Cboe BZX Files Form 25 to Strike TrueShares Structured Outcome ETFs

Rhea-AI Filing Summary

The Cboe BZX Exchange filed a Form 25 to remove from listing and registration ten TrueShares Structured Outcome ETFs managed by Listed Funds Trust: TrueShares Structured Outcome (January) ETF (JANZ), (February) (FEBZ), (March) (MARZ), (April) (APRZ), (May) (MAYZ), (June) (JUNZ), (September) (SEPZ), (October) (OCTZ), (November) (NOVZ) and (December) (DECZ). The filing states the Exchange and the Issuer have complied with the requirements of 17 CFR 240.12d2-2(b) and 17 CFR 240.12d2-2(c) governing withdrawal of the securities from listing and registration. The form is signed by Sarah Tadtman, Assistant General Counsel, and includes the issuer contact at Listed Funds Trust in Milwaukee with a telephone number.

Positive

• Exchange and Issuer compliance with 17 CFR 240.12d2-2(b) and 17 CFR 240.12d2-2(c) is stated in the filing
• Form is executed by an authorized official (Sarah Tadtman, Assistant General Counsel) dated 2025-08-13

Negative

• Ten TrueShares Structured Outcome ETFs will be struck from listing and registration on Cboe BZX
• Removal of listing is material to holders of the named ETFs because it changes their exchange registration status

Insights

Securities Analyst

TL;DR: The filing notifies the strike of ten TrueShares ETFs from Cboe BZX; this is a material listing change investors should note.

The Form 25 formally removes ten TrueShares Structured Outcome ETFs from listing and registration on the Cboe BZX Exchange. The filing specifically cites compliance with 17 CFR 240.12d2-2(b) and 12d2-2(c), indicating procedural adherence by both the Exchange and the Issuer. Because listing status directly affects where and how funds trade, the action is material to holders of the named ETFs; the filing does not state reasons for the withdrawal.

Corporate Governance Expert

TL;DR: The submission is a routine, properly executed Form 25 documenting voluntary withdrawal and regulatory compliance.

The document shows the Exchange certified its compliance and the Issuer satisfied voluntary withdrawal requirements under the cited SEC rules. The form includes issuer identification, a Milwaukee address and telephone number, and an authorized signature by Sarah Tadtman, Assistant General Counsel, dated 2025-08-13, indicating the procedural elements for delisting notification were completed.

UNITED STATES

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 25

NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION
UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number

333-215588

Issuer:	Listed Funds Trust
Exchange:	Cboe BZX Exchange, Inc.

(Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered)

Address:	615 East Michigan Street
	Milwaukee	WISCONSIN	53202
Telephone number:					414-765-5144

(Address, including zip code, and telephone number, including area code, of Issuer's principal executive offices)

TrueShares Structured Outcome (January) ETF (JANZ), TrueShares Structured Outcome (February) ETF (FEBZ), TrueShares Structured Outcome (March) ETF (MARZ), TrueShares Structured Outcome (April) ETF (APRZ), TrueShares Structured Outcome (May) ETF (MAYZ), TrueShares Structured Outcome (June) ETF (JUNZ), TrueShares Structured Outcome (September) ETF (SEPZ), TrueShares Structured Outcome (October) ETF (OCTZ), TrueShares Structured Outcome (November) ETF (NOVZ), TrueShares Structured Outcome (December) ETF (DECZ)

(Description of class of securities)

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

17 CFR 240.12d2-2(a)(1)

17 CFR 240.12d2-2(a)(2)

17 CFR 240.12d2-2(a)(3)

17 CFR 240.12d2-2(a)(4)

Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange. ¹

Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

Pursuant to the requirements fo the Securities Exchange Act of 1934, Cboe BZX Exchange, Inc. certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the Form 25 and has caused this notification to be signed on its behalf by the undersigned duly authorized person.

2025-08-13	By	Sarah Tadtman		Assistant General Counsel
Date		Name		Title

¹ Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR 240.19d-1 as applicable. See General Instructions.

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Which ETFs are being removed from listing?

Ten TrueShares Structured Outcome ETFs: TrueShares Structured Outcome (January) ETF (JANZ), (February) ETF (FEBZ), (March) ETF (MARZ), (April) ETF (APRZ), (May) ETF (MAYZ), (June) ETF (JUNZ), (September) ETF (SEPZ), (October) ETF (OCTZ), (November) ETF (NOVZ) and (December) ETF (DECZ).

Which exchange filed the Form 25?

Cboe BZX Exchange, Inc. filed the Form 25 notifying removal from listing and registration.

Under which SEC rules does the filing certify compliance?

The filing cites 17 CFR 240.12d2-2(b) and 17 CFR 240.12d2-2(c) as the provisions governing the withdrawal and the Exchange's compliance.

Who signed the Form 25 and when?

Sarah Tadtman, Assistant General Counsel, signed the filing and the document shows the date 2025-08-13.

Which issuer is listed on the Form 25 and where is it located?

Listed Funds Trust is the issuer identified; the filing includes an address at 615 East Michigan Street, Milwaukee, Wisconsin 53202 and a telephone number of 414-765-5144.

Is the symbol XXRP mentioned in this Form 25?

No. The provided filing does not reference the symbol XXRP; it identifies the ten TrueShares Structured Outcome ETFs by their JANZ–DECZ tickers.