# EDGAR Filing Document

**Accession Number:** 0001683471
**File Stem:** 0001133228-26-001301
**Filing Date:** 2026-2
**Character Count:** 96992
**Document Hash:** 8faf424fd63c56d80a26ac5f57a11bd9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-001301.hdr.sgml**: 20260203

**ACCESSION NUMBER**: 0001133228-26-001301

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260203

**DATE AS OF CHANGE**: 20260203

**EFFECTIVENESS DATE**: 20260203

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23226
- **FILM NUMBER:** 26594572

**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'? 2025-09-30199447_WahedDowJonesIslamicWorldETF_TF_TSRSemiAnnual

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>November 30, 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) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img11883_202412311539562.jpg) |

---

This semi-annual shareholder report contains important information about the Wahed Dow Jones Islamic World ETF for the period of June 1, 2025, to November 30, 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $35 | 0.65% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $169840629 |
| **Number of Holdings** | 95 |
| **Net Advisory Fee** | $501915 |
| **Portfolio Turnover** | 7% |
| **30-Day SEC Yield** | 1.00% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 38.3% |
|  Health Care  | 18.4% |
|  Industrials  | 14.1% |
|  Materials  | 9.2% |
|  Consumer Discretionary  | 8.2% |
|  Consumer Staples  | 7.5% |
|  Energy  | 1.7% |
|  Communications  | 1.2% |
|  Real Estate  | 0.5% |
|  Cash & Other  | 0.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 15.3% |
|  ASML Holding NV  | 4.6% |
|  Infineon Technologies AG  | 4.0% |
|  Samsung Electronics Co. Ltd.  | 3.6% |
|  AstraZeneca PLC  | 3.2% |
|  Roche Holding AG  | 3.1% |
|  Nestle SA  | 2.8% |
|  Novartis AG  | 2.8% |
|  SAP SE  | 2.6% |
|  SK hynix, Inc.  | 2.0% |

---

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 1 TSR-SAR-53656F268

------

---

| | | |
|:---|:---|:---|
| ![image](img11882_202412312050523.jpg) | **Wahed FTSE USA Shariah ETF**  | ![image](img11883_202412311539562.jpg) |
| ![image](img11882_202412312050523.jpg) | HLAL (Principal U.S. Listing Exchange: NASDAQ) | ![image](img11883_202412311539562.jpg) |
| ![image](img11882_202412312050523.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img11883_202412311539562.jpg) |

---

This semi-annual shareholder report contains important information about the Wahed FTSE USA Shariah ETF for the period of June 1, 2025, to November 30, 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $28 | 0.50% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $711508355 |
| **Number of Holdings** | 197 |
| **Net Advisory Fee** | $1664094 |
| **Portfolio Turnover** | 3% |
| **30-Day SEC Yield** | 0.50% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Manufacturing  | 50.3% |
|  Information  | 22.3% |
|  Professional, Scientific, and Technical Services  | 14.4% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 3.7% |
|  Wholesale Trade  | 2.1% |
|  Retail Trade  | 1.6% |
|  Real Estate and Rental and Leasing  | 1.4% |
|  Administrative and Support and Waste Management and Remediation Services  | 1.0% |
|  Transportation and Warehousing  | 0.8% |
|  Cash & Other  | 2.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Apple, Inc.  | 15.2% |
|  Microsoft Corp.  | 13.6% |
|  Alphabet, Inc.  | 12.6% |
|  Meta Platforms, Inc.  | 5.3% |
|  Tesla, Inc.  | 4.5% |
|  Exxon Mobil Corp.  | 1.9% |
|  Johnson & Johnson  | 1.9% |
|  Advanced Micro Devices, Inc.  | 1.3% |
|  Procter & Gamble Co.  | 1.3% |
|  Cisco Systems, Inc.  | 1.2% |

---

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 1 TSR-SAR-53656F607

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

(a) Not applicable for semi-annual reports.

(b) Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedules of Investments are 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)

**Semi-Annual Financial Statements & Additional Information** 

**November 30, 2025 (Unaudited)**

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#sch001)<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) |
| [Additional Information (Unaudited)](#add) | [25](#add) |

---

------

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

**Wahed Dow Jones Islamic World ETF** 

**Schedule of Investments** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.0%**<br>|  |  |
| **Apparel & Textile Products - 2.6%**<br>|  |  |
| adidas AG | 3328 | $619515  |
| Cie Financière Richemont SA | 10280 | 2180315  |
| Hermes International SCA | 647 | 1576840  |
|  |  | 4376670  |
| **Automotive - 1.5%**<br>|  |  |
| BYD Co. Ltd. - Class H | 88737 | 1111264  |
| Denso Corp. | 36224 | 478073  |
| Ferrari NV | 2289 | 897366  |
|  |  | 2486703  |
| **Biotech & Pharmaceutical - 15.2%**<br>|  |  |
| AstraZeneca PLC | 29791 | 5515946  |
| Chugai Pharmaceutical Co. Ltd. | 11962 | 641908  |
| CSL Ltd. | 9484 | 1158709  |
| Daiichi Sankyo Co. Ltd. | 35005 | 866769  |
| GSK PLC | 77437 | 1837631  |
| Novartis AG | 36154 | 4704365  |
| Novo Nordisk AS – Class B | 54326 | 2675991  |
| Otsuka Holdings Co. Ltd. | 10163 | 576110  |
| Roche Holding AG | 13172 | 5042746  |
| Roche Holding AG – Bearer Shares | 543 | 215996  |
| Sanofi SA | 20176 | 2008093  |
| UCB SA | 2293 | 640005  |
|  |  | 25884269  |
| **Chemicals - 2.3%**<br>|  |  |
| Air Liquide SA | 11055 | 2118471  |
| Givaudan SA | 155 | 653820  |
| Shin-Etsu Chemical Co. Ltd. | 36176 | 1090033  |
|  |  | 3862324  |
| **Commercial Support Services - 3.1%**<br>|  |  |
| Compass Group PLC | 32904 | 1034135  |
| Recruit Holdings Co. Ltd. | 30612 | 1570520  |
| RELX PLC | 33861 | 1359878  |
| Waste Connections, Inc. | 4884 | 869244  |
| Wolters Kluwer NV | 4265 | 453397  |
|  |  | 5287174  |
| **Construction Materials - 0.9%**<br>|  |  |
| Holcim AG | 9536 | 893328  |
| Sika AG | 3039 | 598944  |
|  |  | 1492272  |

---

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** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Diversified Industrials - 1.7%**<br>|  |  |
| Hitachi Ltd. | 89747 | $2857181  |
| **E-Commerce Discretionary - 1.4%**<br>|  |  |
| JD.com, Inc. - ADR | 26528 | 791330  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 14169 | 1644738  |
|  |  | 2436068  |
| **Electrical Equipment - 5.8%**<br>|  |  |
| ABB Ltd. | 29615 | 2128872  |
| Assa Abloy AB - Class B | 19460 | 739879  |
| Daikin Industries Ltd. | 5571 | 724176  |
| Legrand SA | 4932 | 747247  |
| Mitsubishi Electric Corp. | 40995 | 1109400  |
| Schneider Electric SE | 10244 | 2746285  |
| Siemens Energy AG<sup>(a)</sup> | 12744 | 1705294  |
|  |  | 9901153  |
| **Food - 3.2%**<br>|  |  |
| Chocoladefabriken Lindt & Spruengli AG = Registered Shares | 2 | 297902  |
| Chocoladefabriken Lindt & Spruengli AG | 18 | 264973  |
| Nestle SA | 48572 | 4829071  |
|  |  | 5391946  |
| **Health Care Facilities & Services - 0.5%**<br>|  |  |
| Lonza Group AG | 1331 | 911701  |
| **Household Products - 3.9%**<br>|  |  |
| Haleon PLC | 178136 | 875432  |
| L'Oreal SA | 4447 | 1938460  |
| Reckitt Benckiser Group PLC | 12923 | 1002032  |
| Unilever PLC | 46798 | 2817603  |
|  |  | 6633527  |
| **Internet Media & Services - 1.2%**<br>|  |  |
| Meituan - Class B<sup>(a)(b)</sup> | 94776 | 1247757  |
| Trip.com Group Ltd. - ADR | 10818 | 756395  |
|  |  | 2004152  |
| **IT Services - 1.8%**<br>|  |  |
| Fujitsu Ltd. | 33738 | 896581  |
| Infosys Ltd. - ADR | 65075 | 1137511  |
| NEC Corp. | 25708 | 970496  |
|  |  | 3004588  |
| **Leisure Facilities & Services - 0.4%**<br>|  |  |
| Amadeus IT Group SA | 8537 | 627549  |
| **Machinery - 2.2%**<br>|  |  |
| Atlas Copco AB - Class A | 46593 | 791391  |
| Atlas Copco AB - Class B | 29073 | 444799  |

---

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** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Machinery - (Continued)**  | **Machinery - (Continued)**  | **Machinery - (Continued)**  |
| FANUC Corp. | 17374 | $559575  |
| Keyence Corp. | 3742 | 1274270  |
| Komatsu Ltd. | 18246 | 598885  |
|  |  | 3668920  |
| **Medical Equipment & Devices - 2.7%**<br>|  |  |
| Alcon AG | 9535 | 758335  |
| EssilorLuxottica SA | 5336 | 1911686  |
| FUJIFILM Holdings Corp. | 23593 | 507994  |
| Hoya Corp. | 6533 | 981729  |
| Terumo Corp. | 28704 | 448816  |
|  |  | 4608560  |
| **Metals & Mining - 6.0%**<br>|  |  |
| Agnico Eagle Mines Ltd. | 9531 | 1666771  |
| Barrick Mining Corp. | 31439 | 1317730  |
| BHP Group Ltd. | 97938 | 2676361  |
| Cameco Corp. | 8586 | 763412  |
| Gold Fields Ltd. | 17247 | 723896  |
| Rio Tinto Ltd. | 7041 | 610799  |
| Rio Tinto PLC | 20443 | 1468650  |
| Wheaton Precious Metals Corp. | 8901 | 979905  |
|  |  | 10207524  |
| **Oil & Gas Supply Chain - 1.7%**<br>|  |  |
| Canadian Natural Resources Ltd. | 38839 | 1317526  |
| LUKOIL PJSC - ADR<sup>(a)(c)</sup> | 224 | 0  |
| Suncor Energy, Inc. | 35144 | 1584196  |
|  |  | 2901722  |
| **Retail - Consumer Staples - 0.4%**<br>|  |  |
| Dollarama, Inc. | 5230 | 750144  |
| **Retail - Discretionary - 2.3%**<br>|  |  |
| Fast Retailing Co. Ltd. | 4013 | 1469419  |
| Industria de Diseno Textil SA | 21303 | 1192895  |
| Wesfarmers Ltd. | 21699 | 1165165  |
|  |  | 3827479  |
| **Semiconductors - 28.2%<sup>(d)</sup>**<br>|  |  |
| Advantest Corp. | 13934 | 1837181  |
| ASML Holding NV | 7442 | 7802501  |
| Disco Corp. | 1540 | 431555  |
| Infineon Technologies AG | 160389 | 6762450  |
| SK hynix, Inc. | 9581 | 3452847  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 89178 | 25996279  |
| Tokyo Electron Ltd. | 7925 | 1614963  |
|  |  | 47897776  |

---

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** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software - 3.1%**<br>|  |  |
| Constellation Software, Inc. | 376 | $912253  |
| SAP SE | 17948 | 4344005  |
|  |  | 5256258  |
| **Specialty Finance - 0.4%**<br>|  |  |
| Experian PLC | 17213 | 757881  |
| **Technology Hardware - 5.2%**<br>|  |  |
| Canon, Inc. | 17255 | 509302  |
| Murata Manufacturing Co. Ltd. | 33338 | 686415  |
| Samsung Electronics Co. Ltd. | 88436 | 6043462  |
| Xiaomi Corp. - Class B<sup>(a)(b)</sup> | 315836 | 1664045  |
|  |  | 8903224  |
| **Transportation & Logistics - 1.3%**<br>|  |  |
| Canadian National Railway Co. | 10596 | 1017225  |
| Canadian Pacific Kansas City Ltd. | 17194 | 1248555  |
|  |  | 2265780  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $136,759,681)** |  | 168202545  |
| **REAL ESTATE INVESTMENT TRUSTS - 0.5%**<br>|  |  |
| Goodman Group | 39007 | 759235  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $902,354)** |  | 759235 |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts** |  |
| **WARRANTS - 0.0%<sup>(e)</sup>**<br>|  |  |
| **Software - 0.0%<sup>(e)</sup>**<br>|  |  |
| Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00<sup>(a)(c)(g)(h)</sup> | 122 | 0<sup>(f</sup><sup>)</sup>  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 0<sup>(f</sup><sup>)</sup>  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $137,662,035)** |  | $168961780 |
| Other Assets in Excess of Liabilities - 0.5% |  | 878849  |
| **TOTAL NET ASSETS - 100.0%** |  | $169840629 |

---

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 November 30, 2025, the value of these securities total $2,911,802 or 1.7% of the Fund's 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** 

**November 30, 2025 (Unaudited)(Continued)** 

<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 November 30, 2025.

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

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

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

<sup>(g)</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>(h)</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 | $168202545 | $— | $0<sup>(a)</sup> | $168202545  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 759235 |  |  | 759235  |
| &nbsp;&nbsp;&nbsp; Warrants |  |  | 0<sup>(a)</sup> | 0<sup>(a)</sup>  |
| **Total Investments** | $168961780 | $— | $0<sup>(a)</sup> | $168961780 |

---

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

<sup>(a)</sup> Rounds to zero. The security classified as Level 3 is deemed immaterial.

**Level 3 Reconciliation Disclosure** 

---

| | |
|:---|:---|
|  | **Common Stocks**  |
| Balance as of May 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Change in unrealized net depreciation | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &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 November 30, 2025  | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
|  Change in Net unrealized appreciation/depreciation during the year for Level 3 investments held at November 30, 2025  | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

The Level 3 investments as of November 30, 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 period 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** 

**November 30, 2025 (Unaudited)(Continued)** 

**Allocation of Portfolio Holdings by Country as of November 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Taiwan | $25996279 | 15.3%  |
| Switzerland | 23480368 | 13.8  |
| Japan | 22701351 | 13.4  |
| United Kingdom | 15911307 | 9.4  |
| Germany | 13431264 | 8.0  |
| France | 13047082 | 7.6  |
| Canada | 12426961 | 7.2  |
| South Korea | 9496309 | 5.5  |
| Netherlands | 8255898 | 4.9  |
| Australia | 6370269 | 3.8  |
| China | 4814396 | 2.8  |
| Denmark | 2675991 | 1.6  |
| Ireland | 2402619 | 1.4  |
| Sweden | 1976069 | 1.2  |
| Spain | 1820444 | 1.1  |
| India | 1137511 | 0.7  |
| Italy | 897366 | 0.5  |
| Singapore | 756395 | 0.5  |
| South Africa | 723896 | 0.4  |
| Belgium | 640005 | 0.4  |
| Russia | 0 | —  |
| Other Assets in Excess of Liabilities | 878849 | 0.5  |
|  | $169840629 | 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** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.6%**<br>|  |  |
| **Automobiles and Parts - 4.6%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 5857 | $454210  |
| Genuine Parts Co. | 3715 | 484436  |
| Tesla, Inc.<sup>(a)</sup> | 74532 | 32061431  |
|  |  | 33000077  |
| **Basic Resources - 0.9%**<br>|  |  |
| Fastenal Co. | 30734 | 1241653  |
| International Paper Co. | 14038 | 554220  |
| Newmont Corp. | 28273 | 2565209  |
| Nucor Corp. | 6153 | 981342  |
| Southern Copper Corp. | 2210 | 297818  |
| Steel Dynamics, Inc. | 3643 | 611405  |
|  |  | 6251647  |
| **Chemicals - 1.1%**<br>|  |  |
| CF Industries Holdings, Inc. | 4268 | 335892  |
| Ecolab, Inc. | 6671 | 1835592  |
| International Flavors & Fragrances, Inc. | 6857 | 476424  |
| Linde PLC | 12578 | 5161005  |
| LyondellBasell Industries NV - Class A | 6856 | 335876  |
|  |  | 8144789  |
| **Construction and Materials - 1.4%**<br>|  |  |
| Carrier Global Corp. | 21461 | 1177780  |
| CRH PLC | 18164 | 2178953  |
| Martin Marietta Materials, Inc. | 1610 | 1003416  |
| Quanta Services, Inc. | 3948 | 1835346  |
| Trane Technologies PLC | 5956 | 2510335  |
| Vulcan Materials Co. | 3503 | 1041232  |
|  |  | 9747062  |
| **Consumer Products and Services - 2.2%**<br>|  |  |
| DR Horton, Inc. | 7220 | 1148052  |
| eBay, Inc. | 12214 | 1011197  |
| Electronic Arts, Inc. | 6757 | 1365117  |
| Estee Lauder Cos., Inc. - Class A | 6263 | 589160  |
| Garmin Ltd. | 4385 | 856478  |
| Lennar Corp. - Class A | 6117 | 803162  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 2820 | 519388  |
| NIKE, Inc. - Class B | 30985 | 2002561  |
| NVR, Inc.<sup>(a)</sup> | 77 | 578061  |
| PulteGroup, Inc. | 5353 | 680848  |
| Rollins, Inc. | 7518 | 462207  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 4907 | 1207466  |
| Uber Technologies, Inc.<sup>(a)</sup> | 52086 | 4559608  |
|  |  | 15783305  |

---

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** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Energy - 5.2%**<br>|  |  |
| Baker Hughes Co. | 26389 | $1324728  |
| Chevron Corp. | 51399 | 7767931  |
| ConocoPhillips | 33892 | 3005881  |
| Devon Energy Corp. | 16653 | 617160  |
| EOG Resources, Inc. | 14356 | 1548295  |
| Expand Energy Corp. | 5890 | 718168  |
| Exxon Mobil Corp. | 116017 | 13448691  |
| First Solar, Inc.<sup>(a)</sup> | 2674 | 729788  |
| Halliburton Co. | 22390 | 587066  |
| Marathon Petroleum Corp. | 8283 | 1604665  |
| Occidental Petroleum Corp. | 19377 | 813834  |
| Phillips 66 | 10921 | 1495740  |
| SLB Ltd. | 40875 | 1481310  |
| Texas Pacific Land Corp. | 515 | 445109  |
| Valero Energy Corp. | 8360 | 1477714  |
|  |  | 37066080  |
| **Food, Beverage and Tobacco - 1.1%**<br>|  |  |
| Archer-Daniels-Midland Co. | 12753 | 774617  |
| Corteva, Inc. | 18315 | 1235713  |
| DuPont de Nemours, Inc. | 11210 | 445822  |
| Hershey Co. | 3896 | 732760  |
| Keurig Dr Pepper, Inc. | 34794 | 970752  |
| McCormick & Co., Inc. | 6785 | 457852  |
| Mondelez International, Inc. - Class A | 34619 | 1993016  |
| Monster Beverage Corp.<sup>(a)</sup> | 18684 | 1401113  |
|  |  | 8011645  |
| **Health Care - 11.1%**<br>|  |  |
| Abbott Laboratories | 46165 | 5950669  |
| Agilent Technologies, Inc. | 7693 | 1180876  |
| Align Technology, Inc.<sup>(a)</sup> | 1833 | 269799  |
| Biogen, Inc.<sup>(a)</sup> | 3916 | 713064  |
| Boston Scientific Corp.<sup>(a)</sup> | 39041 | 3965785  |
| Cardinal Health, Inc. | 6424 | 1363558  |
| Cooper Cos., Inc.<sup>(a)</sup> | 5218 | 406639  |
| Danaher Corp. | 17085 | 3874536  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 15416 | 1336105  |
| GE HealthCare Technologies, Inc. | 12080 | 966279  |
| Gilead Sciences, Inc. | 33342 | 4195757  |
| Hologic, Inc.<sup>(a)</sup> | 5970 | 447571  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 2166 | 1630738  |
| Illumina, Inc.<sup>(a)</sup> | 4206 | 552879  |
| Insulet Corp.<sup>(a)</sup> | 1879 | 614790  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 9538 | 5469852  |
| Johnson & Johnson | 63887 | 13219498  |

---

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** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Health Care - (Continued)**  | **Health Care - (Continued)**  | **Health Care - (Continued)**  |
| Labcorp Holdings, Inc. | 2244 | $603142  |
| Medtronic PLC | 34335 | 3616506  |
| Merck & Co., Inc. | 67465 | 7072356  |
| Pfizer, Inc. | 152099 | 3915028  |
| Regeneron Pharmaceuticals, Inc. | 2807 | 2189993  |
| ResMed, Inc. | 3913 | 1001063  |
| STERIS PLC | 2635 | 701648  |
| Stryker Corp. | 9218 | 3421537  |
| Thermo Fisher Scientific, Inc. | 10110 | 5973291  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 6660 | 2887843  |
| Waters Corp.<sup>(a)</sup> | 1597 | 644262  |
| West Pharmaceutical Services, Inc. | 1918 | 531765  |
| Zimmer Biomet Holdings, Inc. | 5307 | 517539  |
|  |  | 79234368  |
| **Industrial Goods and Services - 4.9%**<br>|  |  |
| 3M Co. | 14304 | 2461003  |
| Allegion PLC | 2305 | 382699  |
| Cintas Corp. | 9207 | 1712686  |
| Cummins, Inc. | 3630 | 1807667  |
| Dover Corp. | 3638 | 674049  |
| Dow, Inc. | 18949 | 451934  |
| Emerson Electric Co. | 14802 | 1974291  |
| Expeditors International of Washington, Inc. | 3668 | 538829  |
| FedEx Corp. | 5584 | 1539397  |
| Ferguson Enterprises, Inc. | 5188 | 1305664  |
| Fortive Corp. | 9096 | 486454  |
| GE Vernova, Inc. | 7318 | 4389117  |
| Hubbell, Inc. | 1434 | 618671  |
| IDEX Corp. | 2027 | 352556  |
| Ingersoll Rand, Inc. | 10811 | 868556  |
| Jacobs Solutions, Inc. | 3216 | 433549  |
| JB Hunt Transport Services, Inc. | 2122 | 369143  |
| Johnson Controls International PLC | 17681 | 2056477  |
| Old Dominion Freight Line, Inc. | 4996 | 675909  |
| PACCAR, Inc. | 13800 | 1454796  |
| Packaging Corp. of America | 2366 | 482830  |
| Pentair PLC | 4384 | 461372  |
| PPG Industries, Inc. | 6088 | 609044  |
| Ralliant Corp. | 3034 | 149789  |
| Rockwell Automation, Inc. | 3035 | 1201435  |
| Smurfit WestRock PLC | 13220 | 471822  |
| Snap-on, Inc. | 1370 | 465868  |
| Trimble, Inc.<sup>(a)</sup> | 6362 | 517994  |

---

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** 

**November 30, 2025 (Unaudited)(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)**  |
| United Parcel Service, Inc. - Class B | 19650 | $1882273  |
| Veralto Corp. | 6390 | 646796  |
| Westinghouse Air Brake Technologies Corp. | 4547 | 948277  |
| WW Grainger, Inc. | 1221 | 1158277  |
| Xylem, Inc. | 6364 | 895224  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 1367 | 345509  |
|  |  | 34789957  |
| **Media - 0.2%**<br>|  |  |
| Liberty Media Corp.-Liberty Formula One - Class A<sup>(a)</sup> | 610 | 53607  |
| Liberty Media Corp.-Liberty Formula One - Class C<sup>(a)</sup> | 5618 | 539216  |
| News Corp. - Class A | 10127 | 260061  |
| News Corp. - Class B | 3000 | 88290  |
| Omnicom Group, Inc. | 5178 | 370848  |
|  |  | 1312022  |
| **Personal Care, Drug and Grocery Stores - 2.2%**<br>|  |  |
| Cencora, Inc. | 4890 | 1804068  |
| Church & Dwight Co., Inc. | 6588 | 561034  |
| Kenvue, Inc. | 50213 | 871195  |
| McKesson Corp. | 3351 | 2952633  |
| Procter & Gamble Co. | 62892 | 9318079  |
|  |  | 15507009  |
| **Real Estate - 0.2%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 7590 | 1228290  |
| **Retail - 1.3%**<br>|  |  |
| Burlington Stores, Inc.<sup>(a)</sup> | 1688 | 425764  |
| Dollar Tree, Inc.<sup>(a)</sup> | 5439 | 602695  |
| Ross Stores, Inc. | 8632 | 1522339  |
| TJX Cos., Inc. | 29953 | 4550460  |
| Tractor Supply Co. | 14232 | 779629  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 1214 | 654140  |
| Williams-Sonoma, Inc. | 3178 | 572072  |
|  |  | 9107099  |
| **Technology - 59.9%<sup>(b)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 11401 | 3649802  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 43119 | 9379676  |
| Alphabet, Inc. - Class A | 154997 | 49626939  |
| Alphabet, Inc. - Class C | 126117 | 40372574  |
| Analog Devices, Inc. | 13282 | 3524246  |
| Apple, Inc. | 388792 | 108414649  |
| Applied Materials, Inc. | 21480 | 5418330  |
| Autodesk, Inc.<sup>(a)</sup> | 5708 | 1731465  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 7231 | 2254915  |

---

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** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Technology - (Continued)**  | **Technology - (Continued)**  | **Technology - (Continued)**  |
| Corning, Inc. | 20910 | $1760622  |
| Dell Technologies, Inc. - Class C | 8063 | 1075201  |
| Docusign, Inc.<sup>(a)</sup> | 5358 | 371577  |
| F5, Inc.<sup>(a)</sup> | 1545 | 369502  |
| Flex Ltd.<sup>(a)</sup> | 10028 | 592755  |
| Gartner, Inc.<sup>(a)</sup> | 1998 | 465015  |
| GLOBALFOUNDRIES, Inc.<sup>(a)</sup> | 2672 | 95765  |
| Hewlett Packard Enterprise Co. | 35113 | 767921  |
| HP, Inc. | 25252 | 616654  |
| Intel Corp.<sup>(a)</sup> | 117152 | 4751685  |
| KLA Corp. | 3569 | 4195252  |
| Lam Research Corp. | 34187 | 5333172  |
| Marvell Technology, Inc. | 23134 | 2068180  |
| Meta Platforms, Inc. - Class A | 58197 | 37708746  |
| Microchip Technology, Inc. | 14543 | 779214  |
| Micron Technology, Inc. | 29920 | 7075482  |
| Microsoft Corp. | 197266 | 97056845  |
| Monolithic Power Systems, Inc. | 1244 | 1154643  |
| NXP Semiconductors NV | 6817 | 1328906  |
| Okta, Inc.<sup>(a)</sup> | 4356 | 349917  |
| ON Semiconductor Corp.<sup>(a)</sup> | 11293 | 567360  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 17502 | 3327655  |
| PTC, Inc.<sup>(a)</sup> | 3199 | 561201  |
| Qnity Electronics, Inc. | 5605 | 454509  |
| QUALCOMM, Inc. | 28809 | 4842505  |
| Roper Technologies, Inc. | 2877 | 1283775  |
| Salesforce, Inc. | 24960 | 5754278  |
| ServiceNow, Inc.<sup>(a)</sup> | 5472 | 4445508  |
| Strategy, Inc.<sup>(a)</sup> | 7015 | 1242918  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 13809 | 467435  |
| TE Connectivity PLC | 7756 | 1754019  |
| Teradyne, Inc. | 4232 | 769759  |
| Texas Instruments, Inc. | 24103 | 4055812  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 3788 | 491266  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 1145 | 537715  |
| Vertiv Holdings Co. - Class A | 9937 | 1785977  |
| Western Digital Corp. | 9179 | 1499206  |
|  |  | 426130548  |
| **Telecommunications - 2.1%**<br>|  |  |
| AT&T, Inc. | 187811 | 4886842  |
| Cisco Systems, Inc. | 106566 | 8199188  |
| Motorola Solutions, Inc. | 4466 | 1650991  |
| Ubiquiti, Inc. | 115 | 67055  |
|  |  | 14804076  |

---

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** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Travel and Leisure - 0.1%**<br>|  |  |
| Delta Air Lines, Inc. | 4384 | $281015  |
| Southwest Airlines Co. | 3495 | 121661  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 2193 | 223598  |
|  |  | 626274  |
| **Utilities - 0.1%**<br>|  |  |
| Atmos Energy Corp. | 4176 | 736521  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $477,274,158)** |  | 701480769  |
| **REAL ESTATE INVESTMENT TRUSTS - 1.3%**<br>|  |  |
| **Real Estate - 1.3%**<br>|  |  |
| Digital Realty Trust, Inc. | 8954 | 1433714  |
| Prologis, Inc. | 24510 | 3150270  |
| Sun Communities, Inc. | 3360 | 432902  |
| Welltower, Inc. | 17916 | 3730470  |
| Weyerhaeuser Co. | 19408 | 431052  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $7,249,033)** |  | 9178408  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $484,523,191)** |  | $710659177  |
| Other Assets in Excess of Liabilities - 0.1% |  | 849178  |
| **TOTAL NET ASSETS - 100.0%** |  | $711508355 |

---

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 particular industries or sectors 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 | $701480769 | $— | $— | $701480769  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 9178408 |  |  | 9178408  |
| **Total Investments** | $710659177 | $— | $— | $710659177 |

---

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>

------

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

**WAHED ETFs** 

**Statements of Assets and Liabilities** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Wahed Dow Jones** <br>**Islamic World ETF** | **Wahed FTSE USA** <br>**Shariah ETF**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | &nbsp;&nbsp; $168961780 | &nbsp;&nbsp; $710659177  |
| Cash | &nbsp;&nbsp; 582169 | &nbsp;&nbsp; 321494  |
| Dividend tax reclaims receivable | &nbsp;&nbsp; 222874 | &nbsp;&nbsp; 5017  |
| Dividends receivable | &nbsp;&nbsp; 124354 | &nbsp;&nbsp; 811937  |
| Foreign currency, at value | &nbsp;&nbsp; 38420 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 169929597 | &nbsp;&nbsp; 711797625  |
| **LIABILITIES:**<br>|  |  |
| Payable to adviser | &nbsp;&nbsp; 88968 | &nbsp;&nbsp; 289270  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 88968 | &nbsp;&nbsp; 289270  |
| **NET ASSETS** | &nbsp;&nbsp; $169840629 | &nbsp;&nbsp; $711508355  |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | &nbsp;&nbsp; $141813755 | &nbsp;&nbsp; $485980275  |
| Total distributable earnings | &nbsp;&nbsp; 28026874 | &nbsp;&nbsp; 225528080  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $169840629 | &nbsp;&nbsp; $711508355  |
| Net assets | &nbsp;&nbsp; $169840629 | &nbsp;&nbsp; $711508355  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 5950000 | &nbsp;&nbsp; 11400000  |
| Net asset value per share | &nbsp;&nbsp; $28.54 | &nbsp;&nbsp; $62.41  |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $137662035 | &nbsp;&nbsp; $484523191  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | &nbsp;&nbsp; $38333 | &nbsp;&nbsp; $— |

---

<sup>(a)</sup> Unlimited shares authorized.

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

13<br>

------

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

**WAHED ETFs** 

**Statements of Operations** 

**For the Period Ended November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Wahed Dow Jones** <br>**Islamic World ETF** | **Wahed FTSE USA** <br>**Shariah ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $923310 | &nbsp;&nbsp; $3556078  |
| Dividend withholding tax reclaims | &nbsp;&nbsp;&nbsp; 35470 | &nbsp;&nbsp; 28192  |
| Less: Issuance fees | &nbsp;&nbsp;&nbsp; (1711) | (127)  |
| Less: Dividend withholding taxes | &nbsp;&nbsp;&nbsp; (132907) | &nbsp;&nbsp; (30294)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 824162 | &nbsp;&nbsp; 3553849  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 501915 | &nbsp;&nbsp; 1664094  |
| Tax expense | &nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp; 185  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 502100 | &nbsp;&nbsp; 1664279  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp; 322062 | &nbsp;&nbsp; 1889570  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 1099440 | &nbsp;&nbsp; 20687706  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; (18102) | &nbsp;&nbsp; —  |
| Net realized gain | &nbsp;&nbsp;&nbsp; 1081338 | &nbsp;&nbsp; 20687706  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 16995816 | &nbsp;&nbsp; 110988026  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; (1558) | &nbsp;&nbsp; —  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 16994258 | &nbsp;&nbsp; 110988026  |
| **Net realized and unrealized gain** | &nbsp;&nbsp;&nbsp; 18075596 | &nbsp;&nbsp; 131675732  |
| &nbsp;&nbsp;&nbsp; **NET INCREASE IN NET ASSETS RESULTING FROM** <br>**OPERATIONS** | &nbsp;&nbsp;&nbsp; $18397658 | &nbsp;&nbsp; $133565302 |

---

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

14<br>

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

**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**  |
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Year Ended** <br>**May 31, 2025** | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Year Ended** <br>**May 31, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $322062 | $1238534 | &nbsp;&nbsp; $1889570 | $3639644  |
| &nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp; 1081338 | 903121 | &nbsp;&nbsp; 20687706 | 6060903  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 16994258 | 5190775 | &nbsp;&nbsp; 110988026 | 18607827  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets from** <br>**operations** | &nbsp;&nbsp; 18397658 | 7332430 | &nbsp;&nbsp; 133565302 | 28308374  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (1376745) | (975231) | &nbsp;&nbsp; (2016025) | (3754182)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (1376745) | (975231) | &nbsp;&nbsp; (2016025) | (3754182)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | &nbsp;&nbsp; 26691060 | 39145500 | &nbsp;&nbsp; 47813482 | 161049600  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (5347405) | (6200730) | &nbsp;&nbsp; (64649122) | (40729658)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | &nbsp;&nbsp; 758 | 2232 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 21344413 | 32947002 | &nbsp;&nbsp; (16835640) | 120319942  |
| **NET INCREASE IN NET ASSETS** | &nbsp;&nbsp; 38365326 | 39304201 | &nbsp;&nbsp; 114713637 | 144874134  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 131475303 | 92171102 | &nbsp;&nbsp; 596794718 | 451920584  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $169840629 | $131475303 | &nbsp;&nbsp; $711508355 | $596794718  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | &nbsp;&nbsp; 1000000 | 1600000 | &nbsp;&nbsp; 850000 | 3175000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (200000) | (250000) | &nbsp;&nbsp; (1125000) | (800000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 800000 | 1350000 | &nbsp;&nbsp; (275000) | 2375000 |

---

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

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

**Wahed Dow Jones Islamic World ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Period Ended** <br>**May 31, 2022<sup>(a)</sup>**  |
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023**  | **Period Ended** <br>**May 31, 2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $25.53 | $24.26 | $20.97 | $20.70 | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.06 | 0.27 | 0.30 | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.25  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 3.19 | 1.21 | 3.18 | 0.30 | &nbsp;&nbsp;&nbsp; (4.44)  |
| **Total from investment operations** | 3.25 | 1.48 | 3.48 | 0.61 | &nbsp;&nbsp;&nbsp; (4.19)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.24) | (0.21) | (0.19) | (0.34) | &nbsp;&nbsp;&nbsp; (0.13)  |
| **Total distributions** | &nbsp;&nbsp; (0.24) | (0.21) | (0.19) | (0.34) | &nbsp;&nbsp;&nbsp; (0.13)  |
| ETF transaction fees per share<sup>(b)</sup> | 0.00<sup>(d)</sup> | 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** | &nbsp;&nbsp; $28.54 | $25.53 | $24.26 | $20.97 | &nbsp;&nbsp;&nbsp; $20.70  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp; 12.79% | 6.14% | 16.66% | 3.20% | &nbsp;&nbsp;&nbsp; -16.76%  |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $169841 | $131475 | $92171 | $42981 | &nbsp;&nbsp;&nbsp; $32077  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.65% | 0.65% | 0.65% | 0.65% | &nbsp;&nbsp;&nbsp; 0.65%  |
|  Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.00%<sup>(g)</sup> | —% | —% | —% | &nbsp;&nbsp;&nbsp; —%  |
|  Ratio of net investment income to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.42% | 1.09% | 1.34% | 1.56% | &nbsp;&nbsp;&nbsp; 2.91%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp; 7% | 15% | 11% | 11% | &nbsp;&nbsp;&nbsp; 8% |

---

<sup>(a)</sup> Inception date of the Fund was January 6, 2022.

<sup>(b)</sup> 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 Statement 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> Amount represents less than 0.005%.

<sup>(h)</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 FTSE USA Shariah ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $51.12 | $48.59 | $40.24 | $38.50 | $36.50 | $26.00  |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.16 | 0.34 | 0.33 | 0.40 | 0.40 | 0.36  |
|  Net realized and unrealized gain on investments<sup>(b)</sup> | 11.30 | 2.54 | 8.28 | 1.74 | 1.96 | 10.44  |
| **Total from investment operations** | 11.46 | 2.88 | 8.61 | 2.14 | 2.36 | 10.80  |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.17) | (0.35) | (0.26) | (0.40) | (0.36) | (0.30)  |
| **Total distributions** | &nbsp;&nbsp; (0.17) | (0.35) | (0.26) | (0.40) | (0.36) | (0.30)  |
| ETF transaction fees per share<sup>(a)</sup> | &nbsp;&nbsp; — |  | 0.00<sup>(c)</sup> |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $62.41 | $51.12 | $48.59 | $40.24 | $38.50 | $36.50  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 22.46% | 5.91% | 21.47% | 5.70% | 6.43% | 41.70%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $711508 | $596795 | $451921 | $242453 | $167486 | $109505  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net <br>assets<sup>(e)</sup> | &nbsp;&nbsp; 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50%  |
|  Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.00%<sup>(f)</sup> | —% | —% | —% | —% | —%  |
|  Ratio of net investment income to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.57% | 0.67% | 0.73% | 1.10% | 1.01% | 1.08%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 3% | 10% | 7% | 29% | 16% | 19% |

---

<sup>(a)</sup> Calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

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

<sup>(f)</sup> Amount represents less than 0.005%.

<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** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)** 

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"). 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** 

**November 30, 2025 (Unaudited)(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 November 30, 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** 

**November 30, 2025 (Unaudited)(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 November 30, 2025, the Funds' fiscal period end, the Funds had no material uncertain tax positions and did not have a liability for any unrecognized tax benefits. As of

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**WAHED ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

November 30, 2025, the Funds' fiscal period 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 2026 fiscal year. At November 30, 2025, the Funds' fiscal period 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, Accountant, 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, accounting, custody and transfer agency fees.** 

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

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**WAHED ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(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:

---

| | | |
|:---|:---|:---|
|  | **Period Ended November 30, 2025**  | **Period Ended November 30, 2025**  |
|  | **Ordinary** <br>**Income<sup>(1)</sup>** | **Long-Term** <br>**Capital Gain**  |
| Wahed Dow Jones Islamic World ETF | &nbsp;&nbsp; $1376745 | &nbsp;&nbsp;&nbsp; $—  |
| Wahed FTSE USA Shariah ETF | &nbsp;&nbsp; 2016025 | &nbsp;&nbsp;&nbsp; — |

---

---

| | | |
|:---|:---|:---|
|  | **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 | &nbsp;&nbsp; $—  |
| Wahed FTSE USA Shariah ETF | 3754182 | &nbsp;&nbsp; — |

---

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

22<br>

------

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

**WAHED ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(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 |

---

6. INVESTMENT TRANSACTIONS

During the period ended November 30, 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 | $1962830 | $(19062)  |
| Wahed FTSE USA Shariah ETF | 25056038 | (1253033) |

---

Purchases and sales of investments (excluding short-term investments), creations in-kind and redemptions in-kind for the period ended November 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Creations** <br>**In-Kind** | **Redemptions** <br>**In-Kind**  |
| Wahed Dow Jones Islamic World ETF | $12335878 | $10476351 | $24570378 | $4907890  |
| Wahed FTSE USA Shariah ETF | 23102904 | 21591406 | 47008070 | 63623698 |

---

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.

23<br>

------

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

**WAHED ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

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

8. OPERATING SEGMENT

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 Portfolio Manager, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

9. SUBSEQUENT EVENTS

On December 26, 2025, the Funds paid a distribution to shareholders of record on December 24, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income Rate** | **Ordinary Income** <br>**Distribution Paid**  |
| Wahed Dow Jones Islamic World ETF | &nbsp;&nbsp;&nbsp; $0.004 | &nbsp;&nbsp;&nbsp;&nbsp; $27342  |
| Wahed FTSE USA Shariah ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.077 | &nbsp;&nbsp;&nbsp;&nbsp; 880194 |

---

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>

------

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

**WAHED ETFs** 

**ADDITIONAL INFORMATION** 

**November 30, 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.** 

Not applicable.

**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.** 

Included as a component of the Annual Financial Statements and Additional Information as of May 31, 2025.

**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 FTSE USA Shariah ETF | $2236672 | $260430 |

---

25<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.* Not Applicable.

&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.](wil-efp22183_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.](wil-efp22183_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>2/3/2026</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>2/3/2026</u>

---

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

---

Date <u>2/2/2026</u>

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

## 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: | 2/3/2026 | /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: | 2/2/2026 | /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 period ended November 30, 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/ Kacie G. Briody | /s/ Travis G. Babich |
| Kacie G. Briody<br> President/Principal Executive Officer<br> Listed Funds Trust | 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: | 2/3/2026 |  |

---

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.