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 Blockchain Development ETF (BCDF)
Listed on NYSE Arca, Inc.
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/bcdf/. 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
The Horizon Kinetics Blockchain Development ETF (the "Blockchain Development ETF" or the "Fund") seeks 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 7% of the average value of its portfolio.
Principal Investment Strategies
The Fund is an actively managed exchange-traded fund ("ETF") that will invest primarily in equity securities of listed domestic and
foreign Blockchain Development Companies (as the term is defined below), American Depository Receipts ("ADRs") and Global
Depository Receipts ("GDRs"), that Horizon Kinetics Asset Management LLC, the Fund's investment adviser (the "Adviser"),
expects to benefit, either directly or indirectly, from the use of blockchain technology in connection with the issuance, facilitation,
custody, trading and administration of digital assets, including cryptocurrencies. A blockchain is a peer-to-peer ledger of immutable
transactions consolidated into digital "blocks" of data; the "blocks" are cryptographically linked consecutively into a chronological
"chain," meaning that each new block references the transactions in the previous block of data. The Fund defines "digital assets" as
digital (i.e., non-tangible) representations of various assets (e.g., goods, resources, objects) and defines "cryptocurrency" (also referred
to as "virtual currency" and "digital currency") as digital assets designed to act as a medium of exchange. The Fund does not invest
directly in cryptocurrencies or initial coin offerings and as a result, its performance does not seek to, and should not be
expected to, correspond to the performance of any particular cryptocurrency.
Blockchain Development Companies may include companies that (i) verify and add digital asset transactions to a blockchain ledger
(i.e., digital asset mining), or that produce technology used in digital asset mining, (ii) operate trading platforms/exchanges, asset
managers, custodians, wallets, and/or payment gateways or processors for digital assets issued on a blockchain, (iii) develop and
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distribute applications and software services related to blockchain technology and digital assets issued on a blockchain, including
smart contracts, (iv) manufacture and distribute infrastructure and/or hardware used for blockchain activities and digital assets issued
on a blockchain, or (v) provide engineering and consulting services for the adoption and utilization of blockchain technology and
digital assets issued on a blockchain. A Blockchain Development Company may also include domestic and foreign pooled investment
vehicles, including listed investment companies and other types of exchange-traded products ("ETPs").
In selecting individual securities for the Fund's portfolio, the Adviser employs a value-driven, "bottom-up" or fundamental approach.
The Adviser's research and analysis leverages insights from diverse sources, including internal research, to develop and refine its
investment themes for the Fund and identify and take advantage of trends that are expected to benefit individual companies or broader
sub-industries. The Adviser expects to sell portfolio holdings when it determines that they no longer fit the Adviser's investment thesis
and/or are no longer attractively valued.
The Fund's portfolio generally will include the securities of approximately 20 to 50 issuers, and those issuers may represent any
combination of small-, mid-, or large-capitalization companies at any point in time. The Fund anticipates having significant exposure
to issuers operating and/or organized in Canada. The Fund may invest in issuers in developed, emerging markets, and frontier markets.
Frontier markets and emerging market countries are those countries with low- and middle-income economies, respectively, as
classified by the World Bank, or included in any of the Morgan Stanley Capital International (MSCI) frontier markets or emerging
markets indices.
Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in Blockchain
Development Companies. A Blockchain Development Company means a company that has (i) publicly disclosed its commitment to
the development and use of blockchain technologies, (ii) organized a separate identifiable business line or legal entity for the purpose
of developing and using blockchain technologies, (iii) been defined by one or more published indices or classified by one or more
industry classification schemes as a blockchain company, or (iv) that the Adviser believes provides significant exposure to other
Blockchain Development Companies. When considering whether a company has significant exposure to other Blockchain
Development Companies under (iv) above, the Adviser considers a number of factors, including, among others, the size of a
company's investment in Blockchain Development Companies, a company's publicly disclosed commitment to investing in or
otherwise supporting Blockchain Development Companies, and the revenue or investment return attributable to the company's
investment in Blockchain Development Companies.
The Fund also may invest in the securities of issuers the Adviser believes are actively engaged in the development and use of
blockchain technologies, but which do not meet the criteria specified above in the Fund's definition of Blockchain Development
Companies, and anticipates investing in cash and cash equivalents on a day-to-day basis.
Additionally, the Fund may invest a percentage of its assets (generally, no more than 5% at time of investment) in shares of one or
more exchange-traded products that primarily hold cryptocurrencies or investments that derive their value from such cryptocurrencies
(collectively, "Digital Currency ETPs"). Digital Currency ETPs are not registered investment companies under the Investment
Company Act of 1940 (the "1940 Act") and thus, do not afford investors, including the Fund, the investor protections of the 1940 Act.
Digital Currency ETPs are generally unmanaged (i.e., the digital currency held by the Digital Currency ETP is not managed to achieve
any particular result) or passively managed (i.e., the Digital Currency ETP is managed to seek to track the performance, before fees
and expenses, of one or more digital currencies), and do not seek to outperform any segment of the market or the market as a whole.
This means that the sponsor of a Digital Currency ETP generally does not sell a digital currency at times when its price is high or
acquire the digital currency when its prices are low to benefit from future price increases. Although the shares of a Digital Currency
ETP are not the exact equivalent of a direct investment in the underlying digital currency, they provide an alternative that constitutes a
relatively cost-effective way to obtain exposure to one or more digital currencies through the securities market. Digital currencies are a
type of crypto asset that are not issued by a government, bank or central organization.
As of March 31, 2026, the Fund expects to have significant exposure to companies in the Communication Services, Financial, and
Information Technology Sectors.
The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single issuer or smaller
number of issuers than diversified funds. The Fund will concentrate its investments in issuers in the Capital Markets Industry within
the Financials Sector, as classified by the Global Industry Classification Standard (GICS®).
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
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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 Risk of Investing in Blockchain Development Companies. The Fund will invest in Blockchain Development
Companies. At times, Blockchain Development Companies may be out of favor and underperform other industries or groups of
industries or the market as a whole. In such event, the value of the Shares may rise and fall more than the value of shares of a fund
that invests in securities of companies in a broader range of industries. An investment in a Blockchain Development Company
may be subject to the following risks:
◦Risk that Blockchain Technology is New and Many of its Uses May be Untested. The mechanics of using blockchain
technology to transact in digital or other types of assets, such as securities or derivatives, is relatively new and untested.
There is no assurance that widespread adoption will occur. A lack of expansion in the usage of blockchain technology could
adversely affect Blockchain Development Companies.
◦Theft, Loss or Destruction Risk. Transacting on a blockchain depends in part specifically on the use of cryptographic keys
that are required to access a user's account (or "wallet"). The theft, loss, or destruction of these keys could adversely affect a
user's ownership claims over an asset or a company's business or operations if it was dependent on the blockchain.
◦Competing Platforms, Technologies, and Patents Risk. The development and acceptance of competing platforms or
technologies may cause consumers or investors to use an alternative to blockchains. Further, if one or more other persons,
companies or organizations has or obtains a valid patent covering technology critical to the operation of one or more of a
Blockchain Development Company's business lines, there can be no guarantee that such an entity would be willing to license
such technology at acceptable prices or at all, which could have a material adverse effect on the Blockchain Development
Company's business, financial condition and results of operations.
◦Cybersecurity Incidents Risk. Cybersecurity incidents may compromise an issuer, its operations, or its business.
Cybersecurity incidents may also specifically target a user's transaction history, digital assets, or identity, thereby leading to
privacy concerns. In addition, certain features of blockchain technology, such as decentralization, open source protocol, and
reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of
a coordinated response. Additionally, blockchain functionality relies on the Internet. A significant disruption of Internet
connectivity affecting large numbers of users or geographic areas could impede the functionality of blockchain technologies.
◦Emerging Technologies Investment Risk. The Fund invests primarily to gain exposure to the emerging technologies and
related activities in the blockchain and digital assets ecosystems. Companies across a wide variety of industries, primarily in
the technology, finance, and entertainment sectors, are exploring the possible applications of these technologies. Blockchain
technology may never develop an optimization process that may lead to increased economic returns from which the Fund
seeks to benefit. The extent of such technologies' versatility has not yet been fully explored. Consequently, the Fund's
holdings may include equity securities of operating companies that have exposure to a wide variety of industries, and the
economic fortunes of certain companies held by the Fund may be significantly tied to such industries. Currently, there are
few public companies for which these emerging technologies represent an attributable and significant revenue or profit
stream, and such technologies may not ultimately have a material effect on the economic returns of companies in which the
Fund invests.
◦Financial Technology Risk. Companies that are developing financial technologies that seek to disrupt or displace established
financial institutions generally face competition from much larger and more established firms. Such companies may not be
able to capitalize on their disruptive technologies if they face political and/or legal attacks from competitors, industry groups
or local and national governments. Laws generally vary by country, creating some challenges to achieving scale. A financial
technology company may not currently derive any revenue, and there is no assurance that such company will derive any
revenue from innovative technologies in the future. Additionally, financial technology companies may be adversely impacted
by potential rapid product obsolescence, cybersecurity attacks, increased regulatory oversight and disruptions in the
technology they depend on.
◦Key Personnel Risk. Blockchain Development Companies rely on highly skilled financial service professionals and software
engineers. Because of competition from other firms, Blockchain Development Companies may face difficulties in recruiting
and retaining professionals of a caliber consistent with their business strategy in the future. The inability to successfully
identify and retain qualified professionals could materially and adversely affect the growth, operations, or financial condition
of the company.
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◦Lack of Liquid Markets, and Possible Manipulation of Blockchain-Based Assets Risk. Digital assets that are represented and
trade on a blockchain may not necessarily benefit from viable trading markets. Stock exchanges have listing requirements and
vet issuers, and perhaps users. These conditions may not necessarily be replicated on a blockchain, depending on the
platform's controls and other policies. The more lenient a blockchain is about vetting issuers of digital assets or users that
transact on the platform, the higher the potential risk for fraud or the manipulation of digital assets. These factors may
decrease liquidity or volume, or increase volatility of digital securities or other assets trading on a blockchain.
◦Lack of Regulation Risk. Digital assets and their associated platforms are largely unregulated, and the regulatory environment
is rapidly evolving. Because blockchain technology works by having every transaction build on every other transaction,
participants can self-police any corruption, which can mitigate the need to depend on the current level of legal or government
safeguards to monitor and control the flow of business transactions. As a result, companies engaged in such blockchain
activities may be exposed to adverse regulatory action, fraudulent activity, or even failure. There can be no guarantee that
future regulation of blockchain technology will not have a negative impact on the value of such technologies and of the
companies in the which the Fund invests.
◦Network Amendment Risk. Significant contributors to any cryptocurrency network could propose amendments to the
respective network's protocols and software that, if accepted and authorized by such network, could adversely affect a
Blockchain Development Company. For example, with respect to the bitcoin network, a small group of individuals contribute
to the bitcoin network's source code. Those individuals can propose refinements or improvements to the bitcoin network's
source code through one or more software upgrades that alter the protocols and software that govern the bitcoin network and
the properties of bitcoin, including the irreversibility of transactions and limitations on the mining of new bitcoin. To the
extent that a significant majority of the users and miners on the bitcoin network install such software upgrade(s), the bitcoin
network would be subject to new protocols and software that may adversely affect Blockchain Development Companies.
◦Non-Fungible Tokens Ecosystem Company Risk. Non-fungible tokens ("NFTs") act like a certificate of authenticity for a
digital record. NFTs may be purchased, sold, or held as an original digital collectible for items such as digital art, music,
videos, or other electronic content. The value of a NFT may decline for short or long periods of time and may be volatile due
to factors such as the desirability of the particular NFT, the availability of other similar NFTs, the accessibility of the
blockchain used by the NFT, and general risks applicable to Blockchain Development Companies. Volatility in the value of
NFTs may have a material adverse effect on a Blockchain Development Company's business, financial condition, and results
of operation. The NFT ecosystem includes those companies that either (i) currently operate services for the issuance, creation,
and commercialization of NFTs and/or (ii) invest in or fund, or will invest in or fund, internal or external projects targeting
the issuance, creation, and commercialization of NFTs that are of material importance to such company.
◦Third Party Product Defects or Vulnerabilities Risk. Where blockchain systems are built using third party products, those
products may contain technical defects or vulnerabilities beyond a company's control. Open-source technologies that are used
to build a blockchain application may also introduce defects and vulnerabilities.
◦Reliance on Cryptocurrency Risk. Certain Blockchain Development Companies may rely on the success of the digital
currency industry, the development and acceptance of which is subject to a variety of factors that are difficult to evaluate.
Though there are many applications of blockchain technology outside of the digital currency industry, digital currencies
remain a key driver of interest in blockchain technology. Cryptocurrency is an emerging asset class. There are thousands of
cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency generally operates without a central authority
(such as a bank) and is not backed by any government. Cryptocurrency is not legal tender. Federal, state and/or foreign
governments may restrict the use and exchange of cryptocurrency, and regulation in the United States is still developing. The
market price of bitcoin has been subject to extreme fluctuations. Similar to fiat currencies (i.e., a currency that is backed by a
central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss, and
destruction. Cryptocurrency exchanges and other trading venues on which cryptocurrencies trade are relatively new and, in
most cases, largely unregulated and may therefore be more exposed to fraud and failure than established, regulated exchanges
for securities, derivatives and other currencies. Cryptocurrency exchanges may stop operating or permanently shut down due
to fraud, technical glitches, hackers, or malware, which may also affect volatility.
◦Exposure to Cryptocurrency Risk. The Fund may have exposure to cryptocurrencies indirectly through investment in
individual Blockchain Development Companies that have either direct or indirect exposure to cryptocurrencies, including
cryptocurrencies other than bitcoin. To date, cryptocurrency markets have experienced extreme fluctuations and generally are
characterized by significant volatility. The prices of cryptocurrencies could fall sharply (potentially to zero) for various
reasons, including, but not limited to, regulatory changes, issues impacting the distributed ledger networks, events involving
entities that facilitate transactions in cryptocurrency, or changes in user preferences in favor of alternative cryptocurrencies.
Cryptocurrency exchanges and other trading venues on which cryptocurrencies trade are relatively new and, in most cases,
largely unregulated. As a result, the prices of cryptocurrencies on exchanges may be subject to greater volatility than
traditional assets traded on regulated exchanges. Cryptocurrency exchanges and other trading venues also may be more
vulnerable to fraud and failure, including financial failure due to extreme market volatility, than established, regulated
exchanges for securities, derivatives and other currencies. The Fund's investments in Blockchain Development Companies
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with significant direct and indirect exposure to cryptocurrencies expose the Fund to all of the risks related to cryptocurrencies
described above in addition to the risks related to the Blockchain Development Companies. Cryptocurrency volatility may
have a material adverse effect on a Blockchain Development Company's business, financial condition, and results of
operation.
◦Line of Business Risk. Some Blockchain Development Companies are engaged in other lines of business unrelated to
blockchain and these lines of business could adversely affect their operating results. The operating results of these companies
may fluctuate as a result of these additional risks and events in the other lines of business. In addition, a company's ability to
engage in new activities may expose it to business risks with which it has less experience than it has with the business risks
associated with its traditional businesses. Despite a company's possible success in activities linked to its use of blockchain,
there can be no assurance that the other lines of business in which these companies are engaged will not have an adverse
effect on a company's business or financial condition.
•Bitcoin-Linked ETP Risk. The Fund may invest in shares of exchange-traded products that primarily hold bitcoin or investments
that derive their value from bitcoin ("Bitcoin-linked ETPs", a type of Digital Currency ETP), which are not registered under the
1940 Act or commodity pools under the Commodity Exchange Act and thus do not have the protections associated with
registration under these laws. Bitcoin-linked ETPs hold spot bitcoin and cash or gain exposure to bitcoin through investments that
derive their value from bitcoin. ETP shares trade like exchange-traded funds on a national securities exchange. The price of a
Bitcoin-linked ETP is derived from and based upon the value of spot Bitcoin and cash held by the Bitcoin-linked ETP. However,
shares of Bitcoin-linked ETPs are not traded at net asset value, but may trade at prices above or below the value of their
underlying portfolios. The level of risk involved in the purchase or sale of a Bitcoin-linked ETPs is similar to the risk involved in
the purchase or sale of an exchange traded fund, except that the pricing mechanism for a Bitcoin-linked ETP is based on a basket
of Bitcoin and cash. Thus, the risks of owning an ETF generally reflect the risks of owning the underlying Bitcoin and cash that
the Bitcoin-linked ETP holds. In addition, Bitcoin-linked ETPs are relatively new investment products, launching in January
2024, and have limited operating histories. Because Bitcoin-linked ETPs are relatively new products, their shares may have a lack
of liquidity, which could result in the market price of the Bitcoin-linked ETP's shares being more volatile than the underlying
portfolio of Bitcoin and cash. In addition, disruptions in the markets for Bitcoin could result in losses on investment in Bitcoin-
linked ETPs. Further, an actual trading market may not develop for Bitcoin-linked ETP shares and the listing exchange may halt
trading of a Bitcoin-linked ETP's shares. Bitcoin-linked ETPs are subject to management fees and other fees that may increase
their costs versus the costs of owning Bitcoin directly. The Fund will indirectly bear its proportionate share of management fees
and other expenses that are charged by Bitcoin-linked ETPs in addition to the management fees and other expenses paid by the
Fund. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of Bitcoin-linked ETPs.
In addition, Bitcoin-linked ETPs have a limited number of financial institutions that may act as authorized participants ("APs")
and there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent that (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 such functions, shares may trade at a material discount to net asset value and shares
could face trading halts and/or delisting.
•Concentration Risk. The Fund expects to have concentrated (i.e., invest more than 25% of its net assets) investment exposure to
companies in the Capital Markets Industry, an industry within the Financials Sector. As a result, the Fund is more vulnerable to
adverse market, economic, regulatory, political or other developments affecting the Capital Markets Industry than a fund that
invests its assets in a more diversified manner. Global financial markets and economic conditions have been, and may continue to
be, volatile due to a variety of factors, including significant write-offs in the Financials Sector. In particular, concerns about the
general stability of financial markets and specifically the solvency of lending counterparties, may impact the cost of raising capital
from the credit markets through increased interest rates, tighter lending standards, difficulties in refinancing debt on existing terms
or at all and reduced, or in some cases ceasing to provide, funding to borrowers.
•Currency Exchange Rate Risk. The Fund may invest a relatively large percentage of its assets 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.
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•Depositary Receipt Risk. Depositary Receipts 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.
•Emerging Markets Risk. The Fund may invest in companies organized in emerging market nations. Investments in securities
and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve
additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and
instruments or investments in more developed international markets. Such conditions may impact the ability of the Fund to buy,
sell or otherwise transfer securities, adversely affect the trading market and price for Shares and cause the Fund to decline in
value.
• 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 NYSE Arca, Inc. (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.
• 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.
•Frontier Markets Risk. Certain foreign markets are only in the earliest stages of development and may be considered "frontier
markets." Frontier financial markets generally are less liquid and more volatile than other markets, including markets in
developing and emerging economies. Securities may have limited marketability and be subject to erratic price movements.
Frontier markets may be impacted by political instability, war, terrorist activities and religious, ethnic and/or socioeconomic
unrest. These and other factors make investing in frontier market countries significantly riskier than investing in developed market
or emerging market countries.
•Geographic Investment Risk. To the extent that the Fund invests a significant portion of its assets in the securities of companies
of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. For
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example, political and economic conditions and changes in regulatory, tax, or economic policy in a country could significantly
affect the market in that country and in surrounding or related countries and have a negative impact on the Fund's performance.
Currency developments or restrictions, political and social instability, and changing economic conditions have resulted in
significant market volatility.
◦Risks Related to Investments in Canada. The Fund may have significant exposure to issuers operating and/or organized in
Canada, and, as a result, investment results could be dependent on the financial condition of the Canadian economy. The
Canadian economy is reliant on the sale of natural resources and commodities, which can pose risks such as the fluctuation of
prices and the variability of demand for exportation of such products. Changes in spending on Canadian products by the
economies of other countries or changes in any of these economies may cause a significant impact on the Canadian economy.
•Investment Company Risk. The risks of investing in other investment companies 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. The price of an investment company is derived from and based upon the value of its underlying assets or investments.
However, shares of investment companies that trade on exchanges are not traded at net asset value, but may trade at prices above
or below the value of their underlying portfolios.
•Market Capitalization Risk.
◦Large-Capitalization Investing Risk. The securities of large-capitalization companies may be relatively mature compared to
smaller companies and, therefore, subject to slower growth during times of economic expansion. Large-capitalization
companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and
consumer tastes.
◦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 small-
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.
•Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially
sensitive to developments that significantly affect those sectors. The Fund may invest a significant portion of its assets in the
following sectors and, therefore, the performance of the Fund could be negatively impacted by events affecting each of these
sectors.
8
◦Communication Services Sector Risk. Market or economic factors impacting communication services companies and
companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The
value of stocks of communication services companies and companies that rely heavily on technology is particularly
vulnerable to research and development costs, substantial capital requirements, product and services obsolescence,
government regulation, and domestic and international competition, including competition from foreign competitors with
lower production costs. Stocks of communication services companies and companies that rely heavily on technology,
especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Additionally,
companies in the communication services sector may face dramatic and often unpredictable changes in growth rates and
competition for the services of qualified personnel. While all companies may be susceptible to network security breaches,
certain companies in the communication services sector may be particular targets of hacking and potential theft of proprietary
or consumer information or disruptions in service, which could have a material adverse effect on their businesses.
◦Financials Sector Risk. Performance of companies in the Financials Sector may be adversely impacted by many factors,
including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates,
and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of
more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as
a whole cannot be predicted.
◦Information Technology Sector Risk. Market or economic factors impacting information technology companies and
companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments.
The value of stocks of information technology companies and companies that rely heavily on technology is particularly
vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and
competition, both domestically and internationally, including competition from foreign competitors with lower production
costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of
smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are
heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect
profitability.
• 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.
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 bar chart below shows the Fund's performance for the
most recent calendar years ended December 31. The table illustrates how the Fund's average annual returns for the 1-year and since
inception periods compare with those of the S&P 500® Index, a broad-based securities market index intended to represent the overall
domestic equity market. The table also shows how the Fund's performance compares to the NASDAQ Composite Total Return Index,
an index that provides a broad measure of market performance. The Fund's past performance, before and after taxes, does not
necessarily indicate how it will perform in the future. Updated performance information is available on the Fund's website at
www.horizonkinetics.com.
Calendar Year Returns as of December 31
During the period shown in the bar chart, the best performance for a quarter was 16.87% (for the quarter ended December 31, 2023)
and the worst performance was -2.61% (for the quarter ended September 30, 2023).
9
Average Annual Total Returns
(for the Periods Ended December 31, 2025)
One Year
Since Inception
8/1/22
Return Before Taxes
11.10%
6.82%
Return After Taxes on Distributions
10.13%
6.30%
Return After Taxes on Distributions and Sale of Fund Shares
6.72%
5.13%
S&P 500® Index
(reflects no deduction for fees, expenses, or taxes)
17.88%
17.76%
NASDAQ Composite Total Return Index
(reflects no deduction for fees, expenses, or taxes)
21.14%
21.21%
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
Steven Bregman, Co-Founder and Co-Chief Executive Officer, Peter B. Doyle, Co-Founder and Co-Chief
Executive Officer, James Davolos, Portfolio Manager, and Brandon Colavita, Portfolio Manager, have been
the portfolio managers of the Fund since its inception in August 2022.
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).
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 21:15 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]