Exhibit (d)(5)

EXCHANGE LISTED FUNDS TRUST

FEE WAIVER AGREEMENT

This FEE WAIVER AGREEMENT (this “Agreement”) made as of April 30, 2025 (the “Effective Date”), by and between Exchange Traded Concepts, LLC (the “Adviser”) and Exchange Listed Funds Trust, a Delaware statutory trust (the “Trust”), on behalf of each series of the Trust listed on Schedule A hereto (as may be amended from time to time) (each, a “Fund”).

WHEREAS, the Trust and the Adviser have entered into an investment advisory agreement with respect to the Fund (the “Advisory Agreement”); and

WHEREAS, the Adviser is entitled to a fee under the Advisory Agreement in exchange for providing advisory and other services to the Fund, and for paying all Fund expenses except those specifically excluded therein (the “Management Fee”); and

WHEREAS, the Adviser has determined that it is appropriate and in the best interests of the Fund and its investors to waive a portion of the Fund’s Management Fee as set forth in Schedule A hereto (the “Fee Waiver”);

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the parties agree as follows:

1. Fee Waiver. For the term of this Agreement, the Adviser agrees to reduce its Management Fee with respect to the Fund as indicated in Schedule A hereto.

2. Duration and Termination. The initial term of this Agreement with respect to the Fund is set forth in Schedule A. After the initial term, this Agreement shall continue in effect automatically with respect to a Fund for successive one-year periods, provided that the Agreement may be terminated without payment of any penalty with respect to the Fund:

(i) immediately, upon termination of the Advisory Agreement;

(ii) by the Trust for any reason and at any time; and

(iii) by the Adviser for any reason upon sixty days’ prior notice to the Trust, such termination to be effective upon the expiration of the then-current term.

4. Amendment. This Agreement may not be amended except by a writing signed by the parties.

5. Applicable Law. This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware (without giving effect to its conflict of law principles) and the applicable provisions of the 1940 Act. To the extent that the applicable laws of the State of Delaware, or any of the provisions herein, conf1ict with the applicable provisions of the 1940 Act, the latter shall control.

6. Entire Agreement. This Agreement contains the entire understanding and agreement of the parties.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first written above.

EXCHANGE LISTED FUNDS TRUST
on behalf of the Fund listed on Schedule A hereto
By:	/s/ J. Garrett Stevens
Name:	J. Garrett Stevens, President
EXCHANGE TRADED CONCEPTS, LLC
By:	/s/ J. Garrett Stevens
Name:	J. Garrett Stevens, CEO

SCHEDULE A

April 30, 2025

FEE WAIVER AGREEMENT

EXCHANGE LISTED FUNDS TRUST

The following table comprises of the details of the Fund that have an existing Fee Waiver Agreement with the Exchange Listed Funds Trust.

FUND	AMOUNT	Advisory Fee	INITIAL TERMINATION DATE
Stratified LargeCap Hedged US Equity ETF	50 bps	0.95%	April 30, 2026