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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)
Gregory C. Bakken, 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) 516-3097
Registrant’s telephone number, including area code
Date of fiscal year end: May 31
Date of reporting period: May 31, 2024
Item 1. Reports to Stockholders.
(a) |
![]() | Alexis Practical Tactical ETF | ![]() |
LEXI (Principal U.S. Listing Exchange: NYSE) | ||
Annual Shareholder Report | May 31, 2024 |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Alexis Practical Tactical ETF | $95 | 0.85% |
Top Contributors | |
↑ | Invesco QQQ Trust, Series 1 |
↑ | VanEck Semiconductor ETF |
↑ | SPDR S&P Homebuilders ETF |
↑ | iShares MSCI USA Momentum Factor ETF |
↑ | Caterpillar, Inc. |
Alexis Practical Tactical ETF | PAGE 1 | TSR_AR_53656F425 |
Top Detractors | |
↓ | Apple, Inc. |
↓ | iShares MSCI EAFE ETF |
↓ | SPDR Dow Jones Industrial Average ETF Trust |
↓ | Vanguard Dividend Appreciation ETF |
↓ | Vanguard European Stock ETF |
![image](https://capedge.com/proxy/N-CSR/0001133228-24-007500/ts106img003.jpg)
1 Year | Since Inception (06/30/2021) | |
Alexis Practical Tactical ETF NAV | 23.62 | 5.79 |
Alexis Practical Tactical ETF Market | 23.65 | 5.79 |
S&P 500 TR | 28.19 | 8.98 |
35% S&P 500/35% Morningstar Global Markets/30% Aggregate Bond | 18.23 | 3.97 |
Bloomberg US Aggregate Bond Index | 1.31 | -3.42 |
Morningstar Global Market Large Mid GR | 23.97 | 5.09 |
* | 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. |
Alexis Practical Tactical ETF | PAGE 2 | TSR_AR_53656F425 |
Net Assets | $82,657,110 |
Number of Holdings | 34 |
Net Advisory Fee | $612,927 |
Portfolio Turnover | 36% |
30-Day SEC Yield | 1.14% |
30-Day SEC Yield Unsubsidized | 1.14% |
Security Type | (%) |
Exchange Traded Funds | 71.8% |
Common Stocks | 12.2% |
Short-Term Investments | 11.8% |
Cash & Other | 4.2% |
Alexis Practical Tactical ETF | PAGE 3 | TSR_AR_53656F425 |
(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. Mr. 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 the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
FYE 5/31/2024 | FYE 5/31/2023 | |
Audit Fees | $14,350 | $13,500 |
Audit-Related Fees | $0 | $0 |
Tax Fees | $3,250 | $3,000 |
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 & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
FYE 5/31/2024 | FYE 5/31/2023 | |
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 5/31/2024 | FYE 5/31/2023 |
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) |
![](https://capedge.com/proxy/N-CSR/0001133228-24-007500/alexi-logo.jpg)
Page | |||
Shares/Par | Value | |||||
EXCHANGE TRADED FUNDS - 71.8%(d) | ||||||
Financial Select Sector SPDR Fund | 15,174 | $631,845 | ||||
Industrial Select Sector SPDR Fund | 8,544 | 1,055,269 | ||||
Invesco QQQ Trust Series 1 | 10,965 | 4,942,035 | ||||
Invesco S&P 500 Equal Weight ETF | 29,209 | 4,842,268 | ||||
iShares Global 100 ETF | 45,266 | 4,215,623 | ||||
iShares MSCI EAFE ETF | 47,567 | 3,861,489 | ||||
iShares MSCI USA Momentum Factor ETF | 22,426 | 4,184,692 | ||||
iShares S&P Mid-Cap 400 Value ETF | 39,782 | 4,629,431 | ||||
SPDR Dow Jones Industrial Average ETF Trust | 10,639 | 4,122,932 | ||||
SPDR Gold Shares(a) | 20,729 | 4,462,954 | ||||
SPDR S&P Homebuilders ETF | 8,941 | 941,487 | ||||
SPDR S&P MidCap 400 ETF Trust | 8,308 | 4,537,663 | ||||
VanEck Semiconductor ETF | 8,996 | 2,163,358 | ||||
Vanguard Dividend Appreciation ETF | 26,965 | 4,877,969 | ||||
Vanguard FTSE Europe ETF | 58,790 | 4,106,482 | ||||
Vanguard Growth ETF | 4,917 | 1,724,294 | ||||
Xtrackers MSCI EAFE Hedged Equity ETF | 95,927 | 4,026,056 | ||||
TOTAL EXCHANGE TRADED FUNDS (Cost $48,661,604) | 59,325,847 | |||||
COMMON STOCKS - 12.2% | ||||||
Communications - 0.8% | ||||||
Alphabet, Inc. - Class A(a) | 3,956 | 682,410 | ||||
Consumer Discretionary - 3.3% | ||||||
Home Depot, Inc. | 2,093 | 700,883 | ||||
Marriott International, Inc. - Class A | 2,318 | 535,852 | ||||
Tesla, Inc.(a) | 4,028 | 717,306 | ||||
TJX Cos., Inc. | 7,949 | 819,542 | ||||
2,773,583 | ||||||
Industrials - 0.9% | ||||||
Caterpillar, Inc. | 2,189 | 741,020 | ||||
Technology - 7.2% | ||||||
Advanced Micro Devices, Inc.(a) | 3,747 | 625,374 | ||||
Apple, Inc. | 7,447 | 1,431,686 | ||||
Applied Materials, Inc. | 6,722 | 1,445,768 | ||||
Microsoft Corp. | 1,866 | 774,632 | ||||
NVIDIA Corp. | 854 | 936,266 | ||||
Visa, Inc. - Class A | 2,591 | 705,944 | ||||
5,919,670 | ||||||
TOTAL COMMON STOCKS (Cost $7,674,051) | 10,116,683 | |||||
1 |
Shares/Par | Value | |||||
SHORT-TERM INVESTMENTS – 16.0% | ||||||
Deposit Accounts – 4.2% | ||||||
U.S. Bank Money Market Deposit Account – 5.17%(b) | 3,505,835 | $3,505,835 | ||||
Total Deposit Accounts (Cost $3,505,835) | 3,505,835 | |||||
U.S. Treasury Bills - 11.8%(c) | ||||||
06/13/2024, 4.48% | 2,000,000 | 1,997,078 | ||||
09/05/2024, 5.28% | 1,500,000 | 1,479,575 | ||||
11/29/2024, 5.30% | 1,500,000 | 1,461,577 | ||||
02/20/2025, 5.17% | 2,000,000 | 1,927,360 | ||||
04/17/2025, 5.18% | 3,000,000 | 2,868,419 | ||||
Total U.S. Treasury Bills (Cost $9,743,476) | 9,734,009 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $13,249,311) | 13,239,844 | |||||
TOTAL INVESTMENTS -100.0% (Cost $69,584,966) | 82,682,374 | |||||
Liabilities in Excess of Other Assets – (0.0)%(e) | (25,264) | |||||
TOTAL NET ASSETS - 100.0% | $82,657,110 | |||||
(a) | Non-income producing security. |
(b) | 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 an annualized variable rate that is determined based on market conditions and is subject to change daily. |
(c) | The rate shown is the effective yield based upon purchase price. |
(d) | To the extent the Fund invests more heavily in particular sectors or asset classes, its performance will be especially sensitive to developments that significantly affect those sectors or asset classes. |
(e) | Represents an amount less than 0.05%. |
Level 1 | Level 2 | Level 3 | Total | |||||||||
Investments: | ||||||||||||
Exchange Traded Funds | $59,325,847 | $— | $ — | $59,325,847 | ||||||||
Common Stocks | 10,116,683 | — | — | 10,116,683 | ||||||||
Deposit Account | 3,505,835 | — | — | 3,505,835 | ||||||||
U.S. Treasury Bills | — | 9,734,009 | — | 9,734,009 | ||||||||
Total Investments | $72,948,365 | $9,734,009 | $— | $82,682,374 | ||||||||
2 |
ASSETS: | |||
Investments, at value | $82,682,374 | ||
Dividends and interest receivable | 33,592 | ||
Total assets | 82,715,966 | ||
LIABILITIES: | |||
Payable to adviser | 58,856 | ||
Total liabilities | 58,856 | ||
NET ASSETS | $82,657,110 | ||
Net Assets Consists of: | |||
Paid-in capital | $67,202,223 | ||
Total distributable earnings | 15,454,887 | ||
Total net assets | $82,657,110 | ||
Net asset value | $82,657,110 | ||
Shares issued and outstanding(a) | 2,876,834 | ||
Net asset value per share | $28.73 | ||
Cost: | |||
Investments cost | $69,584,966 | ||
(a) | Unlimited shares authorized without par value. |
3 |
INVESTMENT INCOME: | |||
Dividend income | $1,121,300 | ||
Interest income | 532,661 | ||
Total investment income | 1,653,961 | ||
EXPENSES: | |||
Investment advisory fee | 612,927 | ||
Total expenses | 612,927 | ||
NET INVESTMENT INCOME | 1,041,034 | ||
REALIZED AND UNREALIZED GAIN | |||
Net realized gain from: | |||
Investments | 1,539,199 | ||
Net realized gain | 1,539,199 | ||
Net change in unrealized appreciation/depreciation on: | |||
Investments | 12,832,846 | ||
Net change in unrealized appreciation/depreciation | 12,832,846 | ||
Net realized and unrealized gain | 14,372,045 | ||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $15,413,079 | ||
4 |
Year Ended May 31, | ||||||
2024 | 2023 | |||||
OPERATIONS: | ||||||
Net investment income | $1,041,034 | $654,475 | ||||
Net realized gain/(loss) | 1,539,199 | (3,412,044) | ||||
Net change in unrealized appreciation/depreciation | 12,832,846 | 1,393,760 | ||||
Net increase/(decrease) in net assets from operations | 15,413,079 | (1,363,809) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||
Distributable earnings | (974,763) | (499,146) | ||||
Total distributions to shareholders | (974,763) | (499,146) | ||||
CAPITAL TRANSACTIONS: | ||||||
Creations | 5,420,557 | 20,281,814 | ||||
Redemptions | (248,610) | (8,098,732) | ||||
Net increase in net assets from capital transactions | 5,171,947 | 12,183,082 | ||||
Net Increase in Net Assets | 19,610,263 | 10,320,127 | ||||
NET ASSETS: | ||||||
Beginning of the year | 63,046,847 | 52,726,720 | ||||
End of the year | $82,657,110 | $63,046,847 | ||||
SHARES TRANSACTIONS | ||||||
Creations | 210,000 | 860,000 | ||||
Redemptions | (10,000) | (350,000) | ||||
Total increase in shares outstanding | 200,000 | 510,000 | ||||
5 |
Year Ended May 31, | Period Ended May 31, 2022(a) | ||||||||
2024 | 2023 | ||||||||
PER SHARE DATA: | |||||||||
Net asset value, beginning of period | $23.55 | $24.33 | $25.00 | ||||||
INVESTMENTS OPERATIONS: | |||||||||
Net investment income(b)(c) | 0.38 | 0.28 | 0.08 | ||||||
Net realized and unrealized gain (loss) on investments | 5.15 | (0.84) | (0.69) | ||||||
Total from investment operations | 5.53 | (0.56) | (0.61) | ||||||
LESS DISTRIBUTIONS FROM: | |||||||||
From net investment income | (0.35) | (0.22) | (0.06) | ||||||
Total distributions | (0.35) | (0.22) | (0.06) | ||||||
Net asset value, end of period | $28.73 | $23.55 | $24.33 | ||||||
TOTAL RETURN(d) | 23.62% | (2.29)% | (2.44)% | ||||||
SUPPLEMENTAL DATA AND RATIOS: | |||||||||
Net assets, end of period (in thousands) | $82,657 | $63,047 | $52,727 | ||||||
Ratio of expenses to average net assets(e)(f) | 0.85% | 0.85% | 0.85% | ||||||
Ratio of net investment income to average net assets(e)(f) | 1.44% | 1.18% | 0.32% | ||||||
Portfolio turnover rate(d)(g) | 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 year. |
(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) | Not annualized for periods less than one year. |
(e) | Annualized for periods less than one year. |
(f) | 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. |
(g) | Portfolio turnover rate excludes in-kind transactions. |
6 |
7 |
8 |
9 |
10 |
Ordinary Income(1) | Long-Term Capital Gain | |||||
Year ended May 31, 2024 | $974,763 | $ — | ||||
Year ended May 31, 2023 | 499,146 | — | ||||
(1) | Ordinary income may include short-term capital gains. |
Federal Tax Cost of Investments | $67,639,937 | ||
Gross Tax Unrealized Appreciation | $15,197,375 | ||
Gross Tax Unrealized Depreciation | (154,938) | ||
Net Tax Unrealized Appreciation (Depreciation) | 15,042,437 | ||
Undistributed Ordinary Income | 225,095 | ||
Undistributed Long-Term Gain | 187,355 | ||
Other Accumulated Gain (Loss) | 0 | ||
Total Distributable Earnings | $15,454,887 | ||
11 |
Total Distributable Earnings | Paid-in Capital | |||||
Alexis Practical Tactical ETF | $3,047 | $(3,047) | ||||
Realized Gains | Realized Losses | |||||
Alexis Practical Tactical ETF | $16,752 | $(19,756) | ||||
Purchases | Sales | Creations In-Kind | Redemptions In-Kind | |||||||||
Alexis Practical Tactical ETF | $22,056,568 | $27,177,414 | $4,563,113 | $212,511 | ||||||||
12 |
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13 |
14 |
15 |
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.
Pursuant to the Advisory Agreement, the Adviser has agreed to pay all expenses of the Fund, except those specified in the Fund’s Prospectus. As a result, the Adviser is responsible for compensating the Independent Trustees. Further information related to Trustee and Officer compensation for the Trust can be obtained from the Fund’s most recent SAI.
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.
(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/ Gregory C. Bakken | ||
Gregory C. Bakken, President/Principal Executive Officer |
Date | 8/5/2024 |
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/ Gregory C. Bakken | ||
Gregory C. Bakken, President/Principal Executive Officer |
Date | 8/5/2024 |
By (Signature and Title)* | /s/ Travis G. Babich | ||
Travis G. Babich, Treasurer/Principal Financial Officer |
Date | 8/5/2024 |
* Print the name and title of each signing officer under his or her signature.