Certain identified information has been excluded from the exhibit because it is both not material and the type that the Registrant treats as private or confidential.

AMENDMENT TO THE

LISTED FUNDS TRUST

FUND SERVICING AGREEMENT

THIS AMENDMENT to the Fund Servicing Agreement, dated as of April 25, 2019 (the “Agreement”), is entered into as of the last date on the signature block, 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 Agreement to add the Opportunistic Trader ETF to its series and to add the respective fee schedule as Exhibit 26; 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 as follows:

Exhibit 26 is hereby added to the Agreement and attached hereto.

This amendment will become effective upon the commencement of operations of theFunds. 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/ Gregory C. Bakken	By: /s/ Jason Hadler
Name: Gregory C. Bakken	Name: Jason Hadler
Title: President	Title: Sr. Vice President
Date: 2/7/2024	Date: February 7, 2024

Exhibit 26 to the Listed Funds Trust Fund Servicing Agreement

List of Funds and Fee Schedule

Name of Series

Opportunistic Trader ETF

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

(Includes MST external counsel fee, subject to services provided; if applicable)

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

Additional fee of $- per drafting multi-manager exemptive application (does not include outside legal costs)

Above fees are applicable when all new funds are registered in same statutory prospectus.

Note: External legal costs are included in the above fee, unless otherwise stated, for the first fund(s) launched

Additional Regulatory Administration Services

Subsequent new fund launch – $- per fund or as negotiated

Drafting SEC exemptive order application for required relief, as negotiated

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 active or inactive funds in same statutory prospectus

$- for each additional active or inactive fund in the same statutory prospectus

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

EDGAR/XBRL filing (may be charged by third-party or U.S. Bank)

All other Miscellaneous expenses

Fund startup and registration fees are billed 50% following the selection of U.S. Bank and 50% 75 days after the preliminary registration statement is filed with the SEC.

Extraordinary services – negotiated based upon specific requirements

Multi-managed funds, proxy, expedited filings, asset conversion, fulcrum fee, other exemptive applications

Base Fee for Accounting, Administration, Transfer Agent Services

The followingreflects the greater of the basis point fee or annual minimum1 where OT Advisors LLC (the “Adviser”) acts as investment adviser to the fund(s) in the same registered investment company.

Annual Minimum per Fund2Basis Points on Trust AUM2

Funds 1-5 $-         First $- 5 bps

Funds 6-10     $-         Next $-     4 bps

Funds 11+     $-         Next $-      3 bps

                     Balance 2 bps

See APPENDIX A for Services and Associated Fees in addition to the Base Fee

See APPENDIX B for OPTIONAL Supplemental Services and Associated Fees

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.

2 Subject to annual CPI increase: All Urban Consumers – U.S. City Average” index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

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 initial two-year period. Following the initial two-year period, this fee schedule will automatically renew (unless otherwise amended or terminated) for successive two-year periods, and should this service agreement with U.S. Bank be terminated prior to the end of such a two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of such two-year period.

Additional services not included herein 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 derivatives risk management and reporting requirements).

All annual fees described in this fee schedule (including appendices) are calculated pro rata and billed monthly.

APPENDIX A

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

Pricing Services

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

$ – Listed equity instruments and rates including but not limited to: Domestic Equities, Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Total Return Swaps

$ – Lower Tier Cost Fixed Income Instruments including but not limited to: Domestic Corporate and Government Agency Bonds, Mortgage Backed Securities, and Municipal Bonds

$ – Higher Tier Cost Fixed Income Instruments including but not limited to: CMO and Asset Backed Securities; Money Market Instruments; Foreign Bonds; and High Yield Bonds.

$ – Bank Loans

Derivative Instruments are generally charged at the following rates:

o$ – Interest Rate Swaps, Foreign Currency Swaps

o$ – Swaptions

o$ – Credit Default Swaps

$- Intraday money market funds pricing, up to 3 times 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. Prices do not include set-up fees which may be charged on certain derivative instruments such as swaps. 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 types, such as CLOs CDO and complex derivative instruments, which may result in additional swap setup fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

Corporate Action, Factor Services, and ETF Income Projection Service Charges

Fee for ICE data used to monitor corporate actions

$- per Foreign Equity Security per Month for corporate actions

$- per Domestic Equity Security per Month for corporate actions

$- per CMO and Asset Backed Security per Month/$2.50 for ETF Funds for factor services

$- per Mortgage-Backed Security per Month/no charge for ETF Funds for factor services

$- per Fixed Income Security per Month for ETF Funds only for ETF income projections

Index Service Fees

$- per month per fund: Tier 0 for maintenance of data for performance calculations where the client is supplying the Index data 

$- per month per fund: Tier 1 including but not limited to: ICE Indexes, Morningstar, Bloomberg, S&P Global, Dow Jones, CBOE, and HFRI Indexes 

$- per month per fund: Tier 2 including but not limited to: MSCI Indexes, FTSE Russell 

$- per month per fund: Tier 3 including but not limited to: Wilshire Indexes, Lipper JPM

$- per month per fund additional fee for creation of a blended index, in addition to Tier index fees

Note: Rates are tiered based upon rates charged by the index provider and are subject to change. S&P Global and Dow Jones are their standard packages only, specialized packages from all index providers will result in a higher fee. Use of other, custom, and blended indexes may result in additional fees. Index providers may require a direct contract in addition to the above service contract, which may result in additional fees payable to the index provider.

Trust Chief Compliance Officer Annual Fee

$- for the first fund (subject to Board approval)

$- for each additional fund 2-5 (subject to change based on Board review and approval)

$- for each fund over 5 funds

$- per sub-adviser per fund (capped at $- per sub-adviser over the fund complex)

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 Fund per month

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

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).

Miscellaneous Expenses

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: Charges associated with accelerated effectiveness at DTCC, SWIFT processing, customized reporting, third-party data provider costs (including GICS, MSCI, Lipper, etc.), postage, stationary, programming, special reports, proxies, insurance, EDGAR/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.

APPENDIX B

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

SEC Derivatives Rule 18f-4 Confluence Technologies Offering

Offering	Price per Fund per Month
Limited Derivatives User	-
Full Derivatives User (no OTC derivatives)	-
Full Derivative User (with 1-5 OTC derivatives)	-
Full Derivative User (with 5 or more OTC derivatives)	-

Rule 2a-5 Supplemental Services

Percentage of individual level 2 instruments held by a Fund	Monthly Fee for Such Fund
5% or less	-
More than 5% but less than 25%	-
25% or more	-

Note: The availability of the Rule 2a-5 Supplemental Services and the associated fees are subject to USBGFS’ ability to obtain comparison prices from its chosen comparison third-party pricing sources at reasonable cost. The reports provided as part of the Rule 2a-5 Supplemental Services may, in USBGFS’ sole discretion, exclude information for instruments for which an alternative comparison price is unavailable or difficult or costly to obtain. In addition, the reports provided may cease to include instruments that were previously included if alternative prices are no longer available from third-party sources or if the fees for such alternative prices rise.

Tailored Shareholder Reporting

$- per year per fund for the first class plus

$- per year per class after the first class

Note: Subject to annual “Consumer Price Index (CPI) increase – All Urban Consumers – U.S. City Average” index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

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 $-

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

The Adviser’s signature below is an acknowledgment of the attached fee schedule.

OT Advisors LLC

By:	/s/ James Hickey
Title:	CCO
Date:	2/6/2024 3:14:30 PM CST