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. Bancorp Fund Services, LLC

777 East Wisconsin Avenue, 10^th Floor

Milwaukee, WI 53202

(Name and address of agent for service)

(414) 765-6511

Registrant’s telephone number, including area code

Date of fiscal year end: May 31

Date of reporting period: May 31, 2022

Item 1. Reports to Stockholders.

(a)

Alexis Practical Tactical ETF (LEXI)

ANNUAL REPORT

May 31, 2022

Alexis Practical Tractical ETF

Table of Contents

Shareholder Letter (Unaudited)	2
Performance Overview (Unaudited)	5
Schedule of Investments	6
Statement of Assets and Liabilities	8
Statement of Operations	9
Statement of Changes in Net Assets	10
Financial Highlights	11
Notes to Financial Statements	12
Report of Independent Registered Public Accounting Firm	19
Trustees and Officers of the Trust (Unaudited)	20
Shareholder Expense Example (Unaudited)	22
Supplemental Information (Unaudited)	23
Review of Liquidity Risk Management Program (Unaudited)	24
Privacy Policy (Unaudited)	25

1 

Alexis Practical Tactical ETF

Shareholder Letter

May 31, 2022 (Unaudited)

Dear Fellow Shareholders:

The Alexis Practical Tactical ETF (“LEXI” or the “Fund”) was launched June 30, 2021, to allow access to our Practical approach to Tactical investing in a transparent, tax efficient and accessible vehicle. Our goal is to add value by:

• Participating more in rising than falling markets

• De-emphasizing weak areas while adding/maintaining exposure to areas of strength

• Investing in a broad range of asset classes, allowing the flexibility to adapt to a range of scenarios

Since inception, market conditions evolved from favorable to sharply negative. Through this volatile period, LEXI has outperformed its benchmark, earning -2.44% on both an NAV and market price basis versus -6.19% for the benchmark portfolio. The benchmark is comprised of the following indexes: 35% S&P 500 Index, 35% Morningstar Global Markets Index and 30% Bloomberg U.S. Aggregate Bond Index.

Summary of Market Conditions:

Market conditions were generally favorable in the first six months of fund operations from July through December 2021 as global economies benefited as COVID pandemic restrictions eased.

Unfortunately, surging demand outstripped broken supply chains leading to a surge in inflation. Despite the hope that supply chains would improve as people returned to their jobs and demand shifted from goods to services, inflation pressure mounted due to a very tight labor market, reduced US domestic energy production, COVID lockdowns in China and Russia’s invasion of Ukraine (and associated global sanctions).

High and rising inflation pressed the Federal Reserve System (the “Fed”) to tighten monetary conditions by raising interest rates at the fastest pace in decades. Markets responded by re-pricing bond interest rates sharply higher (hurting bond prices) and risk assets including stocks, Real Estate Investment Trusts (“REITs”) and crypto assets fell into bear markets (a decline of 20% or more). This stoked recession fears and a sharp decline in both investor and consumer sentiment as higher costs threaten to slow demand, reduce sales and profit margins, and potentially lead to job losses.

On a more positive front, corporate earnings growth has generally remained strong. Both corporate and consumer balance sheets are also in very good shape as both benefited from very low interest rates and other pandemic related stimulus. Stock price declines have been broad, and the stocks of many strong businesses trade at valuations that we find significantly more attractive than we have seen in years.

As of the Fund’s fiscal year end May 31, 2022, tighter monetary conditions are beginning to slow demand and there are early signs that inflation may have peaked. Supply chains are also slowly improving. The outlook, however, is still very uncertain as war continues to rage in Ukraine, COVID has become significantly less deadly but remains very virulent and it is likely to take years for inflation to slow to a more sustainable pace that would allow the Fed to adopt a more supportive posture.

What helped:

Negative real yields (interest rates below the long-term rate of inflation) prompted us to be underweight bonds and maintain a low duration on any bonds held within the portfolio. Since LEXI’s inception, bonds have performed quite poorly, with the Bloomberg U.S. Aggregate Bond index losing more than both the S&P 500 Index and Morningstar Global Markets index.

Gold dragged on performance in the early months, but provided a good hedge when stocks, bonds and REITs faltered in 2022. Since LEXI’s inception, gold gained more than 3%. We trimmed LEXI’s gold exposure soon after the fund launch and added exposure late 2021 and early 2022.

2 

Alexis Practical Tactical ETF

Shareholder Letter

May 31, 2022 (Unaudited)

U.S. stocks outpaced foreign stocks since LEXI’s inception. We have been significantly overweight U.S. stocks and underweight foreign companies.

What hurt:

As the market transitioned from a bull (rising) market to a bear (falling) market, growth and technology stocks were especially hard hit. We had reduced exposure to these areas including the Nasdaq 100 ETF (QQQ), and Vanguard Mega Cap Growth (MGK) and were fortunate to avoid direct exposure to popular but unprofitable tech stocks (many of which fell 50% or more), but we still maintained a growth allocation as part of our diversified portfolio.

Real Estate Investment Trusts (“REITs”) did extremely well in 2021 but fell sharply in 2022. We continue to hold a significant allocation to REITs.

Housing related stocks and industrial companies are examples of cyclical stocks that trade at attractive valuations but fell sharply in the downturn. In some cases, we added to LEXI’s holdings in these areas.

As part of our long-term strategy, we have been incrementally adding stock exposure as the market correction worsened and stocks fell deep into bear market territory. Until stocks recover, this results in increased volatility.

What now?

Monetary conditions, global supply chains and investor sentiment have changed, and we therefore acknowledge that when stocks recover, future leaders may be different from what outperformed in the last bull market. We are intentionally diversified and will remain attentive to trends as they develop and adapt LEXI’s portfolio to attempt to focus on stronger asset classes, regions and sectors, and minimize exposure to pockets of relative weakness.

Although we currently believe significant fears have been priced into markets and are therefore positioning opportunistically for eventual recovery, we are also open to the possibility of a more protracted bear market and may raise cash or take other defensive measures based on our evolving assessment of risk.

From a practical perspective, we recognize that as strongly as we seek to manage risk and volatility, our ultimate goal is to make money. As long-term investors, we believe that stocks will eventually recover to new highs, and we recognize that it is very difficult to pick bear market bottoms. When we look back to today, things may have gotten worse before better, but our strategy suggests that we use this bear market as an opportunity to buy the stocks of great companies while they were on sale.

We appreciate your trust and confidence and both Alexis Browne and Jason Browne are available if you have any questions at alexis@alexisinvests.com or jason@alexisinvests.com.

Jason Browne President	Alexis Browne Portfolio Manager

3 

Alexis Practical Tactical ETF

Shareholder Letter

May 31, 2022 (Unaudited)

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 800-617-0004 (ETF INFO). The Fund’s gross expense ratio is 0.85%.

Investing involves risk; Principal loss is possible. LEXI is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will produce the intended results and no guarantee that the Fund will achieve its investment objective. This could result in the Fund’s underperformance compared to other funds with similar investment objectives. ETFs are subject to commission costs each time a “buy” or “sell” is executed. Depending on the amount of trading activity, the low costs of ETFs may be outweighed by commissions and related trading costs. Shares are bought and sold at market price (closing price) not net asset value (NAV) are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times. Buying and selling shares will result in brokerage commissions. Brokerage commissions will reduce returns. There is no guarantee that the Fund will achieve its investment goal.

The S&P 500 Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the Index proportionate to its market value. The Morningstar Global Markets Index measures the performance of stocks located in developed and emerging markets worldwide. The Bloomberg U.S. Aggregate Bond Index broadly tracks the U.S. investment-grade bond market.

4 

Alexis Practical Tactical ETF

Performance Overview

May 31, 2022 (Unaudited)

Hypothetical Growth of $10,000 Investment

(Since Commencement through 5/31/2022)

CUMULATIVE TOTAL RETURN FOR THE PERIOD ENDED MAY 31, 2022

Total Returns	Since Commencement1
Alexis Practical Tactical ETF — NAV	-2.44%
Alexis Practical Tactical ETF — Market	-2.44%
35% S&P 500 Index/35% Morningstar Global Markets Index/30% Bloomberg U.S. Aggregate Bond Index	-6.19%

(1)       The Fund commenced operations on June 30, 2021.

The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. For the most recent month-end performance, please call 1-866-LEXI-ETF (1-866-539-4383). You cannot invest directly in an index. Shares are bought and sold at market price (closing price), not net asset value (“NAV”), and are not individually redeemed from the Fund. Market performance is determined using the bid/ask midpoint at 4:00 p.m. Eastern time when the NAV is typically calculated. Brokerage commissions will reduce returns. Returns shown include the reinvestment of all dividends and distribution. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The S&P 500 Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the Index proportionate to its market value. The Morningstar Global Markets Index measures the performance of stocks located in developed and emerging markets worldwide. The Bloomberg U.S. Aggregate Bond Index broadly tracks the U.S. investment-grade bond market.

5 

Alexis Practical Tactical ETF

Schedule of Investments

May 31, 2022

	Shares		Value
COMMON STOCKS — 18.4%
Consumer Discretionary — 2.6%
AutoNation, Inc.(a)		2,736	$	327,116
Tempur Sealy International, Inc.		8,694		229,261
Tesla, Inc.(a)		405		307,095
The Home Depot, Inc.		1,596		483,189
				1,346,661
Financials — 1.4%
Blackstone, Inc.		2,278		268,325
Morgan Stanley		5,749		495,219
				763,544
Industrials — 7.8%
Caterpillar, Inc.		2,522		544,374
Cummins, Inc.		2,240		468,429
Deere & Co.		1,556		556,706
FedEx Corp.		1,977		443,995
Honeywell International, Inc.		2,421		468,754
Lockheed Martin Corp.		972		427,787
Northrop Grumman Corp.		974		455,803
Rockwell Automation, Inc.		1,318		280,997
United Rentals, Inc.(a)		1,620		483,051
				4,129,896
Materials — 0.6%
Freeport-McMoRan, Inc.		8,033		313,930
Technology — 6.0%
Apple, Inc.		6,367		947,664
Applied Materials, Inc.		7,079		830,296
Microsoft Corp.		3,055		830,563
Texas Instruments, Inc.		1,602		283,169
Visa, Inc. - Class A		1,229		260,757
				3,152,449
TOTAL COMMON STOCKS   (Cost $10,309,008)				9,706,480
EXCHANGE TRADED FUNDS — 80.8%(c)
Commodities — 7.0%
Invesco DB Commodity Index Tracking Fund(a)		22,188		639,014
SPDR Gold Shares ETF(a)		17,714		3,031,574
				3,670,588
Equity — 58.5%
Energy Select Sector SPDR Fund		20,831		1,816,463
Invesco QQQ Trust, Series 1		3,806		1,173,314

	Shares		Value
Invesco S&P 500 Equal Weight ETF		18,388	$	2,738,525
iShares MSCI United Kingdom ETF		85,286		2,828,937
iShares MSCI USA Momentum Factor ETF		11,752		1,716,379
iShares Russell 1000 Value ETF		16,397		2,615,813
iShares S&P Mid-Cap 400 Value ETF		24,484		2,555,150
iShares U.S. Insurance ETF		8,964		793,314
iShares U.S. Transportation ETF		6,495		1,512,491
SPDR S&P Homebuilders ETF		15,141		944,950
SPDR S&P Mid-Cap 400 ETF Trust		4,500		2,066,535
Utilities Select Sector SPDR Fund		20,959		1,557,883
VanEck Semiconductor ETF		4,465		1,092,050
Vanguard Dividend Appreciation ETF		19,594		3,012,577
Vanguard Health Care ETF		8,863		2,142,896
Vanguard Mega Cap Growth ETF		11,342		2,258,306
				30,825,583
Fixed Income — 5.7%
BlackRock Short Maturity Bond ETF		23,455		1,159,850
iShares 0-5 Year TIPS Bond ETF		12,552		1,306,412
JPMorgan Ultra-Short Income ETF		11,037		553,616
				3,019,878
				3,498,863
Real Estate Investment Trusts (REITs) — 9.6%
iShares Cohen & Steers REIT ETF		78,131		5,091,016
TOTAL EXCHANGE TRADED FUNDS (Cost $43,133,735)				42,607,065

The accompanying notes are integral part of the financial statements.

6 

	Shares		Value
SHORT-TERM INVESTMENTS — 0.8%
Deposit Accounts — 0.8%
U.S. Bank Money Market Deposit Account, 0.50%(b)		434,043	$	434,043
Total Short-Term Investments (Cost $434,043)				434,043
TOTAL INVESTMENTS — 100.0% (Cost $53,876,786)				52,747,588
Other assets and liabilities, net — 0.0%(d)				(20,868	)
TOTAL NET ASSETS — 100.0%			$	52,726,720

(a) Non-income producing security.

(b) The rate shown is the yield as of period end.

(c) 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.

(d) Less than (0.05)%.

Industry Diversification*

 

* Percentages are stated as a percent of net assets.

The accompanying notes are integral part of the financial statements.

7 

Alexis Practical Tactical ETF

Statement of Assets and Liabilities

May 31, 2022

Assets
Investments, at value (cost $53,876,786)	$	52,747,588
Dividend and interest receivable		15,655
Total assets		52,763,243
Liabilities
Payable to Adviser		36,523
Total liabilities		36,523
Net Assets	$	52,726,720
Net Assets Consists of:
Paid-in capital	$	50,822,205
Total distributable earnings		1,904,515
Net Assets	$	52,726,720
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		2,166,834
Net Asset Value, redemption price and offering price per share	$	24.33

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

8 

Alexis Practical Tactical ETF

Statement of Operations

For the Period Ended May 31, 2022⁽¹⁾

Investment Income
Dividend income	$	499,857
Interest income		956
Total investment income		500,813
Expenses
Investment advisory fees		363,134
Total expenses		363,134
Net investment income		137,679
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Investments		(955,143	)
Long-term capital gain distributions		561
Net realized loss on investments and long-term capital gain distributions		(954,582	)
Net change in unrealized appreciation/depreciation on investments		(1,129,198	)
Net realized and unrealized loss on investments		(2,083,780	)
Net decrease in net assets from operations	$	(1,946,101	)

(1) The Fund commenced operations on June 30, 2021.

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

9 

Alexis Practical Tactical ETF

Statement of Changes in Net Assets

	Period Ended
	May 31,
	2022(1)
From Operations
Net investment income	$	137,679
Net realized loss on investments		(954,582	)
Net change in net unrealized appreciation/depreciation on investments		(1,129,198	)
Net decrease in net assets resulting from operations		(1,946,101	)
From Distributions
Distributable earnings		(119,707	)
Total distributions		(119,707	)
From Capital Share Transactions
Proceeds from shares sold		61,674,832
Cost of shares redeemed		(6,882,304	)
Net increase in net assets resulting from capital share transactions		54,792,528
Total Increase in Net Assets		52,726,720
Net Assets
Beginning of period		—
End of period	$	52,726,720
Changes in Shares Outstanding
Shares outstanding, beginning of period		—
Shares sold		2,436,834
Shares redeemed		(270,000	)
Shares outstanding, end of period		2,166,834

(1) The Fund commenced operations on June 30, 2021.

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

10 

Alexis Practical Tactical ETF

Financial Highlights

For a Share Outstanding Throughout the Period

	Period Ended
	May 31,
	2022(1)
Net Asset Value, Beginning of Period	$	25.00
Income (Loss) from Investment Operations:
Net investment income(2)		0.08
Net realized and unrealized gain (loss) on investments		(0.69	)
Total from investment operations		(0.61	)
Less Distributions:
From net investment income		(0.06	)
Total distributions		(0.06	)
Net Asset Value, End of Period	$	24.33
Total Return, at NAV(3)(4)		-2.44	%
Total Return, at Market(3)(4)		-2.44	%
Supplemental Data and Ratios:
Net assets, end of period (000’s)	$	52,727
Ratio of expenses to average net assets(7)		0.85	%(5)
Ratio of net investment income to average net assets(7)(8)		0.32	%(5)
Portfolio turnover rate(6)		51	%(4)

(1) The Fund commenced investment operations on June 30, 2021.

(2) Per share net investment income was calculated 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) Does not include income and expenses of exchange traded funds in which the Fund invests.

(8) Ratio is impacted by the timing of underlying fund distributions.

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

11 

Alexis Practical Tactical ETF

Notes to Financial Statements

May 31, 2022

1. ORGANIZATION

Alexis Practical Tactical ETF (the “Fund”) is a diversified series of Listed Funds Trust (the “Trust”), formerly Active Weighting Funds ETF Trust. The Trust was organized as a Delaware statutory trust on August 26, 2016, under a Declaration of Trust amended on December 21, 2018 and is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).

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

Costs incurred by the Fund in connection with the organization, registration and the initial public offering of shares were paid by Alexis Investment Partners, LLC (“AIP” or the “Adviser”), the Fund’s Investment Adviser.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Use of Estimates

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

Share Transactions

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

Fair Value Measurement

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

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

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

12 

Alexis Practical Tactical ETF

Notes to Financial Statements

May 31, 2022

on securities; thinly traded securities; and market events such as trading halts and early market closings. Due to the inherent uncertainty of valuations, fair values may differ significantly from the values that would have been used had an active market existed. Fair valuation could result in a different NAV than a NAV determined by using market quotations. Such valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy described below.

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

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

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

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

• Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

• Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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

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

All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board, although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

13 

Alexis Practical Tactical ETF

Notes to Financial Statements

May 31, 2022

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 the Fund’s investments at May 31, 2022, are as follows:

	Level 1		Level 2		Level 3		Total
Investments - Assets:
Common Stocks*	$	9,706,480	$	—	$	—	$	9,706,480
Exchange Traded Funds*		42,607,065		—		—		42,607,065
Deposit Accounts		434,043		—		—		434,043
Total Investments - Assets	$	52,747,588	$	—	$	—	$	52,747,588

* See the Schedule of Investments for industry classifications.

Security Transactions

Investment transactions are recorded as of the date that the securities are purchased or sold (trade date).Realized gains and losses from the sale or disposition of securities are calculated based on the specific identification basis.

Investment Income

Dividend income is recognized on the ex-dividend date. Interest income is accrued daily. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. Long-term capital gain distributions from investment companies, if any, are classified as realized gains for financial reporting.

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

The Fund is treated as a separate entity for Federal income tax purposes. The Fund intends to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). To qualify and remain eligible for the special tax treatment accorded to RICs, the Fund must meet certain annual income and quarterly asset diversification requirements and must distribute annually at least 90% of the sum of (i) its investment company taxable income (which includes dividends, interest and net short-term capital gains) and (ii) certain net tax-exempt income, if any. If so qualified, the Fund will not be subject to Federal income tax.

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

Management evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as income tax expense. The Fund’s Federal income tax returns are subject to examination by the Internal Revenue Service (the “IRS”) for a period of three fiscal years after they are

14 

Alexis Practical Tactical ETF

Notes to Financial Statements

May 31, 2022

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 Fund’s fiscal period end, the Fund had no material uncertain tax positions and did not have a liability for any unrecognized tax benefits. As of May 31, 2022, the Fund’s fiscal period end, the Fund had no examination in progress and management is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

Indemnification

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

3. INVESTMENT ADVISORY AND OTHER AGREEMENTS

Investment Advisory Agreement

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

Pursuant to the Advisory Agreement between the Trust, on behalf of the Fund, and AIP, the Fund pays a unified management fee to the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.85% of the Fund’s average daily net assets. AIP has agreed to pay all expenses of the Fund except the fee paid to AIP under the Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses (if any).

At May 31, 2022, a majority of the outstanding shares of the Fund were held in separately managed accounts of the Adviser.

Distribution Agreement and 12b-1 Plan

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

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act (“Rule 12b-1 Plan”). In accordance with the Rule 12b-1 Plan, the Fund is authorized to pay an amount up to 0.25% of the Fund’s average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Fund and there are no plans to impose these fees.

15 

Alexis Practical Tactical ETF

Notes to Financial Statements

May 31, 2022

However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Fund’s assets. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Fund.

Administrator, Custodian and Transfer Agent

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

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

4. CREATION AND REDEMPTION TRANSACTIONS

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

Creation Unit Transaction Fee

Authorized Participants may be required to pay to the Custodian a fixed transaction fee (the “Creation Unit Transaction Fee”) in connection with the issuance or redemption of Creation Units. The standard Creation Unit Transaction Fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable business day. Effective May 2, 2022, the Creation Unit Transaction Fee charged by the Fund for each creation order is $300. Prior to this date, the Creation Unit Transaction Fee was $250.

An additional variable fee of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for (1) creations effected outside the Clearing Process and (2) creations made in an all cash amount (to offset the Trust’s brokerage and other transaction costs associated with using cash to purchase the requisite Deposit Securities). Investors are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the Trust. The Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders. Variable fees, if any, received by the Fund are displayed in the Capital Share Transactions section on the Statement of Changes in Net Assets.

Only “Authorized Participants” may purchase or redeem shares directly from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will 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.

16 

Alexis Practical Tactical ETF

Notes to Financial Statements

May 31, 2022

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

5. FEDERAL INCOME TAX

The tax character of distributions paid was as follows:

	Ordinary		Long-Term
	Income(1)		Capital Gain
Period ended May 31, 2022	$	119,707	$	—

(1) Ordinary income includes short-term capital gains.

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

Federal Tax Cost of Investments	$	50,532,084
Gross Tax Unrealized Appreciation	$	4,471,642
Gross Tax Unrealized Depreciation		(2,256,138	)
Net Tax Unrealized Appreciation (Depreciation)		2,215,504
Undistributed Ordinary Income		13,413
Other Accumulated Gain (Loss)		(324,402	)
Distributable Earnings	$	1,904,515

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

Under current tax law, net capital losses realized after October 31 and net ordinary losses incurred after December 31 may be deferred and treated as occurring on the first day of the following fiscal year. The Fund’s carryforward losses and post-October losses are determined only at the end of each fiscal year. The Fund did not defer any late year losses for the fiscal period ended May 31, 2022. At May 31, 2022, the Fund’s fiscal period end, the Fund had short-term capital losses of $324,402 remaining which will be carried forward indefinitely to offset future realized capital gains.

U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences primarily relate to redemptions in-kind and book to tax basis differences due to in-kind seeding of the Fund (see Note 8). For the fiscal period ended May 31, 2022, the following reclassifications were made for permanent tax differences on the Statement of Assets and Liabilities.

	Total
	distributable		Paid-in
	earnings		capital
Alexis Practical Tactical ETF	$	3,970,323	$	(3,970,323	)

17 

Alexis Practical Tactical ETF

Notes to Financial Statements

May 31, 2022

6. INVESTMENT TRANSACTIONS

During the fiscal period ended May 31, 2022, the Fund realized net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash. Because such gains are not taxable to the Fund, and are not distributed to shareholders, they have been reclassified from total distributable earnings (accumulated losses) to paid in-capital. The amount of realized gains and losses from in-kind redemptions included in realized gain/(loss) on investments in the Statement of Operations is as follows:

	Realized		Realized
	Gains		Losses
Alexis Practical Tactical ETF	$	423,908	$	(261,160	)

Purchases and sales of investments (excluding short-term investments), creations in-kind and redemptions in-kind for the fiscal period ended May 31, 2022, were as follows:

					Creations		Redemptions
	Purchases		Sales		In-Kind		In-Kind
Alexis Practical Tactical ETF	$	25,490,376	$	24,062,799	$	59,862,860	$	6,891,033

7. PRINCIPAL RISKS

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

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 Fund invests 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 Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance.

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

8. IN-KIND CONTRIBUTIONS

As part of the Fund’s commencement of operations on June 30, 2021, the Alexis Practical Tactical ETF received an in-kind contribution from accounts managed by the Adviser, which consisted of $17,170,856 of securities which were recorded at their current value to align the Fund’s performance with ongoing financial reporting. However, as the transaction was determined to be a non-taxable transaction by management, the Fund elected to retain the securities’ original cost basis for tax purposes. The cost of the contributed securities as of June 30, 2021, was $12,510,366, resulting in net unrealized appreciation on investments of $4,660,490 as of that date. As a result of the in-kind contribution, the Alexis Practical Tactical ETF issued 686,834 shares at a $25.00 per share net asset value.

9. SUBSEQUENT EVENTS

Management has evaluated the Fund’s related events and transactions that occurred subsequent to May 31, 2022, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

18 

Alexis Practical Tactical ETF

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Alexis Practical Tactical ETF and

Board of Trustees of Listed Funds Trust

Opinion on the Financial Statements

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

Basis for Opinion

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2022, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

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

COHEN & COMPANY, LTD.

Cleveland, Ohio

July 29, 2022

19 

Alexis Practical Tactical ETF

Trustees and Officers of the Trust

(Unaudited)

The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and Officers, and is available, without charge upon request by calling 1-800-617-0004, or by visiting the Fund’s website at https://www.lexietf.com/.

	Position Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Independent Trustees
John L. Jacobs Year of birth: 1959	Trustee and Audit Committee Chair	Indefinite term; since 2017	Chairman of Alerian, Inc. (since June 2018); Founder and CEO of Q3 Advisors, LLC (financial consulting firm) (since 2015); Executive Director of Center for Financial Markets and Policy (2016–2022); Distinguished Policy Fellow and Executive Director, Center for Financial Markets and Policy, Georgetown University (2015–2022); Senior Advisor, Nasdaq OMX Group (2015–2016); Executive Vice President, Nasdaq OMX Group (2013–2015).	51	Independent Trustee, SHP ETF Trust (since 2021) (2 portfolios); Director, tZERO Group, Inc. (since 2020); Independent Trustee, Procure ETF Trust II (since 2018) (1 portfolio); Independent Trustee, Horizons ETF Trust I (2015–2019).
Koji Felton Year of birth: 1961	Trustee	Indefinite term; since 2019	Retired; formerly Counsel, Kohlberg Kravis Roberts & Co. L.P. (investment firm) (2013–2015); Counsel, Dechert LLP (law firm) (2011–2013).	51	Independent  Trustee, Series Portfolios Trust (since 2015) (10 portfolios).
Pamela H. Conroy Year of birth: 1961	Trustee and Nominating and Governance Committee Chair	Indefinite term; since 2019	Retired; formerly Executive Vice President, Chief Operating Officer & Chief Compliance Officer, Institutional Capital Corporation (investment firm) (1994–2008).	51	Independent  Trustee, Frontier Funds, Inc. (since 2020) (6 portfolios).
Interested Trustee
Paul R. Fearday, CPA* Year of birth: 1979	Trustee and  Chairman	Indefinite term; since 2019	Senior Vice President, U.S. Bancorp Fund Services, LLC (since 2008).	51	None.

* This Trustee is considered an “Interested Trustee” as defined in the 1940 Act because of his affiliation with U.S. Bancorp Fund Services, d/b/a U.S. Bank Global Fund Services and U.S. Bank N.A., which provide fund accounting, administration, transfer agency and custodian services to the Fund.

20 

Alexis Practical Tactical ETF

Trustees and Officers of the Trust

(Unaudited)

Name and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Gregory Bakken Year of birth: 1983	President and Principal Executive Officer	Indefinite term, February 2019	Vice President, U.S. Bancorp Fund Services, LLC (since 2006).
Travis G. Babich Year of birth: 1980	Treasurer and Principal Financial Officer	Indefinite term, September 2019	Vice President, U.S. Bancorp Fund Services, LLC (since 2005).
Kacie G. Briody Year of birth: 1992	Assistant Treasurer	Indefinite term, March 2019	Assistant Vice President, U.S. Bancorp Fund Services, LLC (since 2021); Officer, U.S. Bancorp Fund Services, LLC (2014 to 2021).
Kent Barnes Year of birth: 1968	Secretary	Indefinite term, February 2019	Vice President, U.S. Bancorp Fund Services, LLC (since 2018); Chief Compliance Officer, Rafferty Asset Management, LLC (2016 to 2018); Vice President, U.S. Bancorp Fund Services, LLC (2007 to 2016).
Christi C. James Year of birth: 1974	Chief Compliance Officer and Anti-Money Laundering Officer	Indefinite term,   July 2022	Vice President, U.S. Bancorp Fund Services, LLC (since 2022); Principal Consultant, ACA Group (2021 to 2022); Lead Manager, Communications Compliance, T. Rowe Price Investment Services, Inc. (2018 to 2021); Compliance & Legal Manager, CR Group LP (2017 to 2018).
Elizabeth B. Scalf Year of birth: 1985	Chief Compliance Officer and Anti-Money Laundering Officer	Indefinite term, May 2022 (Resigned, effective July 2022)	Senior Vice President, U.S. Bancorp Fund Services, LLC (since 2017); Vice President and Assistant CCO, Heartland Advisors, Inc. (2016–2017); Vice President and CCO, Heartland Group, Inc. (2016).
Joshua J. Hinderliter Year of birth: 1983	Assistant Secretary	Indefinite term, May 2022	Counsel, U.S. Bancorp Fund Services, LLC (since 2022); Managing Associate, Thompson Hine LLP (2016 to 2022).

21 

Shareholder Expense Example

(Unaudited)

As a shareholder of the 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 Fund 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 (December 1, 2021 to May 31, 2022).

ACTUAL EXPENSES

The first line under the 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 the 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 the 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 secondline 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 12/1/21		Ending Account Value 5/31/22		Annualized Expense Ratios			Expenses Paid During the Period(1)
LEXI
Actual	$	1,000.00	$	937.80		0.85	%	$	4.11
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69		0.85	%	$	4.28

(1) Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 182/365 (to reflect the six-month period).

22 

Alexis Practical Tactical ETF

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 Fund. Please read the prospectus carefully before investing. A copy of the prospectus for the Fund may be obtained without charge by writing to the Fund, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701, by calling 1-866-LEXI-ETF (1-866-539-4383), or by visiting the Fund’s website at https://www.lexietf.com/.

QUARTERLY PORTFOLIO HOLDING INFORMATION

The 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 Fund’s Part F of Form N-PORT is available without charge, upon request, by calling 1-866-LEXI-ETF (1-866-539-4383). Furthermore, you may obtain the Part F of Form N-PORT on the SEC’s website at www.sec.gov.

PROXY VOTING INFORMATION

The Fund is required to file a Form N-PX, with the Fund’s complete proxy voting record for the 12 months ended June 30, no later than August 31 of each year. The Fund’s proxy voting record will be available without charge, upon request, by calling 1-866-LEXI-ETF (1-866-539-4383) and on the SEC’s website at www.sec.gov.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

Information regarding how often shares of the 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 Fund is available without charge, on the Fund’s website at https://www.lexietf.com/.

TAX INFORMATION

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

For the period ended May 31, 2022, 100.00% of dividends paid from net ordinary income qualified for the dividends received deduction available to corporate shareholders.

23 

Alexis Practical Tactical ETF

Review of Liquidity Risk Management Program

(Unaudited)

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust, on behalf of the series of the Trust covered by this shareholder report (the “Series”), has adopted a liquidity risk management program to govern the Trust’s approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust’s liquidity risk management program is tailored to reflect the Series’ particular risks, but not to eliminate all adverse impacts of liquidity risk, which would be incompatible with the nature of such Series.

The investment adviser to the Series has adopted and implemented its own written liquidity risk management program (the “Program”) tailored specifically to assess and manage the liquidity risk of the Series. At a recent meeting of the Board of Trustees of the Trust, the Trustees received a report pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the period ended December 31, 2021. The report concluded that the Program is reasonably designed to assess and manage the Series’ liquidity risk and has operated adequately and effectively to manage such risk. The report reflected that there were no liquidity events that impacted the Series’ ability to timely meet redemptions without dilution to existing shareholders. The report further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding the Series’ exposure to liquidity risk and other principal risks to which an investment in the Series may be subject.

24 

Privacy Policy

(Unaudited)

We are committed to respecting the privacy of personal information you entrust to us in the course of doing business with us.

The Fund collects non-public information about you from the following sources:

• Information we receive about you on applications or other forms;

• Information you give us orally; and/or

• Information about your transactions with us or others.

We do not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.

25 

Investment Adviser:

Alexis Investment Partners, LLC

103 Casterly Green Court

Montgomery, TX 77316

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:

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

Administrator, Fund Accountant & Transfer Agent:

U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

615 E. Michigan St.

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 Fund.

(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 05/31/2022	FYE 05/31/2021
Audit Fees	$13,500	N/A
Audit-Related Fees	$0	N/A
Tax Fees	$3,000	N/A
All Other Fees	$0	N/A

(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 05/31/2022	FYE 05/31/2021
Audit-Related Fees	0%	N/A
Tax Fees	0%	N/A
All Other Fees	0%	N/A

(f) All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(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 05/31/2022	FYE 05/31/2021
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 entire Board of Trustees is acting as the registrant’s audit committee.

(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. Filed herewith.

(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	8/4/2022

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	8/4/2022
By (Signature and Title)*	/s/ Travis G. Babich
	Travis G. Babich, Treasurer/Principal Financial Officer
Date	8/4/2022

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