Fund Description: Overlay Shares Small Cap Equity ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Listed Funds Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Overlay Shares Small Cap Equity ETF seeks total return. The Fund is an actively managed ETF that combines an index fund with an active overlay, designed to replace both passive and active portfolios benchmarked to the S&P 600. The Adviser has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: The Fund seeks to achieve its objective by (i) investing in one or more other ETFs that seek to obtain exposure to the performance of U.S. small cap equity securities or directly in the securities held by such ETFs (collectively, the Underlying Investments) and (ii) selling and purchasing listed short-term put options to generate income to the Fund (the Overlay Strategy). The Overlay Strategy seeks to generate income for the Fund by utilizing a put spread consisting of the sale of exchange-listed short-term put options (Short Puts) with a notional value (strike price times the value of the shares) up to 100% of the Fund’s net assets and the purchase of an identical number of short-term put options (Long Puts) with a lower strike price. The Fund seeks to generate income from the sale and purchase of put options with a lower strike price to hedge against a decline in the options’ underlying asset, the S&P 500 Index, which consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization. A put option gives the purchaser of the option, in exchange for the premium paid, the right to sell the underlying asset at a specified price (strike price) at a specified date (expiration date). The Fund focuses primarily on equity index options which offer both European settlement and cash settlement. The Adviser employs a disciplined portfolio construction process that relies on guidelines to govern capital allocations based on a quantitative methodology designed by the Adviser to measure the perceived risk of the broad U.S. equity market. In making this determination, the Adviser considers various factors including but not limited to the overall volatility (rate of change) in the markets. FUND MANAGEMENT: Liquid Strategies, LLC serves as the Adviser to the Fund.