AMENDMENT TO THE LISTED FUNDS TRUST FUND SERVICING AGREEMENT

AMENDMENT TO THE

THIS AMENDMENT, effective as of the last date on the signature block, to the Fund Servicing Agreement,. dated as of April 9, 2019 (the “Agreement”), as amended, is entered into by and between LISTED FUNDS TRUST, a Delaware statutory trust (the “Trust”), and U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES, a Wisconsin limited liability company (“Fund Services”).

RECITALS

WHEREAS, the parties have entered into the Agreement; and

WHEREAS, the parties desire to amend the series of the Trust to add Horizon Kinetics AAA-AA Floating Rate Debt CLO ETF, Horizon Kinetics Medical ETF, Horizon Kinetics SPAC Active ETF and Horizon Kinetics Energy Remediation ETF; and

WHEREAS, Section 13 of the Agreement allows for its amendment by a written instrument executed by both parties.

NOW, THEREFORE, the parties agree to amend the Agreement by adding Exhibit 10:

Exhibit 10 of the Agreement is hereby superseded and replaced in its entirety with Exhibit 10 attached hereto.

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year last written below.

LISTED FUNDS TRUST

U.S. BANCORP FUND SERVICES, LLC

By:

/s/ Xxxxxxx X. Xxxxxx

By:

/s/ Xxxxx Xxxxxx

Name:

Xxxxxxx X. Xxxxxx

Name:

Xxxxx Xxxxxx

Title:

President

Title:

Sr. Vice President

Date:

November 17, 2022

Date:

November 18, 2022

Exhibit 10 to the Listed Funds Trust Fund Servicing Agreement

List of Funds and Fee Schedule at October 2020

Name of Series

Horizon Kinetics Inflation Beneficiaries ETF

Horizon Kinetics Blockchain Development ETF

Horizon Kinetics AAA-AA Floating Rate Debt CLO ETF

Horizon Kinetics Medical ETF

Horizon Kinetics SPAC Active ETF

Horizon Kinetics Energy Remediation ETF

Base Fee for Accounting, Administration, Transfer Agent & Account Services

The following reflects the greater of the basis point fee or annual minimum1 where Horizon Kinetics Asset Management, LLC (the “Adviser”) acts as investment adviser to the fund(s) in the same registered investment company.

NOTE: For the First ETF only, the following will apply regarding the annual minimum for admin/accounting/TA-

•Year 1- [ ]% waiver of minimum [unless the [ ] bps fee calculation is equal to or greater than the $[ ] minimum…e.g. at a minimum of $[ ] in AUM]

•Year 2- [ ]% waiver of minimum [unless the [ ] bps fee calculation is equal to or greater than the $[ ] minimum…e.g. at a minimum of $[ ] in AUM]

•Year 3- full minimum of $[ ] would be charged [unless the [ ] bps fee calculation is equal to or greater than the $[ ] minimum…e.g. at a minimum of $[ ] in AUM]

Annual Minimum per Fund

Basis Points on Trust AUM

Funds 1-5

$[ ]

First $500m

[ ] bps

Funds 6-10

$[ ]

Next $500m

[ ] bps

Funds 11+

$[ ]

Next $2b

[ ] bps

Balance

[ ] bps

1 Each fund, regardless of asset size, will have fees allocated to it equal to the per fund minimum. Should the complex level basis point fee calculation exceed the complex level minimum fee level calculation, the fees in excess of the minimum will be allocated to each fund based on the percent on AUM.

Once a Fund is operational, should this service agreement with U.S. Bank be terminated prior to the end of the initial two year period, Adviser will be responsible for the balance of the minimum fees for the remainder of the service agreement’s 12-month period beginning with the Fund’s launch or any anniversary of launch. To avoid doubt, if Adviser launched a Fund on March 1, 2021 and terminated the relationship on June 30, 2022, Adviser would owe U.S. Bank up to [ ]% of $[ ] ($[ ] admin/acct/ta + $[ ] Custody).

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).

Fees are calculated pro rata and billed monthly

Accounting, Administration, Transfer Agent & Account Services (in addition to the Base Fee)

Pricing Services

For daily pricing of each securities (estimated 252 pricing days annually)

•$[ ] – Domestic Equities, Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Total Return Swaps

•$[ ] – Domestic Corporates, Domestic Convertibles, Domestic Governments and Agency, Mortgage Backed, and Municipal Bonds

•$[ ] – CMOs, Money Market Instruments, Foreign Corporates, Foreign Convertibles, Foreign Governments, Foreign Agencies, Asset Backed, and High Yield Bonds

•$[ ] – Interest Rate Swaps, Foreign Currency Swaps

•$[ ] – Bank Loans

•$[ ] – Swaptions, Intraday money market funds pricing, up to 3 times per day

•$[ ] – Credit Default Swaps

•$[ ] per Month Manual Security Pricing (>25 per day)

NOTE: Prices are based on using U.S. Bank primary pricing service which may vary by security type and are subject to change. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security type, such as CLOs and CDOs, which may result in additional fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

Corporate Action Services

Fee for ICE data used to monitor corporate actions

•$[ ] per Foreign Equity Security per Month

•$[ ] per Domestic Equity Security per Month

•$[ ] per CMOs, Asset Backed, Mortgage Backed Security per Month

Trust Chief Compliance Officer Annual Fee

•$[ ] for the first fund

•$[ ] for each additional fund 2-5

•$[ ] for each fund over 5 funds

•$[ ] per sub-adviser per fund

•Per adviser relationship, and subject to change based upon board review and approval.

Third Party Administrative Data Charges (descriptive data for analytics, reporting and compliance)

•$[ ] per security per month for fund administrative

SEC Modernization Requirements

•Form N-PORT – $[ ] per year, per Fund

•Form N-CEN – $[ ] per year, per Fund

Section 15(c) Reporting

•$[ ] per fund per standard reporting package*

*Standard reporting packages for annual 15(c) meeting

- Expense reporting package: 2 peer comparison reports (adviser fee) and (net expense ratio w classes on one report) OR Full 15(c) report

- Performance reporting package: Peer Comparison Report

•Additional 15c reporting is subject to additional charges

•Standard data source – Morningstar; additional charges will apply for other data services

Miscellaneous Expenses

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: SWIFT processing, customized reporting, third-party data provider costs (including GICS, MSCI, Lipper, etc.), postage, stationary, programming, special reports, proxies, insurance, XXXXX/XBRL filing, retention of records, federal and state regulatory filing fees, expenses related to and including travel to and from Board of Trustee meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, PFIC monitoring, conversion expenses (if necessary), and travel related costs.

Fees are calculated pro rata and billed monthly

OPTIONAL Supplemental Services for Fund Accounting, Fund Administration & Portfolio Compliance (provided by U.S. Bank upon client request)

Daily Compliance Services

Base fee – $[ ] per fund per year

Setup – $[ ] per fund group

Section 18 Daily Compliance Testing (for derivatives and leverage)

$[ ] set up fee per fund complex

$[ ] per fund per month

C- Corp Administrative Services

1940 Act C-Corp – U.S. Bank Fee Schedule plus $[ ]

1933 Act C-Corp – U.S. Bank Fee Schedule plus $[ ]

Controlled Foreign Corporation (CFC)

U.S. Bank Fee Schedule plus $[ ]

Core Tax Services

M-1 book-to-tax adjustments at fiscal and excise year-end, prepare tax footnotes in conjunction with fiscal year-end audit, Prepare Form 1120-RIC federal income tax return and relevant schedules, Prepare Form 8613 and relevant schedules, Prepare Form 1099-MISC Forms, Prepare Annual TDF FBAR (Foreign Bank Account Reporting) filing, Prepare state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two).

Optional Tax Services:

Prepare book-to-tax adjustments & Form 5471 for Controlled Foreign Corporations (CFCs) – $[ ] per year

Additional Capital Gain Dividend Estimates – (First two included in core services) – $[ ] per additional estimate

State tax returns - (First two included in core services) – $[ ] per additional return

Tax Reporting – C-Corporations

Federal Tax Returns

Prepare corporate Book to tax calculation, average cost analysis and cost basis role forwards, and federal income tax returns for investment fund (Federal returns & 1099 Breakout Analysis) – $[ ]

Prepare Federal and State extensions (If Applicable) – Included in the return fees

Prepare provision estimates – $[ ] Per estimate

State Tax Returns

Prepare state income tax returns for funds and blocker entities – $[ ] per state return

−Sign state income tax returns – $[ ] per state return

Assist in filing state income tax returns – Included with preparation of returns

State tax notice consultative support and resolution – $[ ] per fund

Fees are calculated pro rata and billed monthly

Fund Start-up & Registration Services Project Fee Schedule

Regulatory Administration Service Proposal – In support of external legal counsel

(Subject to services provided; if applicable)

$[ ] per project – one fund

$[ ] per project – two funds

$[ ] per project – three funds

$[ ] per project – four funds

Negotiated Fee – five funds and above

Additional fee of $[ ] per sub-adviser for 2 or more sub-advisers

Note: External legal costs are included in the above fee, unless otherwise stated, for the first fund(s) launched by adviser. Additional reviews by Trust counsel for extraordinary circumstances are billed at cost.

Fund startup and registration services project fee is paid for by the advisor and not the Fund(s). This non-refundable fee is not able to be recouped by the advisor under the expense waiver limitation or similar agreement. Fund startup and registration fees are billed [ ]% following the selection of U.S. Bank and [ ]% 75 days after the preliminary registration statement is filed with the SEC filings.

Additional Regulatory Administration Services

Subsequent new fund launch – $[ ] per fund or as negotiated

Drafting SEC exemptive order application for required relief Negotiated fee

Ongoing Annual Regulatory Administration Services

Add the following for regulatory administration services in support of external legal counsel, including annual registration statement update and drafting of supplements

$[ ] for first three funds in same statutory prospectus

Fees negotiated for funds 4+

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred:

Postage, if necessary

Federal and state regulatory filing fees

Expenses from Board of Trustee meetings

Third party auditing

XXXXX/XBRL filing

All other Miscellaneous expenses

Adviser’s acknowledged and signed fee schedule proposal, dated August 6, 2020 and signed August 10, 2020.

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AMENDMENT TO THE LISTED FUNDS TRUST FUND SERVICING AGREEMENT

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