[N-CSR] Teucrium 2x Long Daily XRP ETF Certified Shareholder Report

Rhea-AI Filing Summary

Alexis Practical Tactical ETF (LEXI) – FY ended 31 May 2025

• Assets & flows: net assets rose 37% YoY to $113.2 m; creations of $30.5 m minus $7.3 m redemptions produced $23.2 m net inflow and 760k new shares.
• Performance: 1-yr total return +10.72% (NAV), trailing blended benchmark (+11.29%) and S&P 500 (+13.52%). Since inception (30 Jun 21) CAGR 7.02% vs S&P 500 10.13%.
• Cost profile: unitary advisory fee 0.85%; expense ratio unchanged at 0.85%; cost to hold $10k for the year was $90 (0.85%).
• Income & distribution: dividend income $1.23 m and interest $0.49 m drove net investment income of $0.89 m (0.92% of avg. assets). Distributions totalled $0.66/sh (0.31 NII, 0.35 cap-gain).
• Portfolio: 83.1% ETFs, 11.5% individual stocks, 2.7% T-Bills, 2.7% cash/MM; 37 holdings; turnover 43% (up from 36%). Top ETF weights include SPDR sector funds, QQQ, Vanguard factor ETFs; largest single equity exposure in mega-cap tech (AAPL, MSFT, NVDA).
• Risk & positioning: Manager describes stance as “neutral-leaning bullish” after trimming equities post-rebound; remains flexible for pullbacks.
• Governance & audit: Cohen & Company re-appointed; audit fee $15,050 (+4.9% YoY). Board confirms advisory contract; advisor pays most operating expenses.

Bottom line: LEXI delivered solid absolute gains and strong asset growth but continued to lag broad equity benchmarks, highlighting the challenge of its tactical, multi-asset mandate.

Positive

• Net assets grew 37% YoY, indicating strong investor demand and scalability.
• Absolute return of 10.72% and positive since-inception CAGR despite volatile markets.
• Expense ratio stable at 0.85% with unitary structure, keeping cost predictability.
• Portfolio diversification across equities, bonds, and factors provides risk spreading.

Negative

• Lags benchmarks: trailed blended benchmark by 57 bps and S&P 500 by 280 bps in FY 2025.
• High active turnover (43%) without corresponding excess return increases trading risk.
• Modest income yield (0.66%) may disappoint income-focused investors.
• Advisor-affiliated accounts hold 75.8% of shares, creating concentration/liquidity risk.

Insights

ETF Portfolio Analyst

TL;DR: Solid inflows and positive return, but lagging benchmarks limits alpha story.

Asset growth to $113 m confirms distributor traction and platform acceptance, helped by low unitary 0.85% fee. However, 1-yr and since-inception underperformance versus both blended and pure-equity benchmarks suggests tactical rotations are not yet adding excess return. Portfolio is predominantly ETF-of-ETFs, so investors are effectively paying an overlay fee for timing decisions. Turnover climbed to 43%, implying active risk, yet dispersion of returns versus passive mix is modest. Cash/T-Bills (5.4% incl. MM) provide dry powder but drag in rising markets. Continued inflows are supportive, but performance gap must narrow to justify fee.

Fund Governance Specialist

TL;DR: Governance, audit, and fee structure appear investor-friendly and stable.

The Board renewed the advisory contract after reviewing economics and peer fees; 0.85% unitary charge sits at peer median, with adviser absorbing most expenses—an alignment positive. Audit costs remain low and independence intact; no non-audit work performed. Majority of shares (75.8%) are adviser-related SMAs, a concentration risk but disclosed. No code-of-ethics waivers or control issues reported. Overall governance risk is low.

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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 811-23226

Listed Funds Trust

(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, 6^th 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: May 31

Date of reporting period: May 31, 2025

Item 1. Reports to Stockholders.

(a)

	Alexis Practical Tactical ETF
	LEXI (Principal U.S. Listing Exchange: NYSE)
	Annual Shareholder Report | May 31, 2025

This annual shareholder report contains important information about the Alexis Practical Tactical ETF for the period of June 1, 2024, to May 31, 2025.  You can find additional information about the Fund at www.lexietf.com. You can also request this information by contacting us at 1-866-LEXI-ETF (1-866-539-4383).

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (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
Alexis Practical Tactical ETF	$90	0.85%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

In the 12-months since our last annual report, LEXI returned 10.72%, slightly underperforming its blended benchmark, which returned 11.29%. Of the 3 benchmark component indexes, the Morningstar Global Index led with a total return of 13.84%, closely followed by the S&P500 index with a gain of 13.52%. The aggregate bond index earned 5.46%.

WHAT FACTORS INFLUENCED PERFORMANCE

These solid results mask significant volatility including a sharp intermittent -19% pullback for the S&P500 index (with many leading stocks facing significantly steeper losses) in early 2025 coincident with tariffs and trade wars, persistent physical wars in eastern Europe and the Middle East, global geopolitical risks and subsequent supply chain uncertainty, slowing global growth, and inconsistent central bank policy as many ease but the US Federal Reserve hesitates to relax its restrictive policy stance.

Investor sentiment swung wildly over this period. Optimism following the election outcome attributed to hopes for lower taxes and reduced regulatory burden quickly reversed to extreme pessimism based on tariffs and trade wars and the Fed’s decision to indefinitely pause previously priced in rate cuts. 2025 also saw a burst in foreign leadership as investors fled prior leading stocks (especially large cap US growth stocks).

LEXI took advantage of indiscriminate selling in the pullback to add to beaten down tech leaders. These names surged as stocks rebounded off recent lows and LEXI used this strength to rebalance to a more neutral posture, trimming overall equity exposure while adding to new leaders.

POSITIONING

The advisor remains optimistic regarding overall market trends and conditions but also acknowledges uncertainty regarding the serious risks outlined above. We consider LEXI’s portfolio allocation as neutral leaning bullish (in line with benchmarks, expecting to participate in further gains while retaining significant flexibility to buy into potential pullbacks).

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

Alexis Practical Tactical ETF  PAGE 1  TSR-AR-53656F425

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (06/30/2021)
Alexis Practical Tactical ETF NAV	10.72	7.02
S&P 500 TR	13.52	10.13
35% S&P 500/35% Morningstar Global Markets/30% Aggregate Bond	11.29	5.79
Bloomberg US Aggregate Bond Index	5.46	-1.23
Morningstar Global Market Large Mid GR	13.84	7.25

Visit www.lexietf.com for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of May 31, 2025)

Net Assets	$113,234,047
Number of Holdings	37
Net Advisory Fee	$824,482
Portfolio Turnover	43%
30-Day SEC Yield	0.66%

Visit www.lexietf.com for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of May 31, 2025)

Security Type	(%)
Exchange Traded Funds	83.1%
Common Stocks	11.5%
U.S. Treasury Bills	2.7%
Cash & Other	2.7%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.lexietf.com.

Alexis Practical Tactical ETF  PAGE 2  TSR-AR-53656F425

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 Alexis Investment Partners, LLC documents not be householded, please contact Alexis Investment Partners, LLC at 1-866-LEXI-ETF (1-866-539-4383), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Alexis Investment Partners, LLC or your financial intermediary.

Alexis Practical Tactical ETF  PAGE 3  TSR-AR-53656F425

100009756953211784130471000097431002712854145921000093819476112041246810000911489189035952810000921693231155813157

(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  5/31/2025	FYE  5/31/2024
(a) Audit Fees	$15,050	$14,350
(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  5/31/2025	FYE  5/31/2024
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  5/31/2025	FYE  5/31/2024
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)

Alexis Practical Tactical ETF

(LEXI)

Annual Financial Statements & Additional Information

May 31, 2025

TABLE OF CONTENTS

			Page
Schedule of Investments			1
Statement of Assets and Liabilities			3
Statement of Operations			4
Statements of Changes in Net Assets			5
Financial Highlights			6
Notes to Financial Statements			7
Report of Independent Registered Public Accounting Firm			13
Board Consideration and Approval of Continuation of Advisory Agreement			14
Supplemental Information			16

TABLE OF CONTENTS

Alexis Practical Tactical ETF

Schedule of Investments

May 31, 2025

			Shares			Value
EXCHANGE TRADED FUNDS - 83.1%
Financial Select Sector SPDR Fund			24,026			$1,224,365
Industrial Select Sector SPDR Fund			8,647			1,234,965
Invesco QQQ Trust Series 1			10,778			5,594,968
Invesco S&P 500 Equal Weight ETF			34,850			6,148,585
iShares 0-5 Year High Yield Corporate Bond ETF			68,110			2,908,297
iShares Global 100 ETF			65,676			6,753,463
iShares MSCI International Momentum Factor ETF			95,330			4,260,298
iShares MSCI USA Momentum Factor ETF			32,736			7,579,693
iShares Short Treasury Bond ETF			15,374			1,697,905
JPMorgan Ultra-Short Income ETF			90,330			4,572,505
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund			45,375			4,562,002
SPDR Dow Jones Industrial Average ETF Trust			11,936			5,047,138
SPDR Gold Shares(a)			29,633			8,996,579
SPDR S&P Homebuilders ETF			7,707			726,462
SPDR S&P MidCap 400 ETF Trust			9,434			5,176,624
VanEck Semiconductor ETF			7,755			1,859,261
Vanguard Dividend Appreciation ETF			30,620			6,060,617
Vanguard Growth ETF			14,051			5,805,030
Vanguard Mega Cap Growth ETF			20,692			7,127,980
Xtrackers MSCI EAFE Hedged Equity ETF			150,240			6,762,302
TOTAL EXCHANGE TRADED FUNDS (Cost $77,269,025)						94,099,039
COMMON STOCKS - 11.5%
Communications - 1.1%
Alphabet, Inc. - Class A			3,430			589,068
Meta Platforms, Inc. - Class A			1,014			656,555
						1,245,623
Consumer Discretionary - 3.4%
Home Depot, Inc.			1,927			709,695
Marriott International, Inc. - Class A			2,624			692,290
Tesla, Inc.(a)			3,933			1,362,627
TJX Cos., Inc.			8,358			1,060,630
						3,825,242
Financials - 1.0%
Visa, Inc. - Class A			3,129			1,142,680
Industrials - 0.7%
Caterpillar, Inc.			2,463			857,198
Materials - 0.6%
Freeport-McMoRan, Inc.			18,342			705,800

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

1

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Alexis Practical Tactical ETF

Schedule of Investments

May 31, 2025(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Technology - 4.7%
Apple, Inc.			5,538			$1,112,307
Applied Materials, Inc.			4,842			758,983
Cisco Systems, Inc.			9,674			609,849
Microsoft Corp.			1,910			879,288
NVIDIA Corp.			9,167			1,238,737
Oracle Corp.			4,372			723,697
						5,322,861
TOTAL COMMON STOCKS (Cost $9,529,088)						13,099,404
			Par
SHORT-TERM INVESTMENTS - 2.7%
U.S. Treasury Bills - 2.7%
4.27%, 08/14/2025(b)			$1,516,000			1,503,021
4.26%, 11/06/2025(b)			1,530,000			1,502,232
TOTAL SHORT-TERM INVESTMENTS (Cost $3,005,587)						3,005,253
TOTAL INVESTMENTS - 97.3% (Cost $89,803,700)						$110,203,696
Money Market Deposit Account - 2.7%(c)						3,078,494
Liabilities in Excess of Other Assets - (0.0)%(d)						(48,143)
TOTAL NET ASSETS - 100.0%						$113,234,047

Percentages are stated as a percent of net assets.

(a)
Non-income producing security.

(b)
The rate shown is the annualized effective yield as of May 31, 2025.

(c)

The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA

will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of May 31, 2025 was 4.11%.

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

			Level 1			Level 2			Level 3			Total
Investments:
Exchange Traded Funds			$94,099,039			$—			$—			$94,099,039
Common Stocks			13,099,404			—			—			13,099,404
U.S. Treasury Bills			—			3,005,253			—			3,005,253
Total Investments			$107,198,443			$3,005,253			$—			$110,203,696

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

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

2

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Alexis Practical Tactical ETF

Statement of Assets and Liabilities

May 31, 2025

ASSETS:
Investments, at value			$110,203,696
Cash - interest bearing deposit account			3,078,494
Interest receivable			16,594
Dividends receivable			14,681
Total assets			113,313,465
LIABILITIES:
Payable to adviser			79,418
Total liabilities			79,418
NET ASSETS			$ 113,234,047
NET ASSETS CONSISTS OF:
Paid-in capital			$91,380,054
Total distributable earnings			21,853,993
Total net assets			$ 113,234,047
Net assets			$113,234,047
Shares issued and outstanding(a)			3,636,834
Net asset value per share			$31.14
Cost:
Investments, at cost			$89,803,700

(a)
Unlimited shares authorized without par value.

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

3

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Alexis Practical Tactical ETF

Statement of Operations

For the Year Ended May 31, 2025

INVESTMENT INCOME:
Dividend income			$1,225,971
Interest income			488,634
Total investment income			1,714,605
EXPENSES:
Investment advisory fee			824,482
Income tax expense			1,715
Total expenses			826,197
NET INVESTMENT INCOME			888,408
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments			1,355,848
Net realized gain (loss)			1,355,848
Net change in unrealized appreciation (depreciation) on:
Investments			7,302,588
Net change in unrealized appreciation (depreciation)			7,302,588
Net realized and unrealized gain (loss)			8,658,436
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$ 9,546,844

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

4

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ALEXIS PRACTICAL TACTICAL ETF

STATEMENTS OF CHANGES IN NET ASSETS

			Year Ended May 31,
			2025			2024
OPERATIONS:
Net investment income (loss)			$888,408			$1,041,034
Net realized gain (loss)			1,355,848			1,539,199
Net change in unrealized appreciation (depreciation)			7,302,588			12,832,846
Net increase (decrease) in net assets from operations			9,546,844			15,413,079
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings			(2,215,497 )			(974,763 )
Total distributions to shareholders			(2,215,497 )			(974,763 )
CAPITAL TRANSACTIONS:
Creations			30,544,790			5,420,557
Redemptions			(7,299,200 )			(248,610 )
Net increase (decrease) in net assets from capital transactions			23,245,590			5,171,947
Net increase (decrease) in net assets			30,576,937			19,610,263
NET ASSETS:
Beginning of the year			82,657,110			63,046,847
End of the year			$ 113,234,047			$82,657,110
SHARES TRANSACTIONS
Creations			1,010,000			210,000
Redemptions			(250,000 )			(10,000 )
Total increase (decrease) in shares outstanding			760,000			200,000

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

5

TABLE OF CONTENTS

Alexis Practical Tactical ETF

Financial Highlights

			Year Ended May 31,									Period Ended May 31, 2022(a)
			2025			2024			2023
PER SHARE DATA:
Net asset value, beginning of period			$28.73			$23.55			$24.33			$25.00
INVESTMENT OPERATIONS:
Net investment income(b)(c)			0.28			0.38			0.28			0.08
Net realized and unrealized gain (loss) on investments(d)			2.79			5.15			(0.84)			(0.69)
Total from investment operations			3.07			5.53			(0.56)			(0.61)
LESS DISTRIBUTIONS FROM:
Net investment income			(0.31)			(0.35)			(0.22)			(0.06)
Net realized gains			(0.35)			—			—			—
Total distributions			(0.66)			(0.35)			(0.22)			(0.06)
Net asset value, end of period			$31.14			$28.73			$23.55			$24.33
TOTAL RETURN(e)			10.72%			23.62%			−2.29%			−2.44%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)			$113,234			$82,657			$63,047			$52,727
Ratio of expenses to average net assets(f)(g)			0.85%			0.85%			0.85%			0.85%
Ratio of tax expenses to average net assets(f)			0.00%(h)			—%			—%			—%
Ratio of net investment income (loss) to average net assets(f)(g)			0.92%			1.44%			1.18%			0.32%
Portfolio turnover rate(e)(i)			43%			36%			70%			51%

(a)
Inception date of the Fund was June 30, 2021.

(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

(d)
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.

(e)
Not annualized for periods less than one year.

(f)
Annualized for periods less than one year.

(g)
These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

(h)
Amount represents less than 0.005%.

(i)
Portfolio turnover rate excludes in-kind transactions.

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

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ALEXIS PRACTICAL TACTICAL ETF

NOTES TO FINANCIAL STATEMENTS

May 31, 2025

1. ORGANIZATION

Alexis Practical Tactical ETF (the “Fund”) is a diversified series of Listed Funds Trust (the “Trust”), formerly Active Weighting Funds ETF 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”).

The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks total return primarily through long-term capital appreciation, with income and capital preservation as secondary objectives.

2. SIGNIFICANT ACCOUNTING POLICIES

The 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. The 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 the 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. 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, the 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.

The valuation of the 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 the “Trustees”) has designated Alexis Investment Partners, LLC (“AIP” or the “Adviser”) as the valuation designee of the Fund. 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; 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.

Money market funds are valued at NAV. If NAV is not readily available the securities will be valued at fair value.

T-bills are valued in accordance with prices supplied by a pricing service. Pricing services may use various valuation methodologies such as the mean between the bid and asked prices. Such valuations are typically categorized as Level 2 in the fair value hierarchy described below.

An amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity, unless the Adviser determines in good faith that such method does not represent fair value.

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

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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 Fund’s investments. These inputs are summarized in the following hierarchy:

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.

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 Schedule of Investments for a summary of the valuations as of May 31, 2025 for the Fund based upon the three levels describe 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.

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, although the actual calculations may be done by others. 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.

See the Schedule of Investments for hierarchy classification and industry classifications.

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.

Investment Income – Dividend income is recognized on the ex-dividend date. Interest income is accrued daily. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. Long-term capital gain distributions from investment companies, if any, are classified as realized gains for financial reporting. Discounts and premiums on fixed income securities are accreted or amortized using the effective interest method.

Tax Information, Dividends and Distributions to Shareholders and Uncertain Tax Positions – The Fund is treated as a separate entity for Federal income tax purposes. The 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, the 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, the Fund will not be subject to Federal income tax.

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May 31, 2025(Continued)

Distributions to shareholders are recorded on the ex-dividend date. The Fund generally pays out dividends from net investment income, if any, at least annually, and distributes its net capital gains, if any, to shareholders at least annually. The Fund 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 the 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 Fund’s 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 May 31, 2025, the Fund’s fiscal year end, the Fund had no material uncertain tax positions and did not have a liability for any unrecognized tax benefits. As of May 31, 2025, the Fund 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 Fund recognized no interest or penalties related to uncertain tax benefits in the 2025 fiscal year. At May 31, 2025, the Fund’s fiscal year end, the tax periods for the prior three years are open to examination in the Fund’s major tax jurisdiction.

Indemnification – In the normal course of business, the Fund expects to enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund’s maximum exposure under these anticipated arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Adviser expects 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 Fund’s assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of the Fund 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 Fund, and AIP, the Fund pays a unified management fee to the Adviser, which is calculated daily and paid monthly, at an annual rate of:

Rate

0.85% on first $250,000,000 on daily net assets;

0.75% on the next $250,000,000 on daily net assets; and

0.65% on daily net assets in excess of $500,000,000

AIP has agreed to pay all expenses of the Fund except the fee paid to AIP 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).

At May 31, 2025, 75.83% of the outstanding shares of the Fund were held in separately managed accounts of the Adviser.

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May 31, 2025(Continued)

Distribution Agreement and 12b-1 Plan – Foreside Fund Services, LLC a wholly-owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) (the “Distributor”) serves as the Fund’s distributor pursuant to a Distribution Services Agreement. The Distributor receives compensation for the statutory underwriting services it provides to the Fund. 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 Fund. 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 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, the 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 Fund 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 the 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 Fund.

Administrator, 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 accountant of the Fund pursuant to a Fund Servicing Agreement. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Fund’s custodian pursuant to a Custody Agreement. Under the terms of these agreements, the Adviser pays the Fund’s administrative, custody and transfer agency fees.

A Trustee and all officers of the Trust are affiliated with the Administrator and the Custodian.

4. CREATION AND REDEMPTION TRANSACTIONS

Shares of the Fund are listed and traded on the NYSE Arca, Inc. The 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 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 the 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 or redemption 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 Fund for each creation order is $300.

An additional variable fee of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for (1) creations effected outside the Clearing Process and (2) creations made in an all cash amount (to offset the Trust’s brokerage and other transaction costs associated with using cash to purchase the requisite Deposit Securities). Investors are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the Trust. The 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 Fund are displayed in the Capital Share Transactions section on the Statement of Changes in Net Assets.

Only “Authorized Participants” may purchase or redeem shares directly from the Fund. 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 Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will

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NOTES TO FINANCIAL STATEMENTS

May 31, 2025(Continued)

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 Fund and the payment of any cash amounts have been completed. To the extent contemplated by the applicable participant agreement, Creation Units of the Fund will be issued to such authorized participant notwithstanding the fact that the Fund’s 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 Fund 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 Fund for losses, if any.

5. FEDERAL INCOME TAX

The tax character of distributions paid was as follows:

			Ordinary Income(1)			Long-Term Capital Gain
Year ended May 31, 2025			​$1,392,936			​$822,561
Year ended May 31, 2024			974,763			—

(1)
Ordinary income may include short-term capital gains.

At May 31, 2025, the Fund’s fiscal year end, the components of distributable earnings 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:

Federal Tax Cost of Investments			$87,896,254
Gross Tax Unrealized Appreciation			$22,539,584
Gross Tax Unrealized Depreciation			(232,142)
Net Tax Unrealized Appreciation (Depreciation)			22,307,442
Undistributed Ordinary Income			56,224
Undistributed Long-Term Gain			​—
Other Accumulated Gain (Loss).			​(509,673)
Total Distributable Earnings.			$21,853,993

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales, the difference between book-basis and tax-basis on the securities received as a result of the in-kind contribution seeding the Fund and tax basis adjustments on grantor trusts.

Under current tax law, net capital losses realized after October 31 and net ordinary losses incurred after December 31 may be deferred and treated as occurring on the first day of the following fiscal year. The Fund’s carryforward losses and post-October losses are determined only at the end of each fiscal year. The Fund deferred $509,673 of post October losses for the fiscal year ended May 31, 2025.

U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences primarily relate to redemptions in-kind and nondeductible excise tax paid. For the fiscal year ended May 31, 2025, the following reclassifications were made for permanent tax differences on the Statement of Assets and Liabilities.

			Total Distributable Earnings			Paid-in Capital
Alexis Practical Tactical ETF			$(932,241)			$932,241

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NOTES TO FINANCIAL STATEMENTS

May 31, 2025(Continued)

6. INVESTMENT TRANSACTIONS

During the fiscal year ended May 31, 2025, the Fund realized net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash. Because such gains are not taxable to the Fund, 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 Statement of Operations is as follows:

			Realized Gains			Realized Losses
Alexis Practical Tactical ETF			$948,488			$(10,355)

Purchases and sales of investments (excluding short-term investments), creations in-kind and redemptions in-kind for the fiscal year ended May 31, 2025, were as follows:

			Purchases			Sales			Creations In-Kind			Redemptions In-Kind
Alexis Practical Tactical ETF			$47,535,853			$37,559,443			$26,406,435			$7,260,972

7. PRINCIPAL RISKS

As with all ETFs, shareholders of the Fund are subject to the risk that their investment could lose money. The 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.

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

8. NEW ACCOUNTING PRONOUNCEMENTS

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity’s segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

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 Fund. The Fund operates as a single segment entity. The Fund’s income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

9. SUBSEQUENT EVENTS

Management has evaluated the Fund’s related events and transactions that occurred subsequent to May 31, 2025, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Alexis Practical Tactical ETF and

Board of Trustees of Listed Funds Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Alexis Practical Tactical ETF (the “Fund”), a series of Listed Funds Trust, as of May 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and for the period from June 30, 2021 (commencement of operations) through May 31, 2022 , and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from June 30, 2021 (commencement of operations) through May 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund’s auditor since 2021.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

July 30, 2025

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BOARD CONSIDERATION AND APPROVAL OF CONTINUATION OF ADVISORY AGREEMENT

At meetings held on February 25, 2025 (the “February Meeting”) and March 5, 2025 (the “March Meeting” and together with the February Meeting, the “Meetings”), the Board of Trustees (the “Board”) of Listed Funds Trust (the “Trust”), including those trustees who are not “interested persons” of the Trust, as defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), considered the approval of the continuation of the advisory agreement (the “Agreement”) between Alexis Investment Partners, LLC (the “Adviser”) and the Trust, on behalf of Alexis Practical Tactical ETF (the “Fund”).

Pursuant to Section 15 of the 1940 Act, the continuation of the Agreement after its initial two-year term must be approved annually by: (i) the vote of the Board or shareholders of the Fund and (ii) the vote of a majority of the Independent Trustees cast at a meeting called for the purpose of voting on such approval. As discussed in greater detail below, in preparation for the Meetings, the Board requested from, and reviewed responsive information provided by the Adviser.

In addition to the written materials provided to the Board in advance of the Meetings, during the March Meeting representatives from the Adviser provided the Board with an overview of their advisory business, including their investment personnel, financial resources, experience, investment processes and compliance program. The representatives discussed the services provided to the Fund by the Adviser, as well as the Fund’s fees and information with respect to the Fund’s strategy and certain operational aspects of the Fund. The Board considered the materials it received in advance of the Meetings, including a memorandum from legal counsel to the Trust regarding the responsibilities of the Board in considering the approval of the Agreement, and information conveyed during the Adviser’s oral presentation. The Board also considered the information it received throughout the year about the Fund and the Adviser. The Board considered the approval of the continuation of the Agreement for an additional one-year term in light of this information. Throughout the process, the Board was afforded the opportunity to ask questions of, and request additional materials from, the Adviser. The Independent Trustees also met in executive session with counsel to the Trust to further discuss the advisory arrangements and the Independent Trustees’ responsibilities relating thereto.

At the March Meeting, the Board, including a majority of the Independent Trustees, evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services provided by the Adviser to the Fund; (ii) the Fund’s expenses and performance; (iii) the cost of the services provided and profits to be realized by the Adviser from the relationship with the Fund; (iv) comparative fee and expense data for the Fund and other investment companies with similar investment objectives and strategies; (v) the extent to which the advisory fee for the Fund reflects economies of scale shared with its shareholders; (vi) any fall-out benefits derived by the Adviser from the relationship with the Fund; and (vii) other factors the Board deemed relevant. In its deliberations, the Board considered the factors and reached the conclusions described below relating to the advisory arrangement and renewal of the Agreement. In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and the individual Trustees may have attributed different weights to various factors.

Approval of the Continuation of the Advisory Agreement

Nature, Extent, and Quality of Services Provided. The Board considered the scope of services provided under the Agreement, noting that the Adviser expected to continue to provide substantially similar investment management services to the Fund with respect to implementing its investment program, including arranging for, or implementing, the purchase and sale of portfolio securities, monitoring adherence to its investment restrictions, overseeing the activities of the service providers, monitoring compliance with various policies and procedures with applicable securities regulations, and monitoring the extent to which each Fund achieved its investment objective. In considering the nature, extent, and quality of the services provided by the Adviser, the Board considered the quality of the Adviser’s compliance infrastructure and past and current reports from the Trust’s Chief Compliance Officer regarding her view of the Adviser’s compliance infrastructure, as well as the Board’s experience with the Adviser and the investment management services it has provided to the Fund. The Board noted that it had received a copy of the Adviser’s registration on Form ADV, as well as the response of the Adviser to a detailed series of questions which requested, among other things, information about the background and experience of the firm’s key personnel, the firm’s cybersecurity policy, and the services provided by the Adviser. The Board also considered the Adviser’s operational capabilities and resources and its experience in managing investment portfolios, including the Fund.

Historical Performance. The Board next considered the Fund’s performance. The Board observed that information regarding the Fund’s past investment performance for periods ended December 31, 2024 had been included in the

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BOARD CONSIDERATION AND APPROVAL OF CONTINUATION OF ADVISORY AGREEMENT

(Continued)

Materials. The Board noted that it had been provided with the Barrington Report, which compared the performance results of the Fund with the returns of a group of ETFs selected by Barrington Partners as most comparable to the Fund (the “Peer Group”), as well as with funds in the Fund’s respective Morningstar category (the “Category Peer Group”). Additionally, at the Board’s request, the Adviser identified the funds the Adviser considered to be the Fund’s most direct competitors (the “Selected Peer Group”) and provided a comparison of the Fund’s management fee compared with the funds in the Selected Peer Group.

The Board noted that, for the one- and three-year and since inception periods ended December 31, 2024, the Fund outperformed its blended benchmark, the 35% S&P 500/35% Morningstar Global Markets/30% Bloomberg US Aggregate Bond Index. The Board also noted that for each of the one-year and since-inception periods ended December 31, 2024, the Fund underperformed its broad-based benchmark, the S&P 500 Total Return. The Board further noted that, for the one- and three-year periods ended December 31, 2024, the Fund outperformed the average of its Peer Group and its Category Peer Group. Lastly, the Board noted that for the one- and two-year periods, the Fund performed within the range of its Selected Peer Group.

Cost of Services Provided and Profitability. The Board reviewed the management fee for the Fund, including in comparison to the management fee of its Peer Group as provided in the Barrington Report and its Selected Peer Group.

The Board took into consideration that the Adviser charges a “unitary fee,” meaning that the Fund pays no expenses except for the fee paid to the Adviser pursuant to the 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 fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act. The Board noted that the Adviser is responsible for compensating the Fund’s other service providers and, with the exception of the expenses noted above, paying the Fund’s other operating expenses out of its own fee and resources. The Board also evaluated whether the Adviser received any other compensation or fall-out benefits from its relationship with the Fund, taking into account analyses of the Adviser’s profitability with respect to the Fund.

The Board noted that while the management fee for the Fund was equal to the median and within the range of funds included in the Peer Group, it was slightly higher than the average of the Peer Group. The Board also noted that the Fund’s management fee was within the range of its Selected Peer Group.

The Board accordingly noted that the Fund’s unitary fee is reasonable and competitive with the fees of its respective peer funds.

Economies of Scale. The Board noted that it is not yet evident that the Fund has reached the size at which it has begun to realize economies of scale. The Board also determined that, based on the amount and structure of the Fund’s unitary fee, any such economies of scale would be shared with such Fund’s respective shareholders. The Board stated that it would monitor fees as the Fund grows and consider whether fee breakpoints may be warranted in the future.

Conclusion. No single factor was determinative of the Board’s decision to approve the continuation of the Agreement; rather, the Board based its determination on the total mix of information available to it. The Board, including a majority of the Independent Trustees, determined that the terms of the Agreement, including the compensation payable under the Agreement, are fair and reasonable with respect to the Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the continuation of the Agreement was in the best interests of the Fund and its shareholders.

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TABLE OF CONTENTS

ALEXIS PRACTICAL TACTICAL ETF

SUPPLEMENTAL INFORMATION

May 31, 2025 (Unaudited)

THE BELOW INFORMATION IS REQUIRED DISCLOSURE FROM FORM N-CSR

Item 8. Changes in 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. Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies.

The Advisor has agreed to pay all operating expenses of the Fund pursuant to the terms of the Investment Advisory Agreement, subject to certain exclusions provided therein. As a result, the Advisor is responsible for compensating the Independent Trustees. Further information related to Trustee and Officer compensation for the Trust can be obtained from the Fund’s most recent Statement of Additional Information.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Refer to the Board Consideration and Approval of Continuation of Advisory Agreement.

TAX INFORMATION

The Fund designated 93.28% of its ordinary income distribution for the year ended May 31, 2025, as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

For the year ended May 31, 2025, 51.67% of dividends paid from net ordinary income qualified for the dividends received deduction available to corporate shareholders.

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 8/5/2025

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 8/5/2025

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

Date 8/5/2025

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

FAQ

How did LEXI perform versus its benchmark in fiscal 2025?

LEXI returned 10.72%, trailing its blended 35/35/30 benchmark, which gained 11.29%.

What is Alexis Practical Tactical ETF’s expense ratio?

The fund charges a 0.85% unitary management fee; this is also the net expense ratio.

What is LEXI’s portfolio composition as of 31 May 2025?

Holdings were 83.1% ETFs, 11.5% individual stocks, 2.7% T-Bills, and 2.7% cash/MM.

How much has the fund grown over the last year?

Net assets increased from $82.7 m to $113.2 m, a 37% rise driven by $23.2 m net creations and market gains.

What distributions did shareholders receive in FY 2025?

Total distributions were $0.66 per share: $0.31 from net investment income and $0.35 from capital gains.

Who is the fund’s auditor and what were the audit fees?

Cohen & Company, Ltd.; audit fee for FY 2025 was $15,050.