SECURITIES AND EXCHANGE COMMISSION

Investment Company Act Release No. 35120; 812-15516 

 

Roundhill ETF Trust and Roundhill Financial Inc. 

January 30, 2024 

AGENCY: Securities and Exchange Commission (“Commission” or “SEC”).

ACTION: Notice.

Notice of an application under section 6(c) of the Investment Company Act of 1940 (“Act”) for 

an exemption from section 15(a) of the Act, as well as from certain disclosure requirements in 

rule 20a-1 under the Act, Item 19(a)(3) of Form N-1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) 

and 22(c)(9) of Schedule 14A under the Securities Exchange Act of 1934, and sections 6- 

07(2)(a), (b), and (c) of Regulation S-X (“Disclosure Requirements”). 

Summary of Application: The requested exemption would permit Applicants to enter into and 

materially amend subadvisory agreements with subadvisers without shareholder approval and 

would grant relief from the Disclosure Requirements as they relate to fees paid to the 

subadvisers. 

Applicants: Roundhill ETF Trust and Roundhill Financial Inc.

Filing Dates: The application was filed on October 24, 2023, and amended on December 15, 

2023, and January 26, 2024. 

Hearing or Notification of Hearing: An order granting the requested relief will be issued unless 

the Commission orders a hearing. Interested persons may request a hearing on any application 

by e-mailing the SEC’s Secretary at Secretarys-Office@sec.gov and serving the Applicants with 

a copy of the request by e-mail, if an e-mail address is listed for the relevant Applicant below, or 

personally or by mail, if a physical address is listed for the relevant Applicant below. Hearing 
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requests should be received by the Commission by 5:30 p.m. on February 26, 2024, and should 

be accompanied by proof of service on the Applicants, in the form of an affidavit, or, for 

lawyers, a certificate of service. Pursuant to rule 0-5 under the Act, hearing requests should state 

the nature of the writer’s interest, any facts bearing upon the desirability of a hearing on the 

matter, the reason for the request, and the issues contested. Persons who wish to be notified of a 

hearing may request notification by emailing the Commission’s Secretary. 

ADDRESSES: The Commission: Secretarys-Office@sec.gov. Applicants: Morrison Warren, 

Esq., Chapman and Cutler LLP, warren@chapman.com, Richard Coyle, Esq., Chapman and 

Cutler LLP, rcoyle@chapman.com, Suzanne Russell, Esq., Chapman and Cutler LLP, 

russell@chapman.com, with a copy to Timothy Maloney, Roundhill Financial Inc., 

tmaloney@roundhillinvestments.com. 

FOR FURTHER INFORMATION CONTACT: Trace W. Rakestraw, Senior Special Counsel, at 

(202) 551-6825 (Division of Investment Management, Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For Applicants’ representations, legal analysis, and 

conditions, please refer to Applicants’ application, dated January 26, 2024, which may be 

obtained via the Commission’s website by searching for the file number at the top of this 

document, or for an Applicant using the Company name search field on the SEC’s EDGAR 

system. 
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The SEC’s EDGAR system may be searched at 

https://www.sec.gov/edgar/searchedgar/legacy/companysearch.html. You may also call the 

SEC’s Public Reference Room at (202) 551-8090. 

 For the Commission, by the Division of Investment Management, under delegated 

authority. 

Sherry R. Haywood,

Assistant Secretary.