Listed Funds Trust

04/30/2026 | Press release | Distributed by Public on 04/30/2026 15:13

Summary Prospectus by Investment Company (Form 497K)

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Horizon Kinetics Medical ETF (MEDX)
Listed on The Nasdaq Stock Market, LLC
Summary Prospectus dated April 30, 2026
Before you invest, you may want to review the Fund's prospectus and Statement of Additional Information ("SAI"), which contain
more information about the Fund and its risks. The current Prospectus and SAI dated April 30, 2026, are incorporated by reference
into this Summary Prospectus. You can find the Fund's Prospectus, reports to shareholders, and other information about the Fund
online at www.horizonkinetics.com/products/etf/medx/. You can also get this information at no cost by calling 1-800-617-0004 or by
sending an e-mail request to [email protected].
Investment Objective
Horizon Kinetics Medical ETF ("Medical ETF" or the "Fund") seeks to provide long-term growth of capital.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). You may pay
other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and
Example below.
Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee
0.85%
Distribution and/or Service (Rule 12b-1) Fees
0.00%
Other Expenses
0.00%
Total Annual Fund Operating Expenses
0.85%
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example
assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those
periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the
same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares.
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year:
$87
3 Years:
$271
5 Years:
$471
10 Years:
$1,049
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account.
These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance.
For the fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 0% of the average value of its portfolio.
Principal Investment Strategies
The Fund is an actively managed exchange-traded fund ("ETF") that pursues its investment objective by investing, under normal
circumstances, at least 80% of its net assets plus any borrowings for investment purposes in common stocks, convertible securities,
warrants and other equity securities having the characteristics of common stocks (such as American Depositary Receipts ("ADRs"),
Global Depositary Receipts ("GDRs") and International Depositary Receipts ("IDRs")) of U.S. and foreign companies engaged in
medical research, pharmaceutical and medical technology industries and related technology industries, generally, with an emphasis
toward companies engaged in cancer research and drug development, such as pharmaceutical development companies, surgical and
medical instrument manufacturers and developers, pharmaceutical manufacturers, and biotech and medical research companies. These
types of companies derive at least 50% of their revenue from such activities. The Fund also may invest in other ETFs and purchase
and write options for hedging purposes and/or direct investment. In addition, the Fund may purchase or engage in short sales of certain
leveraged or inverse ETFs.
The Fund may invest up to 20% of its total assets in convertible and non-convertible debt securities rated below investment grade, also
known as junk bonds, or unrated securities that Horizon Kinetics Asset Management LLC, the Fund's investment adviser (the
"Adviser"), has determined to be of comparable quality.
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The Adviser selects portfolio securities by evaluating a company's positioning and the resources that it currently expends on research
and development, looking for a significant percentage, or large amount, of capital invested into research and treatment of cancer and
other diseases. The Adviser also considers a company's fundamentals by reviewing its balance sheets, corporate revenues, earnings
and dividends. The Adviser also considers at the amount of capital a company spends on research and development because the
Adviser believes that such expenditures frequently have significant bearing on future growth. The Fund may invest in companies of
any size, including small and medium-size companies. Additionally, the Fund may participate in securities lending arrangements up to
33 1/3% of the securities in its portfolio with brokers, dealers, and financial institutions (but not individuals) to seek to increase the
return on its portfolio.
Decisions to sell the Fund's portfolio holdings are generally triggered by either adequate value being achieved, as determined by the
Adviser, or an adverse change in a company's operating performance or a deterioration of the company's business model. A sell
trigger also may occur if the Adviser discovers a new investment opportunity that it believes is more compelling and represents a
greater risk reward profile than other investment(s) held by the Fund.
The Fund may maintain during a temporary period of abnormal conditions, a significant portion of its total assets in cash and
securities, generally considered to be cash and cash equivalents, including, but not limited to: high quality, U.S. short-term debt
securities and money market instruments. The Adviser will invest in such short-term cash positions to the extent the Adviser is unable
to find sufficient investments meeting its criteria and when the Adviser believes the purchase of additional equity securities would not
further the investment objective of the Fund during such periods of time. Additionally, to respond to adverse market, economic,
political or other conditions, which may persist for short or long periods of time, the Fund may invest up to 100% of its assets in the
types of high quality, U.S. short-term debt securities and money market instruments described above.
If the market advances during periods when the Fund is holding a large cash position, the Fund may not participate in the positive
performance as much as it would have if it had been more fully invested in securities. During the temporary periods mentioned in the
paragraph above, the Adviser believes that an additional amount of liquidity in the Fund is desirable both to meet operating
requirements and to take advantage of new investment opportunities. When the Fund holds a significant portion of assets in cash and
cash equivalents, it may not meet its investment objective.
The Fund will concentrate its investments (i.e., hold more than 25% of its total assets) in companies engaged in the Medical Research,
Pharmaceutical and Technology Industries and related medical technology industries, generally, with an emphasis toward companies
engaged in cancer research and drug development.
The Fund is classified as a "non-diversified" investment company under the Investment Company Act of 1940 (the "1940 Act").
Principal Investment Risks
The principal risks of investing in the Fund are summarized below. The principal risks are presented in alphabetical order to facilitate
finding particular risks and comparing them with the risks of other funds. Each risk summarized below is considered a "principal risk"
of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a
portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund's net asset value ("NAV"), trading
price, yield, total return and/or ability to meet its investment objective. The following risks could affect the value of your investment in
the Fund:
•Active Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser's
success or failure to implement investment strategies for the Fund. The Adviser's evaluations and assumptions regarding
investments, interest rates, inflation, and other factors may not successfully achieve the Fund's investment objective given actual
market conditions. The Adviser seeks to select for the Fund equity securities of companies that it expects to benefit, either directly
or indirectly, from rising prices of real assets that are sensitive to inflationary pressures. To the extent the Adviser's expectations
for increases in the prices of real assets do not materialize (for example, because inflation did not materially increase for a period
of time), the Fund may underperform other funds. Similarly, if the Adviser's judgments about the extent to which a company will
benefit from increases in the prices of real assets prove to be incorrect, the value of such companies, and consequently the Fund,
may decline.
•Associated Risks of Investing in the Medical Industry. Medical and pharmaceutical-related companies in general are subject to
the rate of change in technology, which is generally higher than that of other industries. Similarly, cancer research-related
industries use many products and services of companies engaged in medical and pharmaceutical-related activities and are also
subject to relatively high risks of rapid obsolescence caused by progressive scientific and technological advances. Additionally, it
is possible that a medical device or product may fail after its research period; such research period may involve substantial
research, testing and development time and the development company may incur significant costs. Further, the medical research
and development industry is subject to strict regulatory scrutiny and ongoing legislative action.
•Below Investment Grade Bonds Risk. The Fund's investments in below investment grade bonds are subject to a greater risk of
loss of income and principal than higher grade debt securities. The Fund's investments in below investment grade bonds also
subject the Fund to greater levels of interest rate, credit and liquidity risk than funds that do not invest in such securities. Issuers of
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below investment grade bonds are often highly leveraged and are more vulnerable to changes in the economy. These securities are
considered predominately speculative with respect to the issuer's continuing ability to make principal and interest payments.
•Concentration Risk. The Fund expects to have concentrated (i.e., invest more than 25% of its net assets) investment exposure to
companies in the Medical Research, Pharmaceutical and Technology Industries. As a result, it is more vulnerable to adverse
market, economic, regulatory, political or other developments affecting the Medical Research, Pharmaceutical and Technology
Industries than a fund that invests its assets in a more diversified manner. Companies in the Medical Research, Pharmaceutical
and Technology Industries, as traditionally defined, spend heavily on research and development, and their products or services
may not prove commercially successful or may become obsolete quickly. These industries are subject to a significant amount of
governmental regulation, and changes in governmental policies and the need for regulatory approvals may have a material adverse
effect on these industries. This regulation requires significant investments in time and funds to maintain compliance. The process
of obtaining government approvals can be long and costly, and the process is accompanied by significant uncertainty. Companies
in which the Fund may invest in may not currently have any marketed or approved products and may never have marketed or
approved products; companies may not be able to maintain any regulatory approvals that they obtain for their products or their
products may not be accepted by patients or providers. In addition, unanticipated problems often arise in connection with the
development and marketing of new products, and many such efforts are ultimately unsuccessful. Companies in these sectors may
not be able to obtain adequate pricing and reimbursement levels for any marketed products, impeding their ability to generate a
profit. Companies may also have difficulty manufacturing, marketing, and distributing their products, or may have regulatory
authority-imposed restrictions on their ability to do so. Companies may further face product liability and other actions should their
products be less safe or efficacious than believed, should they be deemed to have engaged in misleading practices, or should a
person that received their product otherwise experience harm or injury. Moreover, companies in the pharmaceutical industries are
subject to competitive forces that may make it difficult to raise prices and, in fact, may result in price discounting and rebating.
The profitability of some companies in these industries may be dependent on a relatively limited number of products. In addition,
their products can become obsolete due to industry innovation, changes in technologies, or other market developments.
Pharmaceutical products are subject to government approvals, regulation, and reimbursement rates.
•Convertible Securities Risk. Convertible securities are subject to the risks affecting both equity and fixed income securities,
including market, credit, liquidity and interest rate risk.
•Counterparty Risk. The Fund may engage in transactions in securities and financial instruments that involve counterparties.
Counterparty risk is the risk that a counterparty (the other party to a transaction or an agreement, or the party with whom the Fund
executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement
payments contemplated by such arrangements or otherwise to meet its contractual obligations (i.e., counterparty credit risk). If the
counterparty becomes bankrupt or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other
obligations to the Fund, the Fund may not receive the full amount it is entitled to receive or may experience delays in recovering
the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your Shares in the Fund will
decrease.
•Currency Exchange Rate Risk. The Fund may invest in investments denominated in non-U.S. currencies or in securities that
provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect
the value of the Fund's investment and the value of your Shares. Currency exchange rates can be very volatile and can change
quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you
may lose money.
• Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets or proprietary
information, or cause the Fund, the Adviser, and/or other service providers (including custodians and financial intermediaries) to
suffer data breaches or data corruption. Additionally, cybersecurity failures or breaches of the electronic systems of the Fund, the
Adviser, the Fund's other service providers, market makers, Authorized Participants ("APs"), the Fund's primary listing
exchange, or the issuers of securities in which the Fund invests have the ability to disrupt and negatively affect the Fund's
business operations, including the ability to purchase and sell Shares, potentially resulting in financial losses to the Fund and its
shareholders.
•Depositary Receipt Risk. Depositary receipts, including ADRs, GDRs, and IDRs, involve risks similar to those associated with
investments in foreign securities, such as changes in political or economic conditions of other countries and changes in the
exchange rates of foreign currencies. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies, and
entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares ("Underlying Shares"). When
the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to
the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares.
Because the Underlying Shares trade on foreign exchanges that may be closed when the Fund's primary listing exchange is open,
the Fund may experience premiums and discounts greater than those of funds without exposure to such Underlying Shares.
•Derivatives Risk. Put and call options are referred to as "derivative" instruments since their values are based on, or derived from,
an underlying reference asset, such as an index. Derivatives can be volatile, and a small investment in a derivative can have a
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large impact on the performance of the Fund as derivatives can result in losses in excess of the amount invested. The return on a
derivative instrument may not correlate with the return of its underlying reference asset. Derivative instruments may be difficult to
value and may be subject to wide swings in valuations caused by changes in the value of the underlying instrument. Other risks of
investments in derivatives include risks that the transactions may result in losses that partially or completely offset gains in
portfolio positions, risks associated with leverage, and risks that the derivative transaction may not be liquid.
• Equity Securities Risk. The equity securities held in the Fund's portfolio may experience sudden, unpredictable drops in value or
long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting
specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock
market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers
change. Preferred stocks are subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that
participation in the growth of an issuer may be limited.
•ETF Risks. The Fund is an ETF and, as a result of its structure, is exposed to the following risks:
◦Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of
financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity
providers in the marketplace. Shares may trade at a material discount to NAV and possibly face delisting if either: (i) APs
exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to
perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business
activities and no other entities step forward to perform their functions.
◦Costs of Buying or Selling Shares Risk. Due to the costs of buying or selling Shares, including brokerage commissions
imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an
investment in Shares may not be advisable for investors who anticipate regularly making small investments.
◦Shares May Trade at Prices Other Than NAV Risk. As with all ETFs, Shares may be bought and sold in the secondary market
at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be
times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount)
due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market
volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary
market, in which case such premiums or discounts may be significant. Because securities held by the Fund may trade on
foreign exchanges that are closed when the Fund's primary listing exchange is open, the Fund is likely to experience
premiums or discounts greater than those of ETFs that invest in and hold only securities and other investments that are listed
and trade in the U.S.
◦Trading Risk. Although Shares are listed for trading on The Nasdaq Stock Market, LLC (the "Exchange") and may be traded
on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on
any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's
underlying portfolio holdings, which can be significantly less liquid than the Shares.
• Fixed Income Securities Risk. Generally, the value of fixed income securities will change inversely with changes in interest
rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the
market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term
securities. In recent periods, governmental financial regulators, including the U.S. Federal Reserve, have taken steps to decrease
interest rates. Changes in government intervention may have adverse effects on investments, volatility, and the liquidity of debt
markets.
◦ Call Risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may "call" or repay the
security prior to its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a
decline in the Fund's income.
◦ Credit Risk. Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and
principal when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also
affect the value of an investment in that issuer.
◦ Extension Risk. When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated,
causing the value of these securities to fall.
◦Income Risk. The Fund's income may decline if interest rates fall. The risk of decline in income is heightened when fixed
income instruments held by the Fund have floating or variable interest rates.
◦ Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As
interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market
value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term
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securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt
markets.
◦Prepayment Risk. When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally
anticipated, and the proceeds may have to be invested in securities with lower yields.
• Foreign Securities Risk. Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S.
securities. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in
currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); differing
accounting, auditing, financial reporting, and legal standards and practices; differing securities market structures; and higher
transaction costs. In addition, the securities of some foreign companies may be less liquid and, at times, more volatile than
securities of comparable U.S. companies.
•Inverse and Inverse Leveraged ETF Risk. Inverse and inverse leveraged ETFs expose the Fund to all of the risks that
traditional ETFs present. Inverse ETFs seek to provide investment results that match a negative (i.e., the opposite) of the
performance of an underlying asset class. Leveraged inverse ETFs seek to provide investment results that match a negative
multiple of the performance of an underlying asset class. These types of ETFs rely to some degree, often extensively, on
derivatives to achieve their objectives and, thus, the Fund is indirectly exposed to derivatives risk through its investments in these
ETFs. Inverse and inverse leveraged ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on
a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the
performance (or inverse of the performance) of their underlying asset class during the same period of time. This effect can be
magnified during longer holding periods and in volatile markets. Consequently, these investment vehicles may be extremely
volatile and can potentially expose the Fund to complete loss of its investment.
• Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's
returns because the Fund may be unable to transact at advantageous times or prices.
•Market Capitalization Risk.
◦Mid-Capitalization Investing Risk. The securities of mid-capitalization companies may be more vulnerable to adverse issuer,
market, political, or economic developments than securities of large-capitalization companies. The securities of mid-
capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes
than large-capitalization stocks or the stock market as a whole. Some mid-capitalization companies have limited product
lines, markets, financial resources, and management personnel and tend to concentrate on fewer geographical markets relative
to large-capitalization companies.
◦ Small-Capitalization Investing Risk. The securities of small-capitalization companies may be more vulnerable to adverse
issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities
of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price
changes than large- or mid-capitalization stocks or the stock market as a whole. Some small-capitalization companies have
limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets
relative to larger capitalization companies. There is typically less publicly available information concerning smaller-
capitalization companies than for larger, more established companies. Small-capitalization companies also may be
particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.
• Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors
include events impacting the entire market or specific market segments, such as political, market and economic developments, as
well as events that impact specific issuers. The Fund's NAV and market price, like security and commodity prices generally, may
fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods
of time. In addition, government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade
restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including
geopolitical), social, public health, market, extreme weather, natural or man-made disasters, or other conditions or events have in
the past and may in the future result in volatility in financial markets and reduced liquidity in equity, credit, and/or debt markets,
which could adversely impact the Fund and its investments and their value and performance. These developments as well as other
events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the
normal operations of securities exchanges and other markets.
•Non-Diversification Risk. Because the Fund is "non-diversified," it may invest a greater percentage of its assets in the securities
of a single issuer or a lesser number of issuers than if it was a diversified fund. As a result, the Fund may be more exposed to the
risks associated with and developments affecting an individual issuer or a lesser number of issuers than a fund that invests more
widely. This may increase the Fund's volatility and cause the performance of a relatively small number of issuers to have a
greater impact on the Fund's performance.
•Options Risk. The prices of options may change rapidly over time and do not necessarily move in tandem with the price of the
underlying securities. Selling call options reduces the Fund's ability to profit from increases in the value of the Fund's equity
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portfolio, and purchasing put options may result in the Fund's loss of premiums paid in the event that the put options expire
unexercised. To the extent that the Fund reduces its put option holdings relative to the number of call options sold by the Fund,
the Fund's ability to mitigate losses in the event of a market decline will be reduced. When the Fund sells an option, it gains the
amount of the premium it receives, but also incurs a liability representing the value of the option it has sold until the option is
either exercised and finishes "in the money," meaning it has value and can be sold, or the option expires worthless, or the
expiration of the option is "rolled," or extended forward. The value of the options in which the Fund invests is based partly on the
volatility used by market participants to price such options (i.e., implied volatility). Accordingly, increases in the implied
volatility of such options will cause the value of such options to increase (even if the prices of the options' underlying stocks do
not change), which will result in a corresponding increase in the liabilities of the Fund under such options and thus decrease the
Fund's NAV.
• Other Investment Companies Risk. The risks of investment in other investment companies, including ETFs, typically reflect the
risks of the types of instruments in which the investment companies invest. By investing in another investment company, the Fund
becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other
investment company. Investments in ETFs are also subject to the "ETF Risks" described above. The Fund may also invest in
investment companies that pursue inverse investment strategies. Such investment companies are very different from most mutual
funds or ETFs in that they seek to provide inverse investment results on a daily basis and are intended to be used as short-term
trading vehicles. Such funds are not intended to be used by, and are not appropriate for, investors who do not intend to actively
manage and monitor their portfolios.
•Securities Lending Risk. To the extent the Fund engages in securities lending, there are certain risks associated with securities
lending, including the risk that the borrower may fail to return the securities on a timely basis or even the loss of rights in the
collateral deposited by the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a
decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash
collateral. As a result, the Fund may lose money.
• Short Selling Risk. Short selling is generally considered speculative, has the potential for unlimited loss and may involve
leverage, which can magnify the Fund's exposure to assets that decline in value and increase the volatility of the Fund's net asset
value. If the price of a security which the Fund has sold short increases between the time of the short sale and when the position is
closed out, the Fund will incur a loss equal to the increase in price from the time of the short sale plus any related interest
payments, dividends, transaction or other costs. There can be no assurance that the Fund will be able to close out a short position
at any particular time or at an acceptable price. Purchasing a security to cover a short position can itself cause the price of the
security to rise, potentially exacerbating a loss or reducing a gain. In addition, the Fund is subject to the risk that the lender of a
security will terminate the loan at a time when the Fund is unable to borrow the same instrument from another lender. A fund that
uses short sales is subject to the risk that its prime broker will be unwilling or unable to perform its contractual obligations.
Regulatory restrictions limit the extent to which the Fund may engage in short sales.
•Tax Risk. The use of derivatives strategies, such as writing (selling) and purchasing options, involves complex rules that will
determine for income tax purposes the amount, character and timing of recognition of the gains and losses the Fund realizes in
connection therewith. The Fund expects to generate premiums from its sale of options. These premiums typically will result in
short-term capital gains for federal income tax purposes. In addition, equity securities that are hedged with put options may not be
eligible for long-term capital gains tax treatment, as qualified dividend income for individual shareholders or eligible for the
dividends received deduction applicable to corporate shareholders.
•Temporary Defensive Position Risk. If the Fund takes a temporary defensive position, it may invest all or a large portion of its
assets in cash and/or cash equivalents. If the Fund takes a temporary defensive position, it may not achieve its investment
objective.
Performance
The performance information presented below provides some indication of the risks of investing in the Fund by showing the extent to
which the Fund's performance can change from year to year and over time. The Fund commenced operations after the assets of
another investment company advised by the Adviser, the Kinetics Medical Fund (the "Predecessor Fund"), were transferred to the
Fund in a tax-free reorganization as of the close of business on January 27, 2023 (the "Reorganization Date"). The Fund has the same
investment objective and substantially similar investment strategies as those of the Predecessor Fund. Accordingly, the performance
shown in the bar chart and performance table for periods prior to the Reorganization Date represents the performance of the
Predecessor Fund (represented by the performance of the Predecessor Fund's No Load Class of Shares). The table shows the Fund's
average annual total returns for the 1-year, 5-year, 10-year and since inception periods compared with those of the S&P 500® TR
Index, a broad-based securities market index intended to represent the overall domestic equity market. Performance for the Fund
following the Reorganization Date has been adjusted to reflect the Fund's lower expense ratio. Had the Predecessor Fund been
structured as an ETF, its performance may have differed. Performance for the Predecessor Fund prior to the Reorganization Date is
based on the NAV per share of the Predecessor Fund shares rather than on market-determined prices. The Fund's and Predecessor
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Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated
performance information is available on the Fund's website at www.horizonkinetics.com.
Calendar Years Total Returns
During the period of time shown in the bar chart, the highest quarterly return was 15.05% (for the quarter ended June 30, 2021) and
the lowest quarterly return was -12.89% (for the quarter ended December 31, 2024).
Average Annual Total Returns
(for periods ended December 31, 2025)
One Year
Five Years
Ten Years
Since
Inception*
Return Before Taxes
28.45%
5.80%
5.67%
8.47%
Return After Taxes on Distributions
28.08%
5.23%
4.53%
7.70%
Return After Taxes on Distributions and Sale of Shares
17.11%
4.46%
4.24%
7.20%
S&P 500® TR Index
(reflects no deduction for fees, expenses, or taxes)
17.88%
14.42%
14.82%
8.57%
* The Predecessor Fund commenced operations on September 30, 1999.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by
the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and
may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred
arrangements such as an individual retirement account ("IRA") or other tax-advantaged accounts. In certain cases, the figure
representing "Return After Taxes on Distributions and Sale of Shares" may be higher than the other return figures for the same period.
A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the
investor.
Portfolio Management
Adviser
Horizon Kinetics Asset Management LLC
Portfolio Managers
Peter B. Doyle, Co-Founder and Co-Chief Executive Officer, has been a portfolio manager of the Fund
since January 2023 and was a Portfolio Manager of the Predecessor Fund since its inception in September
1999 through the Reorganization Date. Steven Tuen, Portfolio Manager, James Davolos, Portfolio
Manager, and Brandon Colavita, Portfolio Manager, have been portfolio managers of the Fund since April
2026.
Purchase and Sale of Shares
The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-
dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities and/
or a designated amount of U.S. cash.
Shares are listed on an Exchange, and individual Shares may only be bought and sold in the secondary market through a broker or
dealer at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater
than NAV (premium) or less than NAV (discount).
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An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (the
"bid" price) and the lowest price a seller is willing to accept for Shares (the "ask" price) when buying or selling Shares in the
secondary market. The difference in the bid and ask prices is referred to as the "bid-ask spread."
Recent information regarding the Fund's NAV, market price, how often Shares traded on an Exchange at a premium or discount, and
bid-ask spreads can be found on the Fund's website at www.horizonkinetics.com.
Tax Information
The Fund's distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination),
unless your investment is held in an IRA or other tax-advantaged account. Distributions on investments made through tax-deferred
arrangements may be taxed later upon withdrawal of assets from those accounts.
Financial Intermediary Compensation
If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Adviser or its
affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to
make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as
marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of
interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such
arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.
Listed Funds Trust published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 30, 2026 at 21:14 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]