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          <cik>0001683471</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
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        <classId>C000260028</classId>
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      <regFileNumber>811-23226</regFileNumber>
      <regCik>0001683471</regCik>
      <regLei>549300C5D73JL0P1YC11</regLei>
      <regStreet1>615 East Michigan Street</regStreet1>
      <regCity>Milwaukee</regCity>
      <regStateConditional regCountry="US" regState="US-WI"/>
      <regZipOrPostalCode>53202</regZipOrPostalCode>
      <regPhone>414-516-1692</regPhone>
      <seriesName>Horizon Kinetics Japan Owner Operator ETF</seriesName>
      <seriesId>S000092105</seriesId>
      <seriesLei>529900NMVE880LQBLG33</seriesLei>
      <repPdEnd>2025-12-31</repPdEnd>
      <repPdDate>2025-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>22753.000000000000</totLiabs>
      <netAssets>21234901.270000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
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        <name>Japan Elevator Service Holding</name>
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      <invstOrSec>
        <name>Tsuburaya Fields Holdings Inc</name>
        <lei>N/A</lei>
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        <name>Sanrio Co Ltd</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Macnica Holdings Inc</name>
        <lei>N/A</lei>
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          <isin value="JP3862960006"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Resorttrust Inc</name>
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          <isin value="JP3974450003"/>
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      </invstOrSec>
      <invstOrSec>
        <name>US BANK MMDA - USBGFS 7</name>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Visional Inc</name>
        <lei>N/A</lei>
        <title>Visional Inc</title>
        <cusip>N/A</cusip>
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          <ticker value="4194"/>
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        <name>Net Protections Holdings Inc</name>
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        <name>Furyu Corp</name>
        <lei>N/A</lei>
        <title>Furyu Corp</title>
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          <ticker value="6238"/>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>OBIC Bus Consult</name>
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        <name>Furuno Electric Co Ltd</name>
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        <name>Yonex Co Ltd</name>
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      <invstOrSec>
        <name>Transaction Co Ltd</name>
        <lei>353800P5SK25ZQ3C7789</lei>
        <title>Transaction Co Ltd</title>
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          <isin value="JP3635670007"/>
          <ticker value="7818"/>
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        <invCountry>JP</invCountry>
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        <name>Smaregi Inc</name>
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        <title>Smaregi Inc</title>
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        <name>U-Next Holdings Co Ltd</name>
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        <name>Tomy Co Ltd</name>
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        <title>Tomy Co Ltd</title>
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        <name>Pan Pacific International Hold</name>
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        <name>M3 Inc</name>
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        <name>Sega Sammy Holdings Inc</name>
        <lei>5493006B6WMKNQ8QNP51</lei>
        <title>Sega Sammy Holdings Inc</title>
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      <invstOrSec>
        <name>AlphaPolis Co Ltd</name>
        <lei>N/A</lei>
        <title>AlphaPolis Co Ltd</title>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Finatext Holdings Ltd</name>
        <lei>N/A</lei>
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          <isin value="JP3803110000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Starts Publishing Corp</name>
        <lei>N/A</lei>
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          <isin value="JP3399210008"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hikari Tsushin Inc</name>
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          <isin value="JP3783420007"/>
          <ticker value="9435"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IG Port Inc</name>
        <lei>N/A</lei>
        <title>IG Port Inc</title>
        <cusip>N/A</cusip>
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          <isin value="JP3833770005"/>
          <ticker value="3791"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ULS Group Inc</name>
        <lei>N/A</lei>
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          <isin value="JP3159910003"/>
          <ticker value="3798"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>M&amp;A Capital Partners Co Ltd</name>
        <lei>N/A</lei>
        <title>M&amp;A Capital Partners Co Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3167320005"/>
          <ticker value="6080"/>
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        <balance>30000.000000000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ceres Inc/Japan</name>
        <lei>N/A</lei>
        <title>Ceres Inc/Japan</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3423570005"/>
          <ticker value="3696"/>
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        <balance>21000.000000000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="147.685000000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Digital Garage Inc</name>
        <lei>353800XMG9BC18FQ8862</lei>
        <title>Digital Garage Inc</title>
        <cusip>N/A</cusip>
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          <isin value="JP3549070005"/>
          <ticker value="4819"/>
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        <balance>15200.000000000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kotobuki Spirits Co Ltd</name>
        <lei>N/A</lei>
        <title>Kotobuki Spirits Co Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3299600001"/>
          <ticker value="2222"/>
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        <balance>42000.000000000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Internet Initiative Japan Inc</name>
        <lei>529900EOCJNAPUHDFR78</lei>
        <title>Internet Initiative Japan Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3152820001"/>
          <ticker value="3774"/>
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        <balance>30000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="147.685000000000"/>
        <valUSD>531909.130000000000</valUSD>
        <pctVal>2.5048815779</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Oro Co Ltd</name>
        <lei>N/A</lei>
        <title>Oro Co Ltd</title>
        <cusip>N/A</cusip>
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          <isin value="JP3201900002"/>
          <ticker value="3983"/>
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        <currencyConditional curCd="JPY" exchangeRt="147.685000000000"/>
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        <pctVal>4.0116369705</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KeePer Technical Laboratory Co</name>
        <lei>N/A</lei>
        <title>KeePer Technical Laboratory Co Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3236320002"/>
          <ticker value="6036"/>
        </identifiers>
        <balance>30000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="147.685000000000"/>
        <valUSD>759725.090000000000</valUSD>
        <pctVal>3.5777189653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-11-24</ncom:dateSigned>
      <ncom:nameOfApplicant>Listed Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/Travis Babich</ncom:signature>
      <ncom:signerName>Listed Funds Trust</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
