     11589 | NS      | $898147.50    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Real Estate ETF       | Vanguard Real Estate ETF                            | CUSIP: 922908553<br>LEI: N/A                  | Long             | EC               | RF                | US        |       912 | NS      | $81222.72     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares National Muni Bond ETF | iShares National Muni Bond ETF                      | CUSIP: 464288414<br>LEI: 549300H21FUYFQW9N157 | Long             | EC               | RF                | US        |       900 | NS      | $94032.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Pacific ETF  | iShares Core MSCI Pacific ETF                       | CUSIP: 46434V696<br>LEI: 549300Q9GRKBMCU6NO32 | Long             | EC               | RF                | US        |    293528 | NS      | $20165373.60  | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab International Small-Cap | Schwab International Small-Cap Equity ETF           | CUSIP: 808524888<br>LEI: 549300WKPJ36EQS9LQ80 | Long             | EC               | RF                | US        |     94160 | NS      | $4010274.40   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                         | CUSIP: 912797NU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    858000 | PA      | $840585.23    | 0.20%             | 2025-12-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Vanguard FTSE All-World ex-US  | Vanguard FTSE All-World ex-US ETF                   | CUSIP: 922042775<br>LEI: N/A                  | Long             | EC               | RF                | US        |     69271 | NS      | $4656396.62   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund          | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   2134880 | NS      | $2134879.59   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P Total U.S. St | iShares Core S&P Total U.S. Stock Market ETF        | CUSIP: 464287150<br>LEI: 549300E44NRXZV2OY345 | Long             | EC               | RF                | US        |     22557 | NS      | $3046097.28   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI EAFE Small-Cap ET | iShares MSCI EAFE Small-Cap ETF                     | CUSIP: 464288273<br>LEI: 549300MJV5OZGVS4LX86 | Long             | EC               | RF                | US        |     47416 | NS      | $3446194.88   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Emerging Mar | iShares Core MSCI Emerging Markets ETF              | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             | EC               | RF                | US        |    426354 | NS      | $25594030.62  | 6.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab US TIPS ETF             | Schwab US TIPS ETF                                  | CUSIP: 808524870<br>LEI: 5493001H0ESLTZTZWE77 | Long             | EC               | RF                | US        |   2269858 | NS      | $60559811.44  | 14.28%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan BetaBuilders Europe E | JPMorgan BetaBuilders Europe ETF                    | CUSIP: 46641Q191<br>LEI: 549300JYD28ABFNSPC78 | Long             | EC               | RF                | US        |    364723 | NS      | $24604213.58  | 5.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab US Broad Market ETF     | Schwab US Broad Market ETF                          | CUSIP: 808524102<br>LEI: 549300Z43HSC4Q4CI525 | Long             | EC               | RF                | US        |    382201 | NS      | $9107849.83   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total Stock Market ET | Vanguard Total Stock Market ETF                     | CUSIP: 922908769<br>LEI: N/A                  | Long             | EC               | RF                | US        |    268627 | NS      | $81643804.11  | 19.26%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Emerging Market | SPDR Portfolio Emerging Markets ETF                 | CUSIP: 78463X509<br>LEI: 5493005Z5SCOTBZOLJ04 | Long             | EC               | RF                | US        |    558860 | NS      | $23885676.40  | 5.63%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares iBoxx $ Investment Gra | iShares iBoxx $ Investment Grade Corporate Bond ETF | CUSIP: 464287242<br>LEI: 549300FYCXFXG8POR355 | Long             | EC               | RF                | US        |     37567 | NS      | $4117718.87   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Europe ETF   | iShares Core MSCI Europe ETF                        | CUSIP: 46434V738<br>LEI: 549300XU2KDV0C5LCG21 | Long             | EC               | RF                | US        |    452751 | NS      | $29972116.20  | 7.07%             |  |  |  | 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        |    119775 | NS      | $8819033.25   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Value ETF             | Vanguard Value ETF                                  | CUSIP: 922908744<br>LEI: N/A                  | Long             | EC               | RF                | US        |     18579 | NS      | $3283652.46   | 0.77%             |  |  |  | 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        |     85458 | NS      | $8477433.60   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-06

**Name of Applicant:** Series Portfolios Trust

**Signature:** /s/ Ryan Roell

**Name of Signer:** Series Portfolios Trust

**Title:** President