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)

 

Kent P. Barnes, Secretary

Listed Funds Trust

c/o U.S. Bank Global Fund Services

777 East Wisconsin Avenue, 10th Floor

Milwaukee, WI 53202

(Name and address of agent for service)

 

(414) 516-1681

Registrant's telephone number, including area code

 

Date of fiscal year end: May 31

 

Date of reporting period: November 30, 2022

 

 

 

Item 1. Reports to Stockholders.

 

(a)

 

 

 

 

Wahed FTSE USA Shariah ETF

 

(HLAL)

 

Wahed Dow Jones Islamic World ETF

 

(UMMA)

 

 

 

SEMI-ANNUAL REPORT

 

November 30, 2022
(Unaudited)

 

 

Wahed ETFs

Table of Contents

(Unaudited)

 

 

   

Shareholder Expense Example

2

Schedule of Investments

3

Statements of Assets and Liabilities

11

Statements of Operations

12

Statements of Changes in Net Assets

13

Financial Highlights

15

Notes to Financial Statements

17

Supplemental Information

26

 

1

 

 

Wahed ETFs

Shareholder Expense Example

November 30, 2022 (Unaudited)

 

 

As a shareholder of a fund you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held throughout the entire period (June 1, 2022 to November 30, 2022).

 

ACTUAL EXPENSES

 

The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

 

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

 

The second line in the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

 

Beginning
Account
Value
6/1/22

Ending
Account
Value
11/30/22

Annualized
Expense
Ratios

Expenses
Paid
During the
Period(1)

Wahed FTSE USA Shariah ETF

        

Actual

$1,000.00

$ 984.30

0.50%

$2.49

Hypothetical (5% return before expenses)

$1,000.00

$ 1,022.56

0.50%

$2.54

Wahed Dow Jones Islamic World ETF

        

Actual

$1,000.00

$ 960.60

0.65%

$3.19

Hypothetical (5% return before expenses)

$1,000.00

$ 1,021.81

0.65%

$3.29

 

(1)

Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 183/365 (to reflect the six-month period).

 

2

 

 

Wahed FTSE USA Shariah ETF

Schedule of Investments

November 30, 2022 (Unaudited)

 

 

 

 

  

Shares

    

Value

  

COMMON STOCKS — 98.6%

                

Administrative and Support Services — 0.4%

                

Allegion PLC (b)

    1,085     $ 123,310  

Baker Hughes Co.

    11,959       347,050  

Robert Half International, Inc.

    1,327       104,541  

Rollins, Inc.

    2,874       116,225  

RXO, Inc. (a)

    1,339       25,441  
              716,567  

Air Transportation — 0.1%

                

Delta Air Lines, Inc. (a)

    1,995       70,563  

United Airlines Holdings, Inc. (a)

    1,033       45,628  
              116,191  

Ambulatory Health Care Services — 0.2%

                

Laboratory Corp. of America Holdings

    1,101       265,011  

Quest Diagnostics, Inc.

    1,413       214,536  
              479,547  

Apparel Manufacturing — 0.3%

                

Lululemon Athletica, Inc. (a)

    1,373       522,166  

VF Corp.

    4,328       142,045  
              664,211  

Beverage and Tobacco Product Manufacturing — 0.2%

                

Keurig Dr. Pepper, Inc.

    10,579       409,090  
                 

Broadcasting (except Internet) — 0.1%

                

Liberty Broadband Corp. - Class A (a)

    222       20,024  

Liberty Broadband Corp. - Class C (a)

    1,502       136,472  
              156,496  

 

 

  

Shares

    

Value

  

Building Material and Garden Equipment and Supplies Dealers — 0.1%

                

Snap-on, Inc.

    642     $ 154,465  

Chemical Manufacturing — 14.3%

                

Air Products & Chemicals, Inc.

    2,731       847,047  

Albemarle Corp.

    1,446       401,974  

Biogen, Inc. (a)

    1,786       545,034  

BioMarin Pharmaceutical, Inc. (a)

    2,284       230,638  

Bio-Techne Corp.

    1,944       165,221  

Bristol-Myers Squibb Co.

    26,353       2,115,619  

Catalent, Inc. (a)

    2,071       103,819  

CF Industries Holdings, Inc.

    2,495       269,934  

Church & Dwight Co., Inc.

    2,987       244,546  

Dow, Inc.

    8,888       453,021  

DuPont de Nemours, Inc.

    6,184       436,034  

Eli Lilly & Co.

    10,382       3,852,553  

FMC Corp.

    1,560       203,798  

Gilead Sciences, Inc.

    15,395       1,352,143  

Horizon Therapeutics PLC (a)(b)

    2,779       278,706  

International Flavors & Fragrances, Inc.

    3,199       338,518  

Linde PLC (b)

    6,188       2,082,138  

Merck & Co., Inc.

    30,925       3,405,461  

Pfizer, Inc.

    69,243       3,471,152  

PPG Industries, Inc.

    2,968       401,333  

Regeneron Pharmaceuticals, Inc. (a)

    1,271       955,411  

The Estee Lauder Cos., Inc.

    2,840       669,644  

The Mosaic Co.

    4,321       221,667  

The Procter & Gamble Co.

    29,211       4,357,113  

West Pharmaceutical Services, Inc.

    914       214,479  

Westlake Chemical Corp.

    413       44,459  
              27,661,462  

Clothing and Clothing Accessories Stores — 0.9%

                

Ross Stores, Inc.

    4,197       493,861  

The TJX Cos., Inc.

    14,370       1,150,318  
              1,644,179  

Computer and Electronic Product Manufacturing — 26.6% (c)

                

Advanced Micro Devices, Inc. (a)

    19,946       1,548,408  

Agilent Technologies, Inc.

    3,746       580,554  

Analog Devices, Inc.

    6,399       1,100,052  

Apple, Inc.

    188,900       27,962,868  

Bio-Rad Laboratories, Inc. - Class A (a)

    263       109,068  

Cisco Systems, Inc.

    51,381       2,554,662  

Danaher Corp.

    7,954       2,174,706  

Dell Technologies, Inc.

    3,181       142,476  

Fortive Corp.

    4,446       300,330  

GlobalFoundries, Inc. (a)(b)

    780       50,196  

Hologic, Inc. (a)

    3,023       230,232  

 

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

 

3

 

 

Wahed FTSE USA Shariah ETF

Schedule of Investments

November 30, 2022 (Unaudited) (Continued)

 

 

 

  

Shares

    

Value

  

Computer and Electronic Product Manufacturing (c) (continued)

                

HP, Inc.

    12,639     $ 379,674  

Illumina, Inc. (a)

    1,959       427,218  

Intel Corp.

    50,048       1,504,944  

International Business Machines Corp.

    11,095       1,652,045  

Juniper Networks, Inc.

    3,978       132,228  

Lam Research Corp.

    1,683       795,018  

Marvell Technology, Inc.

    10,508       488,832  

Medtronic PLC (b)

    16,478       1,302,420  

Micron Technology, Inc.

    13,543       780,756  

ON Semiconductor Corp. (a)

    5,288       397,656  

PerkinElmer, Inc.

    1,564       218,538  

QUALCOMM, Inc.

    13,750       1,739,237  

Roper Technologies, Inc.

    1,291       566,604  

Teradyne, Inc.

    1,930       180,360  

Thermo Fisher Scientific, Inc.

    4,830       2,705,862  

Trane Technologies PLC (b)

    2,900       517,416  

Trimble, Inc. (a)

    3,109       185,760  

Waters Corp. (a)

    750       259,950  

Western Digital Corp. (a)

    3,877       142,482  

Zebra Technologies Corp. (a)

    639       172,710  
              51,303,262  

Construction of Buildings — 0.4%

                

DR Horton, Inc.

    3,833       329,638  

Lennar Corp. - Class A

    2,995       263,051  

PulteGroup, Inc.

    2,775       124,264  
              716,953  

Couriers and Messengers — 1.2%

                

FedEx Corp.

    2,935       534,816  

United Parcel Service, Inc.

    9,029       1,713,072  
              2,247,888  

Data Processing, Hosting and Related Services — 0.4%

                

Fiserv, Inc. (a)

    7,323       764,228  
                 

Electrical Equipment, Appliance and Component Manufacturing — 0.3%

                

Generac Holdings, Inc. (a)

    772       81,461  

Rockwell Automation, Inc.

    1,454       384,176  

Whirlpool Corp.

    647       94,805  
              560,442  

Fabricated Metal Product Manufacturing — 0.6%

                

Emerson Electric Co.

    7,352       704,101  

Nucor Corp.

    3,207       480,890  
              1,184,991  

 

 

  

Shares

    

Value

  

Food Manufacturing — 1.1%

                

Archer-Daniels-Midland Co.

    6,877     $ 670,507  

Bunge Ltd. (b)

    1,725       180,849  

Mondelez International, Inc. - Class A

    16,874       1,140,851  

The JM Smucker Co.

    1,259       193,899  
              2,186,106  

Food Services and Drinking Places — 0.3%

                

Cintas Corp.

    1,051       485,331  
                 

Funds, Trusts and Other Financial Vehicles — 0.1%

                

Garmin Ltd. (b)

    1,900       176,681  
                 

Gasoline Stations — 2.3%

                

Chevron Corp.

    24,282       4,451,133  
                 

General Merchandise Stores — 0.3%

                

Burlington Stores, Inc. (a)

    785       153,609  

Dollar Tree, Inc. (a)

    2,552       383,540  
              537,149  

Health and Personal Care Stores — 1.2%

                

CVS Health Corp.

    16,195       1,649,947  

Ulta Beauty, Inc. (a)

    631       293,314  

Walgreens Boots Alliance, Inc.

    8,737       362,585  
              2,305,846  

Hospitals — 0.1%

                

Universal Health Services, Inc. - Class B

    771       100,885  
                 

Machinery Manufacturing — 2.0%

                

Applied Materials, Inc.

    10,663       1,168,665  

Carrier Global Corp.

    10,257       454,590  

Cummins, Inc.

    1,726       433,502  

Dover Corp.

    1,761       249,974  

IDEX Corp.

    927       220,153  

Ingersoll Rand, Inc.

    4,847       261,593  

KLA Corp.

    1,740       684,081  

Pentair PLC (b)

    2,025       92,684  

Xylem, Inc.

    2,203       247,507  
              3,812,749  

Management of Companies and Enterprises — 1.3%

                

Abbott Laboratories

    21,200       2,280,696  

LyondellBasell Industries NV - Class A (b)

    3,192       271,352  
              2,552,048  

 

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

 

4

 

 

Wahed FTSE USA Shariah ETF

Schedule of Investments

November 30, 2022 (Unaudited) (Continued)

 

 

 

  

Shares

    

Value

  

Merchant Wholesalers Durable Goods — 1.5%

                

Copart, Inc. (a)

    5,228     $ 347,976  

Fastenal Co.

    7,058       363,558  

Flex Ltd. (a)(b)

    5,663       124,473  

Genuine Parts Co.

    1,686       309,094  

Henry Schein, Inc. (a)

    1,659       134,246  

Johnson Controls International PLC (b)

    8,659       575,304  

LKQ Corp.

    3,143       170,759  

TE Connectivity Ltd. (b)

    3,996       503,976  

WW Grainger, Inc.

    555       334,698  
              2,864,084  

Merchant Wholesalers Nondurable Goods — 0.6%

                

AmerisourceBergen Corp.

    1,794       306,218  

Cardinal Health, Inc.

    3,322       266,325  

McKesson Corp.

    1,768       674,810  
              1,247,353  

Mining (except Oil and Gas) — 0.9%

                

Freeport-McMoRan, Inc.

    17,706       704,699  

Martin Marietta Materials, Inc.

    766       280,724  

Newmont Goldcorp Corp.

    9,437       447,974  

Southern Copper Corp.

    1,040       63,461  

Vulcan Materials Co.

    1,648       302,128  
              1,798,986  

Miscellaneous Manufacturing — 5.8%

                

3M Co.

    6,928       872,720  

Align Technology, Inc. (a)

    965       189,777  

Becton Dickinson and Co.

    3,511       875,433  

Boston Scientific Corp. (a)

    17,809       806,213  

DENTSPLY SIRONA, Inc.

    2,629       79,554  

Edwards Lifesciences Corp. (a)

    7,715       595,984  

Intuitive Surgical, Inc. (a)

    4,382       1,184,849  

Johnson & Johnson

    32,025       5,700,450  

STERIS PLC (b)

    1,249       231,989  

Teleflex, Inc.

    565       132,278  

The Cooper Cos., Inc.

    592       187,279  

Zimmer Biomet Holdings, Inc.

    2,600       312,260  
              11,168,786  

Miscellaneous Store Retailers — 0.2%

                

Tractor Supply Co.

    1,346       304,613  
                 

Motor Vehicle and Parts Dealers — 0.4%

                

Advance Auto Parts, Inc.

    735       110,978  

O’Reilly Automotive, Inc. (a)

    754       651,863  

Sensata Technologies Holding PLC (b)

    1,913       86,276  
              849,117  

 

 

  

Shares

    

Value

  

Nonmetallic Mineral Product Manufacturing — 0.2%

                

Corning, Inc.

    9,362     $ 319,525  

Mohawk Industries, Inc. (a)

    644       65,257  
              384,782  

Nonstore Retailers — 0.2%

                

eBay, Inc.

    6,858       311,628  
                 

Oil and Gas Extraction — 1.8%

                

Coterra Energy, Inc.

    9,500       265,145  

Devon Energy Corp.

    8,076       553,368  

EOG Resources, Inc.

    7,259       1,030,270  

Marathon Oil Corp.

    8,383       256,771  

Phillips 66

    5,979       648,363  

Pioneer Natural Resources Co.

    2,963       699,238  
              3,453,155  

Other Information Services — 1.7%

                

Meta Platforms, Inc. - Class A (a)

    28,365       3,349,907  
                 

Paper Manufacturing — 0.2%

                

International Paper Co.

    4,446       165,036  

Packaging Corp. of America

    1,257       170,814  

Westrock Co.

    3,420       129,686  
              465,536  

Personal and Laundry Services — 0.0% (d)

                

IAC, Inc. (a)

    961       49,866  
                 

Petroleum and Coal Products Manufacturing — 3.7%

                

Exxon Mobil Corp.

    51,507       5,734,789  

Marathon Petroleum Corp.

    6,118       745,234  

Valero Energy Corp.

    4,862       649,660  
              7,129,683  

Plastics and Rubber Products Manufacturing — 0.0% (d)

                

Newell Brands, Inc.

    4,663       60,479  
                 

Primary Metal Manufacturing — 0.1%

                

Steel Dynamics, Inc.

    2,132       221,579  
                 

Professional, Scientific and Technical Services — 2.2%

                

Amdocs Ltd. (b)

    1,478       131,335  

AppLovin Corp. - Class A (a)

    2,774       39,973  

Cognizant Technology Solutions Corp. - Class A

    6,408       398,642  

Eaton Corp. PLC (b)

    4,968       812,020  

Exact Sciences Corp. (a)

    2,194       98,620  

 

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

 

5

 

 

Wahed FTSE USA Shariah ETF

Schedule of Investments

November 30, 2022 (Unaudited) (Continued)

 

 

 

  

Shares

    

Value

  

Professional, Scientific and Technical Services (continued)

                

F5, Inc. (a)

    734     $ 113,484  

Gartner, Inc. (a)

    949       332,501  

Gen Digital, Inc.

    7,100       163,016  

ICON PLC (a)

    991       213,501  

Omnicom Group, Inc.

    2,543       202,830  

Palo Alto Networks, Inc. (a)

    3,575       607,392  

Paychex, Inc.

    3,956       490,663  

Paycom Software, Inc. (a)

    632       214,311  

The Interpublic Group of Cos., Inc.

    4,944       169,876  

Vmware, Inc. - Class A (a)

    2,186       265,577  
              4,253,741  

Publishing Industries (except Internet) — 16.1%

                

Adobe, Inc. (a)

    5,825       2,009,217  

Akamai Technologies, Inc. (a)

    1,936       183,649  

ANSYS, Inc. (a)

    1,076       273,627  

Autodesk, Inc. (a)

    2,675       540,216  

Bill.com Holdings, Inc. (a)

    1,212       145,949  

Cadence Design Systems, Inc. (a)

    3,351       576,506  

Ceridian HCM Holding, Inc. (a)

    1,707       116,827  

Electronic Arts, Inc.

    3,429       448,445  

Microsoft Corp.

    92,399       23,574,681  

News Corp. - Class A

    4,884       93,529  

News Corp. - Class B

    1,520       29,564  

Okta, Inc. (a)

    1,910       101,841  

PTC, Inc. (a)

    1,302       165,627  

salesforce.com, Inc. (a)

    11,900       1,906,975  

Synopsys, Inc. (a)

    1,891       642,070  

Tyler Technologies, Inc. (a)

    502       172,055  

Yandex NV - Class A (a)(b)(e)(f)

    3,809       —  

ZoomInfo Technologies, Inc. (a)

    3,506       100,272  
              31,081,050  

Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 0.0% (d)

                

Clarivate PLC (a)(b)

    5,888       57,644  
                 

Specialty Trade Contractors — 0.1%

                

Quanta Services, Inc.

    1,761       263,939  
                 

Support Activities for Agriculture and Forestry — 0.3%

                

Corteva, Inc.

    8,787       590,135  
                 

Support Activities for Mining — 2.1%

                

ConocoPhillips

    15,900       1,963,809  

Diamondback Energy, Inc.

    2,155       318,983  

Halliburton Co.

    11,372       430,885  

 

 

  

Shares

    

Value

  

Support Activities for Mining (continued)

                

Hess Corp.

    3,523     $ 506,995  

Schlumberger Ltd. (b)

    17,304       892,021  
              4,112,693  

Support Activities for Transportation — 0.2%

                

Expeditors International of Washington, Inc.

    1,927       223,648  

JB Hunt Transport Services, Inc.

    1,052       193,452  

XPO Logistics, Inc. (a)

    1,339       51,712  
              468,812  

Telecommunications — 0.2%

                

ResMed, Inc.

    1,794       412,979  
                 

Transit and Ground Passenger Transportation — 0.4%

                

Uber Technologies, Inc. (a)

    23,346       680,302  
                 

Transportation Equipment Manufacturing — 3.9%

                

Aptiv PLC (a)(b)

    3,347       357,024  

Autoliv, Inc.

    1,071       94,676  

BorgWarner, Inc.

    2,893       122,981  

Gentex Corp.

    2,837       81,989  

Lear Corp.

    721       103,997  

PACCAR, Inc.

    4,195       444,292  

Tesla, Inc. (a)

    31,428       6,119,032  

Westinghouse Air Brake Technologies Corp.

    2,261       228,564  
              7,552,555  

Truck Transportation — 0.2%

                

Old Dominion Freight Line, Inc.

    1,264       382,499  
                 

Utilities — 0.8%

                

Avangrid, Inc.

    865       36,996  

Constellation Energy Corp.

    4,046       388,902  

NRG Energy, Inc.

    2,935       124,591  

PPL Corp.

    8,985       265,237  

Sempra Energy

    3,865       642,324  

Vistra Corp.

    5,073       123,426  
              1,581,476  

TOTAL COMMON STOCKS (Cost $168,532,641)

            190,485,279  

 

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

 

6

 

 

Wahed FTSE USA Shariah ETF

Schedule of Investments

November 30, 2022 (Unaudited) (Continued)

 

 

 

  

Shares

    

Value

  

REAL ESTATE INVESTMENT TRUSTS (REITs) — 1.0%

                

Real Estate — 0.8%

                

Alexandria Real Estate Equities, Inc.

    1,999     $ 311,064  

Prologis, Inc.

    9,036       1,064,350  

Regency Centers Corp.

    2,103       139,702  
              1,515,116  

Wood Product Manufacturing — 0.2%

                

Weyerhaeuser Co.

    9,227       301,815  

TOTAL REITS

             
(Cost $1,800,565)             1,816,931    
                 

TOTAL INVESTMENTS

             
(Cost $170,333,206) — 99.6%             192,302,210  

Other assets and liabilities, net — 0.4%

            820,544  

NET ASSETS — 100.0%

          $ 193,122,754  

 

Percentages are stated as a percent of net assets.

 

PLC - Public Limited Company

 

(a)

Non-income producing security.

 

(b)

Foreign issued security.

 

(c)

To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

 

(d)

Amount is less than 0.05%.

 

(e)

Value determined based on estimated fair value. The value of this security totals $-, which represents 0.00% of total net assets. Classified as Level 3 in the fair value hierarchy. Please refer to Note 2 of the Notes to Financial Statements.

 

(f)

Security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $-, which represents 0.0% of total net assets.

 

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

 

7

 

 

Wahed Dow Jones Islamic World ETF

Schedule of Investments

November 30, 2022 (Unaudited)

 

 

 

 

  

Shares

    

Value

  

COMMON STOCKS — 99.3% (b)

                

Aerospace and Defense — 0.6%

                

Safran SA

    1,785     $ 215,810  
                 

Apparel and Textile Products — 2.7%

                

adidas AG

    910       114,556  

Hermes International

    2,725       354,801  

Cie Financiere Richemont SA

    164       260,472  

Kering SA

    362       211,490  
              941,319  

Automotive — 1.5%

                

BYD Co. Ltd. - Class H

    4,788       117,469  

Denso Corp.

    2,625       141,352  

Ferrari NV

    673       146,838  

NIO, Inc. - ADR (a)

    7,445       95,147  
              500,806  

Biotechnology and Pharmaceuticals — 16.6%

                

Astellas Pharma, Inc.

    9,634       146,920  

AstraZeneca PLC

    5,442       723,656  

CSL Ltd.

    2,542       510,899  

Daiichi Sankyo Co. Ltd.

    10,274       332,650  

Genmab A/S (a)

    334       151,148  

Novartis AG

    12,455       1,093,530  

Novo Nordisk A/S - Class B

    8,367       1,023,911  

Roche Holding AG - Non-Voting Share

    3,516       1,135,896  

Roche Holding AG - Voting Share

    131       52,029  

Sanofi

    5,930       528,034  
              5,698,673  

 

 

  

Shares

    

Value

  

Chemicals — 2.9%

                

Air Liquide SA

    2,685     $ 382,126  

Givaudan SA

    29       96,367  

Koninklijke DSM NV

    893       112,453  

LG Chem Ltd.

    227       127,369  

Shin-Etsu Chemical Co. Ltd.

    2,214       278,773  
              997,088  

Commercial Support Services — 2.8%

                

Compass Group PLC

    22,254       496,123  

Recruit Holdings Co. Ltd.

    8,966       278,155  

Waste Connections, Inc.

    1,344       192,465  
              966,743  

Construction Materials — 0.6%

                

Sika AG

    755       187,809  
                 

E-Commerce Discretionary — 4.6%

                

JD.com, Inc. - ADR

    23,990       1,371,748  

Pinduoduo, Inc. - ADR (a)

    2,689       220,606  
              1,592,354  

Electrical Equipment — 2.9%

                

ABB, Ltd.

    8,859       272,999  

Assa Abloy AB - Class B

    5,083       113,588  

Daikin Industries Ltd.

    1,514       243,093  

Schneider Electric SE

    2,582       369,328  
              999,008  

Food — 2.9%

                

Nestle SA

    8,550       1,008,142  
                 

Health Care Facilities and Services — 0.9%

                

Lonza Group AG

    364       187,282  

Wuxi Biologics Cayman, Inc. (a)(c)

    18,803       120,808  
              308,090  

Household Products — 6.2%

                

Kao Corp.

    17,549       686,793  

L’Oreal SA

    1,318       481,493  

Reckitt Benckiser Group PLC

    3,837       271,793  

Unilever PLC

    13,807       681,389  
              2,121,468  

Industrial Support Services — 0.4%

                

Ferguson PLC

    1,203       134,125  
                 

Internet, Media and Services — 5.9%

                

Meituan - Class B (a)(c)

    21,680       454,404  

NAVER Corp.

    795       112,723  

Prosus NV

    6,290       404,718  

Tencent Holdings Ltd.

    28,232       1,038,784  
              2,010,629  

 

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

 

8

 

 

Wahed Dow Jones Islamic World ETF

Schedule of Investments

November 30, 2022 (Unaudited) (Continued)

 

 

 

  

Shares

    

Value

  

Machinery — 3.1%

                

Atlas Copco AB - Class A

    13,208     $ 159,975  

Atlas Copco AB - Class B

    8,124       89,104  

FANUC Corp.

    972       141,857  

Keyence Corp.

    1,055       432,010  

SMC Corp.

    297       131,451  

Techtronic Industries Co. Ltd.

    9,778       116,251  
              1,070,648  

Medical Equipment and Devices — 2.6%

                

Alcon, Inc.

    2,639       177,438  

EssilorLuxottica SA

    1,565       285,703  

Hoya Corp.

    1,901       191,544  

Olympus Corp.

    6,755       135,836  

Terumo Corp.

    4,009       116,156  
              906,677  

Metals and Mining — 6.5%

                

Anglo American PLC

    6,778       275,051  

Barrick Gold Corp.

    8,830       142,966  

BHP Group Ltd.

    26,365       803,728  

Rio Tinto Ltd.

    2,720       199,681  

Rio Tinto PLC

    7,607       505,956  

Vale SA - ADR

    18,981       313,186  
              2,240,568  

Oil and Gas Producers — 1.0%

                

Canadian Natural Resources Ltd.

    5,769       341,748  

Lukoil PJSC - ADR (d)(e)

    3,928       —  

Lukoil PJSC - GDR (d)(e)

    224       —  
              341,748  

Renewable Energy — 0.4%

                

Vestas Wind Systems A/S

    5,342       132,712  
                 

Retail - Discretionary — 1.5%

                

Fast Retailing Co. Ltd.

    319       184,738  

Industria de Diseno Textil SA

    5,550       142,064  

Wesfarmers Ltd.

    6,040       196,465  
              523,267  

Semiconductors — 14.1%

                

ASML Holding NV

    2,122       1,225,962  

Infineon Technologies AG

    23,333       757,265  

SK Hynix, Inc.

    2,862       184,456  

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

    29,028       2,408,743  

Tokyo Electron Ltd.

    834       269,493  
              4,845,919  

 

 

  

Shares

    

Value

  

Software — 6.1%

                

Atlassian Corp. PLC - Class A (a)

    1,612     $ 212,059  

Constellation Software, Inc.

    98       156,757  

Dassault Systemes SE

    3,593       129,799  

SAP SE

    5,623       604,797  

Shopify, Inc. - Class A (a)

    24,541       1,000,321  
              2,103,733  

Technology Hardware — 6.6%

                

Murata Manufacturing Co. Ltd.

    3,348       179,085  

Nidec Corp.

    2,815       172,160  

Nintendo Co. Ltd.

    6,062       256,052  

Samsung Electronics Co. Ltd.

    27,154       1,280,645  

Samsung SDI Co. Ltd.

    287       158,640  

Telefonaktiebolaget LM Ericsson - Class B

    16,138       98,549  

Xiaomi Corp. - Class B (a)(c)

    77,482       102,442  
              2,247,573  

Technology Services — 3.1%

                

Adyen NV (a)(c)

    131       197,444  

Amadeus IT Group SA (a)

    2,117       111,735  

Capgemini SE

    788       138,744  

Experian PLC

    5,066       175,262  

RELX PLC

    10,434       287,286  

Wolters Kluwer NV

    1,378       149,264  
              1,059,735  

Transportation and Logistics — 2.8%

                

Canadian National Railway Co.

    3,164       403,033  

Canadian Pacific Railway Ltd.

    4,858       394,639  

DSV A/S

    993       153,822  
              951,494  

TOTAL COMMON STOCKS

             
(Cost $39,366,479) — 99.3%             34,106,138  
                 

TOTAL INVESTMENTS

             
(Cost $39,366,479) — 99.3%             34,106,138  

Other assets and liabilities, net — 0.7%

            251,019  

NET ASSETS — 100.0%

          $ 34,357,157  

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

 

GDR - Global Depositary Receipt

 

PLC - Public Limited Company

 

(a)

Non-income producing security.

 

(b)

Foreign issued security.

 

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

 

9

 

 

Wahed Dow Jones Islamic World ETF

Schedule of Investments

November 30, 2022 (Unaudited) (Continued)

 

 

(c)

Security exempt from registration pursuant to Rule 144a under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

(d)

Value determined based on estimated fair value. The value of this security totals $-, which represents 0.00% of total net assets. Classified as Level 3 in the fair value hierarchy. Please refer to Note 2 of the Notes to Financial Statements.

 

(e)

Security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $-, which represents 0.0% of total net assets.

 

COUNTRY

Percentage of
Net Assets

Switzerland

13.3%

Japan

12.6%

United Kingdom

10.7%

Cayman Islands

9.9%

France

8.7%

Canada

7.7%

Taiwan

7.0%

Netherlands

6.5%

Republic of Korea

5.4%

Australia

5.0%

Germany

4.3%

Denmark

4.3%

Sweden

1.3%

Brazil

0.9%

Spain

0.7%

Jersey

0.4%

China

0.3%

Hong Kong

0.3%

Russian Federation

0.0%*

Total Country

99.3%

TOTAL INVESTMENTS

99.3%

Other assets and liabilities, net

0.7%

NET ASSETS

100.0%

 

*

Less than 0.05% of net assets.

 

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

 

10

 

 

Wahed ETFs

Statements of Assets and Liabilities

November 30, 2022 (Unaudited)

 

 

   

Wahed FTSE USA
Shariah ETF

    

Wahed Dow Jones
Islamic World ETF

  

Assets

                

Investments, at value (cost $170,333,206 and $39,366,479, respectively)

  $ 192,302,210     $ 34,106,138  

Cash

    490,985       215,387  

Dividends receivable

    404,968       52,717  

Other receivables

    —       19  

Total assets

    193,198,163       34,374,261  
                 

Liabilities

                

Payable to Adviser

    75,409       17,104  

Total liabilities

    75,409       17,104  

Net Assets

  $ 193,122,754     $ 34,357,157  
                 

Net Assets Consists of:

                

Paid-in capital

  $ 180,932,240     $ 40,394,950  

Total distributable earnings (accumulated losses)

    12,190,514       (6,037,793 )

Net Assets

  $ 193,122,754     $ 34,357,157  
                 

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)

    5,125,000       1,750,000  

Net Asset Value, redemption price and offering price per share

  $ 37.68     $ 19.63  

 

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

 

11

 

 

Wahed ETFs

Statements of Operations

For the Six Months Ended November 30, 2022 (Unaudited)

 

 

   

Wahed FTSE USA
Shariah ETF

    

Wahed Dow Jones
Islamic World ETF

  

Investment Income

                

Dividend income (net of withholding tax and issuance fees of $570 and $20,190, respectively)

  $ 1,449,644     $ 202,279  

Total investment income

    1,449,644       202,279  
                 

Expenses

                

Investment advisory fees

    426,603       97,653  

Total expenses

    426,603       97,653  

Net Investment Income

    1,023,041       104,626  
                 

Realized and Unrealized Gain (Loss) on Investments and Foreign Currency

                

Net realized gain (loss) on:

                

Investments

    (7,576,806 )     (775,373 )

Foreign currency transactions

    —       (1,803 )

Net realized loss on investments and foreign currency transactions

    (7,576,806 )     (777,176 )

Net change in unrealized appreciation/depreciation on:

                

Investments

    5,268,267       (115,918 )

Foreign currency translation

    —       (148 )

Net change in unrealized appreciation/depreciation on investments and foreign currency translation

    5,268,267       (116,066 )

Net realized and unrealized loss on investments

    (2,308,539 )     (893,242 )

Net decrease in net assets from operations

  $ (1,285,498 )   $ (788,616 )

 

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

 

12

 

 

Wahed FTSE USA Shariah ETF

Statements of Changes in Net Assets

 

 

 

   

Six Months
Ended
November 30,
2022
(Unaudited)

    

Year Ended
May 31, 2022

  

From Operations

                

Net investment income

  $ 1,023,041     $ 1,539,832  

Net realized gain (loss) on investments

    (7,576,806 )     8,424,889  

Net change in net unrealized appreciation/depreciation on investments

    5,268,267       (3,373,278 )

Net increase (decrease) in net assets resulting from operations

    (1,285,498 )     6,591,443  
                 

From Distributions

                

Distributable earnings

    (925,930 )     (1,384,308 )

Total distributions

    (925,930 )     (1,384,308 )
                 

From Capital Share Transactions

                

Proceeds from shares sold

    31,399,750       79,475,180  

Cost of shares redeemed

    (3,551,177 )     (26,702,197 )

Net increase in net assets resulting from capital share transactions

    27,848,573       52,772,983  
                 

Total Increase in Net Assets

    25,637,145       57,980,118  
                 

Net Assets

                

Beginning of period

    167,485,609       109,505,491  

End of period

  $ 193,122,754     $ 167,485,609  
                 

Changes in Shares Outstanding

                

Shares outstanding, beginning of period

    4,350,000       3,000,000  

Shares sold

    875,000       2,000,000  

Shares redeemed

    (100,000 )     (650,000 )

Shares outstanding, end of period

    5,125,000       4,350,000  

 

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

 

13

 

 

Wahed Dow Jones Islamic World ETF

Statements of Changes in Net Assets

 

 

 

   

Six Months
Ended
November 30,
2022
(Unaudited)

    

Period Ended
May 31, 2022(1)

  

From Operations

                

Net investment income

  $ 104,626     $ 317,520  

Net realized gain (loss) on investments and foreign currency transactions

    (777,176 )     70,376  

Net change in net unrealized appreciation/depreciation on investments and foreign currency translation

    (116,066 )     (5,144,423 )

Net decrease in net assets resulting from operations

    (788,616 )     (4,756,527 )
                 

From Distributions

                

Distributable earnings

    (330,150 )     (162,500 )

Total distributions

    (330,150 )     (162,500 )
                 

From Capital Share Transactions

                

Proceeds from shares sold

    3,396,580       36,975,825  

Transaction fees (Note 4)

    1,880       20,665  

Net increase in net assets resulting from capital share transactions

    3,398,460       36,996,490  
                 

Total Increase in Net Assets

    2,279,694       32,077,463  
                 

Net Assets

                

Beginning of period

    32,077,463       —  

End of period

  $ 34,357,157     $ 32,077,463  
                 

Changes in Shares Outstanding

                

Shares outstanding, beginning of period

    1,550,000       —  

Shares sold

    200,000       1,550,000  

Shares redeemed

    —       —  

Shares outstanding, end of period

    1,750,000       1,550,000  

 

(1)

The Fund commenced operations on January 7, 2022.

 

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

 

14

 

 

Wahed FTSE USA Shariah ETF

Financial Highlights

For a Share Outstanding Throughout Each Period

 

 

   

Six Months
Ended
November 30,
2022
(Unaudited)

    

Year Ended
May 31, 2022

    

Year Ended
May 31, 2021

    

Period Ended
May 31, 2020(1)

  

Net Asset Value, Beginning of Period

  $ 38.50     $ 36.50     $ 26.00     $ 25.00  
                                 

Income (Loss) from investment operations:

                                

Net investment income(2)

    0.22       0.40       0.36       0.40  

Net realized and unrealized gain (loss) on investments

    (0.84 )     1.96       10.44       0.90  

Total from investment operations

    (0.62 )     2.36       10.80       1.30  
                                 

Less distributions paid:

                                

From net investment income

    (0.20 )     (0.36 )     (0.30 )     (0.28 )

From net realized gains

    —       —       —       (0.02 )

Total distributions paid

    (0.20 )     (0.36 )     (0.30 )     (0.30 )
                                 

Net Asset Value, End of Period

  $ 37.68     $ 38.50     $ 36.50     $ 26.00  
                                 

Total return, at NAV(3)(4)

    -1.57 %     6.43 %     41.70 %     5.30 %

Total return, at Market(3)(4)

    -1.76 %     6.50 %     41.81 %     5.39 %
                                 

Supplemental Data and Ratios:

                                

Net assets, end of period (000’s)

  $ 193,123     $ 167,486     $ 109,505     $ 32,506  
                                 

Ratio of expenses to average net assets(5)

    0.50 %     0.50 %     0.50 %     0.50 %
                                 

Ratio of net investment income (loss) to average net assets(5)

    1.20 %     1.01 %     1.08 %     1.81 %
                                 

Portfolio turnover rate(4)(6)

    18 %     16 %     19 %     15 %

 

(1)

The Fund commenced operations on July 15, 2019.

 

(2)

Per share net investment income was caclulated using average shares outstanding.

 

(3)

Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

 

(4)

Not annualized for periods less than one year.

 

(5)

Annualized for periods less than one year.

 

(6)

Excludes in-kind transactions associated with creations and redemptions of the Fund.

 

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

 

15

 

 

Wahed Dow Jones Islamic World ETF

Financial Highlights

For a Share Outstanding Throughout each Period

 

 

   

Six Months
Ended
November 30,
2022
(Unaudited)

    

Period Ended
May 31, 2022(1)

  

Net Asset Value, Beginning of Period

  $ 20.70     $ 25.00  
                 

Income (Loss) from investment operations:

                

Net investment income(2)

    0.07       0.25  

Net realized and unrealized loss on investments and foreign currency

    (0.93 )     (4.44 )

Total from investment operations

    (0.86 )     (4.19 )
                 

Less distributions paid:

                

From net investment income

    (0.21 )     (0.13 )

Total distributions paid

    (0.21 )     (0.13 )
                 

Capital Share Transactions:

                

Transaction fees (See Note 4)

    0.00 (7)      0.02  
                 

Net Asset Value, End of Period

  $ 19.63     $ 20.70  
                 

Total return, at NAV(3)(4)

    -3.94 %     -16.76 %

Total return, at Market(3)(4)

    -2.25 %     -16.62 %
                 

Supplemental Data and Ratios:

                

Net assets, end of period (000’s)

  $ 34,357     $ 32,077  
                 

Ratio of expenses to average net assets(5)

    0.65 %     0.65 %
                 

Ratio of net investment income to average net assets(5)

    0.70 %     2.91 %
                 

Portfolio turnover rate (4)(6)

    7 %     8 %

 

(1)

The Fund commenced operations on January 7, 2022.

 

(2)

Per share net investment income was caclulated using average shares outstanding.

 

(3)

Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

 

(4)

Not annualized for periods less than one year.

 

(5)

Annualized for periods less than one year.

 

(6)

Excludes in-kind transactions associated with creations and redemptions of the Fund.

 

(7)

Less than $0.005.

 

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

 

16

 

 

Wahed ETFs

Notes to Financial Statements

November 30, 2022 (Unaudited)

 

 

1. ORGANIZATION

 

The Wahed FTSE USA Shariah ETF (“HLAL”) and Wahed Dow Jones Islamic World ETF (“UMMA”) (each a “Fund” and collectively, the “Funds”) are non-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”).

 

HLAL is a passively-managed exchange-traded fund (“ETF”). The Fund’s objective is to track the total return performance, before fees and expenses, of the FTSE USA Shariah Index (the “Index”). The Index is composed of common stocks of large and mid-capitalization U.S. companies the characteristics of which meet the requirements of the Shariah and are consistent with Islamic principles as interpreted by subject-matter experts.

 

UMMA is an actively-managed ETF. The Fund’s objective is to seek long-term capital appreciation. UMMA seeks to achieve its objective by investing in a portfolio of global companies (excluding U.S. domiciled companies) the characteristics of which meet the requirements of Shariah and are consistent with Islamic principles as interpreted by subject-matter experts. Wahed Invest LLC (“Wahed” or the “Adviser”), the Fund’s investment adviser, seeks to invest the Fund’s assets in securities similar to the components of, and to achieve returns similar to those of, the Dow Jones Islamic International Titans 100 Index (the “Index”). The Index is a data-driven index owned and maintained by S&P Dow Jones Indices, is designed to measure the stock performance of the largest ex-U.S. companies that have passed rules-based screens for adherence to Shariah investment guidelines. The Fund commenced operations on January 7, 2022.

 

Costs incurred by the Funds in connection with the organization, registration and the initial public offering of shares were paid by the Adviser.

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. Each Fund prepares its financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and follows the significant accounting policies described below.

 

Use of Estimates

 

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

 

Share Transactions

 

The net asset value (“NAV”) per share of each Fund will be equal to each Fund’s total assets minus each Fund’s total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the New York Stock Exchange (“NYSE”) is open for trading.

 

Fair Value Measurement

 

In calculating the NAV, each Fund’s exchange-traded equity securities will be valued at fair value, which will generally be determined using the last reported official closing or last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Such valuations are typically categorized as Level 1 in the fair value hierarchy described below.

 

Securities listed on the NASDAQ Stock Market, Inc. are generally valued at the NASDAQ official closing price.

 

17

 

 

Wahed ETFs

Notes to Financial Statements

November 30, 2022 (Unaudited) (Continued)

 

 

If market quotations are not readily available, or if it is determined that a quotation of a security does not represent fair value, then the security is valued at fair value as determined in good faith by the Adviser using procedures adopted by the Board of Trustees of the Trust (the “Board”). 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.

 

FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurements. Under ASC 820, various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the following hierarchy:

 

 

●

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

 

 

●

Level 2 — 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 Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

 

Foreign securities, currencies and other assets denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar using the applicable currency exchange rates as of the close of the NYSE, generally 4:00 p.m. Eastern Time.

 

All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board, 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.

 

18

 

 

Wahed ETFs

Notes to Financial Statements

November 30, 2022 (Unaudited) (Continued)

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value each Fund’s investments at November 30, 2022, are as follows:

 

Wahed FTSE USA Shariah ETF

 

   

Level 1

    

Level 2

    

Level 3

    

Total

  

Investments - Assets:

                                

Common Stocks*

  $ 190,485,279     $ —     $ — ^   $ 190,485,279  

REITs*

    1,816,931       —       —       1,816,931  

Total Investments - Assets

  $ 192,302,210     $ —     $ —     $ 192,302,210  

 

*

See the Schedule of Investments for industry classifications.

 

^

The Wahed FTSE USA Shariah ETF held a Level 3 security at the end of the period valued at $-. The security classified as Level 3 is deemed immaterial.

 

Wahed Dow Jones Islamic World ETF

 

   

Level 1

    

Level 2

    

Level 3

    

Total

  

Investments - Assets:

                                

Common Stocks*

  $ 34,106,138     $ —     $ — ^   $ 34,106,138  

Total Investments - Assets

  $ 34,106,138     $ —     $ —     $ 34,106,138  

 

*

See the Schedule of Investments for industry classifications.

 

^

The Wahed Dow Jones Islamic World ETF held Level 3 securities at the end of the period valued at $-. The securities classified as Level 3 are deemed immaterial.

 

Level 3 Reconciliation Disclosure

 

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

 

Wahed FTSE USA Shariah ETF

 

   

Common Stocks

  

Balance as of May 31, 2022

  $ —  

Realized gain (loss)

    —  

Change in unrealized net depreciation

    —  

Purchases

    —  

(Sales)

    —  

Transfer in/(out) of Level 3

    —  

Balance as of November 30, 2022

    —  
         

Change in unrealized appreciation/depreciation during the period for Level 3 investments held at November 30, 2022

  $ —  

 

The Level 3 investments as of November 30, 2022 represented 0.00% of net assets. Certain Russian-issued securities continue to be untradeable due to the ongoing conflict in Russia and Ukraine, which has caused significant disruption and volatility in the global stock market.

 

19

 

 

Wahed ETFs

Notes to Financial Statements

November 30, 2022 (Unaudited) (Continued)

 

 

Wahed Dow Jones Islamic World ETF

 

   

Common Stocks

  

Balance as of May 31, 2022

  $ —  

Realized gain (loss)

    —  

Change in unrealized net depreciation

    —  

Purchases

    —  

(Sales)

    —  

Transfer in/(out) of Level 3

    —  

Balance as of November 30, 2022

    —  
         

Change in unrealized appreciation/depreciation during the period for Level 3 investments held at November 30, 2022

  $ —  

 

The Level 3 investments as of November 30, 2022 represented 0.00% of net assets. Certain Russian-issued securities continue to be untradeable due to the ongoing conflict in Russia and Ukraine, which has caused significant disruption and volatility in the global stock market.

 

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.

 

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments and currency gains or losses realized between the trade and settlement dates on securities transactions from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

 

The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

 

Investment Income

 

Dividend income is recognized on the ex-dividend date. Withholding taxes on foreign dividends, a portion of which may be reclaimable, has been provided for in accordance with the Funds’ understanding of the applicable tax rules and regulations. Dividend withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. Dividends received on investments that represent a return of capital are classified as a reduction of cost of investments.

 

Distributions received from each Fund’s investments in real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of its income and distributions received during the current calendar year for financial statement purposes. The actual character of distributions to each Fund’s shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by each Fund’s shareholders may represent a return of capital.

 

Tax Information, Dividends and Distributions to Shareholders and Uncertain Tax Positions

 

The Funds are treated as separate entities for Federal income tax purposes. Each Fund intends to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). To qualify and remain eligible for the special tax treatment accorded to RICs, each Fund must meet certain annual

 

20

 

 

Wahed ETFs

Notes to Financial Statements

November 30, 2022 (Unaudited) (Continued)

 

 

income and quarterly asset diversification requirements and must distribute annually at least 90% of the sum of (i) its investment company taxable income (which includes dividends, interest and net short-term capital gains) and (ii) certain net tax-exempt income, if any. If so qualified, each Fund will not be subject to Federal income tax.

 

Distributions to shareholders are recorded on the ex-dividend date. The Funds generally pay out dividends from net investment income, if any, quarterly, and distribute their net capital gains, if any, to shareholders at least annually. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their Federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions which exceed earnings and profit for tax purposes are reported as a tax return of capital.

 

Management evaluates each Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as income tax expense. The Funds’ Federal income tax returns are subject to examination by the Internal Revenue Service (the “IRS”) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. As of May 31, 2022, the Funds’ most recent fiscal year or period end, the Funds had no material uncertain tax positions and did not have a liability for any unrecognized tax benefits. As of May 31, 2022, the Funds’ most recent fiscal year or period end, the Funds had no examination in progress and management is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

 

The Funds recognized no interest or penalties related to uncertain tax benefits in the 2022 fiscal year or period. At May 31, 2022, the Funds’ most recent fiscal year or period end, the tax periods from commencement of operations remained open to examination in the Funds’ major tax jurisdiction.

 

Indemnification

 

In the normal course of business, the Funds expect to enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds’ maximum exposure under these anticipated arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

 

3. INVESTMENT ADVISORY AND OTHER AGREEMENTS

 

Investment Advisory Agreement

 

The Trust has entered into an Investment Advisory Agreement (the “Advisory Agreement”) with the Adviser. Under the Advisory Agreement, the Adviser provides a continuous investment program for the Funds’ assets in accordance with their investment objectives, policies and limitations, and oversees the day-to-day operations of the Funds subject to the supervision of the Board, including the Trustees who are not “interested persons” of the Trust as defined in the 1940 Act.

 

Pursuant to the Advisory Agreement between the Trust, on behalf of the Funds, and Wahed, each Fund pays a unified management fee to the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.50% of HLAL’s average daily net assets and at an annual rate of 0.65% of UMMA’s average daily net assets. Wahed has agreed to pay all expenses of the Funds except the fee paid to Wahed under the Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses (if any).

 

21

 

 

Wahed ETFs

Notes to Financial Statements

November 30, 2022 (Unaudited) (Continued)

 

 

At November 30, 2022, a majority of the outstanding shares of the Funds were held in separately managed accounts of the Adviser.

 

Distribution Agreement and 12b-1 Plan

 

Quasar Distributors, LLC (“Quasar” or, the “Distributor”), a wholly owned subsidiary of Foreside Financial Group, serves as each Fund’s distributor pursuant to a Distribution Services Agreement. The Distributor receives compensation for the statutory underwriting services it provides to the Funds. The Distributor enters into agreements with certain broker-dealers and others that will allow those parties to be “Authorized Participants” and to subscribe for and redeem shares of the Funds. The Distributor will not distribute shares in less than whole Creation Units and does not maintain a secondary market in shares.

 

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act (“Rule 12b-1 Plan”). In accordance with the Rule 12b-1 Plan, each Fund is authorized to pay an amount up to 0.25% of the Fund’s average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of each Fund’s assets. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds.

 

Administrator, Custodian and Transfer Agent

 

U.S. Bancorp Fund Services LLC, doing business as U.S. Bank Global Fund Services (“Fund Services” or “Administrator”) serves as administrator, transfer agent and fund accounting agent of the Funds pursuant to a Fund Servicing Agreement. U.S. Bank N.A., an affiliate of Fund Services, serves as the Funds’ custodian pursuant to a Custody Agreement. Under the terms of these agreements, the Adviser pays each Fund’s administrative, custody and transfer agency fees.

 

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

 

4. CREATION AND REDEMPTION TRANSACTIONS

 

Shares of the Funds are listed and traded on the NASDAQ Stock Market LLC, (the “Exchange”). Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called “Creation Units.” Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Market prices for the shares may be different from their NAV. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the NYSE is open for trading. The NAV of the shares of each Fund will be equal to the Fund’s total assets minus the Fund’s total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to four decimal places.

 

Creation Unit Transaction Fee

 

Authorized Participants will be required to pay to the Custodian a fixed transaction fee (the “Creation Unit Transaction Fee”) in connection with the issuance of Creation Units. The standard Creation Unit Transaction Fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Unit Transaction Fee charged by the Funds for each creation order is $500.

 

An additional variable fee of up to a maximum of 2% of the value of the Creation Units subject to the transaction imposed by cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage taxes) involved with buying the securities with cash. Each Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders. Variable fees, if any, received by the Funds are displayed in the Capital Share Transactions section on the Statements of Changes in Net Assets.

 

22

 

 

Wahed ETFs

Notes to Financial Statements

November 30, 2022 (Unaudited) (Continued)

 

 

Only “Authorized Participants” may purchase or redeem shares directly from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.

 

A Creation Unit will generally not be issued until the transfer of good title of the deposit securities to the Funds and the payment of any cash amounts have been completed. To the extent contemplated by the applicable participant agreement, Creation Units of the Funds will be issued to such authorized participant notwithstanding the fact that the Funds’ deposits have not been received in part or in whole, in reliance on the undertaking of the authorized participant to deliver the missing deposit securities as soon as possible. If the Funds or its agents do not receive all of the deposit securities, or the required cash amounts, by such time, then the order may be deemed rejected and the authorized participant shall be liable to the Funds for losses, if any.

 

5. FEDERAL INCOME TAX

 

The tax character of distributions paid was as follows:

 

   

Six months ended November 30, 2022

  
   

Ordinary
Income(1)

    

Long-Term
Capital Gain

  

Wahed FTSE USA Shariah ETF

  $ 925,930     $ —  

Wahed Dow Jones Islamic World ETF

    330,150       —  

 

   

Fiscal Year/Period Ended May 31, 2022

  
   

Ordinary
Income(1)

    

Long-Term
Capital Gain

  

Wahed FTSE USA Shariah ETF

  $ 1,384,308     $ —  

Wahed Dow Jones Islamic World ETF

    162,500       —  

 

(1)

Ordinary income includes short-term capital gains.

 

At May 31, 2022, the Funds’ most recent fiscal year or period end, the components of distributable earnings (accumulated losses) and cost of investments on a tax basis, including the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting year, were as follows:

 

   

Wahed FTSE USA
Shariah ETF

    

Wahed Dow
Jones Islamic
World ETF

  

Federal Tax Cost of Investments

  $ 152,093,402     $ 36,824,952  

Gross Tax Unrealized Appreciation

  $ 27,531,638     $ 400,214  

Gross Tax Unrealized Depreciation

    (12,703,930 )     (5,544,637 )

Net Tax Unrealized Appreciation (Depreciation)

    14,827,708       (5,144,423 )

Undistributed Ordinary Income

    361,423       234,117  

Other Accumulated Gain (Loss)

    (787,189 )     (8,721 )

Total Distributable Earnings / (Accumulated Losses)

  $ 14,401,942     $ (4,919,027 )

 

23

 

 

Wahed ETFs

Notes to Financial Statements

November 30, 2022 (Unaudited) (Continued)

 

 

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales.

 

At May 31, 2022, the Funds’ most recent fiscal year or period end, Wahed FTSE USA Shariah ETF and Wahed Dow Jones Islamic World ETF had short-term capital losses of $787,189 and $8,721, respectively, which will be carried forward indefinitely to offset future realized capital gains. During the period ended May 31, 2022, the Funds’ most recent fiscal year or period end, Wahed FTSE USA Shariah ETF utilized a long-term capital loss carryover in the amount of $279,231.

 

6. INVESTMENT TRANSACTIONS

 

During the six month period ended November 30, 2022, the Funds realized net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains are not taxable to the Funds, and are not distributed to shareholders, they have been reclassified from total distributable earnings (accumulated losses) to paid in-capital. The amount of realized gains and losses from in-kind redemptions included in realized gain/(loss) on investments in the Statements of Operations is as follows:

 

   

Realized Gains

    

Realized Losses

  

Wahed FTSE USA Shariah ETF

  $ 450,308     $ (956,670 )

Wahed Dow Jones Islamic World ETF

    —       —  

 

Purchases and sales of investments (excluding short-term investments), creations in-kind and redemptions in-kind for the six months ended November 30, 2022, were as follows:

 

   

Purchases

    

Sales

    

Creations In-Kind

    

Redemptions
In-Kind

  

Wahed FTSE USA Shariah ETF

  $ 29,876,271     $ 29,905,393     $ 30,788,129     $ 3,069,345  

Wahed Dow Jones Islamic World ETF

    2,147,633       1,957,103       3,114,486       —  

 

7. PRINCIPAL RISKS

 

As with all ETFs, shareholders of the Funds are subject to the risk that their investment could lose money. Each Fund is subject to the principal risks, any of which may adversely affect the Fund’s NAV, trading price, yield, total return and ability to meet its investment objective.

 

The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance.

 

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

 

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

 

24

 

 

Wahed ETFs

Notes to Financial Statements

November 30, 2022 (Unaudited) (Continued)

 

 

8. SUBSEQUENT EVENTS

 

On December 30, 2022, the Funds paid a distribution to shareholders of record on December 29, 2022, as follows:

 

   

Ordinary
Income Rate

    

Ordinary Income
Distribution Paid

  

Wahed FTSE USA Shariah ETF

  $ 0.108     $ 567,682  

Wahed Dow Jones Islamic World ETF

  $ 0.005     $ 9,453  

 

Other than as disclosed, there were no other subsequent events requiring recognition or disclosure through the date the financial statements were issued.

 

25

 

 

Wahed ETFs

Supplemental Information

(Unaudited)

 

 

Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. The prospectus contains this and other information relevant to an investment in the Funds. Please read the prospectus carefully before investing. A copy of the prospectus for the Funds may be obtained without charge by writing to the Funds, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701, by calling 1-855-976-4747, or by visiting the Funds’ website at www.funds.wahedinvest.com.

 

QUARTERLY PORTFOLIO HOLDING INFORMATION

 

Each Fund files its complete schedule of portfolio holdings for its first and third fiscal quarters with the Securities and Exchange Commission (“SEC”) on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling toll-free at 1-855-976-4747. Furthermore, you may obtain the Part F of Form N-PORT on the SEC’s website at www.sec.gov.

 

PROXY VOTING INFORMATION

 

The Funds are required to file a Form N-PX, with each Fund’s complete proxy voting record for the 12 months ended June 30, no later than August 31 of each year. The Funds’ proxy voting record will be available without charge, upon request, by calling toll-free 1-855-976-4747 and on the SEC’s website at www.sec.gov.

 

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

 

Information regarding how often shares of each Fund trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds are available without charge, on the Funds’ website at www.funds.wahedinvest.com.

 

TAX INFORMATION

 

Each Fund designated 100.00% of its ordinary income distribution for the fiscal year or period ended May 31, 2022 as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

 

For the fiscal year or period ended May 31, 2022, 100.00% and 0.00% of dividends paid from net ordinary income qualified for the dividends received deduction available to corporate shareholders of the Wahed FTSE USA Shariah ETF and Wahed Dow Jones Islamic World ETF, respectively.

 

26

 

 

THIS PAGE INTENTIONALLY LEFT BLANK

 

 

THIS PAGE INTENTIONALLY LEFT BLANK

 

 

THIS PAGE INTENTIONALLY LEFT BLANK

 

 

 

Investment Adviser:

 

Wahed Invest LLC
12 East 49th Street, 11th Floor
New York, NY 10017

 

Legal Counsel:

 

Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, N.W.
Washington, D.C. 20004

 

Independent Registered Public Accounting Firm:

 

Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, OH 44115

 

Distributor:

 

Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, WI 53202

 

Administrator, Fund Accountant & Transfer Agent:

 

U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202

 

Custodian:

 

U.S. Bank N.A.
1555 North RiverCenter Drive, Suite 302
Milwaukee, WI 53212

 

This information must be preceded or accompanied by a current prospectus for the Funds.

 

 

 

(b) Not applicable.

 

Item 2. Code of Ethics.

 

Not applicable for semi-annual reports.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable for semi-annual reports.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable for semi-annual reports.

 

Item 5. Audit Committee of Listed Registrants.

 

(a)Not applicable for semi-annual reports.

 

(b)Not applicable.

 

Item 6. Investments.

 

(a)Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

 

(b)Not applicable.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable to open-end investment companies.

 

Item 10. 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 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

 

Not applicable to open-end investment companies.

 

Item 13. 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. Not applicable.

 

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

 

(3) 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 to open-end investment companies.

 

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

 

(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 2/2/2023  

 

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

2/2/2023

  
     
By (Signature and Title)* /s/ Travis G. Babich  
  Travis G. Babich, Treasurer/Principal Financial Officer
     
Date 2/2/2023  

 

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

 

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

fp0081242-1_ex99cert.htm

fp0081242-1_ex99906cert.htm