[N-CSR] Teucrium 2x Long Daily XRP ETF Certified Shareholder Report
The Spear Alpha ETF is an actively managed ETF seeking long-term capital growth from industrial technology innovation. The Fund held ~97.6% in common stocks and 2.4% in short-term investments as of June 30, 2025, with total investments showing a cost basis of $42,986,494. The Fund’s advisory fee (a unitary management fee) is 0.75% annually and no Rule 12b-1 fees are currently paid. Portfolio turnover for the year was 148%. Sector concentrations include Electronic Components–Semiconductors (23.1%) and Computer Software (21.6%). The auditor issued an unqualified opinion, and the Board approved continuation of the advisory agreement after reviewing performance, fees and operations.
Lo Spear Alpha ETF è un ETF a gestione attiva che punta alla crescita del capitale nel lungo periodo sfruttando l'innovazione nella tecnologia industriale. Al 30 giugno 2025 il Fondo deteneva circa il 97,6% in azioni ordinarie e 2,4% in investimenti a breve termine, con un costo storico degli investimenti pari a $42.986.494. La commissione di gestione del Fondo (una commissione unitaria) è del 0,75% annuo e attualmente non vengono versate commissioni ai sensi della Regola 12b-1. Il turnover del portafoglio nell'anno è stato del 148%. Le concentrazioni settoriali comprendono Componenti Elettronici–Semiconduttori (23,1%) e Software per Computer (21,6%). Il revisore ha rilasciato un parere senza rilievi e il Consiglio ha approvato la prosecuzione dell'accordo di consulenza dopo aver esaminato performance, commissioni e operatività.
El Spear Alpha ETF es un ETF gestionado activamente que busca la apreciación del capital a largo plazo mediante la innovación en tecnología industrial. Al 30 de junio de 2025, el Fondo mantenía aproximadamente el 97,6% en acciones ordinarias y 2,4% en inversiones a corto plazo, con una base de costo de las inversiones de $42.986.494. La comisión de asesoramiento del Fondo (una tarifa de gestión unitaria) es del 0,75% anual y actualmente no se pagan tarifas bajo la Regla 12b-1. La rotación de la cartera durante el año fue del 148%. Las concentraciones sectoriales incluyen Componentes Electrónicos–Semiconductores (23,1%) y Software Informático (21,6%). El auditor emitió una opinión sin salvedades, y la Junta aprobó la continuación del acuerdo de asesoramiento tras revisar el rendimiento, las comisiones y las operaciones.
스피어 알파 ETF는 산업 기술 혁신으로 인한 장기 자본 성장률을 추구하는 적극적 운용 ETF입니다. 2025년 6월 30일 기준으로 펀드는 약 97.6%를 보통주에, 2.4%를 단기 투자에 보유하고 있으며, 총투자액의 원가 기준은 $42,986,494입니다. 펀드의 자문 수수료(단일 관리 수수료)는 연 0.75%이며 현재 규칙 12b-1 수수료는 지급되지 않습니다. 연간 포트폴리오 회전율은 148%였습니다. 섹터별 집중도는 전자부품–반도체(23.1%)와 컴퓨터 소프트웨어(21.6%)를 포함합니다. 감사인은 무자격 한정의견(무조건적 의견)을 제시했으며, 이사회는 성과, 수수료 및 운영을 검토한 후 자문 계약의 지속을 승인했습니다.
Le Spear Alpha ETF est un ETF géré activement visant la croissance du capital à long terme grâce à l'innovation en technologies industrielles. Au 30 juin 2025, le Fonds détenait environ 97,6% en actions ordinaires et 2,4% en investissements à court terme, avec une base de coût des investissements de 42 986 494 $. Les frais de conseil du Fonds (une commission de gestion unique) s'élèvent à 0,75% par an et aucune commission au titre de la Rule 12b-1 n'est actuellement versée. Le taux de rotation du portefeuille pour l'année était de 148%. Les concentrations sectorielles comprennent Composants électroniques–Semi-conducteurs (23,1%) et Logiciels informatiques (21,6%). L'auditeur a émis une opinion sans réserve et le Conseil a approuvé la poursuite du contrat de conseil après avoir examiné les performances, les frais et les opérations.
Der Spear Alpha ETF ist ein aktiv verwalteter ETF, der langfristiges Kapitalwachstum durch Innovationen in der industriellen Technologie anstrebt. Zum 30. Juni 2025 hielt der Fonds ca. 97,6% in Stammaktien und 2,4% in kurzfristigen Anlagen, wobei die Gesamtinvestitionen eine Kostenbasis von $42.986.494 aufwiesen. Die Beratungsgebühr des Fonds (eine einheitliche Verwaltungsgebühr) beträgt 0,75% jährlich und derzeit werden keine Gebühren nach Rule 12b-1 gezahlt. Die Portfolio-Umschlagshäufigkeit für das Jahr lag bei 148%. Sektorkonzentrationen umfassen Elektronische Bauteile–Halbleiter (23,1%) und Computer-Software (21,6%). Der Abschlussprüfer erteilte einen uneingeschränkten Bestätigungsvermerk, und der Vorstand genehmigte nach Überprüfung von Performance, Gebühren und Betrieb die Fortführung des Beratungsvertrags.
- Unqualified audit opinion on the Fund’s financial statements for the year ended June 30, 2025
- Adviser pays most operating expenses under the unitary fee structure, simplifying expense allocation to shareholders
- High equity allocation (97.6%) aligns with the Fund’s long‑term capital growth objective focused on industrial technology
- High portfolio turnover (148%) which may increase transaction costs and tax consequences
- Fund underperformed its Nasdaq Composite Total Return and S&P 500 Total Return for recent reported periods (as noted by the Board)
- Concentrated sector weights (e.g., semiconductors 23.1%, software 21.6%) increase sector risk
- No current economies of scale observed and fee is at or above median versus some peer group comparisons
Insights
TL;DR: High turnover and concentrated semiconductor/software exposure drive returns; fee is moderate, performance has lagged select benchmarks.
The Fund is heavily equity‑oriented (97.6%) with notable concentration in semiconductors and software. The Adviser charges a 0.75% unitary fee and absorbs most operating expenses, which simplifies expense attribution. A 148% portfolio turnover suggests active trading that may increase transaction costs and tax impacts for shareholders. The Board noted that the Fund underperformed the Nasdaq Composite and S&P 500 for recent periods but outperformed many selected peers over a three‑year span. The auditor rendered an unqualified opinion, supporting financial statement reliability.
TL;DR: Board performed prescribed oversight and reapproved the advisory agreement after reviewing materials and peer comparisons.
The Board followed a documented process: requested adviser materials, held meetings with adviser representatives, reviewed comparative performance and fee data, assessed adviser compliance and operational capabilities, and met in executive session. The Board concluded the agreement’s terms were fair and reasonable and will continue monitoring economies of scale as the Fund grows. No disagreements with auditors or shareholder votes were reported in the period covered.
Lo Spear Alpha ETF è un ETF a gestione attiva che punta alla crescita del capitale nel lungo periodo sfruttando l'innovazione nella tecnologia industriale. Al 30 giugno 2025 il Fondo deteneva circa il 97,6% in azioni ordinarie e 2,4% in investimenti a breve termine, con un costo storico degli investimenti pari a $42.986.494. La commissione di gestione del Fondo (una commissione unitaria) è del 0,75% annuo e attualmente non vengono versate commissioni ai sensi della Regola 12b-1. Il turnover del portafoglio nell'anno è stato del 148%. Le concentrazioni settoriali comprendono Componenti Elettronici–Semiconduttori (23,1%) e Software per Computer (21,6%). Il revisore ha rilasciato un parere senza rilievi e il Consiglio ha approvato la prosecuzione dell'accordo di consulenza dopo aver esaminato performance, commissioni e operatività.
El Spear Alpha ETF es un ETF gestionado activamente que busca la apreciación del capital a largo plazo mediante la innovación en tecnología industrial. Al 30 de junio de 2025, el Fondo mantenía aproximadamente el 97,6% en acciones ordinarias y 2,4% en inversiones a corto plazo, con una base de costo de las inversiones de $42.986.494. La comisión de asesoramiento del Fondo (una tarifa de gestión unitaria) es del 0,75% anual y actualmente no se pagan tarifas bajo la Regla 12b-1. La rotación de la cartera durante el año fue del 148%. Las concentraciones sectoriales incluyen Componentes Electrónicos–Semiconductores (23,1%) y Software Informático (21,6%). El auditor emitió una opinión sin salvedades, y la Junta aprobó la continuación del acuerdo de asesoramiento tras revisar el rendimiento, las comisiones y las operaciones.
스피어 알파 ETF는 산업 기술 혁신으로 인한 장기 자본 성장률을 추구하는 적극적 운용 ETF입니다. 2025년 6월 30일 기준으로 펀드는 약 97.6%를 보통주에, 2.4%를 단기 투자에 보유하고 있으며, 총투자액의 원가 기준은 $42,986,494입니다. 펀드의 자문 수수료(단일 관리 수수료)는 연 0.75%이며 현재 규칙 12b-1 수수료는 지급되지 않습니다. 연간 포트폴리오 회전율은 148%였습니다. 섹터별 집중도는 전자부품–반도체(23.1%)와 컴퓨터 소프트웨어(21.6%)를 포함합니다. 감사인은 무자격 한정의견(무조건적 의견)을 제시했으며, 이사회는 성과, 수수료 및 운영을 검토한 후 자문 계약의 지속을 승인했습니다.
Le Spear Alpha ETF est un ETF géré activement visant la croissance du capital à long terme grâce à l'innovation en technologies industrielles. Au 30 juin 2025, le Fonds détenait environ 97,6% en actions ordinaires et 2,4% en investissements à court terme, avec une base de coût des investissements de 42 986 494 $. Les frais de conseil du Fonds (une commission de gestion unique) s'élèvent à 0,75% par an et aucune commission au titre de la Rule 12b-1 n'est actuellement versée. Le taux de rotation du portefeuille pour l'année était de 148%. Les concentrations sectorielles comprennent Composants électroniques–Semi-conducteurs (23,1%) et Logiciels informatiques (21,6%). L'auditeur a émis une opinion sans réserve et le Conseil a approuvé la poursuite du contrat de conseil après avoir examiné les performances, les frais et les opérations.
Der Spear Alpha ETF ist ein aktiv verwalteter ETF, der langfristiges Kapitalwachstum durch Innovationen in der industriellen Technologie anstrebt. Zum 30. Juni 2025 hielt der Fonds ca. 97,6% in Stammaktien und 2,4% in kurzfristigen Anlagen, wobei die Gesamtinvestitionen eine Kostenbasis von $42.986.494 aufwiesen. Die Beratungsgebühr des Fonds (eine einheitliche Verwaltungsgebühr) beträgt 0,75% jährlich und derzeit werden keine Gebühren nach Rule 12b-1 gezahlt. Die Portfolio-Umschlagshäufigkeit für das Jahr lag bei 148%. Sektorkonzentrationen umfassen Elektronische Bauteile–Halbleiter (23,1%) und Computer-Software (21,6%). Der Abschlussprüfer erteilte einen uneingeschränkten Bestätigungsvermerk, und der Vorstand genehmigte nach Überprüfung von Performance, Gebühren und Betrieb die Fortführung des Beratungsvertrags.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23226
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee,
WI 53202
(Address of principal executive offices) (Zip code)
Kacie G. Briody, President
Listed Funds Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 6th Floor
Milwaukee, WI 53202
(Name and address of agent for service)
(414) 403-6135
Registrant’s telephone number, including area code
Date of fiscal year end: June 30
Date of reporting period:
Item 1. Reports to Stockholders.
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Annual Shareholder Report |
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Fund Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Spear Alpha ETF
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$
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•
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The Fund was up 25.84% over the past year, outperforming the S&P 500® Total Return Index by 10.68% and the NASDAQ Composite Total Return Index by 10.16%.
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•
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The impact of Artificial Intelligence (AI) broadened out from the hardware layer to other areas such as software infrastructure and cybersecurity, which positively impacted the Fund’s performance.
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•
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We are on the cusp of a new investment cycle in AI infrastructure driven by a technological transition from the first generation of AI hardware to a more complex second generation, which requires completely new data centers and associated infrastructure (power generation, networking, etc.).
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1 Year
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Since Inception
(08/03/2021) |
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| * |
| Spear Alpha ETF | PAGE 1 | TSR-AR-53656F383 |
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Net Assets
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$
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Number of Holdings
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Net Advisory Fee
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$
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Portfolio Turnover
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Top Sectors
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(%)
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Technology
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Communications
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Utilities
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Industrial
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Basic Materials
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Cash & Other
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Top 10 Issuers
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(%)
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NVIDIA Corp.
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Cloudflare, Inc.
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Astera Labs, Inc.
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Marvell Technology, Inc.
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GE Vernova, Inc.
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IonQ, Inc.
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Vistra Corp.
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Constellation Energy Corp.
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Snowflake, Inc.
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Zscaler, Inc.
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| Spear Alpha ETF | PAGE 2 | TSR-AR-53656F383 |
| (b) | Not applicable. |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. John Jacobs is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
| FYE 6/30/2025 | FYE 6/30/2024 | |
| (a) Audit Fees | $15,600 | $14,850 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $3,425 | $3,250 |
| (d) All Other Fees | $0 | $0 |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Cohen & Co applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
| FYE 6/30/2025 | FYE 6/30/2024 | |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |
(f) N/A
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.
| Non-Audit Related Fees | FYE 6/30/2025 | FYE 6/30/2024 |
| Registrant | N/A | N/A |
| Registrant’s Investment Adviser | N/A | N/A |
(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.
The registrant is not a foreign issuer.
Item 5. Audit Committee of Listed Registrants.
(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The committee consists of the independent members of the entire Board.
(b) Not applicable.
Item 6. Investments.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
| (b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
| (a) |
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Page |
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Schedule
of Investments |
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1
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Statement
of Assets and Liabilities |
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3
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Statement
of Operations |
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4
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Statements
of Changes in Net Assets |
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5
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Financial
Highlights |
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6
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Notes
to Financial Statements |
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7
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Report
of Independent Registered Public Accounting Firm |
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13
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Board
Consideration and Approval of Continuation of Advisory Agreement (Unaudited) |
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14
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Additional
Information (Unaudited) |
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16 |
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TABLE OF CONTENTS
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Shares |
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Value |
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COMMON
STOCKS - 97.6% |
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Applications
Software - 1.9% |
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Confluent,
Inc. - Class A(a) |
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25,355 |
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$632,100
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Gitlab,
Inc. - Class A(a) |
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12,200 |
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550,342
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1,182,442
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Computer
Data Security - 6.1% |
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Crowdstrike
Holdings, Inc. - Class A(a) |
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1,580 |
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804,710
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Zscaler,
Inc.(a) |
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9,184 |
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2,883,225
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3,687,935
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Computer
Software - 21.6% |
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Cloudflare,
Inc. - Class A(a) |
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31,547 |
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6,177,849
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Datadog,
Inc. - Class A(a) |
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5,494 |
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738,009
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IonQ,
Inc.(a) |
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73,901 |
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3,175,526
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SentinelOne,
Inc. - Class A(a) |
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5,461 |
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99,827
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Snowflake,
Inc. - Class A(a) |
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13,208 |
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2,955,554
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13,146,765
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Computers
- 3.9% |
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Rigetti
Computing, Inc.(a) |
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202,469 |
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2,401,282
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Electric-Generation
- 4.9% |
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Constellation
Energy Corp. |
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9,208 |
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2,971,974
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Electronic
Components-Semiconductors - 23.1% |
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Advanced
Micro Devices, Inc.(a) |
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16,768 |
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2,379,379
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Marvell
Technology, Inc. |
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54,562 |
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4,223,099
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NVIDIA
Corp. |
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46,958 |
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7,418,895
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14,021,373
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Independent
Power Producer - 5.2% |
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Vistra
Corp. |
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16,368 |
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3,172,282
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Internet
Application Software - 2.2% |
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Shopify,
Inc. - Class A(a) |
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11,620 |
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1,340,367
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Internet
Security - 0.2% |
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Palo
Alto Networks, Inc.(a) |
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|
502 |
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102,729
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Lasers-Systems-Components
- 4.4% |
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Coherent
Corp.(a) |
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29,762 |
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2,655,068
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Machinery-Electric
Utilities - 5.7% |
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GE
Vernova, Inc. |
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6,534 |
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3,457,466
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Metal-Diversified
- 0.0%(b) |
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Rio
Tinto PLC - ADR |
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|
8 |
|
|
467
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Networking
Products - 4.5% |
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Arista
Networks, Inc.(a) |
|
|
26,530 |
|
|
2,714,284
|
|
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1 |
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TABLE OF CONTENTS
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Shares |
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Value |
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COMMON
STOCKS - (Continued) | ||||||
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Semiconductor
Equipment - 7.8% |
|
|
|
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||
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Astera
Labs, Inc.(a) |
|
|
52,768 |
|
|
$4,771,282
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Telecommunication
Equipment - 6.1% |
|
|
|
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Ciena
Corp.(a) |
|
|
22,723 |
|
|
1,848,062
|
|
Credo
Technology Group Holding Ltd.(a) |
|
|
19,917 |
|
|
1,844,115
|
|
|
|
|
|
3,692,177
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|
TOTAL
COMMON STOCKS
(Cost
$41,529,440) |
|
|
|
|
59,317,893
| |
|
SHORT-TERM
INVESTMENTS - 2.4% |
|
|
|
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||
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Money
Market Funds - 2.4% |
|
|
|
|
||
|
First
American Government Obligations Fund - Class X, 4.25%(c) |
|
|
1,457,054 |
|
|
1,457,054
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$1,457,054) |
|
|
|
|
1,457,054
| |
|
TOTAL
INVESTMENTS - 100.0%
(Cost
$42,986,494) |
|
|
|
|
$60,774,947 | |
|
Other
Liabilities in Excess of Other Assets - (0.0)%(b) |
|
|
|
|
(29,737)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$60,745,210 | |
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
|
(b) |
Represents less than
0.05% of net assets. |
|
(c) |
The rate shown represents
the 7-day annualized effective yield as of June 30, 2025. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
||||
|
Investments: |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$59,317,893 |
|
|
$— |
|
|
$— |
|
|
$59,317,893
|
|
Money
Market Funds |
|
|
1,457,054 |
|
|
— |
|
|
— |
|
|
1,457,054
|
|
Total
Investments |
|
|
$60,774,947 |
|
|
$— |
|
|
$— |
|
|
$60,774,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Investments,
at value |
|
|
$60,774,947
|
|
Interest
receivable |
|
|
5,048
|
|
Dividends
receivable |
|
|
475
|
|
Total
assets |
|
|
60,780,470
|
|
LIABILITIES: |
|
|
|
|
Payable
to adviser |
|
|
35,260
|
|
Total
liabilities |
|
|
35,260
|
|
NET
ASSETS |
|
|
$60,745,210
|
|
Net
Assets Consists of: |
|
|
|
|
Paid-in
capital |
|
|
$54,470,316
|
|
Total
distributable earnings |
|
|
6,274,894
|
|
Total
net assets |
|
|
$60,745,210
|
|
Net
assets |
|
|
$60,745,210
|
|
Shares
issued and outstanding(a) |
|
|
2,050,000
|
|
Net
asset value per share |
|
|
$29.63
|
|
Cost: |
|
|
|
|
Investments,
at cost |
|
|
$42,986,494 |
|
|
|
|
|
|
(a) |
Unlimited shares authorized
without par value. |
|
|
|
3 |
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
INVESTMENT
INCOME: |
|
|
|
|
Dividend
income |
|
|
$76,331
|
|
Less:
Dividend withholding taxes |
|
|
(1,238)
|
|
Interest
income |
|
|
25,714
|
|
Total
investment income |
|
|
100,807
|
|
EXPENSES: |
|
|
|
|
Investment
advisory fee |
|
|
399,487
|
|
Total
expenses |
|
|
399,487
|
|
Net
investment loss |
|
|
(298,680)
|
|
REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
Net
realized loss from: |
|
|
|
|
Investments |
|
|
(4,019,304)
|
|
Net
realized loss |
|
|
(4,019,304)
|
|
Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
Investments |
|
|
16,875,538
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
16,875,538
|
|
Net
realized and unrealized gain |
|
|
12,856,234
|
|
NET
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$12,557,554 |
|
|
|
|
|
|
|
|
4 |
|
|
TABLE OF CONTENTS
|
|
|
|
| |||
|
|
|
|
Year Ended
June 30, | |||
|
|
|
|
2025 |
|
|
2024 |
|
OPERATIONS: |
|
|
|
|
||
|
Net
investment loss |
|
|
$(298,680) |
|
|
$(187,120)
|
|
Net
realized gain (loss) |
|
|
(4,019,304) |
|
|
3,529,499
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
16,875,538 |
|
|
45,484
|
|
Net
increase in net assets from operations |
|
|
12,557,554 |
|
|
3,387,863
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
||
|
Creations |
|
|
5,116,913 |
|
|
80,644,765
|
|
Redemptions |
|
|
(25,804,588) |
|
|
(23,897,645)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
(20,687,675) |
|
|
56,747,120
|
|
Net
increase (decrease) in net assets |
|
|
(8,130,121) |
|
|
60,134,983
|
|
NET
ASSETS: |
|
|
|
|
||
|
Beginning
of the year |
|
|
68,875,331 |
|
|
8,740,348
|
|
End
of the year |
|
|
$60,745,210 |
|
|
$68,875,331
|
|
SHARES
TRANSACTIONS |
|
|
|
|
||
|
Creations |
|
|
225,000 |
|
|
3,475,000
|
|
Redemptions |
|
|
(1,100,000) |
|
|
(1,025,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
(875,000) |
|
|
2,450,000 |
|
|
|
|
|
|
|
|
|
|
|
5 |
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Year Ended
June 30, |
|
|
Period Ended
June 30,
2022(a) | ||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
| ||
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
||||
|
Net
asset value, beginning of period |
|
|
$23.55 |
|
|
$18.40 |
|
|
$13.86 |
|
|
$20.00
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment loss(b) |
|
|
(0.14) |
|
|
(0.11) |
|
|
(0.05) |
|
|
(0.10)
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
6.22 |
|
|
5.26 |
|
|
4.59 |
|
|
(5.99)
|
|
Total
from investment operations |
|
|
6.08 |
|
|
5.15 |
|
|
4.54 |
|
|
(6.09)
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
||||
|
Net
realized gains |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.05)
|
|
Total
distributions |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.05)
|
|
Net
asset value, end of period |
|
|
$29.63 |
|
|
$23.55 |
|
|
$18.40 |
|
|
$13.86
|
|
Total
return(d) |
|
|
25.84% |
|
|
27.97% |
|
|
32.76% |
|
|
−30.53%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
||||
|
Net
assets, end of period (in thousands) |
|
|
$60,745 |
|
|
$68,875 |
|
|
$8,740 |
|
|
$3,118
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.75% |
|
|
0.75% |
|
|
0.75% |
|
|
0.75%
|
|
Ratio
of net investment loss to average net assets(e) |
|
|
(0.56)% |
|
|
(0.51)% |
|
|
(0.34)% |
|
|
(0.56)%
|
|
Portfolio
turnover rate(d)(f) |
|
|
148% |
|
|
107% |
|
|
209% |
|
|
262% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
the Fund was August 3, 2021. |
|
(b) |
Net investment loss
per share has been calculated based on average shares outstanding during the periods. |
|
(c) |
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. |
|
(d) |
Not annualized for
periods less than one year. |
|
(e) |
Annualized for periods
less than one year. |
|
(f) |
Portfolio turnover
rate excludes in-kind transactions. |
|
|
|
6 |
|
|
TABLE OF CONTENTS
|
|
|
7 |
|
|
TABLE OF CONTENTS
|
Level 1 – |
Unadjusted quoted prices in active markets
for identical assets or liabilities that the Fund has the ability to access. |
|
Level 2 – |
Observable inputs other than quoted prices
included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted
prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk,
yield curves, default rates and similar data. |
|
Level 3 – |
Unobservable inputs for the asset or liability,
to the extent relevant observable inputs are not available; representing the Fund’s own assumptions about the assumptions a market
participant would use in valuing the asset or liability and would be based on the best information available. |
|
|
|
8 |
|
|
TABLE OF CONTENTS
|
|
|
9 |
|
|
TABLE OF CONTENTS
|
|
|
10 |
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
Federal
Tax Cost of Investments. |
|
|
$43,302,684
|
|
Gross
Tax Unrealized Appreciation. |
|
|
$19,467,925
|
|
Gross
Tax Unrealized Depreciation. |
|
|
(1,995,662)
|
|
Net
Tax Unrealized Appreciation (Depreciation). |
|
|
17,472,263
|
|
Other
Accumulated Gain (Loss). |
|
|
(11,197,369)
|
|
Total
Distributable Earnings/(Accumulated Losses) |
|
|
$6,274,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Post-October
Losses Deferred |
|
|
Late Year
Losses Deferred
|
|
Spear
Alpha ETF. |
|
|
$ — |
|
|
$(145,110) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indefinite
Short-Term
Capital Loss
Carryover |
|
|
Indefinite
Long-Term
Capital Loss
Carryover |
|
|
Capital Loss
Carryover
Utilized |
|
Spear
Alpha ETF. |
|
|
$(10,517,988) |
|
|
$(534,271) |
|
|
$ — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Distributable
Earnings
|
|
|
Paid-In
Capital |
|
Spear
Alpha ETF. |
|
|
$(2,504,930) |
|
|
$2,504,930 |
|
|
|
|
|
|
|
|
|
|
|
11 |
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|
|
Realized
Gains |
|
|
Realized
Losses |
|
Spear
Alpha ETF. |
|
|
$4,261,519 |
|
|
$(785,652) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases |
|
|
Sales |
|
|
Creations
In-Kind |
|
|
Redemptions
In-Kind
|
|
Spear
Alpha ETF. |
|
|
$77,758,266 |
|
|
$78,350,051 |
|
|
$4,974,089 |
|
|
$25,718,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 |
|
|
TABLE OF CONTENTS
|
|
|
13 |
|
|
TABLE OF CONTENTS
|
|
|
14 |
|
|
TABLE OF CONTENTS
|
|
|
15 |
|
|
TABLE OF CONTENTS
|
|
|
16 |
|
|
| (b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
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.
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 Fund’s Statement of Additional Information.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 16. Controls and Procedures.
| (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. |
| (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. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (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. Filed herewith. |
(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.
(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.
(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.
(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.
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
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 | 9/5/2025 |
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 | 9/5/2025 |
| By (Signature and Title)* | /s/ Travis G. Babich | ||
| Travis G. Babich, Treasurer/Principal Financial Officer | |||
| Date | 9/5/2025 |
* Print the name and title of each signing officer under his or her signature
FAQ
What is Spear Alpha ETF’s management fee and are there any 12b-1 fees (ticker SPRX)?
How much of the Fund was invested in stocks versus cash as of June 30, 2025?
What was the Fund’s portfolio turnover for the fiscal year ended June 30, 2025?
Did the Fund’s auditor express any qualifications in their report for 2025?
What sector exposures are largest in the Spear Alpha ETF?
