Fund Description: TrueShares Structured Outcome (September) 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 TrueShares Structured Outcome (September) ETF seeks to provide investors with returns (before fees and expenses) that track those of the S&P 500 Price Return Index while seeking to provide a buffer against the first 8% to 12% of S&P 500 Price Index losses, over the period from September 1, 2020 to August 31, 2021. The Fund is an actively managed ETF and thus, does not seek to replicate the performance of a specific index, but rather uses an active investment strategy to meet its investment objective, however, an actively managed ETF may have an index-based benchmark. Accordingly, the ETF’s investment advisor has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective and investment policies. INDEX DESCRIPTION: The S&P 500 Price Return Index FUND STRATEGY: The Fund seeks to achieve its investment objective by investing substantially all of its assets in options that reference the S&P 500 Price Index. FUND MANAGEMENT: