B.a.d. ETF

C000232691 Fund Overview

B.a.d. ETF is a US ETF managed by Listed Funds Trust, categorised as Emerging Markets Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Listed Funds Trust
• Category: Emerging Markets Blend / Core Equity
• Assets under management: $10.80M
• 1-year return: 10.8%
• SEC CIK: 0001683471
• SEC series ID: S000074649
• Share class ID: C000232691

C000232691 Investment Objective and Strategy

B.a.d. ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Listed Funds Trust.

Investment objective

The B.A.D. ETF (the Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the EQM BAD Index (the Index).

Principal investment strategy

The Fund uses a passive management (or indexing) approach to seek to track the performance, before fees and expenses, of the Index. The Index is owned by Thematic Investments, LLC (dba The BAD Investment Company) (the Adviser) and administered by EQM Indexes LLC (the Index Provider). EQM BAD Index The Index is a rules-based index that seeks to provide exposure to a portfolio of (i) betting or gambling companies, (ii) alcohol companies, (iii) Canadian cannabis companies (defined by the Fund as cannabis companies listed on a Canadian exchange, domiciled in Canada, and/or located and primarily operating in Canada), and/or (iv) pharmaceutical companies. Construction of the Index begins with a universe of securities of U.S. exchange-listed companies or American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs) of issuers in foreign markets, including emerging market countries.

Emerging market countries are those countries with low- to middle-income economies as classified by the World Bank, or included in any of the Morgan Stanley Capital International (MSCI) emerging markets indices. To qualify for inclusion in the Index, companies must have a minimum six-month average daily traded volume of $1 million. The companies in the investment universe are then screened to identify those that meet at least one of the criteria below (each, a Business Category). The resulting companies comprise the Index. i. Companies that derive a majority of their operating revenue from casinos, gaming and online gaming operations and have a market capitalization of at least $1 billion; ii. Companies that derive a majority of their operating revenue from the manufacturing and distribution of alcohol and/or cannabis cultivation and have a market capitalization of at least $1 billion; iii.

Companies that derive a majority of their operating revenue from pharmaceutical drug and biotechnology product development and manufacturing and have a market capitalization of at least $10 billion. In addition, biotechnology components are limited to the top 10 companies by market capitalization. The Index Provider utilizes issuer financial statements and other public filings and reports, as well as third-party industry research, reports, and analyses, to identify companies that meet the Indexs criteria for inclusion in one of the Business Categories above. The composition of the Index and the constituent weights are determined three business days before the second Thursday of September, December, March and June and component changes are made after the market close on the second Thursday of September, December, March and June and become effective at the market opening on the next trading day.

At the time of each reconstitution, each Business Category is equally weighted at 33 1/3%. Within each Business Category the companies are equally weighted, provided, however, that the Funds aggregate exposure to cannabis companies will not exceed 10% of the Funds assets. The Index is administered by the Index Provider, and the Index is calculated and maintained by Solactive AG. The Index Provider is independent of Solactive AG, the Fund, the Adviser, and Toroso Investments, LLC (the Sub-Adviser), the Funds investment sub-adviser. The Index will consist of approximately 50 to 65 components. The Funds Investment Strategy The Fund generally will use a replication strategy to achieve its investment objective, meaning it will invest in all of the component securities of the Index in approximately the same proportions as in the Index.

However, the Fund may use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the Index as a whole, when the Sub-Adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). The Fund also may invest in securities or other investments not included in the Index, but which the Sub-Adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions).

To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of December 1, 2022, the Index was concentrated in the Casinos & Gaming Industry and Pharmaceuticals, Biotechnology & Life Sciences Industry Group. The Fund is classified as a non-diversified investment company under the Investment Company Act of 1940, as amended (the 1940 Act).

C000232691 Performance

Total returns for C000232691 (as of 2026-10-01), from SEC filings.

C000232691 Risk Information

Risk metrics for C000232691, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 21.9%

C000232691 Costs and Fees

C000232691 costs about $75 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.75%
• Gross expense ratio: 0.75%
• Portfolio turnover: 23%
• Brokerage commissions: 3.80 bps of average net assets (SEC N-CEN)

C000232691 Cashflows

Over the 12 months to 2023-08, B.a.d. ETF had net inflows of $5.64M, from monthly SEC N-PORT filings.

C000232691 Debt Constituents

No individual debt constituents are reported in B.a.d. ETF's latest SEC N-PORT filing.

C000232691 Prospectus and SEC Filings

Official B.a.d. ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2023-03-28
• Prospectus (485BPOS) — filed 2021-12-17
• Portfolio holdings (N-PORT) — filed 2023-10-26
• Portfolio holdings (N-PORT) — filed 2023-07-27
• Portfolio holdings (N-PORT) — filed 2023-04-25
• Annual census (N-CEN) — filed 2023-02-08

Related Funds

Other Emerging Markets Blend / Core Equity funds tracked on ABC INVEST:

• Strategic Advisers Fidelity Emerging Markets Fund (FGOMX)
• iShares MSCI South Korea ETF (EWY)
• Strategic Advisers Emerging Markets Fund (FSAMX)
• iShares MSCI Taiwan ETF (EWT)
• iShares MSCI Brazil ETF (EWZ)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.