SCHEDULE A to the INVESTMENT ADVISORY AGREEMENT Dated December 27, 2020 between LISTED FUNDS TRUST and Horizon Kinetics Asset Management LLC

SCHEDULE A

to the

INVESTMENT ADVISORY AGREEMENT

Dated December 27, 2020 between

LISTED FUNDS TRUST

and

Horizon Kinetics Asset Management LLC

The Trust will pay to the Adviser, as compensation for the Adviser’s services rendered, a fee computed daily at an annual rate based on the average daily net assets of the Fund in accordance with the following fee schedule:

Fund			Rate
Horizon Kinetics Inflation Beneficiaries ETF			0.85%
Horizon Kinetics Blockchain Development ETF			0.85%
Horizon Kinetics Medical ETF			0.85%
Horizon Kinetics SPAC Active ETF			0.85%
Horizon Kinetics Energy and Remediation ETF			0.85%

IN WITNESS WHEREOF, the parties hereto have caused this Schedule A to be signed on their behalf by their duly authorized officers as of January 9, 2023.

LISTED FUNDS TRUST						HORIZON KINETICS ASSET MANAGEMENT LLC
By: /s/ Xxxx Xxxxxx						By: /s/ Xxx Xxxxxxx
Name:    Xxxx X. Xxxxxx						Name: Xxx Xxxxxxx
Title:    Secretary						Title: General Counsel