diff --git a/CHANGELOG.md b/CHANGELOG.md
index 20b484f..24eabc9 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -18,7 +18,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 ### Changed
 
 - The Directory lists feeds nobody subscribes to yet; Popular still lists what people subscribe to.
-  A feed nobody subscribes to is checked once a day, and at once when someone subscribes.
+  A feed nobody subscribes to is checked once a day, and at once when someone subscribes. A
+  listed feed downloads nothing until someone subscribes.
 - The Directory loads faster: it asked the database three questions per feed.
 
 ## [0.9.1] - 2026-09-29
diff --git a/src/main.rs b/src/main.rs
index 13ff2ef..4844ea7 100644
--- a/src/main.rs
+++ b/src/main.rs
@@ -1725,7 +1725,10 @@ fn merge_policy(subs: &[db::Sub], feed_cfg: &config::Feed, global: usize) -> Pol
 
     if subs.is_empty() {
         return Policy {
-            auto_download: feed_cfg.auto_download,
+            // A feed listed in the Directory with nobody subscribed is there to be found, not
+            // downloaded: its files would be for no one. Once someone subscribes, the files
+            // skipped for it are judged again on the next scan, by their settings (#107).
+            auto_download: feed_cfg.auto_download && !feed_cfg.listed,
             allow_explicit: feed_cfg.allow_explicit,
             wants: vec![Want { keywords: feed_cfg.keywords.clone(), blocked: vec![] }],
             budget: cap(feed_cfg.max_new_per_check),
@@ -1958,6 +1961,14 @@ fn duration(secs: u64) -> String {
 mod tests {
     use super::*;
 
+    #[test]
+    fn a_listed_feed_nobody_subscribes_to_downloads_nothing() {
+        let mut f = feed();
+        assert!(merge_policy(&[], &f, 3).auto_download);
+        f.listed = true;
+        assert!(!merge_policy(&[], &f, 3).auto_download);
+    }
+
     #[test]
     fn a_failing_feed_backs_off_doubling_up_to_a_day() {
         let hour = 3600;