# EDGAR Filing Document

**Accession Number:** 0001976517
**File Stem:** 0001133228-25-009581
**Filing Date:** 2025-9
**Character Count:** 567670
**Document Hash:** 35cff65a8274d71dd3c02964dd097023
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009581.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001133228-25-009581

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Roundhill ETF Trust
- **CENTRAL INDEX KEY:** 0001976517

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23887
- **FILM NUMBER:** 251299449

**BUSINESS ADDRESS:**
- **STREET 1:** 154 WEST 14TH STREET
- **STREET 2:** 2ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011
- **BUSINESS PHONE:** 6466615441

**MAIL ADDRESS:**
- **STREET 1:** 154 WEST 14TH STREET
- **STREET 2:** 2ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011

## Series and Classes Contracts Data

### Roundhill Bitcoin Covered Call Strategy ETF (Series ID: S000083807)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000247824 | Roundhill Bitcoin Covered Call Strategy ETF | YBTC            |

### Roundhill S&P 500 0DTE Covered Call Strategy ETF (Series ID: S000083809)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000247826 | Roundhill S&P 500 0DTE Covered Call Strategy ETF | XDTE            |

### Roundhill Innovation-100 0DTE Covered Call Strategy ETF (Series ID: S000083811)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000247828 | Roundhill Innovation-100 0DTE Covered Call Strategy ETF | QDTE            |

### Roundhill S&P 500 Target 20 Managed Distribution ETF (Series ID: S000083954)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000248073 | Roundhill S&P 500 Target 20 Managed Distribution ETF | XPAY            |

### Roundhill Daily 2X Long Magnificent Seven ETF (Series ID: S000084165)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000248438 | Roundhill Daily 2X Long Magnificent Seven ETF | MAGX            |

### Roundhill Uranium ETF (Series ID: S000084168)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000248441 | Roundhill Uranium ETF | UX              |

### Roundhill GLP-1 & Weight Loss ETF (Series ID: S000085000)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000249863 | Roundhill GLP-1 & Weight Loss ETF | OZEM            |

### Roundhill China Dragons ETF (Series ID: S000086192)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000251598 | Roundhill China Dragons ETF | DRAG            |

### Roundhill Ether Covered Call Strategy ETF (Series ID: S000086585)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000252173 | Roundhill Ether Covered Call Strategy ETF | YETH            |

### Roundhill Russell 2000 0DTE Covered Call Strategy ETF (Series ID: S000087669)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000253544 | Roundhill Russell 2000 0DTE Covered Call Strategy ETF | RDTE            |

### Roundhill TSLA WeeklyPay ETF (Series ID: S000088750)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000255125 | Roundhill TSLA WeeklyPay ETF |  |

### Roundhill AMZN WeeklyPay ETF (Series ID: S000088752)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000255127 | Roundhill AMZN WeeklyPay ETF |  |

### Roundhill AAPL WeeklyPay ETF (Series ID: S000088753)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000255128 | Roundhill AAPL WeeklyPay ETF |  |

### Roundhill COIN WeeklyPay ETF (Series ID: S000088754)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000255129 | Roundhill COIN WeeklyPay ETF |  |

### Roundhill META WeeklyPay ETF (Series ID: S000088755)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000255130 | Roundhill META WeeklyPay ETF |  |

### Roundhill PLTR WeeklyPay ETF (Series ID: S000088757)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000255132 | Roundhill PLTR WeeklyPay ETF |  |

### Roundhill NVDA WeeklyPay ETF (Series ID: S000088758)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000255133 | Roundhill NVDA WeeklyPay ETF |  |

### Roundhill Weekly T-Bill ETF (Series ID: S000089070)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000255547 | Roundhill Weekly T-Bill ETF |  |

### Roundhill Magnificent Seven Covered Call ETF (Series ID: S000091693)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000259411 | Roundhill Magnificent Seven Covered Call ETF |  |

### Roundhill HOOD WeeklyPay ETF (Series ID: S000092321)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000260259 | Roundhill HOOD WeeklyPay ETF |  |

### Roundhill NFLX WeeklyPay ETF (Series ID: S000092325)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000260263 | Roundhill NFLX WeeklyPay ETF |  |

### Roundhill BRKB WeeklyPay ETF (Series ID: S000092336)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000260274 | Roundhill BRKB WeeklyPay ETF |  |

### Roundhill Humanoid Robotics ETF (Series ID: S000093377)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000261594 | Roundhill Humanoid Robotics ETF |  |

?xml version='1.0' encoding='ASCII'? 2025-06-26196357_RoundhillBitcoinCoveredCallStrategyETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>(811-23887)</u>**

**<u>Roundhill ETF Trust</u>**

(Exact name of registrant as specified in charter)

**<u>154 West 14<sup>th</sup> Street, 2<sup>nd</sup> Floor</u>**

**<u>New York, NY 10011</u>**

(Address of principal executive offices) (Zip code)

**<u>Will Hershey, President</u>**

**<u>Roundhill ETF Trust</u>**

**<u>154 West 14<sup>th</sup> Street, 2<sup>nd</sup> Floor</u>**

**<u>New York, NY 10011</u>**

(Name and address of agent for service)

**<u>(646) 661-5441</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31</u>**

Date of reporting period: **<u>June 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Bitcoin Covered Call Strategy** **ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | YBTC (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill Bitcoin Covered Call Strategy ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill Bitcoin Covered Call Strategy ETF | $51 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $226392483 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Cboe Bitcoin U.S. ETF Index  | 2.5% |
|  iShares Bitcoin Trust ETF  | 1.2% |
|  First American Government Obligations Fund  | 0.5% |
|  United States Treasury Bill\* | 186.5% |

---

\* Held for cash and collateral management purposes.

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 186.6% |
|  Purchased Options  | 5.7% |
|  Money Market Funds  | 0.5% |
|  Written Options  | -2.0% |
|  Cash & Other  | -90.8% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Other Investment Pools and Funds  | 1.2% |
|  Cash & Other  | 98.8% |

---

**MANAGED DISTRIBUTIONS**

The Fund was able to process distributions during the reporting period in accordance with its published distribution schedules.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill Bitcoin Covered Call Strategy ETF PAGE 1 TSR-SAR-77926X502

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill China Dragons ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | DRAG (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill China Dragons ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill China Dragons ETF | $32 | 0.59% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $30546111 |
| **Number of Holdings** | 21 |
| **Portfolio Turnover** | 49% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Xiaomi Corp.  | 18.0% |
|  Alibaba Group Holding Ltd.  | 16.6% |
|  Tencent Holdings Ltd.  | 16.6% |
|  PDD Holdings, Inc.  | 16.4% |
|  Meituan  | 16.2% |
|  BYD Co. Ltd.  | 16.0% |
|  First American Government Obligations Fund  | 0.4% |
|  United States Treasury Bill\* | 121.2% |

---

\* Held for cash and collateral management purposes.

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Communications  | 32.3% |
|  Consumer, Cyclical  | 6.0% |
|  Cash & Other  | 61.7% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 120.5% |
|  China  | 31.4% |
|  Ireland  | 6.9% |
|  Cash & Other  | -58.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill China Dragons ETF PAGE 1 TSR-SAR-77926X874

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Daily 2X Long Magnificent Seven** **ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | MAGX (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill Daily 2X Long Magnificent Seven ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill Daily 2X Long Magnificent Seven ETF | $45 | 0.94% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $74606812 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  ROUNDHILL MAGNIFICENT SEVEN SWAP  | 199.7% |
|  First American Government Obligations Fund  | 19.0% |
|  Roundhill Magnificent Seven ETF  | -0.1% |
|  United States Treasury Bill\* | 136.8% |

---

\* Held for cash and collateral management purposes.

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 136.9% |
|  Total Return Swaps  | 19.8% |
|  Money Market Funds  | 19.0% |
|  Exchange Traded Funds  | 0.0% |
|  Cash & Other  | -75.7% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Cash & Other  | 100.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill Daily 2X Long Magnificent Seven ETF PAGE 1 TSR-SAR-77926X700

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Ether Covered Call Strategy ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | YETH (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill Ether Covered Call Strategy ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill Ether Covered Call Strategy ETF | $39 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $33180650 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 12.1% |
|  Proshares Ether Strategy ETF  | -0.3% |
|  iShares Ethereum Trust ETF  | -1.5% |
|  United States Treasury Bill\* | 164.3% |

---

\* Held for cash and collateral management purposes.

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Finance and Insurance  | 0.0% |
|  Cash & Other  | 100.0% |

---

**MANAGED DISTRIBUTIONS**

The Fund was able to process distributions during the reporting period in accordance with its published distribution schedules.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill Ether Covered Call Strategy ETF PAGE 1 TSR-SAR-77926X841

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill GLP-1 & Weight Loss ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | OZEM (Principal U.S. Listing Exchange: NASDAQ) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill GLP-1 & Weight Loss ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill GLP-1 & Weight Loss ETF | $30 | 0.59% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $33196432 |
| **Number of Holdings** | 25 |
| **Portfolio Turnover** | 25% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 22.3% |
|  Novo Nordisk AS  | 18.3% |
|  Eli Lilly & Co.  | 16.3% |
|  Roche Holding AG  | 5.1% |
|  Zealand Pharma AS  | 4.7% |
|  Chugai Pharmaceutical Co. Ltd.  | 4.6% |
|  Viking Therapeutics, Inc.  | 4.3% |
|  Pfizer, Inc.  | 4.1% |
|  Innovent Biologics, Inc.  | 4.0% |
|  Structure Therapeutics, Inc.  | 3.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Consumer, Non-cyclical  | 99.2% |
|  Cash & Other  | 0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill GLP-1 & Weight Loss ETF PAGE 1 TSR-SAR-77926X882

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Humanoid Robotics ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | HUMN (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill Humanoid Robotics ETF for the period of June 25, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill Humanoid Robotics ETF | $1 | 0.75% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4245582 |
| **Number of Holdings** | 32 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Industrial  | 41.9% |
|  Consumer, Cyclical  | 29.9% |
|  Technology  | 14.6% |
|  Communications  | 12.9% |
|  Cash & Other  | 0.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Tesla, Inc.  | 12.2% |
|  NVIDIA Corp.  | 8.4% |
|  First American Government Obligations Fund  | 8.1% |
|  UBTech Robotics Corp. Ltd.  | 7.5% |
|  Shenzhen Dobot Corp. Ltd.  | 6.0% |
|  Xiaomi Corp.  | 5.5% |
|  XPeng, Inc.  | 5.2% |
|  Hyundai Motor Co.  | 4.7% |
|  Harmonic Drive Systems, Inc.  | 3.9% |
|  Rainbow Robotics  | 3.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill Humanoid Robotics ETF PAGE 1 TSR-SAR-77926X650

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---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Innovation-100 0DTE Covered** **Call Strategy ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | QDTE (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill Innovation-100 0DTE Covered Call Strategy ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill Innovation-100 0DTE Covered Call Strategy ETF | $48 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $781311314 |
| **Number of Holdings** | 7 |
| **Portfolio Turnover** | 6% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown**

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 90.9% |
|  Exchange Traded Funds  | 6.1% |
|  Money Market Funds  | 2.3% |
|  Written Options  | 0.0% |
|  Cash & Other  | 0.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Nasdaq 100 Stock Index  | 90.9% |
|  Roundhill Weekly T-Bill ETF  | 6.1% |
|  First American Government Obligations Fund  | 2.3% |
|  Nasdaq-1 Cll  | 0.0% |

---

**MANAGED DISTRIBUTIONS**

The Fund was able to process distributions during the reporting period in accordance with its published distribution schedules.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill Innovation-100 0DTE Covered Call Strategy ETF PAGE 1 TSR-SAR-77926X304

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---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Magnificent Seven Covered Call** **ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | MAGY (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill Magnificent Seven Covered Call ETF for the period of April 22, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill Magnificent Seven Covered Call ETF | $14 | 0.70% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $15318620 |
| **Number of Holdings** | 4 |
| **Portfolio Turnover** | 186% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown**

![image](ts4685img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Roundhill Magnificent Seven ETF  | 99.4% |
|  First American Government Obligations Fund  | 3.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill Magnificent Seven Covered Call ETF PAGE 1 TSR-SAR-77926X668

100.03.10.00.52.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill S&P 500 0DTE Covered Call** **Strategy ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | XDTE (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill S&P 500 0DTE Covered Call Strategy ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill S&P 500 0DTE Covered Call Strategy ETF | $47 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $404977968 |
| **Number of Holdings** | 6 |
| **Portfolio Turnover** | 3% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  S&P 500 Index  | 91.0% |
|  Roundhill Weekly T-Bill ETF  | 6.5% |
|  First American Government Obligations Fund  | 2.2% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 91.0% |
|  Exchange Traded Funds  | 6.6% |
|  Money Market Funds  | 2.2% |
|  Written Options  | 0.0% |
|  Cash & Other  | 0.2% |

---

**MANAGED DISTRIBUTIONS**

The Fund was able to process distributions during the reporting period in accordance with its published distribution schedules.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill S&P 500 0DTE Covered Call Strategy ETF PAGE 1 TSR-SAR-77926X205

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---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill S&P 500 Target 20 Managed** **Distribution ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | XPAY (Principal U.S. Listing Exchange: NYSE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill S&P 500 Target 20 Managed Distribution ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill S&P 500 Target 20 Managed Distribution ETF | $25 | 0.49% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $34633810 |
| **Number of Holdings** | 12 |
| **Portfolio Turnover** | 2% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  SPDR S&P 500 ETF Trust  | 98.1% |
|  SPDR Portfolio S&P 500 ETF  | 1.6% |
|  First American Government Obligations Fund  | 0.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Cash & Other  | 100.0% |

---

**MANAGED DISTRIBUTIONS**

The Fund was able to process distributions during the reporting period in accordance with its published distribution schedules.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill S&P 500 Target 20 Managed Distribution ETF PAGE 1 TSR-SAR-77926X858

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Russell 2000® 0DTE Covered** **Call Strategy ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | RDTE (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill Russell 2000® 0DTE Covered Call Strategy ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill Russell 2000® 0DTE Covered Call Strategy ETF | $47 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $138106720 |
| **Number of Holdings** | 6 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Russell 2000 Index  | 91.0% |
|  Roundhill Weekly T-Bill ETF  | 8.6% |
|  First American Government Obligations Fund  | 0.2% |
|  Russell Cll  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Finance and Insurance  | 0.0% |
|  Cash & Other  | 100.0% |

---

**MANAGED DISTRIBUTIONS**

The Fund was able to process distributions during the reporting period in accordance with its published distribution schedules.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill Russell 2000® 0DTE Covered Call Strategy ETF PAGE 1 TSR-SAR-77926X825

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Uranium ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | UX (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill Uranium ETF for the period of January 28, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill Uranium ETF | $34 | 0.75% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1739159 |
| **Number of Holdings** | 6 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Cash & Other  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Sprott Physical Uranium Trust  | 92.1% |
|  Yellow Cake PLC  | 10.5% |
|  First American Government Obligations Fund  | 2.8% |
|  United States Treasury Bill\* | 126.5% |

---

\* Held for cash and collateral management purposes.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill Uranium ETF PAGE 1 TSR-SAR-77926X684

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Weekly T-Bill ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | WEEK (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill Weekly T-Bill ETF for the period of March 5, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill Weekly T-Bill ETF | $6 | 0.19% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $107072153 |
| **Number of Holdings** | 15 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts4696img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 0.0% |
|  United States Treasury Bill\* | 107.6% |

---

\* Held for cash and collateral management purposes.

**MANAGED DISTRIBUTIONS**

The Fund was able to process distributions during the reporting period in accordance with its published distribution schedules.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

Roundhill Weekly T-Bill ETF PAGE 1 TSR-SAR-77926X676

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill Weekly T-Bill ETF PAGE 2 TSR-SAR-77926X676

100.0 ------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill AAPL WeeklyPay ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | AAPW (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill AAPL WeeklyPay ETF for the period of February 18, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill AAPL WeeklyPay ETF | $32 | 0.99% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6802336 |
| **Number of Holdings** | 5 |
| **Portfolio Turnover** | 13% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown**

![image](ts4675img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Apple, Inc.  | 119.6% |
|  First American Government Obligations Fund  | 30.6% |
|  United States Treasury Bill\* | 129.4% |

---

\* Held for cash and collateral management purposes.

**MANAGED DISTRIBUTIONS**

The Fund was able to process distributions during the reporting period in accordance with its published distribution schedules.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

Roundhill AAPL WeeklyPay ETF PAGE 1 TSR-SAR-77926X791

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill AAPL WeeklyPay ETF PAGE 2 TSR-SAR-77926X791

129.430.520.02.777.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill AMZN WeeklyPay ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | AMZW (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill AMZN WeeklyPay ETF for the period of June 17, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill AMZN WeeklyPay ETF | $3 | 0.99% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1526273 |
| **Number of Holdings** | 5 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown**

![image](ts5159img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Amazon.com, Inc.  | 120.0% |
|  First American Government Obligations Fund  | 39.5% |
|  United States Treasury Bill\* | 104.7% |

---

\* Held for cash and collateral management purposes.

**MANAGED DISTRIBUTIONS**

The Fund was able to process distributions during the reporting period in accordance with its published distribution schedules.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

Roundhill AMZN WeeklyPay ETF PAGE 1 TSR-SAR-77926X775

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill AMZN WeeklyPay ETF PAGE 2 TSR-SAR-77926X775

104.739.420.11.966.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill BRKB WeeklyPay ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | BRKW (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill BRKB WeeklyPay ETF for the period of June 17, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill BRKB WeeklyPay ETF | $3 | 0.99% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1997207 |
| **Number of Holdings** | 5 |
| **Portfolio Turnover** | 1% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown**

![image](ts5160img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Berkshire Hathaway, Inc.  | 120.0% |
|  First American Government Obligations Fund  | 34.8% |
|  United States Treasury Bill\* | 105.0% |

---

\* Held for cash and collateral management purposes.

**MANAGED DISTRIBUTIONS**

The Fund was able to process distributions during the reporting period in accordance with its published distribution schedules.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

Roundhill BRKB WeeklyPay ETF PAGE 1 TSR-SAR-77926X627

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill BRKB WeeklyPay ETF PAGE 2 TSR-SAR-77926X627

105.034.820.00.459.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill COIN WeeklyPay ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | COIW (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill COIN WeeklyPay ETF for the period of February 18, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill COIN WeeklyPay ETF | $42 | 0.99% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $25728913 |
| **Number of Holdings** | 5 |
| **Portfolio Turnover** | 23% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown**

![image](ts4680img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Coinbase Global, Inc.  | 120.2% |
|  First American Government Obligations Fund  | 9.6% |
|  United States Treasury Bill\* | 91.4% |

---

\* Held for cash and collateral management purposes.

**MANAGED DISTRIBUTIONS**

The Fund was able to process distributions during the reporting period in accordance with its published distribution schedules.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

Roundhill COIN WeeklyPay ETF PAGE 1 TSR-SAR-77926X767

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill COIN WeeklyPay ETF PAGE 2 TSR-SAR-77926X767

91.413.911.49.526.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill HOOD WeeklyPay ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | HOOW (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill HOOD WeeklyPay ETF for the period of June 17, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill HOOD WeeklyPay ETF | $4 | 0.99% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2560937 |
| **Number of Holdings** | 4 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown**

![image](ts5161img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Robinhood Markets, Inc.  | 117.5% |
|  First American Government Obligations Fund  | 21.8% |
|  United States Treasury Bill\* | 85.8% |

---

\* Held for cash and collateral management purposes.

**MANAGED DISTRIBUTIONS**

The Fund was able to process distributions during the reporting period in accordance with its published distribution schedules.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill HOOD WeeklyPay ETF PAGE 1 TSR-SAR-77926X635

85.821.914.822.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill META WeeklyPay ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | METW (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill META WeeklyPay ETF for the period of June 17, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill META WeeklyPay ETF | $3 | 0.99% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1060558 |
| **Number of Holdings** | 5 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown**

![image](ts5163img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Meta Platforms, Inc.  | 119.8% |
|  First American Government Obligations Fund  | 19.9% |
|  United States Treasury Bill\* | 122.4% |

---

\* Held for cash and collateral management purposes.

**MANAGED DISTRIBUTIONS**

The Fund was able to process distributions during the reporting period in accordance with its published distribution schedules.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

Roundhill META WeeklyPay ETF PAGE 1 TSR-SAR-77926X742

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill META WeeklyPay ETF PAGE 2 TSR-SAR-77926X742

122.320.019.94.366.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill NFLX WeeklyPay ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | NFLW (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill NFLX WeeklyPay ETF for the period of June 17, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill NFLX WeeklyPay ETF | $3 | 0.99% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1103529 |
| **Number of Holdings** | 5 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown**

![image](ts5164img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Netflix, Inc.  | 119.7% |
|  First American Government Obligations Fund  | 20.1% |
|  United States Treasury Bill\* | 122.1% |

---

\* Held for cash and collateral management purposes.

**MANAGED DISTRIBUTIONS**

The Fund was able to process distributions during the reporting period in accordance with its published distribution schedules.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

Roundhill NFLX WeeklyPay ETF PAGE 1 TSR-SAR-77926X643

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill NFLX WeeklyPay ETF PAGE 2 TSR-SAR-77926X643

122.120.120.06.468.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill NVDA WeeklyPay ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | NVDW (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill NVDA WeeklyPay ETF for the period of February 18, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill NVDA WeeklyPay ETF | $38 | 0.99% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18087328 |
| **Number of Holdings** | 5 |
| **Portfolio Turnover** | 10% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown**

![image](ts4687img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 120.0% |
|  First American Government Obligations Fund  | 18.2% |
|  United States Treasury Bill\* | 107.3% |

---

\* Held for cash and collateral management purposes.

**MANAGED DISTRIBUTIONS**

The Fund was able to process distributions during the reporting period in accordance with its published distribution schedules.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

Roundhill NVDA WeeklyPay ETF PAGE 1 TSR-SAR-77926X718

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill NVDA WeeklyPay ETF PAGE 2 TSR-SAR-77926X718

107.319.918.216.361.7 ------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill PLTR WeeklyPay ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | PLTW (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill PLTR WeeklyPay ETF for the period of February 18, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill PLTR WeeklyPay ETF | $37 | 0.99% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $66892137 |
| **Number of Holdings** | 5 |
| **Portfolio Turnover** | 17% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown**

![image](ts4688img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Palantir Technologies, Inc.  | 119.0% |
|  First American Government Obligations Fund  | 10.5% |
|  United States Treasury Bill\* | 118.4% |

---

\* Held for cash and collateral management purposes.

**MANAGED DISTRIBUTIONS**

The Fund was able to process distributions during the reporting period in accordance with its published distribution schedules.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

Roundhill PLTR WeeklyPay ETF PAGE 1 TSR-SAR-77926X726

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill PLTR WeeklyPay ETF PAGE 2 TSR-SAR-77926X726

118.419.411.010.659.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill TSLA WeeklyPay ETF**  | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | TSLW (Principal U.S. Listing Exchange: CBOE) | ![image](img293563_202501131805206.jpg) |
| ![image](img293564_l20241223153483.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img293563_202501131805206.jpg) |

---

This semi-annual shareholder report contains important information about the Roundhill TSLA WeeklyPay ETF for the period of February 18, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Roundhill TSLA WeeklyPay ETF | $33 | 0.99% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $19795888 |
| **Number of Holdings** | 5 |
| **Portfolio Turnover** | 15% |

---

Visit https://www.roundhillinvestments.com/etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown**

![image](ts4693img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Tesla, Inc.  | 120.5% |
|  First American Government Obligations Fund  | 11.3% |
|  United States Treasury Bill\* | 131.4% |

---

\* Held for cash and collateral management purposes.

**MANAGED DISTRIBUTIONS**

The Fund was able to process distributions during the reporting period in accordance with its published distribution schedules.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.roundhillinvestments.com/etf/.

Roundhill TSLA WeeklyPay ETF PAGE 1 TSR-SAR-77926X692

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Roundhill Financial LLC documents not be householded, please contact Roundhill Financial LLC at 800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Roundhill Financial LLC or your financial intermediary.

Roundhill TSLA WeeklyPay ETF PAGE 2 TSR-SAR-77926X692

131.420.111.32.365.1 ------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable for semi-annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](roundhilllogo.jpg)

**Roundhill ETF Trust**

**Roundhill Bitcoin Covered Call Strategy ETF (YBTC)** 

**Roundhill China Dragons ETF (DRAG)** 

**Roundhill Daily 2X Long Magnificent Seven ETF (MAGX)** 

**Roundhill Ether Covered Call Strategy ETF (YETH)** 

**Roundhill GLP-1 & Weight Loss ETF (OZEM)**

**Roundhill Humanoid Robotics ETF (HUMN)**

**Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE)**

**Roundhill Magnificent Seven Covered Call ETF (MAGY)**

**Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE)**

**Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY)**

**Roundhill Russell 2000 0DTE Covered Call Strategy ETF (RDTE)**

**Roundhill Uranium ETF (UX)** 

**Roundhill Weekly T-Bill ETF (WEEK)**

Financial Statements & Additional Information

June 30, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#sch001)<br>|  |
| &nbsp;&nbsp;&nbsp; [Roundhill Bitcoin Covered Call Strategy ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Roundhill China Dragons ETF](#soi2) | [3](#soi2) |
| &nbsp;&nbsp;&nbsp; [Roundhill Daily 2X Long Magnificent Seven ETF](#soi3) | [5](#soi3) |
| &nbsp;&nbsp;&nbsp; [Roundhill Ether Covered Call Strategy ETF](#soi4) | [7](#soi4) |
| &nbsp;&nbsp;&nbsp; [Roundhill GLP-1 & Weight Loss ETF](#soi5) | [9](#soi5) |
| &nbsp;&nbsp;&nbsp; [Roundhill Humanoid Robotics ETF](#soi6) | [11](#soi6) |
| &nbsp;&nbsp;&nbsp; [Roundhill Innovation-100 0DTE Covered Call Strategy ETF](#soi7) | [13](#soi7) |
| &nbsp;&nbsp;&nbsp; [Roundhill Magnificent Seven Covered Call ETF](#soi8) | [15](#soi8) |
| &nbsp;&nbsp;&nbsp; [Roundhill S&P 500 0DTE Covered Call Strategy ETF](#soi9) | [17](#soi9) |
| &nbsp;&nbsp;&nbsp; [Roundhill S&P 500 Target 20 Managed Distribution ETF](#soi10) | [19](#soi10) |
| &nbsp;&nbsp;&nbsp; [Roundhill Russell 2000 0DTE Covered Call Strategy ETF](#soi11) | [21](#soi11) |
| &nbsp;&nbsp;&nbsp; [Roundhill Uranium ETF](#soi12) | [23](#soi12) |
| &nbsp;&nbsp;&nbsp; [Roundhill Weekly T-Bill ETF](#soi13) | [25](#soi13) |
| [Statements of Assets and Liabilities](#sal) | [27](#sal) |
| [Statements of Operations](#sop) | [30](#sop) |
| [Statements of Changes in Net Assets](#scna) | [33](#scna) |
| [Financial Highlights](#fihi) | [39](#fihi) |
| [Consolidated Notes to the Financial Statements](#notes) | [41](#notes) |
| [Additional Information](#add) | [57](#add) |
| [Board Consideration and Approval of Advisory and Sub-Advisory Agreements](#board) | [59](#board) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL BITCOIN COVERED CALL STRATEGY ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 5.7%<sup>(a)</sup>** | **PURCHASED OPTIONS - 5.7%<sup>(a)</sup>** | **PURCHASED OPTIONS - 5.7%<sup>(a)</sup>** |  |
| **Call Options - 5.7%<sup>(b)(c)</sup>**<br>|  |  |  |
|  Cboe Bitcoin U.S. ETF Index, Expiration: 07/18/2025; Exercise Price: $2,450.00 | $149660933 | 587 | $8636056  |
|  iShares Bitcoin Trust ETF, Expiration: 07/18/2025; Exercise Price: $59.00 | 76512500 | 12500 | 4250000  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $12,797,402)** |  |  | 12886056 |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 187.1%** | **SHORT-TERM INVESTMENTS - 187.1%** | **SHORT-TERM INVESTMENTS - 187.1%** |  |
| **Money Market Funds - 0.5%** | **Money Market Funds - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - <br>Class X, 4.25%<sup>(d)</sup> |  | 1179123 | 1179122  |
|  |  | **Par** |  |
| **U.S. Treasury Bills - 186.6%** | **U.S. Treasury Bills - 186.6%** |  |  |
| 4.21%, 07/01/2025<sup>(e)(f)</sup> |  | $212527000 | 212527000  |
| 4.19%, 07/31/2025<sup>(e)(f)</sup> |  | 210514000 | 209790797  |
|  |  |  | 422317797  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM** <br>**INVESTMENTS** <br>**(Cost $423,496,919)** |  |  | 423496919  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 192.8%** <br>**(Cost $436,294,321)** |  |  | $436382975  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (92.8)% |  |  | (209990492)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $226392483 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(e)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral.

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL BITCOIN COVERED CALL STRATEGY ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.0)%<sup>(a)(b)</sup>** | **WRITTEN OPTIONS - (2.0)%<sup>(a)(b)</sup>** | **WRITTEN OPTIONS - (2.0)%<sup>(a)(b)</sup>** | **WRITTEN OPTIONS - (2.0)%<sup>(a)(b)</sup>** |
| **Call Options - (0.4)%**<br>|  |  |  |
|  Cboe Bitcoin U.S. ETF Index, Expiration: 07/03/2025; Exercise Price: $2,612.00 | $(149660933) | (587) | $(701330)  |
|  iShares Bitcoin Trust ETF, Expiration: 07/03/2025; Exercise Price: $63.00 | (76512500) | (12500) | (200000)  |
| **Total Call Options** |  |  | (901330)  |
| **Put Options - (1.6)%**<br>|  |  |  |
|  Cboe Bitcoin U.S. ETF Index, Expiration: 07/18/2025; Exercise Price: $2,450.00 | (149660933) | (587) | (2381799)  |
|  iShares Bitcoin Trust ETF, Expiration: 07/18/2025; Exercise Price: $59.00 | (76512500) | (12500) | (1262500)  |
| **Total Put Options** |  |  | (3644299)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $9,814,756)** |  |  | $(4545629) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $12886056 | $— | $12886056  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1179122 |  |  | 1179122  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 422317797 |  | 422317797  |
| **Total Investments** | $1179122 | $435203853 | $— | $436382975  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4545629) | $— | $(4545629)  |
| **Total Investments** | $— | $(4545629) | $— | $(4545629) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL CHINA DRAGONS ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 38.3%**<br>|  |  |
| **Auto Manufacturers - 6.0%**<br>|  |  |
| BYD Co. Ltd. - ADR | 19491 | $1828256  |
| **Internet - 27.4%<sup>(a)</sup>**<br>|  |  |
| Alibaba Group Holding Ltd. - ADR | 19306 | 2189493  |
| Meituan - ADR<sup>(b)</sup> | 72583 | 2335721  |
| PDD Holdings, Inc. - ADR<sup>(b)</sup> | 20098 | 2103457  |
| Tencent Holdings Ltd. - ADR | 26915 | 1736017  |
|  |  | 8364688 |
| **Telecommunications - 4.9%**<br>|  |  |
| Xiaomi Corp. - ADR<sup>(b)</sup> | 39010 | 1504616  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $12,760,912)** |  | 11697560 |
| **SHORT-TERM INVESTMENTS - 121.6%**<br>|  |  |
| **Money Market Funds - 0.4%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(c)</sup> | 109319 | 109319  |
|  | **Par** |  |
| **U.S. Treasury Bills - 121.2%** | **U.S. Treasury Bills - 121.2%** | **U.S. Treasury Bills - 121.2%** |
| 4.22%, 07/01/2025<sup>(d)(e)</sup> | $19054000 | 19054000  |
| 4.19%, 07/31/2025<sup>(d)(e)</sup> | 18044000 | 17982011  |
|  |  | 37036011  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM** <br>**INVESTMENTS** <br>**(Cost $37,145,330)** |  | 37145330  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 159.9%** <br>**(Cost $49,906,242)** |  | $48842890  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (59.9)% |  | (18296779)  |
| **TOTAL NET ASSETS - 100.0%** |  | $30546111 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL CHINA DRAGONS ETF** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive** <br>**Reference Entity** | **Financing** <br>**Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Value/** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding <br>Ltd. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.50% | Termination | 11/04/2025 | $5751702 | &nbsp;&nbsp;&nbsp; $(133953)  |
| BYD Co. Ltd. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.50% | Termination | 11/04/2025 | 6081804 | &nbsp;&nbsp;&nbsp; 337636  |
| Meituan | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.50% | Termination | 11/04/2025 | 5231760 | &nbsp;&nbsp;&nbsp; (1436075)  |
| PDD Holdings, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.50% | Termination | 11/04/2025 | 5788745 | &nbsp;&nbsp;&nbsp; (1055100)  |
| Tencent Holdings Ltd. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.50% | Termination | 11/04/2025 | 6672396 | &nbsp;&nbsp;&nbsp; 43879  |
| Xiaomi Corp. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.50% | Termination | 11/04/2025 | 7972033 | &nbsp;&nbsp;&nbsp; 1936482  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp; $(307131) |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.

OBFR - Overnight Bank Funding Rate was 4.33% as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $11697560 | $— | $— | $11697560  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 109319 |  |  | 109319  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 37036011 |  | 37036011  |
| **Total Investments** | $11806879 | $37036011 | $— | $48842890  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| Total Return Swaps\* | $— | $2317997 | $— | $2317997  |
| **Total Other Financial Instruments** | $— | $2317997 | $— | $2317997  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| Total Return Swaps\* | $— | $(2625128) | $— | $(2625128)  |
| **Total Other Financial Instruments** | $— | $(2625128) | $— | $(2625128) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

**Allocation of Portfolio Holdings by Country as of June 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| China | $9594103 | 31.4%  |
| Ireland | 2103457 | 6.9  |
| United States | 37145330 | 121.6  |
| Liabilities in Excess of Other Assets | (18296779) | (59.9)  |
|  | $30546111 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL DAILY 2X LONG MAGNIFICENT SEVEN ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 0.0%<sup>(a)</sup>**<br>|  |  |
| Roundhill Magnificent Seven ETF | 11 | $611  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $484)** |  | 611  |
| **SHORT-TERM INVESTMENTS - 155.9%**<br>|  |  |
| **Money Market Funds - 19.0%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.23%<sup>(b)</sup> | 14188152 | 14188151  |
|  | **Par** |  |
| **U.S. Treasury Bills - 136.9%** | **U.S. Treasury Bills - 136.9%** | **U.S. Treasury Bills - 136.9%** |
| 4.22%, 07/01/2025<sup>(c)(d)</sup> | $51145000 | 51145000  |
| 4.19%, 07/31/2025<sup>(c)(d)</sup> | 51124000 | 50948368  |
|  |  | 102093368  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $116,281,519)** |  | 116281519  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 155.9%** <br>**(Cost $116,282,003)** |  | $116282130  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (55.9)% |  | (41675318)  |
| **TOTAL NET ASSETS - 100.0%** |  | $74606812 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(c)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(d)</sup> All or a portion of security has been pledged as collateral.

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Roundhill Daily 2X Long Magnificent Seven ETF** 

**Schedule of Total Return Swap Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity**  | **Counterparty**  | **Pay/Receive**<br>**Reference** <br>**Entity**  | **Financing Rate**  | **Payment** <br>**Frequency**  | **Maturity** <br>**Date**  | **Notional** <br>**Amount**  | **Value/** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Roundhill Magnificent Seven ETF\* | Goldman Sachs | Receive | OBFR + 1.20% | Termination | &nbsp;&nbsp; 01/12/2026 | $1123378 | &nbsp;&nbsp; $(45341)  |
|  Roundhill Magnificent Seven ETF\* | Nomura Securities International, Inc. | Receive | OBFR + 1.50% | Termination | &nbsp;&nbsp; 05/26/2026 | 296899403 | &nbsp;&nbsp; 15850093  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp; $15804752 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.

OBFR - Overnight Bank Funding Rate was 4.33% as of June 30, 2025.

\* Affiliated Swap contract (Note 2).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $611 | $— | $— | $611  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 14188151 |  |  | 14188151  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 102093368 |  | 102093368  |
| **Total Investments** | $14188762 | $102093368 | $— | $116282130  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $15850093 | $— | $15850093  |
| **Total Other Financial Instruments** | $— | $15850093 | $— | $15850093  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $(45341) | $— | $(45341)  |
| **Total Other Financial Instruments** | $— | $(45341) | $— | $(45341) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL ETHER COVERED CALL STRATEGY ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 5.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 5.9%<sup>(b)(c)</sup>**<br>|  |  |  |
|  iShares Ethereum Trust ETF, Expiration: 07/18/2025; Exercise Price: $19.00 | $23837500 | 12500 | $1325000  |
|  Proshares Ether Strategy ETF, Expiration: 07/18/2025; Exercise Price: $45.00 | 10582129 | 2291 | 641320  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $2,662,178)** |  |  | 1966320 |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 176.4%** | **SHORT-TERM INVESTMENTS - 176.4%** | **SHORT-TERM INVESTMENTS - 176.4%** |  |
| **Money Market Funds - 12.1%** | **Money Market Funds - 12.1%** |  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(d)</sup> |  | 4012751 | 4012750  |
|  |  | **Par** |  |
| **U.S. Treasury Bills - 164.3%**<br>|  |  |  |
| 4.17%, 07/01/2025<sup>(e)(f)</sup> |  | $27040000 | 27040000  |
| 4.19%, 07/31/2025<sup>(e)(f)</sup> |  | 27567000 | 27472296  |
|  |  |  | 54512296  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $58,525,046)** |  |  | 58525046  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 182.3%** <br>**(Cost $61,187,224)** |  |  | $60491366  |
|  Liabilities in Excess of Other Assets - (82.3)% |  |  | (27310716)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $33180650 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(e)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral.

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL ETHER COVERED CALL STRATEGY ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (7.8)%<sup>(a)(b)</sup>**<br>|  |  |  |
| **Call Options - (2.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Ethereum Trust ETF, Expiration: 07/03/2025; Exercise Price: <br>$19.00 | $(23837500) | (12500) | $(518750)  |
|  Proshares Ether Strategy ETF, Expiration: 07/03/2025; Exercise Price: $45.63 | (10582129) | (2291) | (178584)  |
| **Total Call Options** |  |  | (697334)  |
| **Put Options - (5.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Ethereum Trust ETF, Expiration: 07/18/2025; Exercise Price: <br>$19.00 | (23837500) | (12500) | (1312500)  |
|  Proshares Ether Strategy ETF, Expiration: 07/18/2025; Exercise Price: $45.00 | (10582129) | (2291) | (570115)  |
| **Total Put Options** |  |  | (1882615)  |
| **TOTAL WRITTEN OPTIONS (Premiums received $2,861,646)** |  |  | $(2579949) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $1966320 | $— | $1966320  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 4012750 |  |  | 4012750  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 54512296 |  | 54512296  |
| **Total Investments** | $4012750 | $56478616 | $— | $60491366  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2579949) | $— | $(2579949)  |
| **Total Investments** | $— | $(2579949) | $— | $(2579949) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL GLP-1 & WEIGHT LOSS ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.2%**<br>|  |  |
| **Biotechnology - 33.9%<sup>(a)</sup>**<br>|  |  |
| Altimmune, Inc.<sup>(b)(c)</sup> | 175707 | $679986  |
| Amgen, Inc. | 3807 | 1062953  |
| Biohaven Ltd.<sup>(b)</sup> | 39140 | 552265  |
| Gilead Sciences, Inc. | 5935 | 658014  |
| Gubra AS | 9562 | 699871  |
| Innovent Biologics, Inc.<sup>(b)(d)</sup> | 133500 | 1333299  |
| Metsera, Inc.<sup>(b)(c)</sup> | 40528 | 1153022  |
| Regeneron Pharmaceuticals, Inc. | 1582 | 830550  |
| Scholar Rock Holding Corp.<sup>(b)</sup> | 20770 | 735673  |
| Structure Therapeutics, Inc. - ADR<sup>(b)(c)</sup> | 61732 | 1280322  |
| Terns Pharmaceuticals, Inc.<sup>(b)</sup> | 227847 | 849869  |
| Viking Therapeutics, Inc.<sup>(b)(c)</sup> | 53514 | 1418121  |
|  |  | 11253945  |
| **Pharmaceuticals - 65.3%<sup>(a)</sup>**<br>|  |  |
| AstraZeneca PLC - ADR | 16305 | 1139393  |
| Chugai Pharmaceutical Co. Ltd. | 29500 | 1536831  |
| CSPC Pharmaceutical Group Ltd. | 622000 | 610115  |
| Eli Lilly & Co. | 6948 | 5416174  |
| Hanmi Pharm Co. Ltd. | 4809 | 1019098  |
| Novo Nordisk AS - ADR<sup>(c)</sup> | 87953 | 6070516  |
| Pfizer, Inc. | 56319 | 1365173  |
| Roche Holding AG | 5222 | 1695182  |
| Shionogi & Co. Ltd. | 34300 | 615973  |
|  United Laboratories International Holdings Ltd. | 326000 | 623760  |
| Zealand Pharma AS<sup>(b)</sup> | 28213 | 1574491  |
|  |  | 21666706  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $37,466,520)** |  | 32920651  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 22.6%**<br>|  |  |
|  **Investments Purchased with Proceeds from Securities Lending - 22.3%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.50%<sup>(e)</sup> | 7398369 | 7398369  |
|  | **Shares** |  |
| **Money Market Funds - 0.3%** | **Money Market Funds - 0.3%** | **Money Market Funds - 0.3%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(e)</sup> | 120589 | 120589  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM** <br>**INVESTMENTS** <br>**(Cost $7,518,958)** |  | 7518958  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 121.8%** <br>**(Cost $44,985,478)** |  | $40439609  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (21.8)% |  | (7243177)  |
| **TOTAL NET ASSETS - 100.0%** |  | $33196432 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $7,266,284.

<sup>(d)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $1,333,299 or 4.0% of the Fund's net assets.

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL GLP-1 & WEIGHT LOSS ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $32920651 | $— | $— | $32920651  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 7398369  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 120589 |  |  | 120589  |
| **Total Investments** | $33041240 | $— | $— | $40439609 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $7,398,369 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

**Allocation of Portfolio Holdings by Country as of June 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Denmark | $8344878 | 25.2%  |
| Japan | 2152804 | 6.5  |
| China | 1943414 | 5.8  |
| Switzerland | 1695182 | 5.1  |
| United Kingdom | 1139393 | 3.4  |
| South Korea | 1019098 | 3.1  |
| Hong Kong | 623760 | 1.9  |
| United States | 23521080 | 70.8  |
| Liabilities in Excess of Other Assets | (7243177) | (21.8)  |
|  | $33196432 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL HUMANOID ROBOTICS ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.3%**<br>|  |  |
| **Aerospace/Defense - 1.1%**<br>|  |  |
| Kawasaki Heavy Industries Ltd. | 600 | $45277  |
| **Auto Manufacturers - 28.2%<sup>(a)</sup>**<br>|  |  |
| Bayerische Motoren Werke AG | 731 | 64751  |
| Honda Motor Co. Ltd. | 5100 | 49236  |
| Hyundai Motor Co. | 1334 | 201148  |
| Mercedes-Benz Group AG | 1445 | 84285  |
| Tesla, Inc.<sup>(b)</sup> | 1632 | 518421  |
| Toyota Motor Corp. | 3400 | 58681  |
| XPeng, Inc. - ADR<sup>(b)</sup> | 12359 | 220979  |
|  |  | 1197501  |
| **Auto Parts & Equipment - 1.7%**<br>|  |  |
| Mobileye Global, Inc. - Class A<sup>(b)</sup> | 4080 | 73358  |
| **Electronics - 5.2%**<br>|  |  |
| ABB Ltd. | 1241 | 73702  |
| NIDEC CORP | 3400 | 66025  |
| RoboSense Technology Co. Ltd.<sup>(b)</sup> | 19900 | 81755  |
|  |  | 221482  |
| **Internet - 6.3%**<br>|  |  |
| Alphabet, Inc. - Class A | 510 | 89877  |
| Amazon.com, Inc.<sup>(b)</sup> | 408 | 89511  |
| Meta Platforms, Inc. - Class A | 119 | 87833  |
|  |  | 267221  |
| **Machinery-Diversified - 35.6%<sup>(a)</sup>**<br>|  |  |
| Doosan Robotics, Inc.<sup>(b)</sup> | 2226 | 109024  |
| FANUC Corp. | 3400 | 92741  |
| Harmonic Drive Systems, Inc. | 8500 | 164768  |
| Hexagon AB - Class B | 15504 | 154806  |
|  Leader Harmonious Drive Systems Co. Ltd. - Class A | 6174 | 107609  |
| Nabtesco Corp. | 8500 | 151911  |
| Rainbow Robotics<sup>(b)</sup> | 779 | 161907  |
| Shenzhen Dobot Corp. Ltd.<sup>(b)</sup> | 34000 | 253159  |
| UBTech Robotics Corp. Ltd.<sup>(b)</sup> | 30100 | 317871  |
|  |  | 1513796  |
| **Semiconductors - 14.6%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 510 | 72369  |
| NVIDIA Corp. | 2244 | 354530  |
| Ouster, Inc.<sup>(b)</sup> | 2958 | 71731  |
| QUALCOMM, Inc. | 306 | 48734  |
| Teradyne, Inc. | 799 | 71846  |
|  |  | 619210  |
| **Telecommunications - 6.6%**<br>|  |  |
| SoftBank Group Corp. | 600 | 43677  |
| Xiaomi Corp. - Class B<sup>(b)(c)</sup> | 30800 | 235218  |
|  |  | 278895  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $4,231,470)** |  | 4216740  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 8.1%**<br>|  |  |
| **Money Market Funds - 8.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations <br>Fund - Class X, 4.25%<sup>(d)</sup> | 342414 | $342413  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $342,414)** |  | 342413  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.4%** <br>**(Cost $4,573,884)** |  | $4559153  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (7.4)% |  | (313571)  |
| **TOTAL NET ASSETS - 100.0%** |  | $4245582 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $235,218 or 5.5% of the Fund's net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL HUMANOID ROBOTICS ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $4216740 | $— | $— | $4216740  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 342413 |  |  | 342413  |
| **Total Investments** | $4559153 | $— | $— | $4559153 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL INNOVATION-100 0DTE COVERED CALL STRATEGY ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 90.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 90.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 90.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 90.9%<sup>(a)</sup>**  |
| **Call Options - 90.9%** | **Call Options - 90.9%** | **Call Options - 90.9%** | **Call Options - 90.9%** |
| Nasdaq 100 Stock Index<sup>(b)(c)</sup> | Nasdaq 100 Stock Index<sup>(b)(c)</sup> | Nasdaq 100 Stock Index<sup>(b)(c)</sup> | Nasdaq 100 Stock Index<sup>(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; <br>Exercise Price: $1,850.10 | $201843189 | 89 | $185278509  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; <br>Exercise <br>Price: $2,416.81 | 222254298 | 98 | 198689348  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 03/20/2026; Exercise <br>Price: $1,947.25 | 149681466 | 66 | 136972896  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/18/2026; Exercise Price: $2,177.00 | 208646892 | 92 | 188938496  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $639,597,845)** |  |  | 709879249 |
|  |  | **Shares** |  |
| **EXCHANGE TRADED FUNDS - 6.1%** | **EXCHANGE TRADED FUNDS - 6.1%** | **EXCHANGE TRADED FUNDS - 6.1%** | **EXCHANGE TRADED FUNDS - 6.1%** |
|  Roundhill Weekly T-Bill ETF<sup>(e)</sup> |  | 479558 | 47984574  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $47,974,983)** |  |  | 47984574 |
| **SHORT-TERM INVESTMENTS - 2.3%** | **SHORT-TERM INVESTMENTS - 2.3%** | **SHORT-TERM INVESTMENTS - 2.3%** | **SHORT-TERM INVESTMENTS - 2.3%** |
| **Money Market Funds - 2.3%** | **Money Market Funds - 2.3%** | **Money Market Funds - 2.3%** | **Money Market Funds - 2.3%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(d)</sup> |  | 18207667 | 18207667  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $18,207,667)** |  |  | 18207667  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.3%** <br>**(Cost $705,780,495)** |  |  | $776071490  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.7% |  |  | 5268542  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $781340032 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(e)</sup> Affiliated security (Note 2).

The accompanying notes are an integral part of these financial statements.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL INNOVATION-100 0DTE COVERED CALL STRATEGY ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $709879249 | $— | $709879249  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 47984574 |  |  | 47984574  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 18207667 |  |  | 18207667  |
| **Total Investments** | $66192241 | $709879249 | $— | $776071490 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Roundhill Magnificent Seven Covered Call ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS - 100.0%** | **EXCHANGE TRADED FUNDS - 100.0%** | **EXCHANGE TRADED FUNDS - 100.0%** |  |
|  Roundhill Magnificent Seven ETF<sup>(a)(b)(h)</sup> |  | 276000 | $15309721 |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $14,057,809)** |  |  | 15309721 |
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 0.0%<sup>(c)</sup>** | **PURCHASED OPTIONS - 0.0%<sup>(c)</sup>** | **PURCHASED OPTIONS - 0.0%<sup>(c)</sup>** | **PURCHASED OPTIONS - 0.0%<sup>(c)</sup>** |
| **Call Options - 0.0%<sup>(d)</sup>** | **Call Options - 0.0%<sup>(d)</sup>** | **Call Options - 0.0%<sup>(d)</sup>** | **Call Options - 0.0%<sup>(d)</sup>** |
| &nbsp;&nbsp;&nbsp; Roundhill Magnificent Seven ETF, Expiration: 07/03/2025; Exercise <br>Price: $55.78<sup>(e)(f)(h)</sup> | $133128 | 24 | 696  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $704)** |  |  | 696  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 3.1%** | **SHORT-TERM INVESTMENTS - 3.1%** | **SHORT-TERM INVESTMENTS - 3.1%** | **SHORT-TERM INVESTMENTS - 3.1%** |
| **Money Market Funds - 3.1%** | **Money Market Funds - 3.1%** | **Money Market Funds - 3.1%** | **Money Market Funds - 3.1%** |
|  First American Government Obligations Fund - Class X, 4.23%<sup>(g)</sup> |  | 477337 | 477337  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM** <br>**INVESTMENTS** <br>**(Cost $477,337)** |  |  | 477337  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.1%** <br>**(Cost $14,535,850)** |  |  | $15787754  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.1)% |  |  | (469134)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $15318620 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Represents less than 0.05% of net assets.

<sup>(e)</sup> Exchange-traded.

<sup>(f)</sup> 100 shares per contract.

<sup>(g)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(h)</sup> Affiliated security (Note 2).

The accompanying notes are an integral part of these financial statements.

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL MAGNIFICENT SEVEN COVERED CALL ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.5)%**<br>|  |  |  |
| **Call Options - (0.5)%**<br>|  |  |  |
|  Roundhill Magnificent Seven ETF, Expiration: 07/03/2025; Exercise Price: $55.78<sup>(a)(b)(c)</sup> | $(15442848) | (2784) | $(80736)  |
| **TOTAL WRITTEN OPTIONS (Premiums received $102,091)** |  |  | $(80736) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> Affiliated security (Note 2).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $15309721 | $— | $— | $15309721  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 696 |  | 696  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 477337 |  |  | 477337  |
| **Total Investments** | $15787058 | 696 |  | $15787754  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | (80736) |  | $(80736)  |
| **Total Investments** | $— | (80736) |  | $(80736) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

16<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL S&P 500 0DTE COVERED CALL STRATEGY ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 91.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 91.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 91.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 91.0%<sup>(a)</sup>** |
| **Call Options - 91.0%** | **Call Options - 91.0%** | **Call Options - 91.0%** | **Call Options - 91.0%** |
| S&P 500 Index<sup>(b)(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $540.50 | $121617020 | 196 | $110809260  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $607.91 | 248818495 | 401 | 223705248  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/18/2026; Exercise Price: $600.00 | 37850195 | 61 | 34020355  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $346,059,619)** |  |  | 368534863  |
|  |  | **Shares** |  |
| **EXCHANGE TRADED FUNDS - 6.6%** | **EXCHANGE TRADED FUNDS - 6.6%** |  |  |
|  Roundhill Weekly T-Bill ETF<sup>(e)</sup> |  | 264576 | 26473475  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $26,468,183)** |  |  | 26473475  |
| **SHORT-TERM INVESTMENTS - 2.2%** | **SHORT-TERM INVESTMENTS - 2.2%** | **SHORT-TERM INVESTMENTS - 2.2%** | **SHORT-TERM INVESTMENTS - 2.2%** |
| **Money Market Funds - 2.2%** | **Money Market Funds - 2.2%** | **Money Market Funds - 2.2%** | **Money Market Funds - 2.2%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(d)</sup> |  | 9053647 | 9053647  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM** <br>**INVESTMENTS** <br>**(Cost $9,053,647)** |  |  | 9053647  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $381,581,449)** |  |  | $404061985  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  |  | 929143  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $404991128 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(e)</sup> Affiliated security (Note 2).

The accompanying notes are an integral part of these financial statements.

17<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL S&P 500 0DTE COVERED CALL STRATEGY ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $368534863 | $— | $368534863  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 26473475 |  |  | 26473475  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 9053647 |  |  | 9053647  |
| **Total Investments** | $35527122 | $368534863 | $— | $404061985 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

18<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL S&P 500 TARGET 20 MANAGED DISTRIBUTION ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 99.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 99.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 99.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 99.7%<sup>(a)</sup>**  |
| **Call Options - 99.7%<sup>(b)(c)</sup>**  | **Call Options - 99.7%<sup>(b)(c)</sup>**  | **Call Options - 99.7%<sup>(b)(c)</sup>**  | **Call Options - 99.7%<sup>(b)(c)</sup>**  |
| SPDR Portfolio S&P 500 ETF<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $0.01 | $268953 | 37 | $267742  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/03/2025; Exercise Price: $0.01 | 130842 | 18 | 130246  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/11/2026; Exercise Price: $0.01 | 159918 | 22 | 158670  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/12/2026; Exercise Price: $0.01 | 7269 | 1 | 7214  |
| SPDR S&P 500 ETF Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $0.01 | 4139595 | 67 | 4125243  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/03/2025; Exercise Price: $0.01 | 2903895 | 47 | 2894098  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/11/2026; Exercise Price: $0.01 | 10627020 | 172 | 10569376  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/12/2026; Exercise Price: $0.01 | 8340975 | 135 | 8300356  |
| &nbsp;&nbsp;&nbsp; Expiration: 04/08/2026; Exercise Price: $0.01 | 1112130 | 18 | 1104091  |
| &nbsp;&nbsp;&nbsp; Expiration: 05/13/2026; Exercise Price: $0.01 | 1668195 | 27 | 1657172  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/10/2026; Exercise Price: $0.01 | 5375295 | 87 | 5342714  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $32,749,583)** |  |  | 34556922 |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 0.3%**  | **SHORT-TERM INVESTMENTS - 0.3%**  | **SHORT-TERM INVESTMENTS - 0.3%**  | **SHORT-TERM INVESTMENTS - 0.3%**  |
| **Money Market Funds - 0.3%** | **Money Market Funds - 0.3%** | **Money Market Funds - 0.3%** | **Money Market Funds - 0.3%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(d)</sup> |  | 88507 | $88507  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM** <br>**INVESTMENTS** <br>**(Cost $88,507)** |  |  | 88507  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $32,838,090)** |  |  | $34645429  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other <br>Assets - (0.0)%<sup>(e)</sup> |  |  | (11619)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $34633810 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(e)</sup> Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL S&P 500 TARGET 20 MANAGED DISTRIBUTION ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $34556922 | $—  | $34556922  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 88507 |  |  | 88507  |
| **Total Investments** | $88507 | $34556922 | $— | $34645429 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL RUSSELL 2000 0DTE COVERED CALL STRATEGY ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 91.1%<sup>(a)</sup>** | **PURCHASED OPTIONS - 91.1%<sup>(a)</sup>** |  |  |
| **Call Options - 91.1%**<br>|  |  |  |
| Russell 2000 Index<sup>(b)(c)</sup> | Russell 2000 Index<sup>(b)(c)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $210.50 | $65251050 | 300 | $58833276  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $241.92 | 64816043 | 298 | 57386876  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/20/2026; Exercise Price: $188.51 | 10440168 | 48 | 9486799  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $130,023,238)** |  |  | 125706951  |
|  |  | **Shares** |  |
| **EXCHANGE TRADED FUNDS - 8.6%** | **EXCHANGE TRADED FUNDS - 8.6%** |  |  |
|  Roundhill Weekly T-Bill ETF<sup>(e)</sup> |  | 118679 | 11875021  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $11,872,647)** |  |  | 11875021  |
| **SHORT-TERM INVESTMENTS - 0.2%**<br>|  |  |  |
| **Money Market Funds - 0.2%** | **Money Market Funds - 0.2%** |  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(d)</sup> |  | 345157 | 345157  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM** <br>**INVESTMENTS** <br>**(Cost $345,157)** |  |  | 345157  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $142,241,042)** |  |  | $137927129  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  |  | 186051  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $138113180 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(e)</sup> Affiliated security (Note 2).

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL RUSSELL 2000 0DTE COVERED CALL STRATEGY ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $125706951 | $—  | $125706951  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 11875021 |  |  | 11875021  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 345157 |  |  | 345157  |
| **Total Investments** | $12220178 | $125706951 | $— | $137927129 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

22<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL URANIUM ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **CLOSED END INVESTMENT TRUSTS - 20.5%** | **CLOSED END INVESTMENT TRUSTS - 20.5%** |  |
| Sprott Physical Uranium Trust<sup>(a)</sup> | 19254 | $356007  |
| &nbsp;&nbsp;&nbsp; **TOTAL CLOSED END INVESTMENT TRUSTS** <br>**(Cost $287,094)** |  | 356007  |
| **SHORT-TERM INVESTMENTS - 129.3%** | **SHORT-TERM INVESTMENTS - 129.3%** |  |
| **Money Market Funds - 2.8%** |  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 48699 | 48699  |
|  | **Par** |  |
| **U.S. Treasury Bills - 126.5%**<br>|  |  |
| 4.22%, 07/01/2025<sup>(c)(d)</sup> | $1102000 | 1102000  |
| 4.19%, 07/31/2025<sup>(c)(d)</sup> | 1102000 | 1098214  |
|  |  | 2200214  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,248,913)** |  | 2248913  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 149.8%** <br>**(Cost $2,536,007)** |  | $2604920  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Liabilities - (49.8)% |  | (865761)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1739159 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(c)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(d)</sup> All or a portion of security has been pledged as collateral.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL URANIUM ETF** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive** <br>**Reference** <br>**Entity** | **Financing** <br>**Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Value/** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Sprott Physical Uranium Trust | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 3.00% | Termination | 03/02/2026 |  | $1246078 | &nbsp;&nbsp;&nbsp;&nbsp; $212237  |
| Yellow Cake PLC | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; Receive | SONIA + 3.00% | Termination | 03/02/2026 | GBP | 132773 | &nbsp;&nbsp;&nbsp;&nbsp; 21016  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; $233253 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.

Notional Amount is in USD unless otherwise indicated.

OBFR - Overnight Bank Funding Rate was 4.33% as of June 30, 2025.

SONIA - Sterling Overnight Index Average was 4.46% as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Closed End Investment Trusts | $356007 | $— | $— | $356007  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 48699 |  |  | 48699  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 2200214 |  | 2200214  |
| **Total Investments** | $404706 | $2200214 | $— | $2604920  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $233253 | $— | $— | $233253  |
| **Total Other Financial Instruments** | $233253 | $— | $— | $233253 |

---

<sup>\*</sup> The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

24<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL WEEKLY T-BILL ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 107.6%** | **SHORT-TERM INVESTMENTS - 107.6%** |  |
| **Money Market Funds - 0.0%<sup>(a)</sup>**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 899 | $899  |
|  | **Par** |  |
| **U.S. Treasury Bills - 107.6%**<br>|  |  |
| 4.22%, 07/01/2025<sup>(c)</sup> | $8267000 | 8267000  |
| 4.22%, 07/08/2025<sup>(c)</sup> | 8239000 | 8232294  |
| 4.22%, 07/15/2025<sup>(c)</sup> | 8239000 | 8225581  |
| 4.23%, 07/22/2025<sup>(c)</sup> | 8239000 | 8218869  |
| 4.23%, 07/29/2025<sup>(c)</sup> | 8267000 | 8240092  |
| 4.25%, 08/05/2025<sup>(c)</sup> | 8246000 | 8212258  |
| 4.30%, 08/12/2025<sup>(c)</sup> | 8245000 | 8204091  |
| 4.29%, 08/19/2025<sup>(c)</sup> | 8351000 | 8302799  |
| 4.26%, 08/26/2025<sup>(c)</sup> | 8354000 | 8299216  |
| 4.26%, 09/02/2025<sup>(c)</sup> | 8333000 | 8271539  |
| 4.27%, 09/09/2025<sup>(c)</sup> | 8354000 | 8285368  |
| 4.26%, 09/16/2025<sup>(c)</sup> | 8286000 | 8211302  |
| 4.21%, 09/23/2025<sup>(c)</sup> | 8197000 | 8117281  |
| 4.30%, 09/30/2025<sup>(c)</sup> | 8253000 | 8165432  |
|  |  | 115253122  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $115,253,990)** |  | 115254021  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.6%** <br>**(Cost $115,253,990)** |  | $115254021  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (7.6)% |  | (8181868)  |
| **TOTAL NET ASSETS - 100.0%** |  | $107072153 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(c)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

25<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL WEEKLY T-BILL ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | $899 | $— | $—  | $899  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 115253122 |  | 115253122  |
| **Total Investments** | $899 | $115253122 | $— | $115254021 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

26<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL ETF TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**Bitcoin** <br>**Covered Call** <br>**Strategy ETF** | **Roundhill** <br>**China** <br>**Dragons** <br>**ETF** | **Roundhill** <br>**Daily 2X Long** <br>**Magnificent** <br>**Seven ETF** | **Roundhill** <br>**Ether** <br>**Covered Call** <br>**Strategy ETF** | **Roundhill** <br>**GLP-1 &** <br>**Weight** <br>**Loss ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $436382975 | $48842890 | $116282130 | $60491366 | $40439609  |
| &nbsp;&nbsp;&nbsp; Deposit at broker for option <br>contracts | 4489466 |  |  | 2750330 | —  |
| Dividends receivable | 28848 | 54556 | 15892 | 12806 | 117607  |
|  Unrealized appreciation on swap contracts\* |  | 2317997 | 15850093 |  | —  |
| Receivable for investments sold |  | 2214380 |  |  | —  |
| Dividend tax reclaims receivable |  |  |  |  | 46538  |
| Security lending income receivable |  |  |  |  | 8405  |
| Cash |  |  | 17630000 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 440901289 | 53429823 | 149778115 | 63254502 | 40612159  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 4545629 |  |  | 2579949 | —  |
|  Unrealized depreciation of swap contracts\* |  | 2625128 | 45341 |  | —  |
| Payable for investments purchased | 209790797 | 18715961 | 74154943 | 27472296 | —  |
| Payable to adviser | 172380 | 15305 | 54120 | 21607 | 17358  |
| Payable for swap contracts |  |  | 916899 |  | —  |
| Payable for capital shares redeemed |  | 1527318 |  |  | —  |
|  Payable upon return of securities loaned |  |  |  |  | 7398369  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 214508806 | 22883712 | 75171303 | 30073852 | 7415727  |
| **NET ASSETS** | $226392483 | $30546111 | $74606812 | $33180650 | $33196432  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $235847473 | $34813539 | $67040501 | $51150548 | $39160707  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (9454990) | (4267428) | 7566311 | (17969898) | (5964275)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $226392483 | $30546111 | $74606812 | $33180650 | $33196432  |
| Net assets | $226392483 | $30546111 | $74606812 | $33180650 | $33196432  |
| Shares issued and outstanding<sup>(a)</sup> | 4870000 | 1200000 | 1750000 | 1340000 | 1320000  |
| Net asset value per share | $46.49 | $25.46 | $42.63 | $24.76 | $25.15  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $436294321 | $49906242 | $116282003 | $61187224 | $44985478  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $9814756 | $— | $— | $2861646 | $—  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $— | $— | $— | $— | $7266284 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

\* Affiliated swap held in the Roundhill Daily 2X Long Magnificent Seven ETF (Note 2).

The accompanying notes are an integral part of these financial statements.

27<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL ETF TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**Humanoid** <br>**Robotics** <br>**ETF** | **Roundhill** <br>**Innovation-100** <br>**0DTE Covered** <br>**Call Strategy** <br>**ETF** | **Roundhill** <br>**Magnificent Seven** <br>**Covered Call** <br>**ETF** | **Roundhill** <br>**S&P 500** <br>**0DTE Covered** <br>**Call Strategy** <br>**ETF** | **Roundhill** <br>**S&P 500** <br>**Target 20** <br>**Managed** <br>**Distribution** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
|  Investments in unaffiliated securities, at value | $4559153 | $728086916 | &nbsp;&nbsp; $477337 | $377588510 | $34645429  |
|  Investments in affiliated securities, at value | —  | 47984574  | &nbsp;&nbsp; 15310417  | 26473475  |  |
| Receivable for fund shares sold | 1390932 | 709660 | &nbsp;&nbsp; — |  | —  |
| Receivable for investments sold | 40013 | 2441798 | &nbsp;&nbsp; 668641 | 308221 | —  |
| Dividends receivable | 116 | 62430 | &nbsp;&nbsp; 399 | 35174 | 379  |
| Dividend tax reclaims receivable | 7 |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Deposit at broker for option <br>contracts |  | 2649283 | &nbsp;&nbsp; 870 | 896513 | 893  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 5990221 | 781934661 | &nbsp;&nbsp; 16457664 | 405301893 | 34646701  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value |  |  | &nbsp;&nbsp; 80736 |  | —  |
| Payable for investments purchased | 1744619 |  | &nbsp;&nbsp; 618896 |  | —  |
| Payable to adviser | 20 | 594629 | &nbsp;&nbsp; 5966 | 310765 | 12891  |
| Payable to custodian |  |  | &nbsp;&nbsp; 433446 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1744639 | 594629 | &nbsp;&nbsp; 1139044 | 310765 | 12891  |
| **NET ASSETS** | $4245582 | $781340032 | &nbsp;&nbsp; $15318620 | $404991128 | $34633810  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $4260614 | $864006853 | &nbsp;&nbsp; $15007730 | $455238278 | $35423934  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (15032) | (82666821) | &nbsp;&nbsp; 310890 | (50247150) | (790124)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $4245582 | $781340032 | &nbsp;&nbsp; $15318620 | $404991128 | $34633810  |
| Net assets | $4245582 | $781340032 | &nbsp;&nbsp; $15318620 | $404991128 | $34633810  |
| Shares issued and outstanding<sup>(a)</sup> | 170000 | 22010000 | &nbsp;&nbsp; 270000 | 9165000 | 640000  |
| Net asset value per share | $24.97 | $35.50 | &nbsp;&nbsp; $56.72 | $44.19 | $54.12  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $4573884 | $657805512 | &nbsp;&nbsp; $477337 | $355113266 | $32838090 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | —  | 47974983  | &nbsp;&nbsp; 14058513  | 26468183  | —  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options premium <br>received | $— | $— | &nbsp;&nbsp; $102091 | $— | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL ETF TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Roundhill** <br>**Russell 2000** <br>**0DTE Covered** <br>**Call Strategy** <br>**ETF** | **Roundhill** <br>**Uranium** <br>**ETF** | **Roundhill** <br>**Weekly T-Bill** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |
| Investments in unaffiliated securities, at value | $126052108 | $2604920 | $115254021  |
| Investments in affiliated securities, at value  | 11875021  | —  |  |
| Receivable for investments sold | 186320 |  | —  |
| Deposit at broker for option contracts | 99651 |  | —  |
| Dividends receivable | 5683 | 203 | 50  |
| Unrealized appreciation on swap contracts |  | 233253 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 138218783 | 2838376 | 115254071  |
| **LIABILITIES:**<br>|  |  |  |
| Payable to adviser | 105603 | 1003 | 16517  |
| Payable for investments purchased |  | 1098214 | 8165401  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 105603 | 1099217 | 8181918  |
| **NET ASSETS** | $138113180 | $1739159 | $107072153  |
| **Net Assets Consists of:**<br>|  |  |  |
| Paid-in capital | $171729951 | $1434884 | $107023504  |
| Total distributable earnings/(accumulated losses) | (33616771) | 304275 | 48649  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $138113180 | $1739159 | $107072153  |
| Net assets | $138113180 | $1739159 | $107072153  |
| Shares issued and outstanding<sup>(a)</sup> | 4040000 | 60000 | 1070000  |
| Net asset value per share | $34.18 | $28.99 | $100.07  |
| **Cost:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $130368395 | $2536007 | $115253990 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost  | 11872647  | —  |  |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

29<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended June 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**Bitcoin** <br>**Covered Call** <br>**Strategy ETF** <br>(Consolidated) | **Roundhill** <br>**China** <br>**Dragons** <br>**ETF** | **Roundhill** <br>**Daily 2X Long** <br>**Magnificent** <br>**Seven ETF** | **Roundhill** <br>**Ether** <br>**Covered Call** <br>**Strategy ETF** | **Roundhill** <br>**GLP-1 &** <br>**Weight** <br>**Loss ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $79633 | $120373 | $53315 | $40616 | $470047  |
| Less: Dividend withholding taxes |  | (2127) |  |  | (45527)  |
| Less: Issuance fees |  | (7863) |  |  | (1537)  |
| Interest income | 3135672 | 501175 | 1117864 | 423319 | —  |
| Securities lending income |  |  |  |  | 14207  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3215305 | 611558 | 1171179 | 463935 | 437190  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 746597 | 106894 | 287195 | 107949 | 108586  |
| Income tax expense |  |  | 223 |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 746597 | 106894 | 287418 | 107949 | 108586  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by <br>Adviser |  |  | (2559) |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 746597 | 106894 | 284859 | 107949 | 108586  |
| **NET INVESTMENT INCOME** | 2468708 | 504664 | 886320 | 355986 | 328604  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (19813717) | (678218) | 8143231 | 3221930 | (439394)  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 33560420 |  |  | (14631105) | —  |
| &nbsp;&nbsp;&nbsp; Securities sold short | (46) |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  | (2102371) | (14010102) |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | 1930 |  |  | (16303)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 13746657 | (2778659) | (5866871) | (11409175) | (455697)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 4719602 | 1404476 | 127 | (1100561) | 1208032  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 7165193 |  |  | 901716 | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  | 8134505 | 8045750 |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  |  |  | 1917  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 11884795 | 9538981 | 8045877 | (198845) | 1209949  |
| &nbsp;&nbsp;&nbsp; **Net realized and unrealized** <br>**gain (loss)** | 25631452 | 6760322 | 2179006 | (11608020) | 754252  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $28100160 | $7264986 | $3065326 | $(11252034) | $1082856 |

---

The accompanying notes are an integral part of these financial statements.

30<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**Humanoid** <br>**Robotics** <br>**ETF<sup>(a)</sup>** | **Roundhill** <br>**Innovation-100** <br>**0DTE Covered** <br>**Call Strategy** <br>**ETF** | **Roundhill** <br>**Magnificent Seven** <br>**Covered Call** <br>**ETF<sup>(b)</sup>** | **Roundhill** <br>**S&P 500** <br>**0DTE Covered** <br>**Call Strategy** <br>**ETF** | **Roundhill** <br>**S&P 500** <br>**Target 20** <br>**Managed** <br>**Distribution** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
|  Dividend income from unaffiliated securities | &nbsp;&nbsp; $191 | $1079648 | &nbsp;&nbsp;&nbsp; $565 | $564104 | $1762  |
|  Dividend income from affiliated securities  | &nbsp;&nbsp; —  | 302438  | &nbsp;&nbsp;&nbsp; —  | 166857  |  |
| Less: Dividend withholding taxes | &nbsp;&nbsp; (14) |  | &nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 177 | 1382086 | &nbsp;&nbsp;&nbsp; 565 | 730961 | 1762  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 20 | 3413491 | &nbsp;&nbsp;&nbsp; 14307 | 1775949 | 53906  |
| Interest expense | &nbsp;&nbsp; — | 195 | &nbsp;&nbsp;&nbsp; 14 | 170 | 8  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 20 | 3413686 | &nbsp;&nbsp;&nbsp; 14321 | 1776119 | 53914  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by <br>Adviser | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (4191) |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 20 | 3413686 | &nbsp;&nbsp;&nbsp; 10130 | 1776119 | 53914  |
| **NET INVESTMENT INCOME/(LOSS)** | &nbsp;&nbsp; 157 | (2031600) | &nbsp;&nbsp;&nbsp; (9565) | (1045158) | (52152)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;(151) | 21692292 | &nbsp;&nbsp;&nbsp; 703 | 4559108 | (76388)  |
| &nbsp;&nbsp;&nbsp; Affiliated investments  | &nbsp;&nbsp; —  | —  | &nbsp;&nbsp;&nbsp; (484954)  | —  |  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp; — | (13737534) | &nbsp;&nbsp;&nbsp; (22488) | (14112255) | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; (32) |  | &nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (183) | 7954758 | &nbsp;&nbsp;&nbsp; (506739) | (9553147) | (76388)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated investments | &nbsp;&nbsp; (14731) | 30359412 | &nbsp;&nbsp;&nbsp; 1251904 | 12705705 | 1882447  |
| &nbsp;&nbsp;&nbsp; Affiliated investments  | &nbsp;&nbsp; —  | 9591  | &nbsp;&nbsp;&nbsp; —  | 5292  |  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp; — | 360069 | &nbsp;&nbsp;&nbsp; 21355 | 308221 | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; (275) |  | &nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (15006) | 30729072 | &nbsp;&nbsp;&nbsp; 1273259 | 13019218 | 1882447  |
| &nbsp;&nbsp;&nbsp; **Net realized and unrealized** <br>**gain (loss)** | &nbsp;&nbsp; (15189) | 38683830 | &nbsp;&nbsp;&nbsp; 766520 | 3466071 | 1806059  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $(15032) | $36652230 | &nbsp;&nbsp;&nbsp; $756955 | $2420913 | $1753907 |

---

<sup>(a)</sup> Inception date of the Fund was June 25, 2025.

<sup>(b)</sup> Inception date of the Fund was April 22, 2025.

The accompanying notes are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Roundhill** <br>**Russell 2000** <br>**0DTE Covered** <br>**Call Strategy** <br>**ETF** | **Roundhill** <br>**Uranium** <br>**ETF<sup>(a)</sup>** | **Roundhill** <br>**Weekly T-Bill** <br>**ETF<sup>(b)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income from unaffiliated securities | $217881 | $2223 | $117  |
| Dividend income from affiliated securities  | 74846  | —  |  |
| Interest income |  | 3476 | 766803  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 292727 | 5699 | 766920  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee | 702907 | 3590 | 32445  |
| Interest expense | 183 |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 703090 | 3590 | 32445  |
| **NET INVESTMENT INCOME/(LOSS)** | (410363) | 2109 | 734475  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (8342822) |  | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 4620395 |  | —  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3722427) |  | —  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated investments | (93771) | 68913 | 31  |
| &nbsp;&nbsp;&nbsp; Affiliated investments  | 2374  | —  |  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 186320 |  | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  | 233253 | —  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 94923 | 302166 | 31  |
| **Net realized and unrealized gain (loss)** | (3627504) | 302166 | 31  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(4037867) | $304275 | $734506 |

---

<sup>(a)</sup> Inception date of the Fund was January 28, 2025.

<sup>(b)</sup> Inception date of the Fund was March 5, 2025.

The accompanying notes are an integral part of these financial statements.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL ETF TRUST** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Roundhill Bitcoin Covered Call** <br>**Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call** <br>**Strategy ETF (Consolidated)** | **Roundhill China** <br>**Dragons ETF** | **Roundhill China** <br>**Dragons ETF** |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**<br>| **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2468708 | $1225922 | $504664 | $522542  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 13746657 | 18617958 | (2778659) | (3505052)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 11884795 | (6527014) | 9538981 | (10909464)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 28100160 | 13316866 | 7264986 | (13891974)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (34281112) | (15307183) |  | (515783)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (34281112) | (15307183) |  | (515783)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 163509669 | 88083395 | 1533630 | 95668909  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (13299865) | (3817856) | (27182454) | (32331203)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) |  | 88409 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 150209804 | 84353948 | (25648824) | 63337706  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 144028852 | 82363631 | (18383838) | 48929949  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 82363631 |  | 48929949 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $226392483 | $82363631 | $30546111 | $48929949  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3510000 | 1750000 | 60000 | 3760000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (310000) | (80000) | (1160000) | (1460000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 3200000 | 1670000 | (1100000) | 2300000 |

---

<sup>(a)</sup> Inception date of the Fund was January 17, 2024.

<sup>(b)</sup> Inception date of the Fund was October 2, 2024.

The accompanying notes are an integral part of these financial statements.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL ETF TRUST** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Roundhill Daily 2X Long** <br>**Magnificent Seven ETF** | **Roundhill Daily 2X Long** <br>**Magnificent Seven ETF** | **Roundhill Ether Covered** <br>**Call Strategy ETF**  | **Roundhill Ether Covered** <br>**Call Strategy ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $886320 | $511298 | $355986 | $53705  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5866871) | (3261910) | (11409175) | 1088497  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8045877 | 7759002 | (198845) | (215316)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 3065326 | 5008390 | (11252034) | 926886  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  | (507405) | (6448857) | (1195893)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  |  |  | (60223)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (507405) | (6448857) | (1256116)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 70871152 | 67142650 | 39658085 | 11873201  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (56555391) | (14576807) | (320515) | —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 69281 | 89616 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 14385042 | 52655459 | 39337570 | 11873201  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 17450368 | 57156444 | 21636679 | 11543971  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 57156444 |  | 11543971 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $74606812 | $57156444 | $33180650 | $11543971  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1820000 | 1630000 | 1120000 | 230000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1330000) | (370000) | (10000) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 490000 | 1260000 | 1110000 | 230000 |

---

<sup>(a)</sup> Inception date of the Fund was February 28, 2024.

<sup>(b)</sup> Inception date of the Fund was September 3, 2024.

The accompanying notes are an integral part of these financial statements.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL ETF TRUST** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Roundhill GLP-1 &** <br>**Weight Loss ETF** | **Roundhill GLP-1 &** <br>**Weight Loss ETF** | **Roundhill** <br>**Humanoid** <br>**Robotics ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025<sup>(b)</sup>** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $328604 | $77277 | $157  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (455697) | 2696951 | (183)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1209949 | (5753944) | (15006)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1082856 | (2979716) | (15032)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  | (74193) | —  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (12311) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (86504) | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3553935 | 59052320 | 4260614  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (11236145) | (16205478) | —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 5532 | 9632 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital** <br>**transactions** | (7676678) | 42856474 | 4260614  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (6593822) | 39790254 | 4245582  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 39790254 |  | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $33196432 | $39790254 | $4245582  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 170000 | 2220000 | 170000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (480000) | (590000) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (310000) | 1630000 | 170000 |

---

<sup>(a)</sup> Inception date of the Fund was May 20, 2024.

<sup>(b)</sup> Inception date of the Fund was June 25, 2025.

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL ETF TRUST** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Roundhill Innovation-100 0DTE** <br>**Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE** <br>**Covered Call Strategy ETF** | **Roundhill** <br>**Magnificent** <br>**Seven Covered** <br>**Call ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025<sup>(b)</sup>**<br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2031600) | $(1032538) | $(9565)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7954758 | 3725342 | (506739)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 30729072 | 39921992 | 1273259  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 36652230 | 42614796 | 756955  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (119319051) | (42614796) | (446065)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (40105924) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (119319051) | (82720720) | (446065)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 258926064 | 730021418 | 15007050  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (60638532) | (24196173) | —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) |  |  | 680  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital** <br>**transactions** | 198287532 | 705825245 | 15007730  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 115620711 | 665719321 | 15318620  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 665719321 |  | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $781340032 | $665719321 | $15318620  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 7100000 | 17200000 | 270000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1730000) | (560000) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 5370000 | 16640000 | 270000 |

---

<sup>(a)</sup> Inception date of the Fund was March 6, 2024.

<sup>(b)</sup> Inception date of the Fund was April 22, 2025.

The accompanying notes are an integral part of these financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL ETF TRUST** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Roundhill S&P 500 0DTE** <br>**Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE** <br>**Covered Call Strategy ETF** | **Roundhill S&P 500 Target 20** <br>**Managed Distribution ETF** | **Roundhill S&P 500 Target 20** <br>**Managed Distribution ETF** |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1045158) | $(397242) | $(52152) | $(2095)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (9553147) | 1016315 | (76388) | (1054)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 13019218 | 9769539 | 1882447 | (75108)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 2420913 | 10388612 | 1753907 | (78257)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (52668063) | (10388612) | (2467869) | —  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (10916473) |  | (97233)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (52668063) | (21305085) | (2467869) | (97233)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 212290970 | 311562315 | 28487352 | 7035910  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (56673358) | (1025176) |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 155617612 | 310537139 | 28487352 | 7035910  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 105370462 | 2999620666 | 27773390 | 6860420  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 299620666 |  | 6860420 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $404991128 | $299620666 | $34633810 | $6860420  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4450000 | 5995000 | 520000 | 120000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1260000) | (20000) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 3190000 | 5975000 | 520000 | 120000 |

---

<sup>(a)</sup> Inception date of the Fund was March 6, 2024.

<sup>(b)</sup> Inception date of the Fund was October 30, 2024.

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ROUNDHILL ETF TRUST** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Roundhill Russell 2000 0DTE** <br>**Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE** <br>**Covered Call Strategy ETF** | **Roundhill** <br>**Uranium ETF** | **Roundhill Weekly** <br>**T-Bill ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025<sup>(b)</sup>** <br>(Unaudited) | **Period Ended** <br>**June 30, 2025<sup>(c)</sup>** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(410363) | $(135107) | $2109 | $734475  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3722427) | 2824715 |  | —  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 94923 | (4222516) | 302166 | 31  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (4037867) | (1532908) | 304275 | 734506  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (27870637) | (186280) |  | (685857)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (9356740) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (27870637) | (9543020) |  | (685857)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 35273367 | 188753523 | 1434530 | 107023458  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (37579531) | (5349747) |  | —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) |  |  | 354 | 46  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (2306164) | 183403776 | 1434884 | 107023504  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (34214668) | 172327848 | 1739159 | 107072153  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 172327848 |  |  | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $138113180 | $172327848 | $1739159 | $107072153  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 930000 | 4300000 | 60000 | 1070000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1060000) | (130000) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (130000) | 4170000 | 60000 | 1070000 |

---

<sup>(a)</sup> Inception date of the Fund was September 9, 2024.

<sup>(b)</sup> Inception date of the Fund was January 28, 2025.

<sup>(c)</sup> Inception date of the Fund was March 5, 2025.

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights** 

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Less Distributions From:** | **Less Distributions From:** | **Less Distributions From:** | **Less Distributions From:** | | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**For the Period** <br>**Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)(b)</sup> | **Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain (Loss)** <br>**on** <br>**Investments<sup>(c)</sup>** | **Total** <br>**from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Return** <br>**of** <br>**Capital** | **Total** <br>**Distributions** | <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period**  | <br>**Total** <br>**Return<sup>(d)</sup>** | **Net** <br>**Assets,** <br>**End of** <br>**Period** <br>**(in** <br>**thousands)** | **Ratio of** <br>**Expenses** <br>**to Average** <br>**Net** <br>**Assets** <br>**Before** <br>**Expense** <br>**Reimbursement/** <br>**Recoupment<sup>(e)(f)</sup>** | **Ratio of** <br>**Expenses** <br>**to Average** <br>**Net** <br>**Assets** <br>**After** <br>**Expense** <br>**Reimbursement/** <br>**Recoupment<sup>(e)(f)</sup>** | **Ratio of** <br>**dividends,** <br>**interest and** <br>**borrowing** <br>**expenses on** <br>**securities sold** <br>**short to** <br>**average** <br>**net assets<sup>(e)(f)</sup>**  | **Ratio** <br>**of Tax** <br>**Expense** <br>**to** <br>**Average** <br>**Net** <br>**Assets<sup>(e)(f)</sup>**  | **Ratio of** <br>**operational** <br>**expenses**<br>**to average** <br>**net assets** <br>**excluding** <br>**dividends,** <br>**interest,** <br>**and** <br>**borrowing** <br>**expense on** <br>**securities** <br>**sold** <br>**short<sup>(e)(f)</sup>** | **Ratio of net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**net** <br>**assets<sup>(e)(f)</sup>** | **Portfolio** <br>**turnover** <br>**rate<sup>(d)(g)</sup>**  |
| **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** | **Roundhill Bitcoin Covered Call Strategy ETF (Consolidated)** |
| 6/30/2025<sup>(h)</sup> | $49.32 | &nbsp;&nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp; 7.03 | &nbsp;&nbsp; 7.51 | &nbsp;&nbsp; (10.34) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (10.34) | &nbsp;&nbsp;&nbsp; — | $46.69 | 18.29% | $226392 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 3.14% | &nbsp;&nbsp; —%  |
| 12/31/2024<sup>(i)</sup> | $50.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;19.47 | &nbsp;&nbsp;&nbsp;&nbsp;21.18 | &nbsp;&nbsp; (22.15) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (22.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | $49.32 | 52.74% | $82364 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(j)</sup> | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 3.74% | &nbsp;&nbsp; —%  |
| **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** | **Roundhill China Dragons ETF** |
| 6/30/2025<sup>(h)</sup> | $21.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | $25.46 | 19.68% | $30546 | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp; 2.79% | &nbsp;&nbsp; 49%  |
| 12/31/2024<sup>(k)</sup> | $25.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp; (3.99) | &nbsp;&nbsp; (3.81) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; — | $21.27 | -15.07% | $48930 | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp; 3.30% | &nbsp;&nbsp; 13%  |
| **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** | **Roundhill Daily 2X Long Magnificent Seven ETF** |
| 6/30/2025<sup>(h)</sup> | $45.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; (3.28) | &nbsp;&nbsp; (2.73) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | $42.63 | -6.02% | $74607 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; 0.00%<sup>(j)</sup> | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 2.93% | &nbsp;&nbsp; —%  |
| 12/31/2024<sup>(l)</sup> | $24.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;19.48 | &nbsp;&nbsp;&nbsp;&nbsp;20.58 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.01) |  | &nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | $45.36 | 83.03% | $57156 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 3.51% | &nbsp;&nbsp; —%  |
| **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** | **Roundhill Ether Covered Call Strategy ETF** |
| 6/30/2025<sup>(h)</sup> | $50.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; (16.44) | &nbsp;&nbsp; (15.98) | &nbsp;&nbsp; (9.45) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (9.45) | &nbsp;&nbsp;&nbsp; — | $24.76 | -34.81% | $33181 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 3.13% | &nbsp;&nbsp; —%  |
| 12/31/2024<sup>(m)</sup> | $49.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;10.55 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp; (9.89) | &nbsp;&nbsp; — | (0.50) | &nbsp;&nbsp;&nbsp; (10.39) | &nbsp;&nbsp;&nbsp; — | $50.19 | 23.92% | $11544 | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 3.23% | &nbsp;&nbsp; —%  |
| **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** | **Roundhill GLP-1 & Weight Loss ETF** |
| 6/30/2025<sup>(h)</sup> | $24.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(n)</sup> | $25.15 | 3.02% | $33196 | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp; 1.79% | &nbsp;&nbsp; 25%  |
| 12/31/2024<sup>(o)</sup> | $25.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (0.85) | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — | (0.01) | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | $24.41 | -3.11% | $39790 | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; 0.00%<sup>(j)</sup> | &nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 37%  |
| **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** | **Roundhill Humanoid Robotics ETF** |
| 6/30/2025<sup>(h)(p)</sup> | $24.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; —<sup>(n)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | $24.97 | 0.02% | $4246 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 5.73% | &nbsp;&nbsp; —%  |
| **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** | **Roundhill Innovation-100 0DTE Covered Call Strategy ETF** |
| 6/30/2025<sup>(h)</sup> | $40.01 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp; (5.91) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (5.91) | &nbsp;&nbsp;&nbsp; — | $35.50 | 4.70% | $781340 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(j)</sup> | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; (0.57)% | &nbsp;&nbsp; 6%  |
| 12/31/2024<sup>(q)</sup> | $45.72 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;7.31 | &nbsp;&nbsp;&nbsp;&nbsp;7.13 | &nbsp;&nbsp; (6.61) | &nbsp;&nbsp; — | (6.23) | &nbsp;&nbsp;&nbsp; (12.84) | &nbsp;&nbsp;&nbsp; — | $40.01 | 17.93% | $665719 | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; (0.52)% | &nbsp;&nbsp; 12%  |
| **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** | **Roundhill Magnificent Seven Covered Call ETF** |
| 6/30/2025<sup>(h)(r)</sup> | $51.32 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; 8.18 | &nbsp;&nbsp; 8.11 | &nbsp;&nbsp; (2.71) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (2.71) | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(n)</sup> | $56.72 | 16.02% | $15319 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(j)</sup> | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; (0.66)% | &nbsp;&nbsp; 186%  |
| **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** | **Roundhill S&P 500 0DTE Covered Call Strategy ETF** |
| 6/30/2025<sup>(h)</sup> | $50.15 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp; (6.38) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (6.38) | &nbsp;&nbsp;&nbsp; — | $44.19 | 1.45% | $404991 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(j)</sup> | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; (0.56)% | &nbsp;&nbsp; 3%  |
| 12/31/2024<sup>(q)</sup> | $51.81 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp;&nbsp;8.55 | &nbsp;&nbsp; (4.98) | &nbsp;&nbsp; — | (5.23) | &nbsp;&nbsp;&nbsp; (10.21) | &nbsp;&nbsp;&nbsp; — | $50.15 | 17.83% | $299621 | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; (0.53)% | &nbsp;&nbsp; 2%  |
| **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** | **Roundhill S&P 500 Target 20 Managed Distribution ETF** |
| 6/30/2025<sup>(h)</sup> | $57.17 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp; (5.72) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (5.72) | &nbsp;&nbsp;&nbsp; — | $54.12 | 5.41% | $34634 | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(j)</sup> | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; (0.47)% | &nbsp;&nbsp; 2%  |
| 12/31/2024<sup>(s)</sup> | $58.34 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (1.94) | &nbsp;&nbsp;&nbsp; (1.94) | &nbsp;&nbsp;&nbsp; — | $57.17 | 1.26% | $6860 | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; (0.34)% | &nbsp;&nbsp; —%  |
| **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** | **Roundhill Russell 2000 0DTE Covered Call Strategy ETF** |
| 6/30/2025<sup>(h)</sup> | $41.33 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (6.80) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (6.80) | &nbsp;&nbsp;&nbsp; — | $34.18 | -0.02% | $138113 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(j)</sup> | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; (0.55)% | &nbsp;&nbsp; —%  |
| 12/31/2024<sup>(t)</sup> | $41.96 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — | (4.33) | &nbsp;&nbsp;&nbsp; (4.42) | &nbsp;&nbsp;&nbsp; — | $41.33 | 8.94% | $172328 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; (0.51)% | &nbsp;&nbsp; —%  |
| **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** | **Roundhill Uranium ETF** |
| 6/30/2025<sup>(h)(u)</sup> | $25.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | $28.99 | 14.12% | $1740 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp; —%  |
| **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** | **Roundhill Weekly T-Bill ETF** |
| 6/30/2025<sup>(h)(v)</sup> | $100.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (1.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(n)</sup> | $100.07 | 1.33% | $107072 | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp; 4.30% | &nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

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**Financial Highlights(Continued)** 

<sup>(a)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> Unaudited.

<sup>(i)</sup> Inception date of the Fund was January 17, 2024.

<sup>(j)</sup> Amount represents less than 0.005%.

<sup>(k)</sup> Inception date of the Fund was October 2, 2024.

<sup>(l)</sup> Inception date of the Fund was February 28, 2024.

<sup>(m)</sup> Inception date of the Fund was September 3, 2024.

<sup>(n)</sup> Amount represents less than $0.005 per share.

<sup>(o)</sup> Inception date of the Fund was May 20, 2024.

<sup>(p)</sup> Inception date of the Fund was June 25, 2025.

<sup>(q)</sup> Inception date of the Fund was March 6, 2024.

<sup>(r)</sup> Inception date of the Fund was April 22, 2025.

<sup>(s)</sup> Inception date of the Fund was October 30, 2024.

<sup>(t)</sup> Inception date of the Fund was September 9, 2024.

<sup>(u)</sup> Inception date of the Fund was January 28, 2025.

<sup>(v)</sup> Inception date of the Fund was March 5, 2025.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Roundhill ETF Trust** 

**CONSOLIDATED Notes to Financial Statements** 

**June 30, 2025 (Unaudited)** 

1. ORGANIZATION

The Roundhill ETFs are a series of Roundhill ETF Trust (the "Trust"). The Trust was organized as a Delaware statutory trust on May 2, 2023 and is registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). As of June 30, 2025, the Roundhill ETFs consist of twenty-three active series, thirteen of which are covered in this report (each a "Fund," and collectively, the "Funds").

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Ticker** | **Diversified/** <br>**Non-Diversified** | **Commencement of** <br>**Operations**  |
| Roundhill Bitcoin Covered Call Strategy ETF | YBTC | Non-diversified | January 17, 2024  |
| Roundhill China Dragons ETF | DRAG | Non-diversified | October 2, 2024  |
| Roundhill Daily 2X Long Magnificent Seven ETF | MAGX | Non-diversified | February 28, 2024  |
| Roundhill Ether Covered Call Strategy ETF | YETH | Non-diversified | September 3, 2024  |
| Roundhill GLP-1 & Weight Loss ETF | OZEM | Non-diversified | May 20, 2024  |
| Roundhill Humanoid Robotics ETF | HUMN | Non-diversified | June 25, 2025  |
| Roundhill Innovation-100 0DTE Covered Call Strategy ETF | QDTE | Non-diversified | March 6, 2024  |
| Roundhill Magnificent Seven Covered Call Strategy ETF | MAGY | Non-diversified | April 22, 2025  |
| Roundhill S&P 500 0DTE Covered Call Strategy ETF | XDTE | Non-diversified | March 6, 2024  |
| Roundhill S&P 500 Target 20 Managed Distribution ETF | XPAY | Non-diversified | October 30, 2024  |
| Roundhill Russell 2000 0DTE Covered Call Strategy ETF | RDTE | Non-diversified | September 9, 2024  |
| Roundhill Uranium ETF | UX | Non-diversified | January 28, 2025  |
| Roundhill Weekly T-Bill ETF | WEEK | Non-diversified | March 5, 2025 |

---

The operational Roundhill ETFs covered outside of this report consists of:

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Ticker** | **Diversified/** <br>**Non-Diversified** | **Commencement of** <br>**Operations**  |
| Roundhill AAPL WeeklyPay ETF | AAPW | Non-diversified | February 19, 2025  |
| Roundhill COIN WeeklyPay ETF | COIW | Non-diversified | February 19, 2025  |
| Roundhill NVDA WeeklyPay ETF | NVDW | Non-diversified | February 19, 2025  |
| Roundhill PLTR WeeklyPay ETF | PLTW | Non-diversified | February 19, 2025  |
| Roundhill TSLA WeeklyPay ETF | TSLW | Non-diversified | February 19, 2025  |
| Roundhill AMZN WeeklyPay ETF | AMZW | Non-diversified | June 17, 2025  |
| Roundhill META WeeklyPay ETF | METW | Non-diversified | June 17, 2025  |
| Roundhill BRKB WeeklyPay ETF | BRKW | Non-diversified | June 17, 2025  |
| Roundhill HOOD WeeklyPay ETF | HOOW | Non-diversified | June 17, 2025  |
| Roundhill NFLX WeeklyPay ETF | NFLW | Non-diversified | June 17, 2025 |

---

Each Fund seeks to achieve its following investment objectives:

YBTC is an actively-managed exchange-traded fund ("ETF"). YBTC's investment objective is to provide current income with a secondary objective to provide exposure to the price return of one or more ETFs that provide exposure to bitcoin and whose shares trade on a U.S.-regulated securities exchange.

DRAG is an actively-managed ETF. DRAG's investment objective is to provide capital appreciation and seeks to achieve its investment objective through exposure to a concentrated basket of five to ten of the largest and most innovative Chinese companies.

MAGX is an actively-managed ETF. MAGX's investment objective is growth of capital. MAGX seeks daily investment results, before fees and expenses, of two times (2X) the daily performance of the Magnificent Seven ETF.

YETH is an actively-managed ETF. YETH's primary investment objective is to provide current income with a secondary investment objective to provide exposure to the price return of one or more ETFs that provide exposure to ether and whose shares trade on a U.S.-regulated securities exchange.

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**Roundhill ETF Trust** 

**CONSOLIDATED Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

OZEM is an actively-managed ETF. OZEM's investment objective is to provide capital appreciation by seeking to provide exposure to companies involved in the development of pharmaceutical drugs and/or supplements that can be utilized to help individuals lose weight, maintain an ideal weight, and/or maintain body composition during weight loss.

HUMN is an actively managed fund. HUMN's primary investment objective is to provide capital appreciation by investing in the equity securities of Humanoid Robotics Companies.

QDTE is an actively-managed ETF. XDTE's primary investment objective is to provide current income with a secondary investment objective to provide capital appreciation. The Fund seeks to achieve its investment objectives through the use of a synthetic covered call strategy that provides current income on a weekly basis, while also providing exposure to the price return of the Nasdaq-100 Index.

MAGY: is an actively managed ETF that seeks to achieve its investment objective through investment exposure to the companies comprising the "Magnificent Seven," a group of seven companies commonly recognized for their market dominance in technological innovation.

XDTE is an actively-managed ETF. XDTE's primary investment objective is to provide current income with a secondary investment objective to provide capital appreciation. The Fund seeks to achieve its investment objectives through the use of a synthetic covered call strategy that provides current income on a weekly basis, while also providing exposure to the price return of the S&P 500<sup>®</sup> Index.

XPAY is an actively-managed ETF. XPAY's primary investment objective is to pay monthly return of capital distributions to shareholders at an annualized rate of twenty percent (20%) with a secondary investment objective to provide exposure to the return of an index composed of U.S.-listed large cap equity securities.

RDTE is an actively-managed ETF. RDTE's primary investment objective is to provide current income with a secondary investment objective to provide capital appreciation. The Fund seeks to achieve its investment objectives through the use of a synthetic covered call strategy that provides current income on a weekly basis, while also providing exposure to the price return of the Russell 2000 Index.

UX is an actively managed fund. UX's primary investment objective is to provide capital appreciation. The fund seeks to provide investors with exposure to changes in the price of physical uranium, in the form of Tri uranium Octoxide

WEEK is an actively managed fund. WEEK's primary investment objective is to provide weekly distributions of current income through investments in U.S. Treasury Bills ("T-Bills")

Costs incurred by the Funds in connection with the organization, registration and the initial public offering of shares were paid by Roundhill Financial Inc. ("Roundhill" or the "Adviser"), the Funds' Investment Adviser.

2. SIGNIFICANT ACCOUNTING POLICIES

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies*. Each Fund prepares its financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and follows the significant accounting policies described below.

**Consolidation of Subsidiary – During the period ended June 30, 2025, YBTC invested in Bitcoin ETF Options through a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). The Subsidiary and the Fund have the same investment adviser, investment sub-adviser and investment objective. The Subsidiary also followed the same general investment policies and restrictions as the Fund. The Fund complied with the provisions of the 1940 Act governing investment policies and capital structure and leverage on an aggregate basis with the Subsidiary. Furthermore, Roundhill and Exchange Traded Concepts LLC, as the investment adviser and investment sub-adviser to the Subsidiary, respectively, complied with the provisions of the 1940 Act relating to investment advisory contracts as it relates to its advisory agreement with the Subsidiary. The Subsidiary also complied with the provisions of the 1940 Act relating to affiliated transactions and custody. Because the Fund intends to qualify for treatment as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), the size of the Fund's investment** 

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**Roundhill ETF Trust** 

**CONSOLIDATED Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

in the Subsidiary did not exceed 25% of the Fund's total assets at each quarter end of the Fund's fiscal year. All inter-company accounts and transactions have been eliminated in the consolidation of the Fund. At period ended June 30, 2025, the Subsidiary was dissolved.

**Use of Estimates – The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.** 

**Share Transactions – The net asset value ("NAV") per share of each Fund will be equal to a Fund's total assets minus a Fund's total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the New York Stock Exchange ("NYSE") is open for trading.** 

**Fair Value Measurement – In calculating the NAV, each Fund's exchange-traded equity securities will be valued at fair value, which will generally be determined using the last reported official closing or last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Such valuations are typically categorized as Level 1 in the fair value hierarchy described below.** 

Securities listed on the NASDAQ Stock Market, Inc., are generally valued at the NASDAQ official closing price. Foreign securities will be priced in their local currencies as of the close of their primary exchange or market or as of the time each Fund calculates its NAV on the valuation date, whichever is earlier.

The valuation of the each Fund's investments is performed in accordance with the principles found in Rule 2a-5 of the 1940 Act. The Board of Trustees of the Trust (the "Board" or "Trustees") has designated a fair valuation committee at the Adviser as the valuation designee of the Funds. In its capacity as valuation designee, the Adviser has adopted procedures and methodologies to fair value the Funds' investments whose market prices are not "readily available" or are deemed to be unreliable. The circumstances in which a security may be fair valued include, among others: the occurrence of events that are significant to a particular issuer, such as mergers, restructurings or defaults; the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or government actions; trading restrictions on securities; thinly traded securities; and market events such as trading halts and early market closings. Due to the inherent uncertainty of valuations, fair values may differ significantly from the values that would have been used had an active market existed. Fair valuation could result in a different NAV than a NAV determined by using market quotations. Such valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy described below.

Money market funds are valued at NAV. If NAV is not readily available, the securities will be valued at fair value.

Total return swap contracts are valued using the closing price of the underlying security or benchmark that the contract is tracking.

FASB ASC Topic 820, *Fair Value Measurements and Disclosures* ("ASC 820") defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurements. Under ASC 820, various inputs are used in determining the value of the Funds' investments. These inputs are summarized in the following hierarchy:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

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**Roundhill ETF Trust** 

**CONSOLIDATED Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). See the Schedule of Investments, Schedule of Written Options and Schedule of Total Return Swap Contracts for a summary of the valuations as of June 30, 2025 for the Funds based upon the three levels described above.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Foreign securities, currencies and other assets denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar using the applicable currency exchange rates as of the close of the NYSE, generally 4:00 p.m. Eastern Time.

Exchange-traded options are valued at the composite mean price, which calculates the mean of the highest bid price and lowest asked price across the exchange. On the last trading day prior to expiration, expiring options may be priced at intrinsic value. The premium a fund pays when purchasing a call option or receives when writing a call or put option will reflect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the value of an option at the date of purchase.

All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board, although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange- traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

An amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity, unless the Adviser determines in good faith that such method does not represent fair value.

**Security Transactions – Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated based on the specific identification basis.** 

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments and currency gains or losses realized between the trade and settlement dates on securities transactions from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

44<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Roundhill ETF Trust** 

**CONSOLIDATED Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

**Investment Income – Dividend income is recognized on the ex-dividend date. Interest income is accrued daily. Withholding taxes on foreign dividends has been provided for in accordance with Funds' understanding of the applicable tax rules and regulations. Discounts/premiums on debt securities are accreted/amortized over the life of the respective securities using the effective interest method.** 

**Tax Information, Dividends and Distributions to Shareholders and Uncertain Tax Positions – The Funds are treated as a separate entity for Federal income tax purposes. Each Fund intends to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). To qualify and remain eligible for the special tax treatment accorded to RICs, each Fund must meet certain annual income and quarterly asset diversification requirements and must distribute annually at least 90% of the sum of (i)its investment company taxable income (which includes dividends, interest and net short-term capital gains) and (ii)certain net tax-exempt income, if any. If so qualified, each Fund will not be subject to Federal income tax.** 

Distributions to shareholders are recorded on the ex-dividend date. YBTC, YETH, QDTE, MAGY, XDTE, RDTE, WEEK generally pay out dividends from net investment income, if any, at least weekly, and distributes its net capital gains, if any, to shareholders at least annually. XPAY generally pays out dividends from net investment income, if any, at least monthly, and distributes its net capital gains, if any, to shareholders at least annually. DRAG, MAGX, HUMN, OZEM, UX, generally pay out dividends from net investment income, if any, at least annually, and distributes its net capital gains, if any, to shareholders at least annually. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their Federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions which exceed earnings and profit for tax purposes are reported as a tax return of capital.

Management evaluates the Funds' tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as income tax expense. The Funds' Federal income tax returns are subject to examination by the Internal Revenue Service (the "IRS") for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. As of June 30, 2025, the Funds' fiscal period end, the Funds had no material uncertain tax positions and did not have a liability for any unrecognized tax benefits. As of June 30, 2025, the Funds' fiscal period end, the Funds had no examination in progress and management is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Funds recognized no interest or penalties related to uncertain tax benefits in the 2024 fiscal period. At December 31, 2024, the Funds' fiscal period end, the tax periods since commencement of operations remained open to examination in the Funds' major tax jurisdiction.

**Indemnification – In the normal course of business, the Funds expect to enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds' maximum exposure under these anticipated arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser expects the risk of loss to be remote.** 

**Derivatives – DRAG, MAGX, UX may enter into total return swap agreements in an attempt to gain exposure to the securities in a market without actually purchasing those securities, or to hedge a position. A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities, or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Swap agreements will usually be made on a net basis, i.e., where the two parties make net payments with a Fund receiving or paying, as the case may be, only the net amount of the two payments. The net amount** 

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**Roundhill ETF Trust** 

**CONSOLIDATED Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

of the excess, if any, of a Fund's obligations over its entitlements with respect to each swap is accrued on a daily basis and an amount of cash or equivalents having an aggregate value at least equal to the accrued excess is maintained by the Funds.

The total return swap contracts are subject to master netting agreements, which are agreements between the Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds through a single payment, in the event of default or termination. The amounts presented on the Schedules of Total Return Swap Contracts are gross settlement amounts.

MAGX has entered into total return swaps by investing in another ETF advised by the Adviser ("Affiliated Fund"). This investment technique provides the Fund with synthetic long investment exposure to the performance of the Affiliated Fund through payments made by a swap dealer counterparty to the Fund under the swap that reflect the positive total return (inclusive of dividends and distributions) on those shares. In exchange, the Fund would make periodic payments to the counterparty under the swap based on a fixed or variable interest rate, as well as payments reflecting any negative total return on those shares. The swap provides the Fund with the economic equivalent of ownership of those shares through an entitlement to receive any gains realized, and dividends paid, on the shares, and an obligation to pay any losses realized on the shares. This investment technique provides the Fund effectively with leverage intended to achieve an economic effect similar to the Fund's purchase of shares of the Affiliated Fund with borrowed money. Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

The below Funds owned the following Affiliated Funds during the period ended June 30, 2025. Transactions during the period were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Security Name** | **Value at** <br>**December 31,** <br>**2024** | **Purchases** | **Sales** | **Realized** <br>**Gain** <br>(Loss) | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Dividend** <br>**Income** | **Value at** <br>**June 30,** <br>**2025** | **Ending** <br>**Shares** |
| QDTE | Roundhill Weekly <br>T-Bill ETF  | &nbsp;&nbsp; $—  | $47974983  | $—  | $—  | $9591  | $302438  | $47984574  | 479558  |
| MAGY | Roundhill <br>Magnificent <br>Seven ETF  | &nbsp;&nbsp; —  | 30939430  | (16395963)  | (484954)  | 1251904  | —  | 15310417  | 276024  |
| XDTE | Roundhill Weekly <br>T-Bill ETF | &nbsp;&nbsp; —  | 26468183  | —  | —  | 5292  | 166857  | 26473475  | 264576  |
| RDTE | Roundhill Weekly <br>T-Bill ETF  | &nbsp;&nbsp; —  | 11872647  | —  | —  | 2374  | 74846  | 11875021  | 118679 |

---

The following table presents the Funds' gross derivative assets and liabilities by counterparty and contract type, net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of June 30, 2025.

**DRAG** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Investment Type** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets/**<br>(Liabilities) <br>**Presented** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Net** <br>**Amount** <br>**Presented** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statements** <br>**of Assets & Liabilities** | **Gross Amounts not** <br>**Offset in the Statements** <br>**of Assets & Liabilities** | |
|  | **Counterparty** | **Investment Type** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets/**<br>(Liabilities) <br>**Presented** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Net** <br>**Amount** <br>**Presented** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Paid** | <br>**Net** <br>**Amount**  |
| **Assets** | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $2317997 | $— | $2317997 | $— | $—  | $2317997  |
| **Liabilities** | Nomura Securities<br>Goldman Sachs | Total Return <br>Swap Contracts | $(2625128) | $— | $(2625128) | $2625128 | $— | $— |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Roundhill ETF Trust** 

**CONSOLIDATED Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

**MAGX** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Investment Type** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets/**<br>(Liabilities) <br>**Presented** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Net** <br>**Amount** <br>**Presented** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statements** <br>**of Assets & Liabilities** | **Gross Amounts not** <br>**Offset in the Statements** <br>**of Assets & Liabilities** | |
|  | **Counterparty** | **Investment Type** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets/**<br>(Liabilities) <br>**Presented** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Net** <br>**Amount** <br>**Presented** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Paid** | <br>**Net** <br>**Amount**  |
| **Assets** | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts\* | $15850903 | $— | $15850903 | &nbsp;&nbsp; $— | $—  | $15850903  |
| **Liabilities** | Goldman Sachs | Total Return <br>Swap Contracts\* | $(45341) | $— | $(45341)  | &nbsp;&nbsp; $45341 | $— | $— |

---

**UX** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Investment Type** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets/**<br>(Liabilities) <br>**Presented** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Net** <br>**Amount** <br>**Presented** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statements** <br>**of Assets & Liabilities** | **Gross Amounts not** <br>**Offset in the Statements** <br>**of Assets & Liabilities** | |
|  | **Counterparty** | **Investment Type** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets/**<br>(Liabilities) <br>**Presented** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Net** <br>**Amount** <br>**Presented** <br>**in the** <br>**Statements**<br>**of Assets &** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Paid** | <br>**Net** <br>**Amount**  |
| **Assets** | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $233253  | $— | $233253  | &nbsp;&nbsp; $— | $—  | $233253  |
| **Liabilities** | Goldman Sachs | Total Return <br>Swap Contracts | $— | $— | $— | &nbsp;&nbsp; $— | $— | $— |

---

The average monthly notional amount of the swap contracts during the fiscal period ended June 30, 2025 was as follows:

---

| | |
|:---|:---|
|  | **Average Monthly** <br>**Notional Amount of** <br>**Swap Contracts\***  |
| DRAG | &nbsp;&nbsp; $21984128  |
| MAGX | &nbsp;&nbsp; $116089914  |
| UX | &nbsp;&nbsp; $906749 |

---

The following is a summary of the effect of swap contracts on the Funds' Statements of Assets and Liabilities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Derivative** | **Statements of Assets and Liabilities** | **Assets** | **Liabilities**  |
| DRAG  | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | $2317997 | $2625128  |
| MAGX  | Equity Risk Swap Contracts\* | Unrealized appreciation/depreciation <br>on swap contracts | 15850903 | 45341  |
| UX  | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 233253 |  |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Roundhill ETF Trust** 

**CONSOLIDATED Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The following is a summary of the effect of swap contracts on the Funds' Statements of Operations for the fiscal period ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Derivative** | **Statements of** <br>**Operations**  | **Realized** <br>(Losses) | **Unrealized**  |
| DRAG | Equity Risk Swap Contracts | Swap Contracts | $(2102371) | $8134505  |
| MAGX | Equity Risk Swap Contracts\* | Swap Contracts | (14010102) | 8045750  |
| UX | Equity Risk Swap Contracts | Swap Contracts |  | 233253 |

---

\* Affiliated swap held in MAGX.

Each Fund may purchase and write put and call options on indices and enter into related closing transactions. All options written on indices or securities must be covered and each Fund will segregate cash and/or other liquid assets in an amount equal to the Fund's obligations. Put and call options on indices give the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the underlying index is greater than (or less than, in the case of puts) the exercise price of the option. This amount of cash is equal to the difference between the closing price of the index and the exercise price of the option, expressed in dollars multiplied by a specified number. The premium paid to the writer is the consideration for undertaking the obligations under the option contract.

The Funds invest in derivatives in order to protect against a possible decline in the market value of securities in its portfolio, to anticipate an increase in the market value of securities that the Funds may seek to purchase in the future and as a means of increasing the yield on its assets. The Funds purchasing put and call options pay a premium; therefore, if price movements in the underlying securities are such that exercise of the options would not be profitable for the Funds, loss of the premium paid may be offset by an increase in the value of the Funds' securities or by a decrease in the cost of acquisition of securities by the Funds. When the Funds write an option, if the underlying securities do not increase or decrease to a price level that would make the exercise of the option profitable to the holder thereof, the option generally will expire without being exercised and the Funds will realize as profit the premium received for such option. When a call option of which the Funds are the writer is exercised, the Funds will be required to sell the underlying securities to the option holder at the strike price and will not participate in any increase in the price of such securities above the strike price. When a put option of which the Funds are the writer is exercised, the Funds will be required to purchase the underlying securities at a price in excess of the market value of such securities. The Funds maintain minimal counterparty risk through contracts bought or sold on an exchange. As of June 30, 2025, the Funds' option contracts are not subject to a master netting arrangement.

The average monthly value outstanding of purchased and written options during the period ended June 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YBTC** | **YETH** | **QDTE** | **MAGY** | **XDTE**  |
| Purchased Options | $8361429 | $2642029 | $672094606 | 232 | $355248379  |
| Written Options | (3428461) | (3177751) | (5082) | (44059) | (2706) |

---

---

| | | |
|:---|:---|:---|
|  | **XPAY** | **RDTE**  |
| Purchased Options | $24197619  | $131749693  |
| Written Options |  | (2113) |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Roundhill ETF Trust** 

**CONSOLIDATED Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The following is a summary of the effect of options on the Funds' Statements of Assets and Liabilities as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Equity Risk Contracts** | **Asset Derivatives,** <br>**Investments,** <br>**at Value** | **Liability Derivatives,** <br>**Written Options,** <br>**at Value**  |
| YBTC | Purchased Options  | $12886056 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
|  | Written Options |  | &nbsp;&nbsp;&nbsp;&nbsp; 4545629  |
| YETH | Purchased Options  | 1966320 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  | Written Options |  | &nbsp;&nbsp;&nbsp;&nbsp; 2579949  |
| QDTE | Purchased Options  | 709879249 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  | Written Options |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| MAGY | Purchased Options  | 696 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  | Written Options |  | &nbsp;&nbsp;&nbsp;&nbsp; 80736  |
| XDTE | Purchased Options  | 368534863 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  | Written Options |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| XPAY | Purchased Options  | 34556922 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  | Written Options |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| RDTE | Purchased Options  | 125706951 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  | Written Options |  | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The following is a summary of the effect of options on the Funds' Statements of Operations as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Realized** <br>**Gain (Loss)** | **Realized** <br>**Gain (Loss)** | **Change in Unrealized** <br>**Appreciation/Depreciation**  | **Change in Unrealized** <br>**Appreciation/Depreciation**  |
|  |  | **Purchased** <br>**Options** | **Written** <br>**Options** | **Purchased** <br>**Options** | **Written** <br>**Options**  |
| YBTC | Equity Risk Contracts | $6702603 | $33560420 | $88654 | $7165193  |
| YETH | Equity Risk Contracts | 3405441 | (14631105) | (695858) | 901716  |
| QDTE | Equity Risk Contracts | 25639222 | (13737534) | 70281404 | 360069  |
| MAGY | Equity Risk Contracts | (152) | (22488) | (8) | 21355  |
| XDTE | Equity Risk Contracts | 4559193 | (14112255) | 22475245 | 308221  |
| XPAY | Equity Risk Contracts | (76136) |  | 1807339 | —  |
| RDTE | Equity Risk Contracts | (8342598) | 4620395 | (4316287) | 186320 |

---

3. INVESTMENT ADVISORY AND OTHER AGREEMENTS

**Investment Advisory Agreement – The Trust has entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Adviser. Under the Advisory Agreement, the Adviser provides a continuous investment program for the Funds' assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of the Funds subject to the supervision of the Board, including the Trustees who are not "interested persons" of the Trust as defined in the 1940 Act.** 

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**Roundhill ETF Trust** 

**CONSOLIDATED Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

Pursuant to the Advisory Agreement between the Trust, on behalf of the Funds, and Roundhill, each Fund pays a unified management fee to the Adviser, which is calculated daily on each Fund's average daily net assets and paid monthly, at the following rates:

---

| | |
|:---|:---|
| YBTC | 0.95%  |
| DRAG | 0.59%  |
| MAGX | 0.95%  |
| YETH | 0.95%  |
| OZEM | 0.59%  |
| HUMN | 0.75%  |
| QDTE | 0.95%  |
| MAGY | 0.99%  |
| XDTE | 0.95%  |
| XPAY | 0.49%  |
| RDTE | 0.95%  |
| UX | 0.75%  |
| WEEK | 0.19% |

---

**Fee Waiver Agreement – For MAGX and MAGY, Roundhill has agreed to waive its management fee and reimburse certain expenses to prevent the sum of the management fee and acquired fund fees and expenses from exceeding 0.95% for MAGX until February 28, 2027 and 0.99% for MAGY until April 30, 2028. The Adviser waived $2,559 or 0.01% for MAGX and $4,191 or 0.29% for MAGY during the period ended June 30, 2025. Pursuant to the Fee Waiver Agreement, waived fees are not subject to recoupment by the Adviser.**

The Adviser agrees to pay all expenses incurred by the Funds except for the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings (including net interest expenses incurred in connection with an investment in reverse repurchase agreements or futures contracts), dividends and other expenses on securities sold short, taxes (of any kind or nature, including, but not limited to, income, excise, transfer and withholding taxes), brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments (including any net account or similar fees charged by futures commission merchants) or in connection with creation and redemption transactions (including without limitation any fees, charges, taxes, levies or expenses related to the purchase or sale of an amount of any currency, or the patriation or repatriation of any security or other asset, related to the execution of portfolio transactions or any creation or redemption transactions), acquired fund fees and expenses, accrued deferred tax liability, fees and expenses payable related to the provision of securities lending services, legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith, extraordinary expenses, and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

Exchange Traded Concepts, LLC (the "Sub-Adviser"), an Oklahoma limited liability company serves as the sub-adviser to the Funds. The Sub-Adviser is majority owned by Cottonwood ETF Holdings LLC. Pursuant to a Sub-advisory Agreement between the Adviser and the Sub-Adviser (the "Sub-Advisory Agreement"), the Sub-Adviser is responsible for trading portfolio securities on behalf of the Funds, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of a Fund's Index, subject to the supervision of the Adviser and the Board, including the independent Trustees. For its

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**Roundhill ETF Trust** 

**CONSOLIDATED Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

services, the Sub-Adviser is entitled to a sub-advisory fee paid by the Adviser, which is calculated daily and paid monthly, at an annual rate based on the average daily net assets of each Fund, and subject to a minimum annual fee as follows:

**OZEM and XPAY** 

---

| | |
|:---|:---|
| **Minimum Annual Fee** | **Asset-Based Fee**  |
| $15000 | 4 bps (0.04%) on the first $200 million<br>3.5 bps (0.035%) on the next $800 million <br>3 bps (0.03%) on the next $1 billion<br>2.5 bps (0.025%) on the balance over $2 billion |

---

**DRAG** 

---

| | |
|:---|:---|
| **Minimum Annual Fee** | **Asset-Based Fee**  |
| $20000 | 4 bps (0.04%) on the first $200 million <br>3.5 bps (0.035%) on the next $800 million <br>3 bps (0.03%) on the next $1 billion<br>2.5 bps (0.025%) on the balance over $2 billion |

---

**YBTC, MAGX, YETH and MAGY** 

---

| | |
|:---|:---|
| **Minimum Annual Fee** | **Asset-Based Fee**  |
| $30,000 for the first fund; $20,000 for remaining funds | 7 bps (0.07%) on the first $250 million <br>6 bps (0.06%) on the next $250 million <br>5 bps (0.05%) on the next $500 million<br>4 bps (0.04%) on the balance over $1 billion |

---

**QDTE, XDTE and RDTE** 

---

| | |
|:---|:---|
| **Minimum Annual Fee** | **Asset-Based Fee**  |
| $45,000 for the first fund; $30,000 for remaining funds | 8 bps (0.08%) on the first $250 million <br>7 bps (0.07%) on the next $250 million <br>6 bps (0.06%) on the next $500 million<br>5 bps (0.05%) on the balance over $1 billion |

---

**UX and WEEK** 

---

| | |
|:---|:---|
| **Minimum Annual Fee** | **Asset-Based Fee**  |
| $20,000 for the first fund; $15,000 for remaining funds | 4 bps (0.04%) on the first $200 million <br>3.5 bps (0.035%) on the next $800 million <br>3 bps (0.03%) on the next $1 billion<br>2.5 bps (0.025%) on the balance over $2 billion |

---

**HUMN** 

---

| | |
|:---|:---|
| **Minimum Annual Fee** | **Asset-Based Fee**  |
| $20,000 for the first fund; $15,000 for remaining funds | 4 bps (0.04%) on the first $200 million <br>3.5 bps (0.035%) on the next $800 million <br>3 bps (0.03%) on the next $1 billion<br>2.5 bps (0.025%) on the balance over $2 billion |

---

**Distribution Agreement and 12b-1 Plan – Foreside Fund Services, LLC (the "Distributor") serves as each Fund's distributor pursuant to an ETF Distribution Agreement. The Distributor receives compensation from the Adviser for certain statutory underwriting services it provides to the Funds. The Distributor enters into agreements with certain** 

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**Roundhill ETF Trust** 

**CONSOLIDATED Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

broker-dealers and others that will allow those parties to be "Authorized Participants" and to subscribe for and redeem shares of the Funds. The Distributor will not distribute shares in less than whole Creation Units and does not maintain a secondary market in shares.

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act ("Rule 12b-1 Plan"). In accordance with the Rule 12b-1 Plan, each Fund is authorized to pay an amount up to 0.25% of the Fund's average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of each Fund's assets. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds.

**Administrator, Custodian and Transfer Agent – U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or the "Administrator") serves as administrator, transfer agent and fund accounting agent of the Funds pursuant to a Fund Servicing Agreement. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' custodian pursuant to a Custody Agreement. Under the terms of these agreements, the Adviser pays each Fund's administrative, custody and transfer agency fees.** 

Pursuant to an agreement between the Trust, on behalf of each Fund, and ACA Global, an employee of ACA Global serves as Chief Compliance Officer of the Trust. Fees for these services are paid by the Adviser under the terms of the Advisory Agreement.

At June 30, 2025, certain Officers and a Trustee of the Trust were also officers or employees of the Adviser.

4. CREATION AND REDEMPTION TRANSACTIONS

Shares of XPAY are listed and traded on the NYSE Arca, Inc. Shares of DRAG, YBTC, XDTE, QDTE, RDTE, YETH, WEEK, UX, HUMN, and MAGY are listed and traded on the Cboe BZX Exchange, Inc. Shares of MAGX and OZEM are listed and traded on the NASDAQ Stock Market, LLC. Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called "Creation Units." Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Market prices for the shares may be different from their NAV. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the NYSE is open for trading. The NAV of the shares of each Fund will be equal to a Fund's total assets minus a Fund's total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to four decimal places.

**Creation Unit Transaction Fee – Authorized Participants will be required to pay to the Custodian a fixed transaction fee (the "Creation Unit Transaction Fee") in connection with the issuance or redemption of Creation Units. The standard Creation Unit Transaction Fee will be the same regardless of the number of Creation Units purchased or redeemed by an investor on the applicable business day. The Creation Unit Transaction Fee charged by the Funds for each creation order is $300.** 

The fixed creation unit transaction fee may be waived on certain orders if applicable Fund's custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

An additional variable fee of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for (i) creations effected outside the Clearing Process and (ii) creations made in an all cash amount (to offset the Trust's brokerage and other transaction costs associated with using cash to purchase or redeem the requisite Deposit Securities). Investors are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the Trust. Each Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders. Variable fees, if any, received by the Funds are displayed in the Capital Share Transactions section on the Statements of Changes in Net Assets.

Only "Authorized Participants" may purchase or redeem shares directly from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net

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**Roundhill ETF Trust** 

**CONSOLIDATED Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

Settlement System of National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.

A creation unit will generally not be issued until the transfer of good title of the deposit securities to the Funds and the payment of any cash amounts have been completed. To the extent contemplated by the applicable participant agreement, Creation Units of the Funds will be issued to such authorized participant notwithstanding the fact that the Funds' deposits have not been received in part or in whole, in reliance on the undertaking of the authorized participant to deliver the missing deposit securities as soon as possible. If the Funds or their agents do not receive all of the deposit securities, or the required cash amounts, by such time, then the order may be deemed rejected and the authorized participant shall be liable to the Funds for losses, if any.

5. FEDERAL INCOME TAX

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Period Ended June 30, 2025**  | **Fiscal Period Ended June 30, 2025**  | **Fiscal Period Ended June 30, 2025**  |
|  | **Ordinary** <br>**Income<sup>(1)</sup>** | **Long-Term** <br>**Capital Gain** | **Return of** <br>**Capital**  |
| YBTC. | $34281112 | $— | $—  |
| DRAG. |  |  | —  |
| MAGX. |  |  | —  |
| YETH. | 6448857 |  | —  |
| OZEM. |  |  | —  |
| HUMN |  |  | —  |
| QDTE. | 119319051 |  | —  |
| MAGY | 446065 |  | —  |
| XDTE. | 52668063 |  | —  |
| XPAY. | 2467869 |  | —  |
| RDTE. | 27870637 |  | —  |
| UX |  |  | —  |
| WEEK | 685857 |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Period Ended December 31, 2024**  | **Fiscal Period Ended December 31, 2024**  | **Fiscal Period Ended December 31, 2024**  |
|  | **Ordinary** <br>**Income<sup>(1)</sup>** | **Long-Term** <br>**Capital Gain** | **Return of** <br>**Capital**  |
| YBTC. | $15307183 | $— | $—  |
| DRAG. | 515783 |  | —  |
| MAGX. | 507405 |  | —  |
| YETH. | 1195893 |  | 60223  |
| OZEM. | 74193 |  | 12311  |
| QDTE. | 16426404 | 26188392 | 40105924  |
| XDTE. | 3917122 | 6471490 | 10916473  |
| XPAY. |  |  | 97233  |
| RDTE. |  | 186280 | 9356740 |

---

<sup>(1)</sup> Ordinary income includes short-term capital gains.

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**Roundhill ETF Trust** 

**CONSOLIDATED Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

At December 31, 2024, the Funds' fiscal period end, the components of distributable earnings and cost of investments on a tax basis, including the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting year, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YBTC** | **DRAG** | **MAGX** | **YETH** | **OZEM**  |
| Federal Tax Cost of Investments. | $78206188 | $76211793 | $50558432 | $10836789 | $46248646  |
| Gross Tax Unrealized Appreciation. | $— | $414720 | $— | $494852 | $1648078  |
| Gross Tax Unrealized Depreciation. | (6527016) | (3083929) |  | (763859) | $(8090646)  |
| Net Tax Unrealized Depreciation. | (6527016) | (2669209) |  | (269007) | $(6442568)  |
| Undistributed Ordinary Income. | 3252976 | 6759 | 439794 |  | —  |
| Other Accumulated Gain (Loss). | 2 | (8869964) | 4061191 |  | (604563)  |
|  Total Distributable Earnings/ (Accumulated Losses) | $(3274038) | $(11532414) | $4500985 | (269007) | $(7047131) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **QDTE** | **XDTE** | **XPAY** | **RDTE**  |
| Federal Tax Cost of Investments. | $667259991 | $298595979 | $6925589 | $165060450  |
| Gross Tax Unrealized Appreciation. | $— | $— | $24604 | $—  |
| Gross Tax Unrealized Depreciation. |  |  | (99712) | —  |
| Net Tax Unrealized Depreciation. |  |  | (75108) | —  |
| Undistributed Ordinary Income. |  |  |  | —  |
| Other Accumulated Loss. |  |  | (1054) | (1708267)  |
| Total Distributable Accumulated Losses. | $— | $— | $(76162) | $(1708267) |

---

Under current tax law, certain specified ordinary losses incurred after October 31, may be deferred and treated as occurring on the first day of the following fiscal year. The Funds' post-October losses are determined only at the end of each fiscal year. At December 31, 2024, the Funds' fiscal year end, the Funds deferred the following post-October losses and late-year ordinary losses:

---

| | | |
|:---|:---|:---|
|  | **Late-Year**<br>**Losses** | **Post-October**<br>**Losses**  |
| YBTC. | $— | $—  |
| DRAG. |  | —  |
| MAGX. |  | —  |
| YETH. |  | —  |
| OZEM. | 3285 | —  |
| QDTE. |  | —  |
| XDTE. |  | —  |
| XPAY. |  | —  |
| RDTE. |  | 1708267 |

---

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**Roundhill ETF Trust** 

**CONSOLIDATED Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The Funds' carryforward losses are determined only at the end of each fiscal year. At December 31, 2024, the Funds' fiscal year end, the Funds had carryforward losses which will be carried forward indefinitely to offset future realized capital gains as follows:

---

| | | |
|:---|:---|:---|
|  | **Indefinite Long-Term** <br>**Capital Loss Carryover** | **Indefinite Short-Term** <br>**Capital Loss Carryover**  |
| YBTC. | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—  |
| DRAG. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428328  |
| MAGX. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| YETH. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| OZEM. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601235  |
| QDTE. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| XDTE. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| XPAY. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1054  |
| RDTE . | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

6. INVESTMENT TRANSACTIONS

During the period ended June 30, 2025, the Funds realized net capital gains and losses resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. The amount of realized gains and losses from in-kind redemptions included in realized gain/(loss) on investments in the Statements of Operations is as follows:

---

| | | |
|:---|:---|:---|
|  | **Realized** <br>**Gains** | **Realized** <br>**Losses**  |
| YBTC. | $— | $—  |
| DRAG. | 3915371 | (3826961)  |
| MAGX. | 8143377 | —  |
| YETH. |  | —  |
| OZEM. | 1716490 | (411069)  |
| HUMN |  | —  |
| QDTE. |  | —  |
| MAGY. |  | —  |
| XDTE. |  | —  |
| XPAY. |  | —  |
| RDTE. |  | —  |
| UX |  | —  |
| WEEK. |  |  |

---

Purchases and sales of investments (excluding short-term investments), creations in-kind and redemptions in-kind for the period ended June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Creations** <br>**In-Kind** | **Redemptions** <br>**In-Kind**  |
| YBTC. | $— | $— | $— | $—  |
| DRAG. | 6753168 | 8246079 |  | 15284352  |
| MAGX. |  |  | 32267747 | —  |
| YETH. |  |  |  | —  |
| OZEM. | 9232658 | 10175454 | 3213082 | 9879823  |
| HUMN. |  |  | 38718 | —  |
| QDTE. | 47974982 | 5353582 |  | —  |
| MAGY. | 17994342 | 16277656 | 12944384 | —  |
| XDTE. | 26468183 | 1575238 |  | —  |
| XPAY. | 21534992 |  | 255866 | —  |

---

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**Roundhill ETF Trust** 

**CONSOLIDATED Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Creations** <br>**In-Kind** | **Redemptions** <br>**In-Kind**  |
| RDTE. | $11872647 | $— | $— | $—  |
| UX | 287094 |  |  | —  |
| WEEK. |  |  |  |  |

---

7. PRINCIPAL RISKS

As with all ETFs, shareholders of the Funds are subject to the risk that their investment could lose money. Each Fund is subject to the principal risks, any of which may adversely affect a Fund's NAV, trading price, yield, total return and ability to meet its investment objective.

A complete description of principal risks is included in the Funds' prospectuses under the heading "Principal Investment Risks".

8. NEW ACCOUNTING PRONOUNCEMENT

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

9. SUBSEQUENT EVENTS

In preparing these financial statements, management of the Funds has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

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**Roundhill ETF Trust** 

**Additional Information** 

**June 30, 2025 (Unaudited)** 

**THE BELOW INFORMATION IS REQUIRED DISCLOSURE FROM FORM N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

The Advisor has agreed to pay all operating expenses of the Funds pursuant to the terms of the Investment Advisory Agreement, subject to certain exclusions provided therein. As a result, the Advisor is responsible for compensating the Independent Trustees. Further information related to Trustee and Officer compensation for the Trust can be obtained from the Funds' most recent Statement of Additional Information.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Refer to the Board Consideration and Approval of Continuation of Advisory and Subadvisory Agreements.

**TAX INFORMATION** 

For the fiscal period ended December 31, 2024, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act 2003.

The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Roundhill Bitcoin Covered Call Strategy ETF | 0.00%  |
| Roundhill China Dragons ETF | 1.23%  |
| Roundhill Daily 2X Long Magnificent Seven ETF | 0.00%  |
| Roundhill Ether Covered Call Strategy ETF | 0.00%  |
| Roundhill GLP-1 & Weight Loss ETF | 100.00%  |
| Roundhill Innovation-100 0DTE Covered Call Strategy ETF | 0.00%  |
| Roundhill S&P 500 0DTE Covered Call Strategy ETF | 0.00%  |
| Roundhill S&P 500 Target 20 Managed Distribution ETF | 0.00%  |
| Roundhill Russell 2000 0DTE Covered Call Strategy ETF | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period ended December 31, 2024 was as follows:

---

| | |
|:---|:---|
| Roundhill Bitcoin Covered Call Strategy ETF | 0.00%  |
| Roundhill China Dragons ETF | 0.00%  |
| Roundhill Daily 2X Long Magnificent Seven ETF | 0.00%  |
| Roundhill Ether Covered Call Strategy ETF | 0.00%  |
| Roundhill GLP-1 & Weight Loss ETF | 98.35%  |
| Roundhill Innovation-100 0DTE Covered Call Strategy ETF | 0.00%  |
| Roundhill S&P 500 0DTE Covered Call Strategy ETF | 0.00%  |
| Roundhill S&P 500 Target 20 Managed Distribution ETF | 0.00%  |
| Roundhill Russell 2000 0DTE Covered Call Strategy ETF | 0.00% |

---

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**Roundhill ETF Trust** 

**Additional Information** 

**June 30, 2025 (Unaudited)(Continued)** 

For the fiscal period ended December 31, 2024, the percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) for the Funds were as follows:

---

| | |
|:---|:---|
| Roundhill Bitcoin Covered Call Strategy ETF | 91.99%  |
| Roundhill China Dragons ETF | 0.00%  |
| Roundhill Daily 2X Long Magnificent Seven ETF | 2.39%  |
| Roundhill Ether Covered Call Strategy ETF | 0.00%  |
| Roundhill GLP-1 & Weight Loss ETF | 0.00%  |
| Roundhill Innovation-100 0DTE Covered Call Strategy ETF | 100.00%  |
| Roundhill S&P 500 0DTE Covered Call Strategy ETF | 100.00%  |
| Roundhill S&P 500 Target 20 Managed Distribution ETF | 0.00%  |
| Roundhill Russell 2000 0DTE Covered Call Strategy ETF | 0.00% |

---

For the fiscal year ended December 31, 2024, the Funds earned foreign source income and paid foreign taxes, which the Funds intend to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code as follows:

---

| | | |
|:---|:---|:---|
|  | **Foreign Source** <br>**Income Earned** | **Foreign** <br>**Taxes Paid**  |
| Roundhill GLP-1 & Weight Loss ETF | &nbsp;&nbsp;&nbsp; $144369 | &nbsp;&nbsp; $9015 |

---

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**ROUNDHILL ETF TRUST** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements** 

**Roundhill Uranium ETF** 

At a regularly scheduled meeting held on January 9 and January 13, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Roundhill ETF Trust (the "Trust"), including those trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered the approval of an investment management agreement (the "Investment Management Agreement") between Roundhill Financial Inc. (the "Adviser") and the Trust, with respect to the Roundhill Uranium ETF (the "Fund"), and a sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Agreements") between the Adviser, and Exchange Traded Concepts, LLC (the "Sub-Adviser") with respect to the Fund.

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved with respect to the Fund by: (i) the vote of the shareholders of the Fund; and (ii) the vote of a majority of the Independent Trustees, cast at a meeting called for the purpose of voting on such approval. In connection with its consideration of such approval, the Board must request and evaluate, and the Adviser and Sub-Adviser are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Agreements.

In addition to the written materials provided to the Board in advance of the Meeting, representatives from the Adviser and Sub-Adviser provided the Board with an overview, during the Meeting, of the Fund's proposed strategy, the services proposed to be provided to the Fund by the Adviser and Sub-Adviser, and additional information about the Adviser's and Sub-Adviser's advisory business, including information on investment personnel, financial resources, experience, investment processes, risk management processes and liquidity management, and compliance programs. The representatives from the Adviser discussed the rationale for launching the Fund, the Fund's proposed fees, and the operational aspects of the Fund. The Board considered the Adviser's and Sub-Adviser's presentation and the materials it received in advance of the Meeting, including a memorandum from legal counsel to the Independent Trustees regarding the responsibilities of the Trustees in considering the approval of the Agreements. The Board also noted that the evaluation process with respect to the Adviser and Sub-Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at prior meetings and between meetings with respect to the services to be provided by the Adviser and the Sub-Adviser. The Board deliberated on the approval of the Agreements in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of, and request additional materials from, the Adviser and Sub-Adviser. The Independent Trustees also met in executive session with their independent counsel to further discuss the proposed Agreements and the Independent Trustees' responsibilities relating thereto. The information received and considered by the Board in connection with the Board's determination to approve the Agreements was both written and oral.

At the Meeting, the Board, including a majority of the Independent Trustees, evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by the Adviser and Sub-Adviser to the Fund; (ii) the Fund's anticipated expenses and performance; (iii) the cost of the services to be provided and anticipated profits to be realized by the Adviser and Sub-Adviser and their respective affiliates from their relationship with the Trust and the Fund; (iv) comparative fee and expense data for the Fund and other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as the Fund grows and whether the overall advisory fee for the Fund would enable investors to share in the benefits of economies of scale; (vi) any benefits to be derived by the Adviser or Sub-Adviser from the relationship with the Trust and the Fund, including any fall-out benefits enjoyed by the Adviser or Sub-Adviser; and (vii) other factors the Board deemed relevant. The factors considered and the deliberations by the Board in connection with the approval of the Agreements are set forth below but are not exhaustive of all matters that were discussed by the Board. The Board also took into account the recommendation of the Adviser and considered other factors (including conditions and trends prevailing generally in the economy and the securities markets). In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and the individual Trustees may have attributed different weights to various factors.

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**ROUNDHILL ETF TRUST** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

**<u>Approval of the Advisory Agreement with the Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Investment Management Agreement, noting that the Adviser will be providing, among other things, a continuous investment program for the Fund, determining the assets to be purchased, retained or sold by the Fund, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Adviser will have as investment adviser to the Fund, including the oversight of the activities and operations of the Sub-Adviser and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Fund. In considering the nature, extent, and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser's compliance program, including its compliance and regulatory history and information from the Trust's Chief Compliance Officer ("CCO") regarding his review of the Adviser's compliance program. The Board noted that it had received a copy of the Adviser's Form ADV, as well as the responses of the Adviser to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, details about the Fund, and information about the services to be provided by the Adviser. The Board also considered the Adviser's operational capabilities and resources and its experience in managing investment portfolios. In considering the nature, extent, and quality of the services provided by the Adviser, the Board also took into account its knowledge, acquired through discussions and reports at prior meetings and in between meetings, of the Adviser's management and the quality of the performance of the Adviser's duties, as well as the Board's experience with the Adviser as the investment adviser to other series of the Trust. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to the Fund by the Adviser.

Performance. Because the Fund had not yet commenced operations, there were no historical performance records to consider. The Board was presented with information about the Fund's investment strategies. The Board noted that neither the Adviser nor the Sub-Adviser currently manage a comparable exchange-traded fund ("ETF"), mutual fund, or managed account with a performance track record for comparison. The Board considered the presentation by the Adviser and the experience of its personnel and determined that the Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Adviser had the overall capability to perform its duties with respect to the Funds under the Investment Management Agreement, and that the Adviser and the Sub-Adviser were expected to obtain an acceptable level of investment returns for the Fund's shareholders.

Fees and Expenses. Regarding the costs of the services to be provided by the Adviser, the Board considered, among other expense data, a comparison of the Fund's proposed unitary fee compared to the advisory fee and expenses of its most direct competitors as identified by the Adviser (the "Selected Peer Group"). The Board noted that while it found the comparative data provided by the generally useful, it recognized its limitations, including potential differences in the investment strategies of the Fund relative to the strategies of the funds in the Selected Peer Group, as well as the level, quality and nature of the services to be provided by the Adviser with respect to the Fund. The Board noted that the proposed unitary fee was within the range of advisory fees and expense ratios for the Selected Peer Group. The Board also took into account management's discussion of the Fund's proposed unitary fee and the differences in the Fund's strategy from the Selected Peer Group. In considering the level of the advisory and sub-advisory fee with respect to the Fund, the Board also noted that the Adviser and Sub-Adviser do not manage any other accounts with a similar investment strategy. Based on its review, the Board concluded that the unitary fee appeared to be competitive and is otherwise reasonable in light of the information provided.

Cost of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory and sub-advisory fees, and the estimated profitability projected by the Adviser, including the methodology underlying such projection. The Board took into consideration that the advisory fee for the Fund was a "unitary fee," meaning the Fund would pay no expenses other than the advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser would be responsible for compensating the Trust's other service providers, including the Sub-Adviser, and paying the Fund's other expenses out

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**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

of its own revenue and resources. The Board also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the Fund, taking into account the Adviser's anticipated profitability analysis with respect to the Fund and the financial resources the Adviser had committed and proposed to commit to its business. The Board took into account that the Fund had not yet commenced operations and consequently, the future size of the Fund and the Adviser's future profitability were generally unpredictable.

Economies of Scale. The Board noted that the Adviser might realize economies of scale in managing the Fund as assets grow in size. The Board noted, however, that any economies would, to some degree, be shared with the Fund's shareholders through the Fund's unitary fee structure. In the event there were to be significant asset growth in the Fund, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

Benefits. The Board considered the direct and indirect benefits that could be realized by the Adviser from its relationship with the Fund. The Board considered the Adviser's soft dollar arrangements with respect to portfolio transactions and considered that the Adviser does not intend to utilize soft dollars with respect to the Fund. The Board further considered that Adviser does not use any affiliated brokers to execute portfolio transactions. The Board noted there were currently no distribution or service fees being paid by the Fund to the Adviser or its affiliates. The Board considered that the Adviser may receive some form of reputational benefit from services rendered to the Fund, but that such benefits are immaterial and cannot otherwise be quantified. The Board concluded that the additional benefits the Adviser would receive from its relationship with the Fund are reasonable and appropriate.

Conclusion. No single factor was determinative of the Board's decision to approve the Investment Management Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of the Investment Management Agreement, including the compensation payable thereunder, were fair and reasonable to the Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Investment Management Agreement for an initial term of two years was in the best interests of the Fund and its shareholders.

**<u>Approval of the Sub-Advisory Agreement with the Sub-Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Board considered the scope of services to be provided to the Fund under the Sub-Advisory Agreement, noting that the Sub-Adviser would provide investment management services to the Fund. The Board noted the responsibilities that the Sub-Adviser would have as the Fund's investment sub-adviser, including: responsibility for the management of the securities and other assets of the Fund, subject to the supervision and oversight of the Adviser; executing placement of orders and selection of brokers or dealers for such orders; general portfolio compliance with relevant law; responsibility for daily monitoring of portfolio exposures and quarterly reporting to the Board and proxy voting with respect to securities held by the Fund.

In considering the nature, extent, and quality of the services to be provided by the Sub-Adviser, the Board considered the quality of the Sub-Adviser's compliance program, including its compliance and regulatory history, and information from the Trust's CCO regarding his review of the Sub-Adviser's compliance program. The Board further noted that they had received and reviewed materials with regard to the Sub-Adviser, including its responses to a detailed series of questions that included, among other things, information about the Sub-Adviser's decision-making process, details about the Fund, and information about the services to be provided by the Sub-Adviser. The Board also considered the Sub-Adviser's resources and capacity with respect to portfolio management, compliance, and operations. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Sub-Adviser, including those individuals responsible for portfolio management.

In considering the nature, extent, and quality of the services provided by the Sub-Adviser, the Board also took into account its knowledge, acquired through discussions and reports at a prior meeting and in between meetings, of the Sub-Adviser's management and the quality of the performance of the Sub-Adviser's duties, as well as the Board's experience with the Sub-Adviser as the investment sub-adviser to other series of the Trust. The Board concluded, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to the Fund by the Sub-Adviser.

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**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

Performance. Because the Fund had not yet commenced operations, the Board noted that there was no historical performance records to consider. The Board was presented with information about the Fund's investment strategies. The Board noted that the Sub-Adviser currently did not manage a comparable ETF, mutual fund, or managed account with a performance track record for comparison. The Board considered the presentations by the Adviser and the Sub-Adviser and the experience of the Sub-Adviser's personnel and determined that the Adviser and Sub-Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Sub-Adviser had the overall capability to perform its duties with respect to the Funds under the Sub-Advisory Agreement and that the Adviser and Sub-Adviser were expected to obtain an acceptable level of investment returns for the Fund's shareholders.

Fees and Expenses. The Board also reviewed information regarding the Fund's proposed sub-advisory fee, including advisory fees and total expense ratios of those funds that might be considered peers of the Fund. Based on its review, the Board concluded that the sub-advisory fee appeared to be competitive and a product of arm's length negotiation and is otherwise reasonable in light of the information provided.

Costs of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory and sub-advisory fees, and the estimated profitability projected by the Adviser and Sub-Adviser, including the methodology underlying such projection. The Board considered that the fees to be paid to the Sub-Adviser would be paid by the Adviser from the fee the Adviser received from the Fund and noted that the fee reflected an arm's-length negotiation between the Adviser and the Sub-Adviser. The Board also took into account the amount of the unitary fee to be retained by the Adviser and the services to be provided with respect to the Fund by the Adviser and further determined that the sub-advisory fee reflected an appropriate allocation of the advisory fee paid to the Adviser given the work to be performed by each firm. The Board also evaluated the compensation and benefits expected to be received by the Sub-Adviser from its relationship with the Fund, taking into account an analysis of the Sub-Adviser's estimated profitability, if any, with respect to the Fund. The Board noted that, because the Sub-Adviser's advisory fee would be paid by the Adviser out of its unitary fee, the Sub-Adviser's profitability is not a material consideration.

Economies of Scale. The Board expressed the view that it currently appeared that the Sub-Adviser might realize economies of scale in managing the Fund as assets grow in size. The Board determined that it would monitor fees as the Fund's assets grow to determine whether economies of scale were being effectively shared with the Fund and its shareholders.

Benefits. The Board considered the direct and indirect benefits that could be realized by the Sub-Adviser from its relationship with the Fund. The Board considered Sub-Adviser's soft dollar arrangements with respect to portfolio transactions and considered that the Sub-Adviser does not intend to utilize soft dollars with respect to the Fund. The Board considered that the Sub-Adviser may receive some form of reputational benefit from services rendered to the Fund, but that such benefits are immaterial and cannot otherwise be quantified. The Board concluded that the additional benefits the Sub-Adviser would receive from its relationship with the Fund are reasonable and appropriate.

Conclusion. No single factor was determinative of the Board's decision to approve the Sub-Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of that Sub-Advisory Agreement, including the compensation payable thereunder, was fair and reasonable to the Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Sub-Advisory Agreement for an initial two-year term was in the best interests of the Fund and its shareholders.

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**ROUNDHILL ETF TRUST** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements** 

**Roundhill Physical Uranium ETF Cayman Ltd.** 

At a regularly scheduled meeting held on January 9 and January 13, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Roundhill ETF Trust (the "Trust"), including those trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered the approval of an investment management agreement (the "Investment Management Agreement") between Roundhill Financial Inc. (the "Adviser") and the Roundhill Physical Uranium ETF Cayman Ltd. (the "Cayman Subsidiary"), on behalf of the Roundhill Uranium ETF (the "Fund"), and a sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Agreements") between the Adviser and Exchange Traded Concepts, LLC (the "Sub-Adviser") with respect to the Cayman Subsidiary.

In addition to the written materials provided to the Board in advance of the Meeting, representatives from the Adviser and Sub-Adviser provided the Board with an overview, during the Meeting, of the Cayman Subsidiary's proposed investments, the services proposed to be provided to the Cayman Subsidiary by the Adviser and Sub-Adviser, and additional information about the Adviser's and Sub-Adviser's advisory business, including information on investment personnel, financial resources, experience, investment processes, risk management processes and liquidity management, and compliance program. The representatives from the Adviser discussed the rationale for establishing the Cayman Subsidiary and the operational aspects of the Cayman Subsidiary. They indicated that there would be no management fee charged with respect to the Cayman Subsidiary. The Board considered the Adviser's and Sub-Adviser's presentation and the materials it received in advance of the Meeting, including a memorandum from legal counsel to the Independent Trustees regarding the responsibilities of the Trustees in considering approval of investment advisory agreements. The Board also noted that the evaluation process with respect to the Adviser and Sub-Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at prior meetings and between meetings with respect to the services to be provided by the Adviser and the Sub-Adviser. In considering the Agreements, the Board took into account the information and the factors and conclusions that it had considered in connection with approval of the Fund's management and sub-advisory agreements at the Meeting. The Board also took into account the information provided and factors considered, as applicable, in connection with the approval of the management and sub-advisory agreements with respect to the Fund at this Meeting. The Board deliberated on the approval of the Agreements in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of, and request additional materials from, the Adviser and Sub-Adviser. The Independent Trustees also met in executive session with their independent counsel to further discuss the proposed Agreements and the Independent Trustees' responsibilities relating thereto. The information received and considered by the Board in connection with the Board's determination to approve the Agreements was both written and oral.

At the Meeting, the Board, including a majority of the Independent Trustees, evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by the Adviser and Sub-Adviser to the Cayman Subsidiary; (ii) the Cayman Subsidiary's anticipated expenses and performance; (iii) the cost of the services to be provided and anticipated profits, if any, to be realized by the Adviser and Sub-Adviser and their respective affiliates from the relationship with the Cayman Subsidiary; (iv) comparative fee and expense data for the Cayman Subsidiary and other investment companies with similar investment objectives, if any; (v) the extent to which any economies of scale would be realized in connection with the operation of the Cayman Subsidiary; (vi) any benefits to be derived by the Adviser or Sub-Adviser from the relationship with the Cayman Subsidiary, including any fall-out benefits enjoyed by the Adviser or Sub-Adviser; and (vii) other factors the Board deemed relevant. The factors considered and the determinations made by the Board in connection with the approval of the Agreements are set forth below but are not exhaustive of all matters that were discussed by the Board. The Board also took into account the recommendation of the Adviser and considered other factors (including conditions and trends prevailing generally in the economy and the securities markets). In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and the individual Trustees may have attributed different weights to various factors.

**<u>Approval of the Advisory Agreement with the Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Investment Management Agreement, noting that the Adviser will be providing, among other things, a continuous investment program for the Cayman Subsidiary, determining the assets to be purchased, retained or sold

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**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

by the Cayman Subsidiary, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust and the Cayman Subsidiary. The Trustees reviewed the extensive responsibilities that the Adviser will have as investment adviser to the Cayman Subsidiary, including the oversight of the activities and operations of the Sub-Adviser and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Cayman Subsidiary. In considering the nature, extent, and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser's compliance program, including its compliance and regulatory history and information from the Trust's Chief Compliance Officer ("CCO") regarding his review of the Adviser's compliance program. The Board noted that it had received a copy of the Adviser's Form ADV, as well as the responses of the Adviser to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, details about the Cayman Subsidiary, and information about the services to be provided by the Adviser. The Board also considered the Adviser's operational capabilities and resources and its experience in managing investment portfolios. In considering the nature, extent, and quality of the services provided by the Adviser, the Board also took into account its knowledge, acquired through discussions and reports at prior meetings and in between meetings, of the Adviser's management and the quality of the performance of the Adviser's duties, as well as the Board's experience with the Adviser as the investment adviser to other series of the Trust. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to the Cayman Subsidiary by the Adviser.

Performance. Because the Cayman Subsidiary had not yet commenced operations, the Board noted that there were no historical performance records to consider. The Board was presented with information about the Cayman Subsidiary's investments. The Board noted that neither the Adviser nor the Sub-Adviser currently manage a comparable exchange-traded fund ("ETF"), mutual fund, or managed account with a performance track record for comparison. The Board considered the presentation by the Adviser and the experience of its personnel and determined that the Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Adviser had the overall capability to perform its duties with respect to the Cayman Subsidiary under the Investment Management Agreement, and that the Adviser and the Sub-Adviser were expected to obtain an acceptable level of investment returns for the Fund's shareholders.

Fees and Expenses. Regarding the costs of the services to be provided by the Adviser, the Board considered that the Adviser has a unitary fee arrangement with the Fund, pursuant to which the Adviser receives a management fee from the Fund and pays all Fund operating expenses, with certain exceptions, and including the sub-advisory fees. The Board further considered that the Cayman Subsidiary will not be assessed a management fee and will be included in the same fee arrangement as the Fund. The Board noted that the Cayman Subsidiary's expenses will be paid by the Adviser pursuant to the unitary fee arrangement with the Fund.

Cost of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser and the Fund advisory and sub-advisory fees, and the estimated profitability, of any, projected by the Adviser. The Board took into consideration that the advisory fee for the Fund was a "unitary fee," meaning the Fund would pay no expenses other than the advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser would be responsible for compensating the Trust's other service providers, including the Sub-Adviser, and paying the Fund's other expenses out of its own revenue and resources. The Board noted that the Adviser does not expect to receive separate compensation for managing the Cayman Subsidiary, or any direct or indirect benefits from its relationship with the Cayman Subsidiary.

Economies of Scale. The Board noted that the Adviser might realize economies of scale in managing the overall Fund as assets grow in size. The Board noted, however, that any economies would, to some degree, be shared with the Fund's shareholders through the Fund's unitary fee structure. In the event there were to be significant asset growth in the Fund, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth. The Board noted that there would be no additional fee charged with respect to the Cayman Subsidiary and that the Adviser would bear the expenses of the Caymen Subsidiary.

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**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

Benefits. The Board considered the direct and indirect benefits that could be realized by the Adviser from its relationship with the Cayman Subsidiary. The Board noted that the Adviser does not expect to receive any direct or indirect "fall-out" benefits from its relationship with the Cayman Subsidiary.

Conclusion. No single factor was determinative of the Board's decision to approve the Investment Management Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of the Investment Management Agreement were fair and reasonable to the Cayman Subsidiary. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Investment Management Agreement for an initial term of two years was in the best interests of the Cayman Subsidiary and the Fund.

**<u>Approval of the Sub-Advisory Agreement with the Sub-Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Board considered the scope of services to be provided to the Cayman Subsidiary under the Sub-Advisory Agreement, noting that the Sub-Adviser would provide investment management services to the Cayman Subsidiary. The Board noted the responsibilities that the Sub-Adviser would have as the Cayman Subsidiary's investment sub-adviser, including: responsibility for the management of the securities and other assets of the Cayman Subsidiary, subject to the supervision and oversight of the Adviser; executing placement of orders and selection of brokers or dealers for such orders; general portfolio compliance with relevant law; responsibility for daily monitoring of portfolio exposures and quarterly reporting to the Board; and proxy voting with respect to securities held by the Cayman Subsidiary.

In considering the nature, extent, and quality of the services to be provided by the Sub-Adviser, the Board considered the quality of the Sub-Adviser's compliance program including its compliance and regulatory history, and information from the Trust's CCO regarding his review of the Sub-Adviser's compliance program. The Board further noted that they had received and reviewed materials with regard to the Sub-Adviser, including its responses to a detailed series of questions that included, among other things, information about the Sub-Adviser's decision-making process, and information about the services to be provided by the Sub-Adviser. The Board also considered the Sub-Adviser's resources and capacity with respect to portfolio management, compliance, and operations. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Sub-Adviser, including those individuals responsible for portfolio management.

In considering the nature, extent, and quality of the services provided by the Sub-Adviser, the Board also took into account its knowledge, acquired through discussions and reports at prior meetings and in between meetings, of the Sub-Adviser's management and the quality of the performance of the Sub-Adviser's duties. The Board concluded, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to the Cayman Subsidiary by the Sub-Adviser.

Performance. Because the Cayman Subsidiary had not yet commenced operations, the Board noted that there was no historical performance records to consider. The Board was presented with information about the Cayman Subsidiary's investment strategies. The Board noted that the Sub-Adviser currently did not manage a comparable ETF, mutual fund, or managed account with a performance track record for comparison. The Board considered the presentations by the Adviser and the Sub-Adviser and the experience of the Sub-Adviser's personnel and determined that the Adviser and Sub-Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Sub-Adviser had the overall capability to perform its duties with respect to the Cayman Subsidiary under the Sub-Advisory Agreement and that the Adviser and Sub-Adviser were expected to obtain an acceptable level of investment returns for the Fund's shareholders.

Fees and Expenses. The Board also reviewed information regarding the Cayman Subsidiary's proposed sub-advisory fees and took into account that the Sub-Adviser would be paid the fees specified in the Sub-Advisory Agreement for the Fund and would receive no additional compensation with respect to the Cayman Subsidiary. Based on its review, the Board concluded that the sub-advisory fee appeared to be competitive and is otherwise reasonable in light of the information provided.

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**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

Costs of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory and sub-advisory fees, and the estimated profitability of the Adviser and Sub-Adviser. The Board considered that any fees to be paid to the Sub-Adviser would be paid by the Adviser from the fee the Adviser received from the Fund and noted that the fee reflected an arm's-length negotiation between the Adviser and the Sub-Adviser. The Board also took into account the amount of the unitary fee to be retained by the Adviser from the Fund and the services to be provided with respect to the Cayman Subsidiary by the Adviser and further determined that the sub-advisory fee reflected an appropriate allocation of the advisory fee paid to the Adviser given the work to be performed by each firm. The Board also evaluated the compensation and benefits expected to be received by the Sub-Adviser from its relationship with the Cayman Subsidiary, if any, noting that the Sub-Adviser would not receive an additional fee with respect to the Cayman Subsidiary. The Board noted that, because the Sub-Adviser's advisory fee would be paid by the Adviser out of its unitary fee from the Fund, the Sub-Adviser's profitability is not a material consideration.

Economies of Scale. The Board noted that it currently appeared that the Sub-Adviser might realize economies of scale in managing the Cayman Subsidiary as assets grow in size. The Board determined that it would monitor fees as the Cayman Subsidiary's assets grow to determine whether economies of scale were being effectively shared with the Cayman Subsidiary and the Fund.

Benefits. The Board considered the direct and indirect benefits that could be realized by the Sub-Adviser from its relationship with the Cayman Subsidiary. The Board noted that the Sub-Adviser does not expect to receive any direct or indirect "fall-out" benefits from its relationship with the Cayman Subsidiary.

Conclusion. No single factor was determinative of the Board's decision to approve the Sub-Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of that Sub-Advisory Agreement, including any compensation payable thereunder, were fair and reasonable to the Cayman Subsidiary. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Sub-Advisory Agreement for an initial two-year term was in the best interests of the Cayman Subsidiary and the Fund.

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**ROUNDHILL ETF TRUST** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements** 

**Roundhill Magnificent Seven Covered Call ETF** 

At a regularly scheduled meeting held on February 25, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Roundhill ETF Trust (the "Trust"), including those trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered the approval of an investment management agreement (the "Investment Management Agreement") between Roundhill Financial Inc. (the "Adviser") and the Trust, with respect to Roundhill Magnificent Seven Covered Call ETF (the "New Fund,"), and a sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Agreements") between the Adviser and Exchange Traded Concepts, LLC (the "Sub-Adviser"), with respect to the New Fund.

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved with respect to the New Fund by: (i) the vote of the shareholders of the New Fund; and (ii) the vote of a majority of the Independent Trustees, cast at a meeting called for the purpose of voting on such approval. In connection with its consideration of such approval, the Board must request and evaluate, and the Adviser and Sub-Adviser are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Agreements.

In addition to the written materials provided to the Board in advance of the Meeting, representatives from the Adviser and Sub-Adviser provided the Board with an overview, during the Meeting, of the New Fund's proposed strategy, the services proposed to be provided to the New Fund by the Adviser and Sub-Adviser, and additional information about the Adviser's and Sub-Adviser's advisory business, including information on investment personnel, financial resources, experience, investment processes, risk management processes and liquidity management, and compliance programs. The representatives from the Adviser discussed the rationale for launching the New Fund, the New Fund's proposed fees, and the operational aspects of the New Fund. The Board considered the Adviser's and Sub-Adviser's presentation and the materials it received in advance of the Meeting, including a memorandum from legal counsel to the Independent Trustees regarding the responsibilities of the Trustees in considering the approval of the Agreements. The Board also noted that the evaluation process with respect to the Adviser and Sub-Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at prior meetings and between meetings with respect to the services to be provided by the Adviser and the Sub-Adviser with respect to the New Fund. The Board deliberated on the approval of the Agreements with respect to the New Fund in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of, and request additional materials from, the Adviser and Sub-Adviser. The Independent Trustees also met in executive session with their independent counsel to further discuss the proposed Agreements and the Independent Trustees' responsibilities relating thereto. The information received and considered by the Board in connection with the Board's determination to approve the Agreements was both written and oral.

At the Meeting, the Board, including a majority of the Independent Trustees, evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by the Adviser and Sub-Adviser to the New Fund; (ii) the New Fund's anticipated expenses and performance; (iii) the cost of the services to be provided and anticipated profits to be realized by the Adviser and Sub-Adviser and their respective affiliates from their relationship with the Trust and the New Fund; (iv) comparative fee and expense data for the New Fund and other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as the New Fund grows and whether the overall advisory fee for the New Fund would enable investors to share in the benefits of economies of scale; (vi) any benefits to be derived by the Adviser or Sub-Adviser from the relationship with the Trust and the New Fund, including any fall-out benefits enjoyed by the Adviser or Sub-Adviser; and (vii) other factors the Board deemed relevant. The factors considered and the deliberations by the Board in connection with the approval of the Agreements are set forth below but are not exhaustive of all matters that were discussed by the Board. The Board also took into account the recommendation of the Adviser and considered other factors (including conditions and trends prevailing generally in the economy and the securities markets). In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and the individual Trustees may have attributed different weights to various factors. The Board considered approval of the Agreements with respect to the New Fund separately.

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**ROUNDHILL ETF TRUST** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

**<u>Approval of the Advisory Agreement with the Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Investment Management Agreement, noting that the Adviser will be providing, among other things, a continuous investment program for the New Fund, determining the assets to be purchased, retained or sold by the New Fund, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Adviser will have as investment adviser to the New Fund, including the oversight of the activities and operations of the Sub-Adviser and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the New Fund. In considering the nature, extent, and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser's compliance program, including its compliance and regulatory history and information from the Trust's Chief Compliance Officer ("CCO") regarding his review of the Adviser's compliance program. The Board noted that it had received a copy of the Adviser's Form ADV, as well as the responses of the Adviser to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, details about the New Fund, and information about the services to be provided by the Adviser. The Board also considered the Adviser's operational capabilities and resources and its experience in managing investment portfolios. In considering the nature, extent, and quality of the services provided by the Adviser, the Board also took into account its knowledge, acquired through discussions and reports at prior meetings and in between meetings, of the Adviser's management and the quality of the performance of the Adviser's duties, as well as the Board's experience with the Adviser as the investment adviser to other series of the Trust . The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to the New Fund by the Adviser.

Performance. Because the New Fund had not yet commenced operations, there were no historical performance records to consider. The Board was presented with information about the New Fund's investment strategy. The Board noted that neither the Adviser nor the Sub-Adviser currently manage a comparable exchange-traded fund ("ETF"), mutual fund, or managed account with a performance track record for comparison. The Board considered the presentation by the Adviser and the experience of its personnel and determined that the Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Adviser had the overall capability to perform its duties with respect to the New Fund under the Investment Management Agreement, and that the Adviser and the Sub-Adviser were expected to obtain an acceptable level of investment returns for the New Fund's shareholders.

Fees and Expenses. Regarding the costs of the services to be provided by the Adviser, the Board considered, among other expense data, a comparison of the New Fund's proposed unitary fee compared to the advisory fee and expenses of its most direct competitors as identified by the Adviser (the "Selected Peer Group"). The Board noted that while it found the comparative data provided by the generally useful, it recognized its limitations, including potential differences in the investment strategies of the New Fund relative to the strategies of the funds in the Selected Peer Group, as well as the level, quality and nature of the services to be provided by the Adviser with respect to the New Fund. The Board noted that the proposed unitary fee with respect to the New Fund was within the range of advisory fees and expense ratios for the Selected Peer Group with respect to the New Fund. The Board also took into account management's discussion of the New Fund's proposed unitary fee and the differences in the New Fund's strategy from the Selected Peer Group. In considering the level of the advisory and sub-advisory fee with respect to the New Fund, the Board also noted that the Adviser and Sub-Adviser do not manage any other accounts with a similar investment strategy. Based on its review, the Board concluded that the New Fund's unitary fee appeared to be competitive and is otherwise reasonable in light of the information provided.

Cost of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory and sub-advisory fees, and the estimated profitability projected by the Adviser, including the methodology underlying such projection. The Board took into consideration that the advisory fee for the New Fund was a "unitary fee," meaning the New Fund would pay no expenses other than the advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the

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**ROUNDHILL ETF TRUST** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

Adviser would be responsible for compensating the Trust's other service providers, including the Sub-Adviser, and paying the New Fund's other expenses out of its own revenue and resources. The Board also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the New Fund, taking into account the Adviser's anticipated profitability analysis with respect to the New Fund and the financial resources the Adviser had committed and proposed to commit to its business. The Board took into account that the New Fund had not yet commenced operations and consequently, the future size of the New Fund and the Adviser's future profitability were generally unpredictable.

Economies of Scale. The Board noted that the Adviser might realize economies of scale in managing the New Fund as assets grow in size. The Board noted, however, that any economies would, to some degree, be shared with the New Fund's shareholders through the New Fund's unitary fee structure. In the event there were to be significant asset growth in the New Fund, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

Benefits. The Board considered the direct and indirect benefits that could be realized by the Adviser from its relationship with the New Fund. The Board considered the Adviser's soft dollar arrangements with respect to portfolio transactions and considered that the Adviser does not intend to utilize soft dollars with respect to the New Fund. The Board further considered that Adviser does not use any affiliated brokers to execute portfolio transactions. The Board noted there were currently no distribution or service fees to be paid by the New Fund to the Adviser or its affiliates. The Board considered that the Adviser may receive some form of reputational benefits from services rendered to the New Fund, but that such benefits are immaterial and cannot otherwise be quantified. The Board concluded that the additional benefits the Adviser would receive from its relationship with the New Fund are reasonable and appropriate.

Conclusion. No single factor was determinative of the Board's decision to approve the Investment Management Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of the Investment Management Agreement, including the compensation payable thereunder, were fair and reasonable with respect to the New Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Investment Management Agreement for an initial term of two years was in the best interests of the New Fund and its shareholders.

**<u>Approval of the Sub-Advisory Agreement with the Sub-Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Board considered the scope of services to be provided to the New Fund under the Sub-Advisory Agreement, noting that the Sub-Adviser would provide investment management services to the New Fund. The Board noted the responsibilities that the Sub-Adviser would have as the New Fund's investment sub-adviser, including: responsibility for the management of the securities and other assets of the New Fund, subject to the supervision and oversight of the Adviser; executing placement of orders and selection of brokers or dealers for such orders; general portfolio compliance with relevant law; responsibility for daily monitoring of portfolio exposures and quarterly reporting to the Board and proxy voting with respect to securities held by the New Fund.

In considering the nature, extent, and quality of the services to be provided by the Sub-Adviser, the Board considered the quality of the Sub-Adviser's compliance program, including its compliance and regulatory history, and information from the Trust's CCO regarding his review of the Sub-Adviser's compliance program. The Board further noted that they had received and reviewed materials with regard to the Sub-Adviser, including its responses to a detailed series of questions that included, among other things, information about the Sub-Adviser's decision-making process, details about the New Fund, and information about the services to be provided by the Sub-Adviser. The Board also considered the Sub-Adviser's resources and capacity with respect to portfolio management, compliance, and operations. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Sub-Adviser, including those individuals responsible for portfolio management.

In considering the nature, extent, and quality of the services provided by the Sub-Adviser, the Board also took into account its knowledge, acquired through discussions and reports at prior meetings and in between meetings, of the Sub-Adviser's management and the quality of the performance of the Sub-Adviser's duties, as well as the Board's

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**ROUNDHILL ETF TRUST** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

experience with the Sub-Adviser as the investment sub-adviser to other series of the Trust. The Board concluded, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to the New Fund by the Sub-Adviser.

Performance. Because the New Fund had not yet commenced operations, the Board noted that there was no historical performance records to consider. The Board was presented with information about the New Fund's investment strategies. The Board noted that the Sub-Adviser currently did not manage a comparable ETF, mutual fund, or managed account with a performance track record for comparison. The Board considered the presentations by the Adviser and the Sub-Adviser and the experience of the Sub-Adviser's personnel and determined that the Adviser and Sub-Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Sub-Adviser had the overall capability to perform its duties with respect to the New Fund under the Sub-Advisory Agreement and that the Adviser and Sub-Adviser were expected to obtain an acceptable level of investment returns for the New Fund's shareholders.

Fees and Expenses. The Board also reviewed information regarding the New Fund's proposed sub-advisory fee, including advisory fees and total expense ratios of those funds that might be considered peers of the New Fund. Based on its review, the Board concluded that the sub-advisory fee appeared to be competitive and a product of arm's length negotiation and is otherwise reasonable in light of the information provided.

Costs of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory and sub-advisory fees, and the estimated profitability projected by the Adviser and Sub-Adviser, including the methodology underlying such projection. The Board considered that the fees to be paid to the Sub-Adviser would be paid by the Adviser from the fee the Adviser received from the New Fund and noted that the fee reflected an arm's-length negotiation between the Adviser and the Sub-Adviser. The Board also took into account the amount of the unitary fee to be retained by the Adviser and the services to be provided with respect to the New Fund by the Adviser and further determined that the sub-advisory fee reflected an appropriate allocation of the advisory fee paid to the Adviser given the work to be performed by each firm. The Board also evaluated the compensation and benefits expected to be received by the Sub-Adviser from its relationship with the New Fund, taking into account an analysis of the Sub-Adviser's estimated profitability, if any, with respect to the New Fund. The Board noted that, because the Sub-Adviser's advisory fee would be paid by the Adviser out of its unitary fee, the Sub-Adviser's profitability is not a material consideration.

Economies of Scale. The Board expressed the view that it currently appeared that the Sub-Adviser might realize economies of scale in managing the New Fund as assets grow in size. The Board considered that the fee to be charged by the sub-adviser for the services provided to the New Fund reflected breakpoints that referenced combined assets of the New Fund and of other series of the Trust managed by the Sub-Adviser. The Board determined that it would monitor fees as the New Fund's assets grow to determine whether economies of scale were being effectively shared with the New Fund and its shareholders.

Benefits. The Board considered the direct and indirect benefits that could be realized by the Sub-Adviser from its relationship with the New Fund. The Board considered the Sub-Adviser's soft dollar arrangements with respect to portfolio transactions and considered that the Sub-Adviser does not intend to utilize soft dollars with respect to the New Fund. The Board considered that the Sub-Adviser may receive some form of reputational benefit from services rendered to the New Fund, but that such benefits are immaterial and cannot otherwise be quantified. The Board concluded that the additional benefits the Sub-Adviser would receive from its relationship with the New Fund are reasonable and appropriate.

Conclusion. No single factor was determinative of the Board's decision to approve the Sub-Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of that Sub-Advisory Agreement, including the compensation payable thereunder, was fair and reasonable to the New Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Sub-Advisory Agreement for an initial two-year term was in the best interests of the New Fund and its shareholders.

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**[**TABLE OF CONTENTS**](#TOC)**

**Roundhill ETF Trust** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements** 

**Roundhill U.S. Sovereign Wealth Fund ETF** 

**Roundhill ABNB WeeklyPay ETF** 

**Roundhill ARM WeeklyPay ETF** 

**Roundhill LMT WeeklyPay ETF** 

**Roundhill ASML WeeklyPay ETF** 

**Roundhill MSTR WeeklyPay ETF** 

**Roundhill AVGO WeeklyPay ETF** 

**Roundhill NFLX WeeklyPay ETF** 

**Roundhill BABA WeeklyPay ETF** 

**Roundhill RDDT WeeklyPay ETF** 

**Roundhill BRKB WeeklyPay ETF** 

**Roundhill SHOP WeeklyPay ETF** 

**Roundhill COST WeeklyPay ETF** 

**Roundhill SPOT WeeklyPay ETF** 

**Roundhill CRWD WeeklyPay ETF** 

**Roundhill TSM WeeklyPay ETF** 

**Roundhill DKNG WeeklyPay ETF** 

**Roundhill UBER WeeklyPay ETF** 

**Roundhill HOOD WeeklyPay ETF** 

**Roundhill XOM WeeklyPay ETF** 

**Roundhill Humanoid Robotics ETF** 

**Roundhill Long VIX Futures Points ETF** 

**Roundhill 2X Long VIX Futures Points ETF** 

**Roundhill Short VIX Futures Points ETF** 

**Roundhill 2X Short VIX Futures Points ETF** 

At a regularly scheduled meeting held on May 15, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Roundhill ETF Trust (the "Trust"), including those trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered the approval of an investment management agreement (the "Investment Management Agreement") between Roundhill Financial Inc. (the "Adviser") and the Trust, with respect to Roundhill U.S. Sovereign Wealth Fund ETF, Roundhill ABNB WeeklyPay ETF, Roundhill ARM WeeklyPay ETF, Roundhill LMT WeeklyPay ETF, Roundhill ASML WeeklyPay ETF, Roundhill MSTR WeeklyPay ETF, Roundhill AVGO WeeklyPay ETF, Roundhill NFLX WeeklyPay ETF, Roundhill BABA WeeklyPay ETF, Roundhill RDDT WeeklyPay ETF, Roundhill BRKB WeeklyPay ETF, Roundhill SHOP WeeklyPay ETF, Roundhill COST WeeklyPay ETF, Roundhill SPOT WeeklyPay ETF, Roundhill CRWD WeeklyPay ETF, Roundhill TSM WeeklyPay ETF, Roundhill DKNG WeeklyPay ETF, Roundhill UBER WeeklyPay ETF, Roundhill HOOD WeeklyPay ETF, Roundhill XOM WeeklyPay ETF, Roundhill Humanoid Robotics ETF, Roundhill Long VIX Futures Points ETF, Roundhill 2X Long, VIX Futures Points ETF, Roundhill Short VIX Futures Points ETF and Roundhill 2X Short VIX Futures Points ETF (each, a "New Fund," and collectively, the "New Funds"), and a sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Agreements") between the Adviser and Exchange Traded Concepts, LLC (the "Sub-Adviser") with respect to each of the New Funds.

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved with respect to each of the New Funds by: (i) the vote of the Board or shareholders of a New Fund; and (ii) the vote of a majority of the Independent Trustees, cast at a meeting called for the purpose of voting on such approval. In connection with its consideration of such approval, the Board must request and evaluate, and the Adviser and Sub-Adviser are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Agreements.

In addition to the written materials provided to the Board in advance of the Meeting, representatives from the Adviser and Sub-Adviser provided the Board with an overview, during the Meeting, of each New Fund's proposed strategy, the services proposed to be provided to the New Funds by the Adviser and Sub-Adviser, and additional information about the Adviser's and Sub-Adviser's advisory business, including information on investment personnel, financial resources, experience, investment processes, risk management processes and liquidity management, and compliance programs. The representatives from the Adviser discussed the rationale for launching each New Fund, each New Fund's proposed fees, and the operational aspects of each New Fund. The Board considered the Adviser's and

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**Roundhill ETF Trust** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

Sub-Adviser's presentation and the materials it received in advance of the Meeting, including memoranda from legal counsel to the Independent Trustees regarding the responsibilities of the Trustees in considering the approval of the Agreements. The Board also noted that the evaluation process with respect to the Adviser and Sub-Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at prior meetings and between meetings with respect to the services to be provided by the Adviser and the Sub-Adviser, including information provided in connection with the consideration of advisory and sub-advisory agreements for other funds in the Trust. The Board deliberated on the approval of the Agreements in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of, and request additional materials from, the Adviser and Sub-Adviser. The Independent Trustees also met in executive sessions with their independent counsel to further discuss the proposed Agreements and the Independent Trustees' responsibilities relating thereto. The information received and considered by the Board in connection with the Board's determination to approve the Agreements was both written and oral. The Board also noted that the evaluation process was performed on a Fund-by-Fund basis.

At the Meeting, the Board, including a majority of the Independent Trustees, evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by the Adviser and Sub-Adviser to the New Funds; (ii) each New Fund's anticipated expenses and performance; (iii) the cost of the services to be provided and anticipated profits to be realized by the Adviser and Sub-Adviser and their respective affiliates from their relationship with the Trust and the New Funds; (iv) comparative fee and expense data for the New Funds and other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as the New Funds grow and whether the overall advisory fee for the New Funds would enable investors to share in the benefits of economies of scale; (vi) any benefits to be derived by the Adviser or Sub-Adviser from the relationship with the Trust and the New Funds, including any fall-out benefits enjoyed by the Adviser or Sub-Adviser; and (vii) other factors the Board deemed relevant. The factors considered and the deliberations by the Board in connection with the approval of the Agreements are set forth below but are not exhaustive of all matters that were discussed by the Board. The Board also took into account the recommendation of the Adviser and considered other factors (including conditions and trends prevailing generally in the economy and the securities markets). In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and the individual Trustees may have attributed different weights to various factors. The Board considered approval of the Agreements with respect to each Fund separately.

**<u>Approval of the Advisory Agreement with the Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Investment Management Agreement with respect to each Fund, noting that the Adviser will be providing, among other things, a continuous investment program for the New Funds, determining the assets to be purchased, retained or sold by each New Fund, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Adviser will have as investment adviser to the New Funds, including the oversight of the activities and operations of the Sub-Adviser and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the New Funds. In considering the nature, extent, and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser's compliance program, including its compliance and regulatory history and information from the Trust's Chief Compliance Officer ("CCO") regarding his review of the Adviser's compliance program. The Board noted that it had received a copy of the Adviser's Form ADV, as well as the responses of the Adviser to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, details about the New Funds, and information about the services to be provided by the Adviser. The Board also considered the Adviser's operational capabilities and resources and its experience in managing investment portfolios. In considering the nature, extent, and quality of the services provided by the Adviser, the Board also took into account its knowledge, acquired through discussions and reports at prior meetings and in between meetings, of the Adviser's management and the quality of the performance of the Adviser's duties, as well as the Board's experience with the Adviser as the investment adviser to other series of the Trust. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to each New Fund by the Adviser.

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**Roundhill ETF Trust** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

Performance. Because the New Funds had not yet commenced operations, there were no historical performance records to consider. The Board was presented with information about each New Fund's investment strategies. The Board noted that neither the Adviser nor the Sub-Adviser currently manage a comparable exchange-traded fund ("ETF"), mutual fund, or managed account with a performance track record for comparison. The Board considered the presentation by the Adviser and the experience of its personnel and determined that the Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Adviser had the overall capability to perform its duties with respect to the New Funds under the Investment Management Agreement, and that the Adviser and the Sub-Adviser were expected to obtain an acceptable level of investment returns for each New Fund's shareholders.

Fees and Expenses. Regarding the costs of the services to be provided by the Adviser, the Board considered, among other expense data, a comparison of each New Fund's proposed unitary fee compared to the advisory fee and expenses of its most direct competitors as identified by the Adviser (the "Selected Peer Group"). The Board noted that while it found the comparative data provided by the generally useful, it recognized its limitations, including potential differences in the investment strategies of the New Funds relative to the strategies of the funds in the Selected Peer Group, as well as the level, quality and nature of the services to be provided by the Adviser with respect to the New Funds. The Board noted that the proposed unitary fee was within the range of advisory fees and expense ratios for the Selected Peer Group. The Board also took into account management's discussion of each New Fund's proposed unitary fee and the differences in each New Fund's strategy from the applicable Selected Peer Group. In considering the level of the advisory and sub-advisory fee with respect to the New Funds, the Board also noted that the Adviser and Sub-Adviser do not manage any other accounts with a similar investment strategy, except for the WeeklyPay suite. The Board considered that the proposed unitary management fee and the sub-advisory fee schedule for the WeeklyPay ETFs was the same as the fees for the existing WeeklyPay ETFs in the Trust. Based on its review, the Board concluded that the unitary fee with respect to each New Fund appeared to be competitive and is otherwise reasonable in light of the information provided.

Cost of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory and sub-advisory fees, and the estimated profitability projected by the Adviser, including the methodology underlying such projection. The Board took into consideration that the advisory fee for each New Fund was a "unitary fee," meaning the New Fund would pay no expenses other than the advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser would be responsible for compensating the Trust's other service providers, including the Sub-Adviser, and paying each New Fund's other expenses out of its own revenue and resources. The Board also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the New Funds, taking into account the Adviser's anticipated profitability analysis with respect to the New Funds and the financial resources the Adviser had committed and proposed to commit to its business. The Board took into account that the New Funds had not yet commenced operations and consequently, the future size of the New Funds and the Adviser's future profitability were generally unpredictable.

Economies of Scale. The Board expressed the view that the Adviser might realize economies of scale in managing the New Funds as assets grow in size. The Board noted, however, that any economies would, to some degree, be shared with each New Fund's shareholders through each New Fund's unitary fee structure. In the event there were to be significant asset growth in a New Fund, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

Benefits. The Board considered the direct and indirect benefits that could be realized by the Adviser from its relationship with the New Funds. The Board considered the Adviser's soft dollar arrangements with respect to portfolio transactions and considered that the Adviser does not intend to utilize soft dollars with respect to the New Funds. The Board further considered that Adviser does not use any affiliated brokers to execute portfolio transactions. The Board noted there were currently no distribution or service fees to be paid by the New Funds to the Adviser or its affiliates. The Board considered that the Adviser may receive some form of reputational benefits from services rendered to the

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**Roundhill ETF Trust** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

New Funds, but that such benefits are immaterial and cannot otherwise be quantified. The Board concluded that the additional benefits the Adviser would receive from its relationship with each of the New Funds are reasonable and appropriate.

Conclusion. No single factor was determinative of the Board's decision to approve the Investment Management Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of the Investment Management Agreement, including the compensation payable thereunder, were fair and reasonable to each New Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Investment Management Agreement for an initial term of two years was in the best interests of each New Fund and its shareholders.

**<u>Approval of the Sub-Advisory Agreement with the Sub-Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Board considered the scope of services to be provided to the New Funds under the Sub-Advisory Agreement, noting that the Sub-Adviser would provide investment management services to each New Fund. The Board noted the responsibilities that the Sub-Adviser would have as each New Fund's investment sub-adviser, including: responsibility for the management of the securities and other assets of each New Fund, subject to the supervision and oversight of the Adviser; executing placement of orders and selection of brokers or dealers for such orders; general portfolio compliance with relevant law; responsibility for daily monitoring of portfolio exposures and quarterly reporting to the Board; and proxy voting with respect to securities held by each New Fund.

In considering the nature, extent, and quality of the services to be provided by the Sub-Adviser, the Board considered the quality of the Sub-Adviser's compliance program, including its compliance and regulatory history, and information from the Trust's CCO regarding his review of the Sub-Adviser's compliance program. The Board further noted that they had received and reviewed materials with regard to the Sub-Adviser, including its responses to a detailed series of questions that included, among other things, information about the Sub-Adviser's decision-making process, details about the New Funds, and information about the services to be provided by the Sub-Adviser. The Board also considered the Sub-Adviser's resources and capacity with respect to portfolio management, compliance, and operations. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Sub-Adviser, including those individuals responsible for portfolio management.

In considering the nature, extent, and quality of the services provided by the Sub-Adviser with respect to each Fund, the Board also took into account its knowledge, acquired through discussions and reports at a prior meeting and in between meetings, of the Sub-Adviser's management and the quality of the performance of the Sub-Adviser's duties, as well as the Board's experience with the Sub-Adviser as the investment sub-adviser to other series of the Trust. The Board concluded, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to each New Fund by the Sub-Adviser.

Performance. Because the New Funds had not yet commenced operations, the Board noted that there was no historical performance records to consider. The Board was presented with information about each New Fund's investment strategies. The Board noted that the Sub-Adviser currently did not manage a comparable ETF, mutual fund, or managed account with a performance track record for comparison. The Board considered the presentations by the Adviser and the Sub-Adviser and the experience of the Sub-Adviser's personnel and determined that the Adviser and Sub-Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Sub-Adviser had the overall capability to perform its duties with respect to the New Funds under the Sub-Advisory Agreement and that the Adviser and Sub-Adviser were expected to obtain an acceptable level of investment returns for each New Fund's shareholders.

Fees and Expenses. The Board also reviewed information regarding each New Fund's proposed sub-advisory fee, including advisory fees and total expense ratios of those funds that might be considered peers of the New Funds. Based on its review, the Board concluded that the sub-advisory fee appeared to be competitive and a product of arm's length negotiation, and is otherwise reasonable in light of the information provided.

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**Roundhill ETF Trust** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

Costs of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory and sub-advisory fees, and the estimated profitability projected by the Adviser and Sub-Adviser, including the methodology underlying such projection. The Board considered that the fees to be paid to the Sub-Adviser would be paid by the Adviser from the fee the Adviser received from each New Fund and noted that the fee reflected an arm's-length negotiation between the Adviser and the Sub-Adviser. The Board also took into account the amount of the unitary fee to be retained by the Adviser and the services to be provided with respect to the New Funds by the Adviser and further determined that the sub-advisory fee reflected an appropriate allocation of the advisory fee paid to the Adviser given the work to be performed by each firm. The Board also evaluated the compensation and benefits expected to be received by the Sub-Adviser from its relationship with the New Funds, taking into account an analysis of the Sub-Adviser's estimated profitability, if any, with respect to each New Fund. The Board noted that, because the Sub-Adviser's advisory fee would be paid by the Adviser out of its unitary fee, the Sub-Adviser's profitability is not a material consideration.

Economies of Scale. The Board expressed the view that it currently appeared that the Sub-Adviser might realize economies of scale in managing the New Funds as assets grow in size. The Board determined that it would monitor fees as each New Fund's assets grow to determine whether economies of scale were being effectively shared with the New Fund and its shareholders.

Benefits. The Board considered the direct and indirect benefits that could be realized by the Sub-Adviser from its relationship with the New Funds. The Board considered Sub-Adviser's soft dollar arrangements with respect to portfolio transactions and considered that the Sub-Adviser does not intend to utilize soft dollars with respect to the New Funds. The Board considered that the Sub-Adviser may receive some form of reputational benefit from services rendered to the New Funds, but that such benefits are immaterial and cannot otherwise be quantified. The Board concluded that the additional benefits the Sub-Adviser would receive from its relationship with each of the New Funds are reasonable and appropriate.

Conclusion. No single factor was determinative of the Board's decision to approve the Sub-Advisory Agreement with respect to each New Fund; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of that Sub-Advisory Agreement, including the compensation payable thereunder, was fair and reasonable to each of the New Funds. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Sub-Advisory Agreement for an initial two-year term was in the best interests of each New Funds and its shareholders.

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**[**TABLE OF CONTENTS**](#TOC)**

**Roundhill ETF Trust** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements** 

**Roundhill Long VIX Futures Points ETF** 

**Roundhill 2X Long VIX Futures Points ETF** 

**Roundhill Short VIX Futures Points ETF** 

**Roundhill 2X Short VIX Futures Points ETF** 

At a regularly scheduled meeting held on May 15, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Roundhill ETF Trust (the "Trust"), including those trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered the approval of investment management agreements (the "Investment Management Agreements") between Roundhill Financial Inc. (the "Adviser") and each of the Roundhill Long VIX Futures Points ETF Cayman Ltd., Roundhill 2X Long VIX Futures Points ETF Cayman Ltd., Roundhill Short VIX Futures Points ETF Cayman Ltd. And Roundhill 2X Short VIX Futures Points ETF Cayman Ltd. (each, a "Cayman Subsidiary" and collectively, the "Cayman Subsidiaries"), on behalf of the Roundhill Long VIX Futures Points ETF, Roundhill 2X Long, VIX Futures Points ETF, Roundhill Short VIX Futures Points ETF and Roundhill 2X Short VIX Futures Points ETF, resepctivelly (each, a "Fund" and collectively, the "Funds"), and sub-advisory agreements (the "Sub-Advisory Agreements" and, together with the Investment Management Agreements, the "Agreements") between the Adviser and Exchange Traded Concepts, LLC (the "Sub-Adviser") with respect to each Cayman Subsidiary.

In addition to the written materials provided to the Board, representatives from the Adviser and Sub-Adviser provided the Board with an overview, during the Meeting, of each Cayman Subsidiary's proposed investments, the services proposed to be provided to each Cayman Subsidiary by the Adviser and Sub-Adviser, and additional information about the Adviser's and Sub-Adviser's advisory business, including information on investment personnel, financial resources, experience, investment processes, risk management processes and liquidity management, and compliance program. The representatives from the Adviser discussed the rationale for establishing each Cayman Subsidiary and the operational aspects of each Cayman Subsidiary. They indicated that there would be no management fee charged with respect to the Cayman Subsidiaries. The Board considered the Adviser's and Sub-Adviser's presentation and the materials it received, including a memorandum from legal counsel to the Independent Trustees regarding the responsibilities of the Trustees in considering approval of investment advisory agreements. The Board also noted that the evaluation process with respect to the Adviser and Sub-Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at prior meetings and between meetings with respect to the services to be provided by the Adviser and the Sub-Adviser. In considering the Agreements, the Board took into account the information and the factors and conclusions that it had considered in connection with approval of the Funds' management and sub-advisory agreements at the Meeting, as applicable. Throughout the process, the Trustees were afforded the opportunity to ask questions of, and request additional materials from, the Adviser and Sub-Adviser. The Independent Trustees also met in executive session with their independent counsel to further discuss the proposed Agreements and the Independent Trustees' responsibilities relating thereto. The information received and considered by the Board in connection with the Board's determination to approve the Agreements was both written and oral.

At the Meeting, the Board, including a majority of the Independent Trustees, evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by the Adviser and Sub-Adviser to each Cayman Subsidiary; (ii) each Cayman Subsidiary's anticipated expenses and performance; (iii) the cost of the services to be provided and anticipated profits, if any, to be realized by the Adviser and Sub-Adviser and their respective affiliates from the relationship with the Cayman Subsidiaries; (iv) comparative fee and expense data for each Cayman Subsidiary and other investment companies with similar investment objectives, if any; (v) the extent to which any economies of scale would be realized in connection with the operation of each Cayman Subsidiary; (vi) any benefits to be derived by the Adviser or Sub-Adviser from the relationship with each Cayman Subsidiary, including any fall-out benefits enjoyed by the Adviser or Sub-Adviser; and (vii) other factors the Board deemed relevant. The factors considered and the determinations made by the Board in connection with the approval of the Agreements are set forth below but are not exhaustive of all matters that were discussed by the Board. The Board also took into account the recommendation of the Adviser and considered other factors (including conditions and trends prevailing generally in the economy and the securities markets). In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and the individual Trustees may have attributed different weights to various factors.

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**Roundhill ETF Trust** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

**<u>Approval of the Advisory Agreement with the Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under each Investment Management Agreement, noting that the Adviser will be providing, among other things, a continuous investment program for each Cayman Subsidiary, determining the assets to be purchased, retained or sold by the Cayman Subsidiary, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust and the Cayman Subsidiaries. The Trustees reviewed the extensive responsibilities that the Adviser will have as investment adviser to each Cayman Subsidiary, including the oversight of the activities and operations of the Sub-Adviser and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Cayman Subsidiary. In considering the nature, extent, and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser's compliance program, including its compliance and regulatory history and information from the Trust's Chief Compliance Officer ("CCO") regarding his review of the Adviser's compliance program. The Board noted that it had received a copy of the Adviser's Form ADV, as well as the responses of the Adviser to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, details about each Cayman Subsidiary, and information about the services to be provided by the Adviser. The Board also considered the Adviser's operational capabilities and resources and its experience in managing investment portfolios. In considering the nature, extent, and quality of the services provided by the Adviser, the Board also took into account its knowledge, acquired through discussions and reports at prior meetings and in between meetings, of the Adviser's management and the quality of the performance of the Adviser's duties, as well as the Board's experience with the Adviser as the investment adviser to other series of the Trust. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to each Cayman Subsidiary by the Adviser.

Performance. Because the Cayman Subsidiaries had not yet commenced operations, the Board noted that there were no historical performance records to consider. The Board was presented with information about each Cayman Subsidiary's investments. The Board noted that neither the Adviser nor the Sub-Adviser currently manage a comparable exchange-traded fund ("ETF"), mutual fund, or managed account with a performance track record for comparison. The Board considered the presentation by the Adviser and the experience of its personnel and determined that the Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Adviser had the overall capability to perform its duties with respect to each Cayman Subsidiary under the respective Investment Management Agreement, and that the Adviser and the Sub-Adviser were expected to obtain an acceptable level of investment returns for each Fund's shareholders.

Fees and Expenses. Regarding the costs of the services to be provided by the Adviser, the Board considered that the Adviser has a unitary fee arrangement with each Fund, pursuant to which the Adviser receives a management fee from the Fund and pays all Fund operating expenses, with certain exceptions, and including the sub-advisory fees. The Board further considered that the Cayman Subsidiaries will not be assessed a management fee and will be included in the same fee arrangement as the respective Fund. The Board noted that each Cayman Subsidiary's expenses will be paid by the Adviser pursuant to the unitary fee arrangement with the respective Fund.

Cost of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser and each Fund advisory and sub-advisory fees, and the estimated profitability, of any, projected by the Adviser. The Board took into consideration that the advisory fee for each Fund was a "unitary fee," meaning the Fund would pay no expenses other than the advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser would be responsible for compensating the Trust's other service providers, including the Sub-Adviser, and paying each Fund's other expenses out of its own revenue and resources. The Board noted that the Adviser does not expect to receive separate compensation for managing the Cayman Subsidiaries, or any direct or indirect benefits from its relationship with the Cayman Subsidiaries.

Economies of Scale. The Board noted that the Adviser might realize economies of scale in managing each overall Fund as assets grow in size. The Board noted, however, that any economies would, to some degree, be shared with each

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**Roundhill ETF Trust** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

Fund's shareholders through the Fund's unitary fee structure. In the event there were to be significant asset growth in a Fund, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth. The Board noted that there would be no additional fee charged with respect to the Cayman Subsidiaries and that the Adviser would bear the expenses of each Caymen Subsidiary.

Benefits. The Board considered the direct and indirect benefits that could be realized by the Adviser from its relationship with each Cayman Subsidiary. The Board noted that the Adviser does not expect to receive any direct or indirect "fall-out" benefits from its relationship with the Cayman Subsidiaries.

Conclusion. No single factor was determinative of the Board's decision to approve each Investment Management Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of each Investment Management Agreement were fair and reasonable to each Cayman Subsidiary. The Board, including a majority of the Independent Trustees, therefore determined that the approval of each Investment Management Agreement for an initial term of two years was in the best interests of respective Cayman Subsidiary and respective Fund.

**<u>Approval of the Sub-Advisory Agreement with the Sub-Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Board considered the scope of services to be provided to each Cayman Subsidiary under the respective Sub-Advisory Agreement, noting that the Sub-Adviser would provide investment management services to each Cayman Subsidiary. The Board noted the responsibilities that the Sub-Adviser would have as each Cayman Subsidiary's investment sub-adviser, including: responsibility for the management of the securities and other assets of the Cayman Subsidiary, subject to the supervision and oversight of the Adviser; executing placement of orders and selection of brokers or dealers for such orders; general portfolio compliance with relevant law; responsibility for daily monitoring of portfolio exposures and quarterly reporting to the Board; and proxy voting with respect to securities held by the Cayman Subsidiary.

In considering the nature, extent, and quality of the services to be provided by the Sub-Adviser, the Board considered the quality of the Sub-Adviser's compliance program including its compliance and regulatory history, and information from the Trust's CCO regarding his review of the Sub-Adviser's compliance program. The Board further noted that they had received and reviewed materials with regard to the Sub-Adviser, including its responses to a detailed series of questions that included, among other things, information about the Sub-Adviser's decision-making process, and information about the services to be provided by the Sub-Adviser. The Board also considered the Sub-Adviser's resources and capacity with respect to portfolio management, compliance, and operations. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Sub-Adviser, including those individuals responsible for portfolio management.

In considering the nature, extent, and quality of the services provided by the Sub-Adviser, the Board also took into account its knowledge, acquired through discussions and reports at prior meetings and in between meetings, of the Sub-Adviser's management and the quality of the performance of the Sub-Adviser's duties. The Board concluded, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to each Cayman Subsidiary by the Sub-Adviser.

Performance. Because the Cayman Subsidiaries had not yet commenced operations, the Board noted that there was no historical performance records to consider. The Board was presented with information about each Cayman Subsidiary's investment strategies. The Board noted that the Sub-Adviser currently did not manage a comparable ETF, mutual fund, or managed account with a performance track record for comparison. The Board considered the presentations by the Adviser and the Sub-Adviser and the experience of the Sub-Adviser's personnel and determined that the Adviser and Sub-Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Sub-Adviser had the overall capability to perform its duties with respect to each Cayman Subsidiary under the respective Sub-Advisory Agreement and that the Adviser and Sub-Adviser were expected to obtain an acceptable level of investment returns for each Fund's shareholders.

Fees and Expenses. The Board also reviewed information regarding each Cayman Subsidiary's proposed sub-advisory fees and took into account that the Sub-Adviser would be paid the fees specified in the Sub-Advisory

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**Roundhill ETF Trust** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

Agreement for the respective Fund and would receive no additional compensation with respect to each Cayman Subsidiary. Based on its review, the Board concluded that the sub-advisory fee appeared to be competitive and is otherwise reasonable in light of the information provided.

Costs of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory and sub-advisory fees, and the estimated profitability of the Adviser and Sub-Adviser. The Board considered that any fees to be paid to the Sub-Adviser would be paid by the Adviser from the fee the Adviser received from the respective Fund and noted that the fee reflected an arm's-length negotiation between the Adviser and the Sub-Adviser. The Board also took into account the amount of the unitary fee to be retained by the Adviser from the each Fund and the services to be provided with respect to each Cayman Subsidiary by the Adviser and further determined that the sub-advisory fee reflected an appropriate allocation of the advisory fee paid to the Adviser given the work to be performed by each firm. The Board also evaluated the compensation and benefits expected to be received by the Sub-Adviser from its relationship with each Cayman Subsidiary, if any, noting that the Sub-Adviser would not receive an additional fee with respect to the Cayman Subsidiary. The Board noted that, because the Sub-Adviser's advisory fee would be paid by the Adviser out of its unitary fee from the respective Fund, the Sub-Adviser's profitability is not a material consideration.

Economies of Scale. The Board noted that it currently appeared that the Sub-Adviser might realize economies of scale in managing each Cayman Subsidiary as assets grow in size. The Board determined that it would monitor fees as each Cayman Subsidiary's assets grow to determine whether economies of scale were being effectively shared with the Cayman Subsidiary and the respective Fund.

Benefits. The Board considered the direct and indirect benefits that could be realized by the Sub-Adviser from its relationship with each Cayman Subsidiary. The Board noted that the Sub-Adviser does not expect to receive any direct or indirect "fall-out" benefits from its relationship with each Cayman Subsidiary.

Conclusion. No single factor was determinative of the Board's decision to approve each Sub-Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of each Sub-Advisory Agreement, including any compensation payable thereunder, were fair and reasonable to each Cayman Subsidiary. The Board, including a majority of the Independent Trustees, therefore determined that the approval of each Sub-Advisory Agreement for an initial two-year term was in the best interests of each Cayman Subsidiary and the respective Fund.

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**[**TABLE OF CONTENTS**](#TOC)**

**Roundhill ETF Trust** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements** 

**Roundhill AAPL WeeklyPay ETF ("AAPW ETF")** 

**Roundhill AMD WeeklyPay ETF ("AMDW ETF")** 

**Roundhill AMZN WeeklyPay ETF ("AMZW ETF")** 

**Roundhill COIN WeeklyPay ETF ("COIW ETF")** 

**Roundhill GOOGL WeeklyPay ETF ("GOOW ETF")** 

**Roundhill META WeeklyPay ETF ("METW ETF")** 

**Roundhill MSFT WeeklyPay ETF ("MSFW ETF")** 

**Roundhill PLTR WeeklyPay ETF ("PLTW ETF")** 

**Roundhill NVDA WeeklyPay ETF ("NVW ETF")** 

**Roundhill TSLA WeeklyPay ETF ("TSW ETF")** 

**Roundhill Weekly T-Bill ETF ("WEEK ETF")** 

**Roundhill Daily 2X Long China Dragons ETF ("DRX ETF")** 

At a regularly scheduled meeting held on November 26, 2024 (the "Meeting"), the Board of Trustees (the "Board") of Roundhill ETF Trust (the "Trust"), including those trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered the approval of an investment management agreement (the "Investment Management Agreement") between Roundhill Financial Inc. (the "Adviser") and the Trust, with respect to each of the Roundhill AAPL WeeklyPay ETF, Roundhill AMD WeeklyPay ETF, Roundhill AMZN WeeklyPay ETF, Roundhill COIN WeeklyPay ETF, Roundhill GOOGL WeeklyPay ETF, Roundhill META WeeklyPay ETF, Roundhill MSFT WeeklyPay ETF, Roundhill PLTR WeeklyPay ETF, Roundhill NVDA WeeklyPay ETF, Roundhill TSLA WeeklyPay ETF, Roundhill Weekly T-Bill ETF and Roundhill Daily 2X Long China Dragons ETF (each, a "New Fund," and collectively, the "New Funds"), and a sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Agreements") between the Adviser, and Exchange Traded Concepts, LLC (the "Sub-Adviser") with respect to each of the New Funds.

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved with respect to each of the New Funds by: (i) the vote of the Board or shareholders of a New Fund; and (ii) the vote of a majority of the Independent Trustees, cast at a meeting called for the purpose of voting on such approval. In connection with its consideration of such approval, the Board must request and evaluate, and the Adviser and Sub-Adviser are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Agreements.

In addition to the written materials provided to the Board in advance of the Meeting, representatives from the Adviser and Sub-Adviser provided the Board with an overview, during the Meeting, of each New Fund's proposed strategy, the services proposed to be provided to the New Funds by the Adviser and Sub-Adviser, and additional information about the Adviser's and Sub-Adviser's advisory business, including information on investment personnel, financial resources, experience, investment processes, risk management processes and liquidity management, and compliance programs. The representatives from the Adviser discussed the rationale for launching each New Fund, each New Fund's proposed fees, and the operational aspects of each New Fund. The Board considered the Adviser's and Sub-Adviser's presentation and the materials it received in advance of the Meeting, including memoranda from legal counsel to the Independent Trustees regarding the responsibilities of the Trustees in considering the approval of the Agreements. The Board also noted that the evaluation process with respect to the Adviser and Sub-Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at prior meetings and between meetings with respect to the services to be provided by the Adviser and the Sub-Adviser, including information provided in connection with the consideration of advisory and sub-advisory agreements for other funds in the Trust. . The Board deliberated on the approval of the Agreements in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of, and request additional materials from, the Adviser and Sub-Adviser. The Independent Trustees also met in executive sessions with their independent counsel to further discuss the proposed Agreements and the Independent Trustees' responsibilities relating thereto. The information received and considered by the Board in connection with the Board's determination to approve the Agreements was both written and oral. The Board also noted that the evaluation process was performed on a Fund-by-Fund basis.

At the Meeting, the Board, including a majority of the Independent Trustees, evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by the Adviser and Sub-Adviser to the New Funds; (ii) each New Fund's anticipated expenses and performance; (iii) the cost of the services

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**Roundhill ETF Trust** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

to be provided and anticipated profits to be realized by the Adviser and Sub-Adviser and their respective affiliates from their relationship with the Trust and the New Funds; (iv) comparative fee and expense data for the New Funds and other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as the New Funds grow and whether the overall advisory fee for the New Funds would enable investors to share in the benefits of economies of scale; (vi) any benefits to be derived by the Adviser or Sub-Adviser from the relationship with the Trust and the New Funds, including any fall-out benefits enjoyed by the Adviser or Sub-Adviser; and (vii) other factors the Board deemed relevant. The factors considered and the deliberations by the Board in connection with the approval of the Agreements are set forth below but are not exhaustive of all matters that were discussed by the Board. The Board also took into account the recommendation of the Adviser and considered other factors (including conditions and trends prevailing generally in the economy and the securities markets). In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and the individual Trustees may have attributed different weights to various factors. The Board considered approval of the Agreements with respect to each Fund separately.

**<u>Approval of the Advisory Agreement with the Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Investment Management Agreement with respect to each Fund, noting that the Adviser will be providing, among other things, a continuous investment program for the New Funds, determining the assets to be purchased, retained or sold by each New Fund, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Adviser will have as investment adviser to the New Funds, including the oversight of the activities and operations of the Sub-Adviser and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the New Funds. In considering the nature, extent, and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser's compliance program, including its compliance and regulatory history and information from the Trust's Chief Compliance Officer ("CCO") regarding his review of the Adviser's compliance program. The Board noted that it had received a copy of the Adviser's Form ADV, as well as the responses of the Adviser to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, details about the New Funds, and information about the services to be provided by the Adviser. The Board also considered the Adviser's operational capabilities and resources and its experience in managing investment portfolios. In considering the nature, extent, and quality of the services provided by the Adviser, the Board also took into account its knowledge, acquired through discussions and reports at prior meetings and in between meetings, of the Adviser's management and the quality of the performance of the Adviser's duties, as well as the Board's experience with the Adviser as the investment adviser to other series of the Trust. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to each New Fund by the Adviser.

Performance. Because the New Funds had not yet commenced operations, there were no historical performance records to consider. The Board was presented with information about each New Fund's investment strategies. The Board noted that neither the Adviser nor the Sub-Adviser currently manage a comparable exchange-traded fund ("ETF"), mutual fund, or managed account with a performance track record for comparison. The Board considered the presentation by the Adviser and the experience of its personnel and determined that the Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Adviser had the overall capability to perform its duties with respect to the New Funds under the Investment Management Agreement, and that the Adviser and the Sub-Adviser were expected to obtain an acceptable level of investment returns for each New Fund's shareholders.

Fees and Expenses. Regarding the costs of the services to be provided by the Adviser, the Board considered, among other expense data, a comparison of each New Fund's proposed unitary fee compared to the advisory fee and expenses of its most direct competitors as identified by the Adviser (the "Selected Peer Group"). The Board noted that while it found the comparative data provided by the generally useful, it recognized its limitations, including potential differences in the investment strategies of the New Funds relative to the strategies of the funds in the Selected Peer Group, as well as the level, quality and nature of the services to be provided by the Adviser with respect to the New Funds. The Board noted that the proposed unitary fee was within the range of advisory fees and expense ratios for the Selected Peer Group. The Board also took into account management's discussion of each New Fund's proposed unitary

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**Roundhill ETF Trust** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

fee and the differences in each New Fund's strategy from the applicable Selected Peer Group. In considering the level of the advisory and sub-advisory fee with respect to the New Funds, the Board also noted that the Adviser and Sub-Adviser do not manage any other accounts with a similar investment strategy. Based on its review, the Board concluded that the unitary fee with respect to each New Fund appeared to be competitive and is otherwise reasonable in light of the information provided.

Cost of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory and sub-advisory fees, and the estimated profitability projected by the Adviser, including the methodology underlying such projection. The Board took into consideration that the advisory fee for each New Fund was a "unitary fee," meaning the New Fund would pay no expenses other than the advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser would be responsible for compensating the Trust's other service providers, including the Sub-Adviser, and paying each New Fund's other expenses out of its own revenue and resources. The Board also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the New Funds, taking into account the Adviser's anticipated profitability analysis with respect to the New Funds and the financial resources the Adviser had committed and proposed to commit to its business. The Board took into account that the New Funds had not yet commenced operations and consequently, the future size of the New Funds and the Adviser's future profitability were generally unpredictable.

Economies of Scale. The Board expressed the view that the Adviser might realize economies of scale in managing the New Funds as assets grow in size. The Board noted, however, that any economies would, to some degree, be shared with each New Fund's shareholders through each New Fund's unitary fee structure. In the event there were to be significant asset growth in a New Fund, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

Benefits. The Board considered the direct and indirect benefits that could be realized by the Adviser from its relationship with the New Funds. The Board considered the Adviser's soft dollar arrangements with respect to portfolio transactions and considered that the Adviser does not intend to utilize soft dollars with respect to the New Funds. The Board further considered that Adviser does not use any affiliated brokers to execute portfolio transactions. The Board noted there were currently no distribution or service fees to be paid by the New Funds to the Adviser or its affiliates. The Board considered that the Adviser may receive some form of reputational benefits from services rendered to the New Funds, but that such benefits are immaterial and cannot otherwise be quantified. The Board concluded that the additional benefits the Adviser would receive from its relationship with each of the New Funds are reasonable and appropriate.

Conclusion. No single factor was determinative of the Board's decision to approve the Investment Management Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of the Investment Management Agreement, including the compensation payable thereunder, were fair and reasonable to each New Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Investment Management Agreement for an initial term of two years was in the best interests of each New Fund and its shareholders.

**<u>Approval of the Sub-Advisory Agreement with the Sub-Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Board considered the scope of services to be provided to the New Funds under the Sub-Advisory Agreement, noting that the Sub-Adviser would provide investment management services to each New Fund. The Board noted the responsibilities that the Sub-Adviser would have as each New Fund's investment sub-adviser, including: responsibility for the management of the securities and other assets of each New Fund, subject to the supervision and oversight of the Adviser; executing placement of orders and selection

82<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Roundhill ETF Trust** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

of brokers or dealers for such orders; general portfolio compliance with relevant law; responsibility for daily monitoring of portfolio exposures and quarterly reporting to the Board; and proxy voting with respect to securities held by each New Fund.

In considering the nature, extent, and quality of the services to be provided by the Sub-Adviser, the Board considered the quality of the Sub-Adviser's compliance program, including its compliance and regulatory history, and information from the Trust's CCO regarding his review of the Sub-Adviser's compliance program. The Board further noted that they had received and reviewed materials with regard to the Sub-Adviser, including its responses to a detailed series of questions that included, among other things, information about the Sub-Adviser's decision-making process, details about the New Funds, and information about the services to be provided by the Sub-Adviser. The Board also considered the Sub-Adviser's resources and capacity with respect to portfolio management, compliance, and operations. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Sub-Adviser, including those individuals responsible for portfolio management.

In considering the nature, extent, and quality of the services provided by the Sub-Adviser with respect to each Fund, the Board also took into account its knowledge, acquired through discussions and reports at a prior meeting and in between meetings, of the Sub-Adviser's management and the quality of the performance of the Sub-Adviser's duties, as well as the Board's experience with the Sub-Adviser as the investment sub-adviser to other series of the Trust. The Board concluded, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to each New Fund by the Sub-Adviser.

Performance. Because the New Funds had not yet commenced operations, the Board noted that there was no historical performance records to consider. The Board was presented with information about each New Fund's investment strategies. The Board noted that the Sub-Adviser currently did not manage a comparable ETF, mutual fund, or managed account with a performance track record for comparison. The Board considered the presentations by the Adviser and the Sub-Adviser and the experience of the Sub-Adviser's personnel and determined that the Adviser and Sub-Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Sub-Adviser had the overall capability to perform its duties with respect to the New Funds under the Sub-Advisory Agreement and that the Adviser and Sub-Adviser were expected to obtain an acceptable level of investment returns for each New Fund's shareholders.

Fees and Expenses. The Board also reviewed information regarding each New Fund's proposed sub-advisory fee, including advisory fees and total expense ratios of those funds that might be considered peers of the New Funds. Based on its review, the Board concluded that the sub-advisory fee appeared to be competitive and a product of arm's length negotiation, and is otherwise reasonable in light of the information provided.

Costs of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory and sub-advisory fees, and the estimated profitability projected by the Adviser and Sub-Adviser, including the methodology underlying such projection. The Board considered that the fees to be paid to the Sub-Adviser would be paid by the Adviser from the fee the Adviser received from each New Fund and noted that the fee reflected an arm's-length negotiation between the Adviser and the Sub-Adviser. The Board also took into account the amount of the unitary fee to be retained by the Adviser and the services to be provided with respect to the New Funds by the Adviser and further determined that the sub-advisory fee reflected an appropriate allocation of the advisory fee paid to the Adviser given the work to be performed by each firm. The Board also evaluated the compensation and benefits expected to be received by the Sub-Adviser from its relationship with the New Funds, taking into account an analysis of the Sub-Adviser's estimated profitability, if any, with respect to each New Fund. The Board noted that, because the Sub-Adviser's advisory fee would be paid by the Adviser out of its unitary fee, the Sub-Adviser's profitability is not a material consideration.

Economies of Scale. The Board expressed the view that it currently appeared that the Sub-Adviser might realize economies of scale in managing the New Funds as assets grow in size. The Board determined that it would monitor fees as each New Fund's assets grow to determine whether economies of scale were being effectively shared with the New Fund and its shareholders.

83<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Roundhill ETF Trust** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

Benefits. The Board considered the direct and indirect benefits that could be realized by the Sub-Adviser from its relationship with the New Funds. The Board considered Sub-Adviser's soft dollar arrangements with respect to portfolio transactions and considered that the Sub-Adviser does not intend to utilize soft dollars with respect to the New Funds. The Board considered that the Sub-Adviser may receive some form of reputational benefit from services rendered to the New Funds, but that such benefits are immaterial and cannot otherwise be quantified. The Board concluded that the additional benefits the Sub-Adviser would receive from its relationship with each of the New Funds are reasonable and appropriate.

Conclusion. No single factor was determinative of the Board's decision to approve the Sub-Advisory Agreement with respect to each New Fund; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of that Sub-Advisory Agreement, including the compensation payable thereunder, was fair and reasonable to each of the New Funds. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Sub-Advisory Agreement for an initial two-year term was in the best interests of each New Funds and its shareholders.

84<br>

![](roundhilllogo.jpg)

**Roundhill ETF Trust WeeklyPay ETFs**

**Roundhill AAPL WeeklyPay ETF (AAPW)** 

**Roundhill AMZN WeeklyPay ETF (AMZW)** 

**Roundhill BRKB WeeklyPay ETF (BRKW)** 

**Roundhill COIN WeeklyPay ETF (COIW)** 

**Roundhill HOOD WeeklyPay ETF (HOOW)** 

**Roundhill META WeeklyPay ETF (METW)** 

**Roundhill NFLX WeeklyPay ETF (NFLW)** 

**Roundhill NVDA WeeklyPay ETF (NVDW)** 

**Roundhill PLTR WeeklyPay ETF (PLTW)** 

**Roundhill TSLA WeeklyPay ETF (TSLW)** 

Semi-Annual Financial Statements & Other Information

June 30, 2025 (Unaudited)

------

**[**TABLE OF CONTENTS**](#TOC1)**

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#sch_001)<br>|  |
| &nbsp;&nbsp;&nbsp; [Roundhill AAPL WeeklyPay ETF](#soin1) | [1](#soin1) |
| &nbsp;&nbsp;&nbsp; [Roundhill AMZN WeeklyPay ETF](#soin2) | [3](#soin2) |
| &nbsp;&nbsp;&nbsp; [Roundhill BRKB WeeklyPay ETF](#soin3) | [5](#soin3) |
| &nbsp;&nbsp;&nbsp; [Roundhill COIN WeeklyPay ETF](#soin4) | [7](#soin4) |
| &nbsp;&nbsp;&nbsp; [Roundhill HOOD WeeklyPay ETF](#soin5) | [9](#soin5) |
| &nbsp;&nbsp;&nbsp; [Roundhill META WeeklyPay ETF](#soin6) | [11](#soin6) |
| &nbsp;&nbsp;&nbsp; [Roundhill NFLX WeeklyPay ETF](#soin7) | [13](#soin7) |
| &nbsp;&nbsp;&nbsp; [Roundhill NVDA WeeklyPay ETF](#soin8) | [15](#soin8) |
| &nbsp;&nbsp;&nbsp; [Roundhill PLTR WeeklyPay ETF](#soin9) | [17](#soin9) |
| &nbsp;&nbsp;&nbsp; [Roundhill TSLA WeeklyPay ETF](#soin10) | [19](#soin10) |
| [Statements of Assets and Liabilities](#sanl) | [21](#sanl) |
| [Statements of Operations](#sonp) | [23](#sonp) |
| [Statements of Changes in Net Assets](#scnna) | [25](#scnna) |
| [Financial Highlights](#fihin1) | [28](#fihi) |
| [Notes to the Financial Statements](#notesn1) | [29](#notes) |
| [Board Consideration and Approval of Advisory and Sub-Advisory Agreements](#boardn1) | [38](#board) |
| [Additional Information](#addn1) | [52](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill AAPL WeeklyPay ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.0%**  | **COMMON STOCKS - 20.0%**  | **COMMON STOCKS - 20.0%**  |
| **Computers - 20.0%** <br>|  |  |
| Apple, Inc. | 6601 | $1354327  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,380,629)** |  | 1354327  |
| **SHORT-TERM INVESTMENTS - 159.9%** | **SHORT-TERM INVESTMENTS - 159.9%** | **SHORT-TERM INVESTMENTS - 159.9%** |
| **Money Market Funds - 30.5%** | **Money Market Funds - 30.5%** | **Money Market Funds - 30.5%** |
|  First American Government Obligations Fund - Class X, 4.23%<sup>(a)(b)</sup> | 2078660 | 2078660  |
|  | **Par** |  |
| **U.S. Treasury Bills - 129.4%**<br>|  |  |
| 4.22%, 07/01/2025<sup>(c)(d)</sup> | $3607000 | 3607000  |
| 4.19%, 07/31/2025<sup>(c)(d)</sup> | 5212000 | 5194095  |
|  |  | 8801095  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $10,879,754)** |  | 10879755  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 179.9%** <br>**(Cost $12,260,383)** |  | $12234082  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (79.9)% |  | (5431746)  |
| **TOTAL NET ASSETS - 100.0%** |  | $6802336 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(c)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(d)</sup> All or a portion of security has been pledged as collateral.

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill AAPL WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive** <br>**Reference Entity** | **Financing** <br>**Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Value/** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Apple, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 1.75% | Termination | 03/19/2026 | $6777996 | &nbsp;&nbsp;&nbsp; $(186482)  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp; $(186482) |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.

OBFR - Overnight Bank Funding Rate was 4.33% as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1354327 | $— | $— | $1354327 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2078660 |  |  | 2078660 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 8801095 |  | 8801095  |
| **Total Investments** | $3432987 | $8801095 | $— | $12234082  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Other Financial Instruments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $0 | $(186482) | $— | $(186482)  |
| **Total Other Financial Instruments** | $0 | $(186482) | $— | $(186482) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill AMZN WeeklyPay ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.1%** <br>|  |  |
| **Internet - 20.1%** <br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 1393 | $305610  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $299,412)** |  | 305610  |
| **SHORT-TERM INVESTMENTS - 144.1%**<br>|  |  |
| **Money Market Funds - 39.4%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(b)(c)</sup> | 602336 | 602336  |
|  | **Par** |  |
| **U.S. Treasury Bills - 104.7%**<br>|  |  |
| 4.08%, 07/01/2025<sup>(d)(e)</sup> | $599000 | 599000  |
| 4.19%, 07/31/2025<sup>(d)(e)</sup> | 1002000 | 998558  |
|  |  | 1597558  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,199,894)** |  | 2199894  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 164.2%** <br>**(Cost $2,499,306)** |  | $2505504  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (64.2)% |  | (979231)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1526273 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(c)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(d)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill AMZN WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity**  | **Counterparty**  | **Pay/Receive**<br>**Reference Entity**  | **Financing Rate**  | **Payment** <br>**Frequency**  | **Maturity** <br>**Date**  | **Notional** <br>**Amount**  | **Value/** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Amazon.com, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 1.75% | Termination | 07/20/2026 | $1527174 | &nbsp;&nbsp;&nbsp;&nbsp; $28515  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; $28515 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.

OBFR - Overnight Bank Funding Rate was 4.33% as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $305610 | $— | $— | $305610  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 602336 |  |  | 602336  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 1597558 |  | 1597558  |
| **Total Investments** | $907946 | $1597558 | $— | $2505504  |
| <u>Other Financial Instruments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $28515 | $— | $28515  |
| **Total Other Financial Instruments** | $— | $28515 | $— | $28515 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill BRKB WeeklyPay ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.0%** <br>|  |  |
| **Insurance - 20.0%** <br>|  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 821 | $398817  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $399,614)** |  | 398817  |
| **SHORT-TERM INVESTMENTS - 139.8%**<br>|  |  |
| **Money Market Funds - 34.8%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(b)(c)</sup> | 695816 | 695816  |
|  | **Par** |  |
| **U.S. Treasury Bills - 105.0%**<br>|  |  |
| 4.08%, 07/01/2025<sup>(d)(e)</sup> | $599000 | 599000  |
| 4.19%, 07/31/2025<sup>(d)(e)</sup> | 1503000 | 1497836  |
|  |  | 2096836  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,792,652)** |  | 2792652  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 159.8%** <br>**(Cost $3,192,266)** |  | $3191469  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (59.8)% |  | (1194262)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1997207 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(c)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(d)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral.

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill BRKB WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity**  | **Counterparty**  | **Pay/Receive**<br>**Reference Entity**  | **Financing Rate**  | **Payment** <br>**Frequency**  | **Maturity** <br>**Date**  | **Notional** <br>**Amount**  | **Value/** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Berkshire Hathaway, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 1.75% | Termination | 07/20/2026 | $1997972 | &nbsp;&nbsp;&nbsp;&nbsp; $(7047)  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; $(7047) |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.

OBFR - Overnight Bank Funding Rate was 4.33% as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $398817 | $— | $— | $398817 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 695816 |  |  | 695816 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 2096836 |  | 2096836  |
| **Total Investments** | $1094633 | $2096836 | $— | $3191469  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Other Financial Instruments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $0 | $(7047) | $— | $(7047)  |
| **Total Other Financial Instruments** | $0 | $(7047) | $— | $(7047) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill COIN WeeklyPay ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 11.4%** <br>|  |  |
| **Diversified Financial Services - 11.4%** <br>|  |  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 8360 | $2930096  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,576,494)** |  | 2930096  |
| **SHORT-TERM INVESTMENTS - 100.9%**<br>|  |  |
| **Money Market Funds - 9.5%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 2459474 | 2459474  |
|  | **Par** |  |
| **U.S. Treasury Bills - 91.4%**<br>|  |  |
| 4.20%, 07/01/2025<sup>(c)(d)</sup> | $11019000 | 11019000  |
| 4.19%, 07/31/2025<sup>(c)(d)</sup> | 12530000 | 12486954  |
|  |  | 23505954  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $25,965,428)** |  | 25965428  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 112.3%** <br>**(Cost $27,541,922)** |  | $28895524  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (12.3)% |  | (3166611)  |
| **TOTAL NET ASSETS - 100.0%** |  | $25728913 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(c)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(d)</sup> All or a portion of security has been pledged as collateral.

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill COIN WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity**  | **Counterparty**  | **Pay/Receive**<br>**Reference Entity**  | **Financing Rate**  | **Payment** <br>**Frequency**  | **Maturity** <br>**Date**  | **Notional** <br>**Amount**  | **Value/** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Coinbase Global, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 2.75% | Termination | 03/19/2026 | $28003100 | &nbsp;&nbsp;&nbsp; $3566377  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp; $3566377 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.

OBFR - Overnight Bank Funding Rate was 4.33% as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $2930096 | $— | $— | $2930096 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2459474 |  |  | 2459474 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 23505954 |  | 23505954  |
| **Total Investments** | $5389570 | $23505954 | $— | $28895524  |
| <u>Other Financial Instruments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $3566377 | $— | $3566377  |
| **Total Other Financial Instruments** | $— | $3566377 | $— | $3566377 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill HOOD WeeklyPay ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 107.7%**<br>|  |  |
| **Money Market Funds - 21.9%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 559503 | $559503  |
|  | **Par**  |  |
| **U.S. Treasury Bills - 85.8%** | **U.S. Treasury Bills - 85.8%** | **U.S. Treasury Bills - 85.8%** |
| 4.08%, 07/01/2025<sup>(b)(c)</sup> | $899000 | 899000  |
| 4.19%, 07/31/2025<sup>(c)(b)</sup> | 1303000 | 1298524  |
|  |  | 2197524  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,757,027)** |  | 2757027  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.7%** <br>**(Cost $2,757,027)** |  | $2757027  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (7.7)% |  | (196090)  |
| **TOTAL NET ASSETS - 100.0%** |  | $2560937 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(c)</sup> All or a portion of security has been pledged as collateral.

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill HOOD WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity**  | **Counterparty**  | **Pay/Receive**<br>**Reference Entity**  | **Financing Rate**  | **Payment** <br>**Frequency**  | **Maturity** <br>**Date**  | **Notional** <br>**Amount**  | **Value/** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Robinhood Markets, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 2.75% | Termination | 07/20/2026 | $3010111 | &nbsp;&nbsp;&nbsp;&nbsp; $379336  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; $379336 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.

OBFR - Overnight Bank Funding Rate was 4.33% as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | $559503 | $— | $— | $559503  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 2197524 |  | 2197524  |
| **Total Investments** | $559503 | $2197524 | $— | $2757027  |
| <u>Other Financial Instruments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $379336 | $— | $379336  |
| **Total Other Financial Instruments** | $— | $379336 | $— | $379336 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill META WeeklyPay ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.0%**<br>|  |  |
| **Internet - 20.0%** <br>|  |  |
| Meta Platforms, Inc. - Class A | 287 | $211831  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $202,306)** |  | 211831  |
| **SHORT-TERM INVESTMENTS - 142.2%** | **SHORT-TERM INVESTMENTS - 142.2%** |  |
| **Money Market Funds - 19.9%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 210924 | 210924  |
|  | **Par** |  |
| **U.S. Treasury Bills - 122.3%** |  |  |
| 4.08%, 07/01/2025<sup>(b)(c)</sup> | $599000 | 599000  |
| 4.19%, 07/31/2025<sup>(b)(c)</sup> | 701000 | 698592  |
|  |  | 1297592  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,508,516)** |  | 1508516  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 162.2%** <br>**(Cost $1,710,822)** |  | $1720347  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (62.2)% |  | (659789)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1060558 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(c)</sup> All or a portion of security has been pledged as collateral.

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill META WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive Reference Entity** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value/ Unrealized Appreciation (Depreciation)**  |
| Meta Platforms, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 1.75% | Termination | 07/20/2026 | $1058421 | &nbsp;&nbsp;&nbsp;&nbsp; $45638  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; $45638 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.

OBFR - Overnight Bank Funding Rate was 4.33% as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $211831 | $— | $— | $211831  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 210924 |  |  | 210924  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 1297592 |  | 1297592  |
| **Total Investments** | $422755 | $1297592 | $— | $1720347  |
| <u>Other Financial Instruments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $45638 | $— | $45638  |
| **Total Other Financial Instruments** | $— | $45638 | $— | $45638 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill NFLX WeeklyPay ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.0%**<br>|  |  |
| **Internet - 20.0%**<br>|  |  |
| Netflix, Inc.<sup>(a)</sup> | 165 | $220956  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $206,306)** |  | 220956  |
| **SHORT-TERM INVESTMENTS - 142.2%** | **SHORT-TERM INVESTMENTS - 142.2%** |  |
| **Money Market Funds - 20.1%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 221389 | 221389  |
|  | **Par** |  |
| **U.S. Treasury Bills - 122.1%**<br>|  |  |
| 4.08%, 07/01/2025<sup>(c)(d)</sup> | $599000 | 599000  |
| 4.19%, 07/31/2025<sup>(c)(d)</sup> | 751000 | 748420  |
|  |  | 1347420  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,568,809)** |  | 1568809  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 162.2%** <br>**(Cost $1,775,115)** |  | $1789765  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (62.2)% |  | (686236)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1103529 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(c)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(d)</sup> All or a portion of security has been pledged as collateral.

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill NFLX WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive Reference Entity** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value/ Unrealized Appreciation (Depreciation)**  |
| Netflix, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 1.75% | Termination | 07/20/2026 | $1099426 | &nbsp;&nbsp;&nbsp;&nbsp; $70958  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; $70958 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.

OBFR - Overnight Bank Funding Rate was 4.33% as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $220956 | $— | $— | $220956 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 221389 |  |  | 221389 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 1347420 |  | 1347420  |
| **Total Investments** | $442345 | $1347420 | $— | $1789765  |
| <u>Other Financial Instruments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $70958 | $— | $70958  |
| **Total Other Financial Instruments** | $— | $70958 | $— | $70958 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill NVDA WeeklyPay ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 19.9%** <br>|  |  |
| **Semiconductors - 19.9%** <br>|  |  |
| NVIDIA Corp. | 22879 | $3614653  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,996,684)** |  | 3614653  |
| **SHORT-TERM INVESTMENTS - 125.5%** | **SHORT-TERM INVESTMENTS - 125.5%** |  |
| **Money Market Funds - 18.2%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 3291857 | 3291857  |
|  | **Par** |  |
| **U.S. Treasury Bills - 107.3%**<br>|  |  |
| 4.20%, 07/01/2025<sup>(b)(c)</sup> | $8413000 | 8413000  |
| 4.19%, 07/31/2025<sup>(b)(c)</sup> | 11026000 | 10988121  |
|  |  | 19401121  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $22,692,978)** |  | 22692978  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 145.4%** <br>**(Cost $25,689,662)** |  | $26307631  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (45.4)% |  | (8220303)  |
| **TOTAL NET ASSETS - 100.0%** |  | $18087328 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(c)</sup> All or a portion of security has been pledged as collateral.

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill NVDA WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive Reference Entity** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value/ Unrealized Appreciation (Depreciation)**  |
| NVIDIA Corp. | Nomura Securities International, Inc. | Receive | OBFR + 2.25% | Termination | 03/19/2026 | $18082903 | &nbsp;&nbsp;&nbsp; $2944223  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp; $2944223 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.

OBFR - Overnight Bank Funding Rate was 4.33% as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $3614653 | $— | $— | $3614653  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3291857 |  |  | 3291857  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 19401121 |  | 19401121  |
| **Total Investments** | $6906510 | $19401121 | $— | $26307631  |
| <u>Other Financial Instruments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $2944223 | $— | $2944223  |
| **Total Other Financial Instruments** | $— | $2944223 | $— | $2944223 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill PLTR WeeklyPay ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 19.4%** <br>|  |  |
| **Software - 19.4%** <br>|  |  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 95575 | $13028784  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $11,553,091)** |  | 13028784 |
| **SHORT-TERM INVESTMENTS - 129.0%** | **SHORT-TERM INVESTMENTS - 129.0%** |  |
| **Money Market Funds - 10.6%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 7056816 | 7056816  |
|  | **Par** |  |
| **U.S. Treasury Bills - 118.4%**<br>|  |  |
| 4.16%, 07/01/2025<sup>(c)(d)</sup> | $38247000 | 38247000  |
| 4.19%, 07/31/2025<sup>(c)(d)</sup> | 41100000 | 40958805  |
|  |  | 79205805  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $86,262,621)** |  | 86262621  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 148.4%** <br>**(Cost $97,815,712)** |  | $99291405  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (48.4)% |  | (32399268)  |
| **TOTAL NET ASSETS - 100.0%** |  | $66892137 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(c)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(d)</sup> All or a portion of security has been pledged as collateral.

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill PLTR WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive Reference Entity** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value/ Unrealized Appreciation (Depreciation)**  |
| Palantir Technologies, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 2.75% | Termination | 03/19/2026 | $66548425 | &nbsp;&nbsp;&nbsp; $7362600  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp; $7362600 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.

OBFR - Overnight Bank Funding Rate was 4.33% as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $13028784 | $— | $— | $13028784  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 7056816 |  |  | 7056816  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 79205805 |  | 79205805  |
| **Total Investments** | $20085600 | $79205805 | $— | $99291405  |
| <u>Other Financial Instruments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $7362600 | $— | $7362600  |
| **Total Other Financial Instruments** | $— | $7362600 | $— | $7362600 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill TSLA WeeklyPay ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.1%**<br>|  |  |
| **Auto Manufacturers - 20.1%** <br>|  |  |
| Tesla, Inc.<sup>(a)</sup> | 12500 | $3970750  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,847,311)** |  | 3970750  |
| **SHORT-TERM INVESTMENTS - 142.7%** | **SHORT-TERM INVESTMENTS - 142.7%** |  |
| **Money Market Funds - 11.3%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 2244459 | 2244460  |
|  | **Par** |  |
| **U.S. Treasury Bills - 131.4%**<br>|  |  |
| 4.19%, 07/01/2025<sup>(c)(d)</sup> | $12018000 | 12018000  |
| 4.19%, 07/31/2025<sup>(c)(d)</sup> | 14034000 | 13985787  |
|  |  | 26003787  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $28,248,247)** |  | 28248247  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 162.8%** <br>**(Cost $32,095,558)** |  | $32218997  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (62.8)% |  | (12423109)  |
| **TOTAL NET ASSETS - 100.0%** |  | $19795888 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(c)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(d)</sup> All or a portion of security has been pledged as collateral.

The accompanying notes are an integral part of these financial statements.

19<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill TSLA WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive Reference Entity** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value/ Unrealized Appreciation (Depreciation)** <br>|
| Tesla, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 2.25% | Termination | 03/19/2026 | $19874716 | &nbsp;&nbsp;&nbsp;&nbsp; $463489  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; $463489 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.

OBFR - Overnight Bank Funding Rate was 4.33% as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $3970750 | $— | $— | $3970750  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2244460 |  |  | 2244460  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 26003787 |  | 26003787  |
| **Total Investments** | $6215210 | $26003787 | $— | $32218997  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $463489 | $— | $463489  |
| **Total Other Financial Instruments** | $— | $463489 | $— | $463489 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

20<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**AAPL** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**AMZN** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**BRKB** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**COIN** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**HOOD** <br>**WeeklyPay** <br>**ETF**  |
| **ASSETS:** <br>|  |  |  |  |  |
| Investments, at value | $12234082 | $2505504 | $3191469 | $28895524 | $2757027  |
| Dividends receivable | 3105 | 398 | 455 | 2496 | 374  |
| Unrealized appreciation on swap contracts |  | 28515 |  | 3566377 | 379336  |
| Receivable for fund shares sold |  |  |  | 2682189 | —  |
| Cash |  |  | 320000 | 7620000 | 760000  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 12237187 | 2534417 | 3511924 | 42766586 | 3896737  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| Payable for investments purchased | 5194095 | 998558 | 1497837 | 16695154 | 1298524  |
| Unrealized depreciation on swap contracts | 186482 |  | 7221 |  | —  |
| Payable for swap contracts |  | 174 |  |  |  |
| Distributions payable | 50424 | 9355 | 9414 | 330359 | 36740  |
| Payable to adviser | 3850 | 231 | 245 | 12160 | 256  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 5434851 | 1008144 | 1514717 | 1737673 | 1335520  |
| **NET ASSETS** | $6802336 | $1526273 | $1997207 | $25728913 | $2560937  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $7430639 | $1500101 | $2013821 | $19730012 | $2217627  |
|  Total distributable earnings/(accumulated losses) | (628303) | 26172 | (16614) | 5998901 | 343310  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $6802336 | $1526273 | $1997207 | $25728913 | $2560937  |
| Net assets | $6802336 | $1526273 | $1997207 | $25728913 | $2560937  |
| Shares issued and outstanding<sup>(a)</sup> | 190000 | 30000 | 40000 | 480000 | 40000  |
| Net asset value per share | $35.80 | $50.88 | $49.93 | $53.60 | $64.02  |
| **Cost:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $12260383 | $2499306 | $3192266 | $27541922 | $2757027 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

21<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**META** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**NFLX** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**NVDA** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**PLTR** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**TSLA** <br>**WeeklyPay** <br>**ETF**  |
| **ASSETS:** <br>|  |  |  |  |  |
| Investments, at value | $1720347 | $1789765 | $26307631 | $99291405 | $32218997  |
| Unrealized appreciation on swap contracts | 45638 | 70958 | 2294223 | 7362600 | 463489  |
| Dividends receivable | 150 | 236 | 4036 | 10523 | 3192  |
| Receivable for fund shares sold |  |  |  | 2558387 | 1707850  |
| Cash |  |  | 358 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1766135 | 1860959 | 29256248 | 109222915 | 34393528  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| Payable for investments purchased | 698592 | 748420 | 10988121 | 41310672 | 14328553  |
| Distributions payable | 6762 | 8781 | 171191 | 983224 | 257995  |
| Payable to adviser | 223 | 229 | 9608 | 36882 | 11092  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 705577 | 757430 | 11168920 | 42330778 | 14597640  |
| **NET ASSETS** | $1060558 | $1103529 | $18087328 | $66892137 | $19795888  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $1011583 | $1026048 | $15862264 | $64080806 | $21095490  |
|  Total distributable earnings/(accumulated losses) | 48975 | 77481 | 2225064 | 2811331 | (1299602)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $1060558 | $1103529 | $18087328 | $66892137 | $19795888  |
| Net assets | $1060558 | $1103529 | $18087328 | $66892137 | $19795888  |
| Shares issued and outstanding<sup>(a)</sup> | 20000 | 20000 | 380000 | 1570000 | 580000  |
| Net asset value per share | $53.03 | $55.18 | $47.60 | $42.61 | $34.13  |
| **Cost:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $1710822 | $1775115 | $25689662 | $97815712 | $32095558 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

22<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended June 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**AAPL** <br>**WeeklyPay** <br>**ETF<sup>(a)</sup>** | **Roundhill** <br>**AMZN** <br>**WeeklyPay** <br>**ETF<sup>(b)</sup>** | **Roundhill** <br>**BRKB** <br>**WeeklyPay** <br>**ETF<sup>(b)</sup>** | **Roundhill** <br>**COIN** <br>**WeeklyPay** <br>**ETF<sup>(a)</sup>** | **Roundhill** <br>**HOOD** <br>**WeeklyPay** <br>**ETF<sup>(b)</sup>**  |
| **INVESTMENT INCOME:** <br>|  |  |  |  |  |
| Dividend income | $13385 | $397 | $454 | $5271 | $374  |
| Interest income | 11375 | 648 | 649 | 31049 | 877  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 24760 | 1045 | 1103 | 36320 | 1251  |
| **EXPENSES:** <br>|  |  |  |  |  |
| Investment advisory fee | 9134 | 231 | 245 | 21670 | 257  |
| &nbsp;&nbsp;&nbsp; Total expenses | 9134 | 231 | 245 | 21670 | 257  |
| **Net investment income** | 15626 | 814 | 858 | 14650 | 994  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** <br>|  |  |  |  |  |
| Net realized gain (loss) from: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (20577) |  | (40) | 2867409 | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (107436) |  | (174) | (364290) | (280)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (128013) |  | (214) | 2503119 | (280)  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (26301) | 6198 | (797) | 1353602 | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (186482) | 28515 | (7047) | 3566377 | 379336  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (212783) | 34713 | (7844) | 4919979 | 379336  |
| **Net realized and unrealized gain (loss)** | (340796) | 34713 | (8058) | 7423098 | 379056  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(325170) | $35527 | $(7200) | $7437748 | $380050 |

---

<sup>(a)</sup> Inception date of the Fund was February 18, 2025.

<sup>(b)</sup> Inception date of the Fund was June 17, 2025.

The accompanying notes are an integral part of these financial statements.

23<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**META** <br>**WeeklyPay** <br>**ETF<sup>(a)</sup>** | **Roundhill** <br>**NFLX** <br>**WeeklyPay** <br>**ETF<sup>(a)</sup>** | **Roundhill** <br>**NVDA** <br>**WeeklyPay** <br>**ETF<sup>(b)</sup>** | **Roundhill** <br>**PLTR** <br>**WeeklyPay** <br>**ETF<sup>(b)</sup>** | **Roundhill** <br>**TSLA** <br>**WeeklyPay** <br>**ETF<sup>(b)</sup>**  |
| **INVESTMENT INCOME:** <br>|  |  |  |  |  |
| Dividend income | $148 | $235 | $20001 | $29238 | $9671  |
| Interest income | 649 | 648 | 23205 | 88561 | 31485  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 797 | 883 | 43206 | 117799 | 41156  |
| **EXPENSES:** <br>|  |  |  |  |  |
| Investment advisory fee | 223 | 229 | 21884 | 67362 | 22156  |
| &nbsp;&nbsp;&nbsp; Total expenses | 223 | 229 | 21884 | 67362 | 22156  |
| **Net investment income** | 574 | 654 | 21322 | 50437 | 19000  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** <br>|  |  |  |  |  |
| Net realized gain (loss) from: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments |  |  | (33054) | (139139) | (55954)  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  |  | (171539) | (681778) | (287408)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) |  |  | (204593) | (820917) | (343362)  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 9525 | 14650 | 617969 | 1475693 | 123439  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 45638 | 70958 | 2944223 | 7362600 | 463489  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 55163 | 85608 | 3562192 | 8838293 | 586928  |
| **Net realized and unrealized gain (loss)** | 55163 | 85608 | 3357599 | 8017376 | 243566  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $55737 | $86262 | $3378921 | $8067813 | $262566 |

---

<sup>(a)</sup> Inception date of the Fund was June 17, 2025.

<sup>(b)</sup> Inception date of the Fund was February 18, 2025.

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Roundhill AAPL** <br>**WeeklyPay ETF** | **Roundhill AMZN** <br>**WeeklyPay ETF** | **Roundhill BRKB** <br>**WeeklyPay ETF** | **Roundhill COIN** <br>**WeeklyPay ETF**  |
|  | **Period Ended** <br>**June 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**June 30, 2025<sup>(b)</sup>** <br>(Unaudited) | **Period Ended** <br>**June 30, 2025<sup>(b)</sup>** <br>(Unaudited) | **Period Ended** <br>**June 30, 2025<sup>(a)</sup>** <br>(Unaudited)  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $15626 | &nbsp;&nbsp;&nbsp; $814 | &nbsp;&nbsp; $858 | $14650  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (128013) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(214) | 2503119  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (212783) | &nbsp;&nbsp;&nbsp; 34713 | &nbsp;&nbsp; (7844) | 4919979  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; (325170) | &nbsp;&nbsp;&nbsp; 35527 | &nbsp;&nbsp; (7200) | 7437748  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (303133) | &nbsp;&nbsp;&nbsp; (9355) | &nbsp;&nbsp; (9414) | (1438847)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (303133) | &nbsp;&nbsp;&nbsp; (9355) | &nbsp;&nbsp; (9414) | (1438847)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 7426183 | &nbsp;&nbsp;&nbsp; 1499351 | &nbsp;&nbsp; 2012815 | 27403808  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | (7689122)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | &nbsp;&nbsp; 4456 | &nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 1006 | 15326  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions | &nbsp;&nbsp; 7430639 | &nbsp;&nbsp;&nbsp; 1500101 | &nbsp;&nbsp; 2013821 | 19730012  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | &nbsp;&nbsp; 6802336 | &nbsp;&nbsp;&nbsp; 1526273 | &nbsp;&nbsp; 1997207 | 25728913  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $6802336 | &nbsp;&nbsp;&nbsp; $1526273 | &nbsp;&nbsp; $1997207 | $25728913  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 40000 | 620000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | (140000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 40000 | 480000 |

---

<sup>(a)</sup> Inception date of the Fund was February 18, 2025.

<sup>(b)</sup> Inception date of the Fund was June 17, 2025.

The accompanying notes are an integral part of these financial statements.

25<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Roundhill HOOD** <br>**WeeklyPay ETF** | **Roundhill META** <br>**WeeklyPay ETF** | **Roundhill NFLX** <br>**WeeklyPay ETF** | **Roundhill NVDA** <br>**WeeklyPay ETF**  |
|  | **Period Ended** <br>**June 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**June 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**June 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**June 30, 2025<sup>(b)</sup>** <br>(Unaudited)  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $994 | &nbsp;&nbsp; $574 | &nbsp;&nbsp; $654 | &nbsp;&nbsp; $21322  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(280) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (204593)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 379336 | &nbsp;&nbsp; 55163 | &nbsp;&nbsp; 85608 | &nbsp;&nbsp; 3562192  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp; 380050 | &nbsp;&nbsp; 55737 | &nbsp;&nbsp; 86262 | &nbsp;&nbsp; 3378921  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp;&nbsp; (36740) | &nbsp;&nbsp; (6762) | &nbsp;&nbsp; (8781) | &nbsp;&nbsp; (1153857)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp; (36740) | &nbsp;&nbsp; (6762) | &nbsp;&nbsp; (8781) | &nbsp;&nbsp; (1153857)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 2216076 | &nbsp;&nbsp; 1011077 | &nbsp;&nbsp; 1025535 | &nbsp;&nbsp; 15849584  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | &nbsp;&nbsp;&nbsp; 1551 | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 12680  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions | &nbsp;&nbsp;&nbsp; 2217627 | &nbsp;&nbsp; 1011583 | &nbsp;&nbsp; 1026048 | &nbsp;&nbsp; 15862264  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 2560937 | &nbsp;&nbsp; 1060558 | &nbsp;&nbsp; 1103529 | &nbsp;&nbsp; 18087328  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp; $2560937 | &nbsp;&nbsp; $1060558 | &nbsp;&nbsp; $1103529 | &nbsp;&nbsp; $18087328  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 380000  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 380000 |

---

<sup>(a)</sup> Inception date of the Fund was June 17, 2025.

<sup>(b)</sup> Inception date of the Fund was February 18, 2025.

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Roundhill PLTR** <br>**WeeklyPay ETF** | **Roundhill TSLA** <br>**WeeklyPay ETF**  |
|  | **Period Ended** <br>**June 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**June 30, 2025<sup>(a)</sup>** <br>(Unaudited)  |
| **OPERATIONS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $50437 | $19000  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (820917) | (343362)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8838293 | 586928  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 8067813 | 262566  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (5256482) | (1562168)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (5256482) | (1562168)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 65919430 | 21078627  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1892874) | —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 54250 | 16863  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions | 64080806 | 21095490  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | 66892137 | 19795888  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $66892137 | $19795888  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1630000 | 580000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (60000) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1570000 | 580000 |

---

<sup>(a)</sup> Inception date of the Fund was February 18, 2025.

The accompanying notes are an integral part of these financial statements.

27<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Financial Highlights** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |  |  |  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| <br>**For the Period Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(loss)<sup>(a)</sup> | **Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain (Loss)** <br>**on** <br>**Investments<sup>(b)</sup>** | **Total** <br>**from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Total** <br>**Distributions** | **ETF** <br>**Transaction** <br>**Fees Per** <br>**Share** | **Net Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net Assets,** <br>**End of** <br>**Period (in** <br>**thousands)** | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net** <br>**assets<sup>(d)</sup>** | **Ratio of Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net** <br>**Assets<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**rate<sup>(c)(e)</sup>**  |
| **Roundhill AAPL WeeklyPay ETF** <br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>(f)(g)</sup> | &nbsp;&nbsp; $50.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp; (10.67) | &nbsp;&nbsp;&nbsp; (10.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.99) | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; $35.80 | -20.78% | &nbsp;&nbsp; $6802 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp;&nbsp; 13%  |
| **Roundhill AMZN WeeklyPay ETF** <br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>(f)(h)</sup> | &nbsp;&nbsp; $49.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; $50.88 | 2.42% | &nbsp;&nbsp; $1526 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 3.48% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| **Roundhill BRKB WeeklyPay ETF** <br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>(f)(h)</sup> | &nbsp;&nbsp; $49.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; $49.93 | 0.45% | &nbsp;&nbsp; $1997 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 3.47% | &nbsp;&nbsp;&nbsp;&nbsp; 1%  |
| **Roundhill COIN WeeklyPay ETF** <br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>(f)(g)</sup> | &nbsp;&nbsp; $50.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;10.72 | &nbsp;&nbsp;&nbsp;&nbsp;10.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.51) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; $53.60 | 32.35% | &nbsp;&nbsp; $25729 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.67% | &nbsp;&nbsp;&nbsp;&nbsp; 23%  |
| **Roundhill HOOD WeeklyPay ETF** <br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>(f)(h)</sup> | &nbsp;&nbsp; $50.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;14.76 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.92) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; $64.03 | 29.81% | &nbsp;&nbsp; $2561 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 3.84% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| **Roundhill META WeeklyPay ETF** <br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>(f)(h)</sup> | &nbsp;&nbsp; $49.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; $53.03 | 6.88% | &nbsp;&nbsp; $1061 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| **Roundhill NFLX WeeklyPay ETF** <br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>(f)(h)</sup> | &nbsp;&nbsp; $49.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp;&nbsp;&nbsp;5.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; $55.18 | 11.54% | &nbsp;&nbsp; $1104 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 2.60% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| **Roundhill NVDA WeeklyPay ETF** <br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>(f)(g)</sup> | &nbsp;&nbsp; $49.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.39) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp; $47.60 | 12.36% | &nbsp;&nbsp; $18087 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 10%  |
| **Roundhill PLTR WeeklyPay ETF** <br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>(f)(g)</sup> | &nbsp;&nbsp; $50.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.67) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp; $42.61 | 5.70% | &nbsp;&nbsp; $66892 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp;&nbsp; 17%  |
| **Roundhill TSLA WeeklyPay ETF** <br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/30/2025<sup>(f)(g)</sup> | &nbsp;&nbsp; $50.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp; (8.70) | &nbsp;&nbsp;&nbsp; (8.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.46) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; $34.13 | -15.45% | &nbsp;&nbsp; $19796 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 15% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. 

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(f)</sup> Unaudited.

<sup>(g)</sup> Inception date of the Fund was February 18, 2025.

<sup>(h)</sup> Inception date of the Fund was June 17, 2025.

The accompanying notes are an integral part of these financial statements.

28<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)** 

1. ORGANIZATION

The Roundhill WeeklyPay ETFs are series of Roundhill ETF Trust. The Trust was organized as a Delaware statutory trust on May 2, 2023, and is registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). As of June 30, 2025, the Roundhill WeeklyPay ETFs consist of 10 active series identified below (each a "Fund" and collectively, the "Funds").

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Company** | **Ticker** | **Diversified/** <br>**Non-Diversified** | **Commencement of** <br>**Operations**  |
| Roundhill AAPL WeeklyPay ETF | Apple, Inc. | AAPW | Non-Diversified | February 19, 2025  |
| Roundhill AMZN WeeklyPay ETF | Amazon.com, Inc. | AMZW | Non-Diversified | June 17, 2025  |
| Roundhill BRKB WeeklyPay ETF | Berkshire Hathaway, Inc. Class B | BRKW | Non-Diversified | June 17, 2025  |
| Roundhill COIN WeeklyPay ETF | Coinbase Global, Inc. | COIW | Non-Diversified | February 19, 2025  |
| Roundhill HOOD WeeklyPay ETF | Robinhood Markets, Inc. | HOOW | Non-Diversified | June 17, 2025  |
| Roundhill META WeeklyPay ETF | Meta Platforms, Inc. | METW | Non-Diversified | June 17, 2025  |
| Roundhill NFLX WeeklyPay ETF | Netflix, Inc. | NFLW | Non-Diversified | June 17, 2025  |
| Roundhill NVDA WeeklyPay ETF | NVIDIA Corp. | NVDW | Non-Diversified | February 19, 2025  |
| Roundhill PLTR WeeklyPay ETF | Palantir Technologies, Inc. | PLTW | Non-Diversified | February 19, 2025  |
| Roundhill TSLA WeeklyPay ETF | Tesla, Inc. | TSLW | Non-Diversified | February 19, 2025 |

---

Each Fund is actively managed with a primary investment objective to pay weekly distributions. Each Fund's secondary investment objective is to provide calendar week returns, before fees and expenses, that correspond to 1.2 times (120%) the calendar week total return of the common shares of the respective company as indicated above.

Costs incurred by the Fund in connection with the registration and initial public offering of shares were paid by Roundhill Financial Inc. ("Roundhill" or the "Adviser").

2. SIGNIFICANT ACCOUNTING POLICIES

The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services — Investment Companies*. Financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and follows the significant accounting policies described below.

**Use of Estimates – The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.** 

**Share Transactions – The net asset value ("NAV") per share of each Fund will be equal to a Fund's total assets minus a Fund's total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the New York Stock Exchange ("NYSE") is open for trading.** 

**Fair Value Measurement – FASB ASC Topic 820, *Fair Value Measurements and Disclosures* ("ASC 820") defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurements. Under ASC 820, various inputs are used in determining the value of the Funds' investments. These inputs are summarized in the following hierarchy:** 

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| Level 2 –<br>| Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). See the Schedules of Investments for a summary of the valuations as of June 30, 2025, for each Fund based upon the three levels described above.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The valuation of each Fund's investments is performed in accordance with the principles found in Rule 2a-5 of the 1940 Act. The Board of Trustees of the Trust (the "Board" or the "Trustees") has designated a fair valuation committee at the Adviser as the valuation designee of the Funds. In its capacity as valuation designee, the Adviser, has adopted procedures and methodologies to fair value the Funds' investments whose market prices are not "readily available" or are deemed to be unreliable. The circumstances in which a security may be fair valued include, among others: the occurrence of events that are significant to a particular issuer, such as mergers, restructurings or defaults; the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or government actions; trading restrictions on securities; thinly traded securities; and market events such as trading halts and early market closings. Due to the inherent uncertainty of valuations, fair values may differ significantly from the values that would have been used had an active market existed. Fair valuation could result in a different NAV than a NAV determined by using market quotations. Such valuations are typically categorized as Level 2 or Level 3.

In calculating the NAV, each Fund's exchange-traded equity securities will be valued at fair value, which will generally be determined using the last reported official closing or last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Securities listed on the NASDAQ Stock Market, Inc. are generally valued at the NASDAQ official closing price. Money market funds are valued at NAV. If NAV is not readily available, the securities will be valued at fair value.

Debt securities, including short-term debt instruments having a maturity of less than 60 days, are generally valued using the last available evaluated mean or current market quotations provided by dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. Pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values. Due to the inherent uncertainty of valuations, fair values may differ significantly from the values that would have been used had an active market existed. An amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity, unless the Adviser determines in good faith that such method does not represent fair value.

Total return swaps are valued using the closing price of the underlying security for each contract.

All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board, although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

**Security Transactions – Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated based on the specific identification basis.** 

**Investment Income – Dividend income is recognized on the ex-dividend date. Interest income is accrued daily. Withholding taxes on foreign dividends has been provided for in accordance with Funds' understanding of the applicable tax rules and regulations. Discounts/premiums on debt securities are accreted/amortized over the life of the respective securities using the effective interest method.** 

**Tax Information, Dividends and Distributions to Shareholders and Uncertain Tax Positions – The Funds are treated as separate entities for Federal income tax purposes. Each Fund intends to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). To qualify and remain eligible for the special tax treatment accorded to RICs, each Fund must meet certain annual income and quarterly asset diversification requirements and must distribute annually at least 90% of the sum of (i) its investment company taxable income (which includes dividends, interest and net short-term capital gains) and (ii) certain net tax-exempt income, if any. If so qualified, each Fund will not be subject to Federal income tax.** 

Distributions to shareholders are recorded on the ex-dividend date. The Funds will declare and pay capital gain distributions, if any, in cash at least annually. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their Federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions which exceed earnings and profit for tax purposes are reported as a tax return of capital.

Management evaluates the Funds' tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as income tax expense. The Funds' Federal income tax returns are subject to examination by the Internal Revenue Service (the "IRS") for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. As of June 30, 2025, the Funds had no material uncertain tax positions and did not have a liability for any unrecognized tax benefits. As of June 30, 2025, the Funds had no examination in progress and management is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Indemnification – In the normal course of business, the Funds expect to enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds' maximum exposure under these anticipated arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.** 

**Derivatives – The Funds enter into total return swap agreements in an attempt to gain exposure to the securities in a market without actually purchasing those securities. A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities, or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Swap agreements are usually be settled on a net basis, i.e., where the two parties make net payments with a Fund receiving or paying, as the case may be, only the net amount of the two payments. The Funds may also take physical settlement of the underlying security when closing a swap agreement. The net amount of the excess, if any, of a Fund's obligations over its entitlements with respect to each swap is accrued on a daily basis and an amount of cash or equivalents having an aggregate value at least equal to the accrued excess is maintained by the Funds.** 

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The total return swap contracts are subject to master netting agreements, which are agreements between the Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds through a single payment, in the event of default or termination. Amounts presented on the Schedules of Total Return Swap Contracts are gross settlement amounts.

The following table presents the Funds' gross derivative assets and liabilities by counterparty and contract type, net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Investment Type** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets/** <br>(Liabilities) <br>**Presented** <br>**in the** <br>**Statements** <br>**of Assets &** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset** <br>**in the** <br>**Statements** <br>**of Assets &** <br>**Liabilities** | **Net** <br>**Amount** <br>**Presented** <br>**in the** <br>**Statements** <br>**of Assets &** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statements** <br>**of Assets & Liabilities\*** | **Gross Amounts not** <br>**Offset in the Statements** <br>**of Assets & Liabilities\*** | **Net** <br>**Amount**  |
|  | **Counterparty** | **Investment Type** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets/** <br>(Liabilities) <br>**Presented** <br>**in the** <br>**Statements** <br>**of Assets &** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset** <br>**in the** <br>**Statements** <br>**of Assets &** <br>**Liabilities** | **Net** <br>**Amount** <br>**Presented** <br>**in the** <br>**Statements** <br>**of Assets &** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Paid**  | **Net** <br>**Amount**  |
| **AAPW**<br>|  |  |  |  |  |  |  |  |
| Liabilities | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $(186482) | $— | $(186482) | &nbsp;&nbsp; $186482 | $— | $—  |
| **AMZW**<br>|  |  |  |  |  |  |  |  |
| Assets | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $28515 | $— | $28515 | &nbsp;&nbsp; $— | $— | $28515  |
| **BRKW**<br>|  |  |  |  |  |  |  |  |
| Liabilities | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $(7221) | $— | $(7221) | &nbsp;&nbsp; $7221 | $— | $—  |
| **COIW**<br>|  |  |  |  |  |  |  |  |
| Assets | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $3566377 | $— | $3566377 | &nbsp;&nbsp; $— | $— | $3566377  |
| **HOOW**<br>|  |  |  |  |  |  |  |  |
| Assets | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $379336 | $— | $379336 | &nbsp;&nbsp; $— | $— | $379336  |
| **METW**<br>|  |  |  |  |  |  |  |  |
| Assets | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $45638 | $— | $45638 | &nbsp;&nbsp; $— | $— | $45638  |
| **NFLW**<br>|  |  |  |  |  |  |  |  |
| Assets | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $70958 | $— | $70958 | &nbsp;&nbsp; $— | $— | $70958  |
| **NVDW**<br>|  |  |  |  |  |  |  |  |
| Assets | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $2294223 | $— | $2294223 | &nbsp;&nbsp; $— | $— | $2294223  |
| **PLTW**<br>|  |  |  |  |  |  |  |  |
| Assets | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $7362600 | $— | $7362600 | &nbsp;&nbsp; $— | $— | $7362600  |
| **TSLW**<br>|  |  |  |  |  |  |  |  |
| Assets | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $463489 | $— | $463489 | &nbsp;&nbsp; $— | $— | $463489 |

---

\* Over-collateralization of financial instruments or cash is not shown.

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The average monthly notional amount of the swap contracts during the fiscal period ended June 30, 2025 was as follows:

---

| | |
|:---|:---|
| AAPW | $3362255  |
| AMZW | 1527174  |
| BRKW | 1997972  |
| COIW | 9472982  |
| HOOW | 3010111  |
| METW | 1058421  |
| NFLW | 1099426  |
| NVDW | 7902345  |
| PLTW | 24777949  |
| TSLW | 7855969 |

---

The following is a summary of the effect of swap contracts on the Funds' Statements of Assets and Liabilities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Derivative** | **Statements of Assets and Liabilities** | **Assets** | **Liabilities**  |
| AAPW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | $— | $186482  |
| AMZW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 28515 | —  |
| BRKW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts |  | 7221  |
| COIW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 3566377 | —  |
| HOOW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 379336 | —  |
| METW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 45638 | —  |
| NFLW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 70958 | —  |
| NVDW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 2294223 | —  |
| PLTW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 7362600 | —  |
| TSLW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 463489 |  |

---

The following is a summary of the effect of swap contracts on the Funds' Statements of Operations for the fiscal period ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Statement of Operations** | **Net Realized** <br>**Gain (Loss)** | **Net Change** <br>**in Unrealized** <br>**Appreciation/** <br>**Depreciation** |
| APPW | Equity Risk Swap Contracts | Swap Contracts | $(107436) | $(186482) |
| AMZW | Equity Risk Swap Contracts | Swap Contracts |  | 28515 |
| BRKW | Equity Risk Swap Contracts | Swap Contracts | (174) | (7047) |
| COIW | Equity Risk Swap Contracts | Swap Contracts | (364290) | 3566377 |
| HOOW | Equity Risk Swap Contracts | Swap Contracts | (280) | 379336 |
| METW | Equity Risk Swap Contracts | Swap Contracts |  | 45638 |

---

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Statement of Operations** | **Net Realized** <br>**Gain (Loss)** | **Net Change** <br>**in Unrealized** <br>**Appreciation/** <br>**Depreciation** |
| NFLW | Equity Risk Swap Contracts | Swap Contracts | $— | $70958 |
| NVW | Equity Risk Swap Contracts | Swap Contracts | (171539) | 2944223 |
| PLTW | Equity Risk Swap Contracts | Swap Contracts | (681778) | 7362600 |
| TSLW | Equity Risk Swap Contracts | Swap Contracts | (287408) | 463489 |

---

3. INVESTMENT ADVISORY AND OTHER AGREEMENTS

**Investment Advisory Agreement – The Trust has entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Adviser. Under the Advisory Agreement, the Adviser provides a continuous investment program for the Funds' assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of the Funds subject to the supervision of the Board, including the Trustees who are not "interested persons" of the Trust as defined in the 1940 Act (the "Independent Trustees").** 

The Adviser agrees to pay all expenses incurred by the Funds except for the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings (including net interest expenses incurred in connection with an investment in reverse repurchase agreements or futures contracts), dividends and other expenses on securities sold short, taxes (of any kind or nature, including, but not limited to, income, excise, transfer and withholding taxes), brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments (including any net account or similar fees charged by futures commission merchants) or in connection with creation and redemption transactions (including without limitation any fees, charges, taxes, levies or expenses related to the purchase or sale of an amount of any currency, or the patriation or repatriation of any security or other asset, related to the execution of portfolio transactions or any creation or redemption transactions), acquired fund fees and expenses, accrued deferred tax liability, fees and expenses payable related to the provision of securities lending services, legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith, extraordinary expenses, and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

Exchange Traded Concepts, LLC (the "Sub-Adviser"), an Oklahoma limited liability company serves as the sub-adviser to the Funds. The Sub-Adviser is majority owned by Cottonwood ETF Holdings LLC. Pursuant to a Subadvisory Agreement between the Adviser and the Sub-Adviser (the "Sub-Advisory Agreement"), the Sub-Adviser is responsible for trading portfolio securities on behalf of the Funds, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of a Fund's Index, subject to the supervision of the Adviser and the Board, including the independent Trustees. For its services, the Sub-Adviser is entitled to a sub-advisory fee paid by the Adviser, which is calculated daily and paid monthly, at an annual rate based on the average daily net assets of each Fund, and subject to a minimum annual fee as follows:

---

| | |
|:---|:---|
| **Minimum Annual Fee** | **Asset-Based Fee**  |
| $30,000 for the first fund; $20,000 for remaining funds | 7 bps (0.07%) on the first $250 million <br>6 bps (0.06%) on the next $250 million  |
|  | 5 bps (0.05%) on the next $500 million  |
|  | 4 bps (0.04%) on the balance over $1 billion |

---

**Distribution Agreement and 12b-1 Plan – Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) (the "Distributor"), serves as each Fund's distributor pursuant to a Distribution Agreement. The Distributor receives compensation from the Adviser for certain statutory underwriting services it provides to the Funds. The Distributor enters into agreements with certain broker-dealers and others that will allow those parties to be "Authorized Participants" and to subscribe for and redeem shares of the Funds. The Distributor will not distribute shares in less than whole Creation Units and does not maintain a secondary market in shares.** 

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act ("Rule 12b-1 Plan"). In accordance with the Rule 12b-1 Plan, each Fund is authorized to pay an amount up to 0.25% of the Fund's average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of each Fund's assets. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds.

**Administrator, Custodian and Transfer Agent – U.S. Bancorp Fund Services LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or "Administrator") serves as administrator, transfer agent and fund accountant of the Funds pursuant to a Fund Servicing Agreement. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' custodian pursuant to a Custody Agreement. Under the terms of these agreements, the Adviser pays each Fund's administrative, custody and transfer agency fees.** 

Pursuant to an agreement between the Trust, on behalf of each Fund, and ACA Global, an employee of ACA Global serves as Chief Compliance Officer of the Trust. Fees for these services are paid by the Adviser under the terms of the Advisory Agreement.

At June 30, 2025, certain Officers and a Trustee of the Trust were also officers or employees of the Adviser.

4. CREATION AND REDEMPTION TRANSACTIONS

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called "Creation Units". Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Market prices for the shares may be different from their NAV. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the NYSE is open for trading. The NAV of the shares of each Fund will be equal to a Fund's total assets minus a Fund's total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to four decimal places.

**Creation Unit Transaction Fee – Authorized Participants will be required to pay to the Custodian a fixed transaction fee (the "Creation Unit Transaction Fee") in connection with the issuance or redemption of Creation Units. The standard Creation Unit Transaction Fee will be the same regardless of the number of Creation Units purchased or redeemed by an investor on the applicable business day. The Creation Unit Transaction Fee charged by the Fund for each creation order is $300.** 

The fixed creation unit transaction fee may be waived on certain orders if applicable Fund's custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

An additional variable fee of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for (1) creations effected outside the clearing process and (2) creations made in an all-cash amount (to offset the Trust's brokerage and other transaction costs associated with using cash to purchase the requisite Deposit Securities). Investors are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the Trust. Each Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders. Variable fees, if any, received by the Funds are displayed in the Capital Share Transactions section on the Statements of Changes in Net Assets.

Only "Authorized Participants" may purchase or redeem shares directly from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.

A creation unit will generally not be issued until the transfer of good title of the deposit securities to the Funds and the payment of any cash amounts have been completed. To the extent contemplated by the applicable participant agreement, Creation Units of the Funds will be issued to such authorized participant notwithstanding the fact that the Funds' deposits have not been received in part or in whole, in reliance on the undertaking of the authorized participant to deliver the missing deposit securities as soon as possible. If the Funds or their agents do not receive all of the deposit securities, or the required cash amounts, by such time, then the order may be deemed rejected and the authorized participant shall be liable to the Funds for losses, if any.

5. FEDERAL INCOME TAX

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **Fiscal Period Ended June 30, 2025**  | **Fiscal Period Ended June 30, 2025**  |
|  | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gain**  |
| AAPW | &nbsp;&nbsp; $303133 | &nbsp;&nbsp; $—  |
| AMZW | &nbsp;&nbsp; 9355 | &nbsp;&nbsp; —  |
| BRKW | &nbsp;&nbsp; 9414 | &nbsp;&nbsp; —  |
| COIW | &nbsp;&nbsp; 1438847 | &nbsp;&nbsp; —  |
| HOOW | &nbsp;&nbsp; 36740 | &nbsp;&nbsp; —  |
| METW | &nbsp;&nbsp; 6762 | &nbsp;&nbsp; —  |
| NFLW | &nbsp;&nbsp; 8781 | &nbsp;&nbsp; —  |
| NVW | &nbsp;&nbsp; 1153857 | &nbsp;&nbsp; —  |
| PLTW | &nbsp;&nbsp; 5256482 | &nbsp;&nbsp; —  |
| TSLW | &nbsp;&nbsp; 1562168 | &nbsp;&nbsp; — |

---

6. INVESTMENT TRANSACTIONS

During the period ended June 30, 2025, the Funds realized amounts in net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains are not taxable to the Funds, and are not distributed to shareholders, they have been reclassified from distributable earnings (accumulated losses) to paid in-capital. The amounts of realized gains and losses from in-kind redemptions included in realized gain/(loss) on investments in the Statements of Operations is as follows:

---

| | | |
|:---|:---|:---|
|  | **Realized** <br>**Gains** | **Realized** <br>**Losses**  |
| COIW | $2831504 | $— |

---

Purchases and sales of investments (excluding short-term investments), creations in-kind and redemptions in-kind for the period ended June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Creations** <br>**In-Kind** | **Redemptions** <br>**In-Kind**  |
| AAPW | $1490256 | $89051 | $— | $—  |
| AMZW | 299412 |  |  | —  |
| BRKW | 402081 | 2428 |  | —  |
| COIW | 2353464 | 234227 |  | 7308226  |
| HOOW |  |  |  | —  |
| METW | 202306 |  |  | —  |
| NFLW | 206307 |  |  | —  |

---

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Creations** <br>**In-Kind** | **Redemptions** <br>**In-Kind**  |
| NVDW | $3188789 | $158827 | $— | $—  |
| PLTW | 12500391 | 808161 |  | —  |
| TSLW | 4144525 | 240831 |  |  |

---

7. PRINCIPAL RISKS

As with all ETFs, shareholders of the Funds are subject to the risk that their investment could lose money. Each Fund is subject to the principal risks, any of which may adversely affect a Fund's NAV, trading price, yield, total return and ability to meet its investment objective.

A complete description of principal risks is included in the prospectus under the heading "Principal Investment Risks."

8. NEW ACCOUNTING PRONOUNCEMENT

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

9. SUBSEQUENT EVENTS

Management has evaluated the Funds' related event and transactions that occurred subsequent to June 30, 2025, through the date of issuance of the Funds' financials statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statement.

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements** 

**Roundhill U.S. Sovereign Wealth Fund ETF** 

**Roundhill ABNB WeeklyPay ETF** 

**Roundhill ARM WeeklyPay ETF** 

**Roundhill LMT WeeklyPay ETF** 

**Roundhill ASML WeeklyPay ETF** 

**Roundhill MSTR WeeklyPay ETF** 

**Roundhill AVGO WeeklyPay ETF** 

**Roundhill NFLX WeeklyPay ETF** 

**Roundhill BABA WeeklyPay ETF** 

**Roundhill RDDT WeeklyPay ETF** 

**Roundhill BRKB WeeklyPay ETF** 

**Roundhill SHOP WeeklyPay ETF** 

**Roundhill COST WeeklyPay ETF** 

**Roundhill SPOT WeeklyPay ETF** 

**Roundhill CRWD WeeklyPay ETF** 

**Roundhill TSM WeeklyPay ETF** 

**Roundhill DKNG WeeklyPay ETF** 

**Roundhill UBER WeeklyPay ETF** 

**Roundhill HOOD WeeklyPay ETF** 

**Roundhill XOM WeeklyPay ETF** 

**Roundhill Humanoid Robotics ETF** 

**Roundhill Long VIX Futures Points ETF** 

**Roundhill 2X Long VIX Futures Points ETF** 

**Roundhill Short VIX Futures Points ETF** 

**Roundhill 2X Short VIX Futures Points ETF** 

At a regularly scheduled meeting held on May 15, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Roundhill ETF Trust (the "Trust"), including those trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered the approval of an investment management agreement (the "Investment Management Agreement") between Roundhill Financial Inc. (the "Adviser") and the Trust, with respect to Roundhill U.S. Sovereign Wealth Fund ETF, Roundhill ABNB WeeklyPay ETF, Roundhill ARM WeeklyPay ETF, Roundhill LMT WeeklyPay ETF, Roundhill ASML WeeklyPay ETF, Roundhill MSTR WeeklyPay ETF, Roundhill AVGO WeeklyPay ETF, Roundhill NFLX WeeklyPay ETF, Roundhill BABA WeeklyPay ETF, Roundhill RDDT WeeklyPay ETF, Roundhill BRKB WeeklyPay ETF, Roundhill SHOP WeeklyPay ETF, Roundhill COST WeeklyPay ETF, Roundhill SPOT WeeklyPay ETF, Roundhill CRWD WeeklyPay ETF, Roundhill TSM WeeklyPay ETF, Roundhill DKNG WeeklyPay ETF, Roundhill UBER WeeklyPay ETF, Roundhill HOOD WeeklyPay ETF, Roundhill XOM WeeklyPay ETF, Roundhill Humanoid Robotics ETF, Roundhill Long VIX Futures Points ETF, Roundhill 2X Long, VIX Futures Points ETF, Roundhill Short VIX Futures Points ETF and Roundhill 2X Short VIX Futures Points ETF (each, a "New Fund," and collectively, the "New Funds"), and a sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Agreements") between the Adviser and Exchange Traded Concepts, LLC (the "Sub-Adviser") with respect to each of the New Funds.

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved with respect to each of the New Funds by: (i) the vote of the Board or shareholders of a New Fund; and (ii) the vote of a majority of the Independent Trustees, cast at a meeting called for the purpose of voting on such approval. In connection with its consideration of such approval, the Board must request and evaluate, and the Adviser and Sub-Adviser are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Agreements.

In addition to the written materials provided to the Board in advance of the Meeting, representatives from the Adviser and Sub-Adviser provided the Board with an overview, during the Meeting, of each New Fund's proposed strategy, the services proposed to be provided to the New Funds by the Adviser and Sub-Adviser, and additional information about the Adviser's and Sub-Adviser's advisory business, including information on investment personnel, financial resources, experience, investment processes, risk management processes and liquidity management, and compliance programs. The representatives from the Adviser discussed the rationale for launching each New Fund, each New Fund's proposed fees, and the operational aspects of each New Fund. The Board considered the Adviser's and

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

Sub-Adviser's presentation and the materials it received in advance of the Meeting, including memoranda from legal counsel to the Independent Trustees regarding the responsibilities of the Trustees in considering the approval of the Agreements. The Board also noted that the evaluation process with respect to the Adviser and Sub-Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at prior meetings and between meetings with respect to the services to be provided by the Adviser and the Sub-Adviser, including information provided in connection with the consideration of advisory and sub-advisory agreements for other funds in the Trust. The Board deliberated on the approval of the Agreements in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of, and request additional materials from, the Adviser and Sub-Adviser. The Independent Trustees also met in executive sessions with their independent counsel to further discuss the proposed Agreements and the Independent Trustees' responsibilities relating thereto. The information received and considered by the Board in connection with the Board's determination to approve the Agreements was both written and oral. The Board also noted that the evaluation process was performed on a Fund-by-Fund basis.

At the Meeting, the Board, including a majority of the Independent Trustees, evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by the Adviser and Sub-Adviser to the New Funds; (ii) each New Fund's anticipated expenses and performance; (iii) the cost of the services to be provided and anticipated profits to be realized by the Adviser and Sub-Adviser and their respective affiliates from their relationship with the Trust and the New Funds; (iv) comparative fee and expense data for the New Funds and other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as the New Funds grow and whether the overall advisory fee for the New Funds would enable investors to share in the benefits of economies of scale; (vi) any benefits to be derived by the Adviser or Sub-Adviser from the relationship with the Trust and the New Funds, including any fall-out benefits enjoyed by the Adviser or Sub-Adviser; and (vii) other factors the Board deemed relevant. The factors considered and the deliberations by the Board in connection with the approval of the Agreements are set forth below but are not exhaustive of all matters that were discussed by the Board. The Board also took into account the recommendation of the Adviser and considered other factors (including conditions and trends prevailing generally in the economy and the securities markets). In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and the individual Trustees may have attributed different weights to various factors. The Board considered approval of the Agreements with respect to each Fund separately.

**<u>Approval of the Advisory Agreement with the Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Investment Management Agreement with respect to each Fund, noting that the Adviser will be providing, among other things, a continuous investment program for the New Funds, determining the assets to be purchased, retained or sold by each New Fund, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Adviser will have as investment adviser to the New Funds, including the oversight of the activities and operations of the Sub-Adviser and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the New Funds. In considering the nature, extent, and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser's compliance program, including its compliance and regulatory history and information from the Trust's Chief Compliance Officer ("CCO") regarding his review of the Adviser's compliance program. The Board noted that it had received a copy of the Adviser's Form ADV, as well as the responses of the Adviser to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, details about the New Funds, and information about the services to be provided by the Adviser. The Board also considered the Adviser's operational capabilities and resources and its experience in managing investment portfolios. In considering the nature, extent, and quality of the services provided by the Adviser, the Board also took into account its knowledge, acquired through discussions and reports at prior meetings and in between meetings, of the Adviser's management and the quality of the performance of the Adviser's duties, as well as the Board's experience with the Adviser as the investment adviser to other series of the Trust. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to each New Fund by the Adviser.

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

Performance. Because the New Funds had not yet commenced operations, there were no historical performance records to consider. The Board was presented with information about each New Fund's investment strategies. The Board noted that neither the Adviser nor the Sub-Adviser currently manage a comparable exchange-traded fund ("ETF"), mutual fund, or managed account with a performance track record for comparison. The Board considered the presentation by the Adviser and the experience of its personnel and determined that the Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Adviser had the overall capability to perform its duties with respect to the New Funds under the Investment Management Agreement, and that the Adviser and the Sub-Adviser were expected to obtain an acceptable level of investment returns for each New Fund's shareholders.

Fees and Expenses. Regarding the costs of the services to be provided by the Adviser, the Board considered, among other expense data, a comparison of each New Fund's proposed unitary fee compared to the advisory fee and expenses of its most direct competitors as identified by the Adviser (the "Selected Peer Group"). The Board noted that while it found the comparative data provided by the generally useful, it recognized its limitations, including potential differences in the investment strategies of the New Funds relative to the strategies of the funds in the Selected Peer Group, as well as the level, quality and nature of the services to be provided by the Adviser with respect to the New Funds. The Board noted that the proposed unitary fee was within the range of advisory fees and expense ratios for the Selected Peer Group. The Board also took into account management's discussion of each New Fund's proposed unitary fee and the differences in each New Fund's strategy from the applicable Selected Peer Group. In considering the level of the advisory and sub-advisory fee with respect to the New Funds, the Board also noted that the Adviser and Sub-Adviser do not manage any other accounts with a similar investment strategy, except for the WeeklyPay suite. The Board considered that the proposed unitary management fee and the sub-advisory fee schedule for the WeeklyPay ETFs was the same as the fees for the existing WeeklyPay ETFs in the Trust. Based on its review, the Board concluded that the unitary fee with respect to each New Fund appeared to be competitive and is otherwise reasonable in light of the information provided.

Cost of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory and sub-advisory fees, and the estimated profitability projected by the Adviser, including the methodology underlying such projection. The Board took into consideration that the advisory fee for each New Fund was a "unitary fee," meaning the New Fund would pay no expenses other than the advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser would be responsible for compensating the Trust's other service providers, including the Sub-Adviser, and paying each New Fund's other expenses out of its own revenue and resources. The Board also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the New Funds, taking into account the Adviser's anticipated profitability analysis with respect to the New Funds and the financial resources the Adviser had committed and proposed to commit to its business. The Board took into account that the New Funds had not yet commenced operations and consequently, the future size of the New Funds and the Adviser's future profitability were generally unpredictable.

Economies of Scale. The Board expressed the view that the Adviser might realize economies of scale in managing the New Funds as assets grow in size. The Board noted, however, that any economies would, to some degree, be shared with each New Fund's shareholders through each New Fund's unitary fee structure. In the event there were to be significant asset growth in a New Fund, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

Benefits. The Board considered the direct and indirect benefits that could be realized by the Adviser from its relationship with the New Funds. The Board considered the Adviser's soft dollar arrangements with respect to portfolio transactions and considered that the Adviser does not intend to utilize soft dollars with respect to the New Funds. The Board further considered that Adviser does not use any affiliated brokers to execute portfolio transactions. The Board noted there were currently no distribution or service fees to be paid by the New Funds to the Adviser or its affiliates. The Board considered that the Adviser may receive some form of reputational benefits from services rendered to the New

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

Funds, but that such benefits are immaterial and cannot otherwise be quantified. The Board concluded that the additional benefits the Adviser would receive from its relationship with each of the New Funds are reasonable and appropriate.

Conclusion. No single factor was determinative of the Board's decision to approve the Investment Management Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of the Investment Management Agreement, including the compensation payable thereunder, were fair and reasonable to each New Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Investment Management Agreement for an initial term of two years was in the best interests of each New Fund and its shareholders.

**<u>Approval of the Sub-Advisory Agreement with the Sub-Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Board considered the scope of services to be provided to the New Funds under the Sub-Advisory Agreement, noting that the Sub-Adviser would provide investment management services to each New Fund. The Board noted the responsibilities that the Sub-Adviser would have as each New Fund's investment sub-adviser, including: responsibility for the management of the securities and other assets of each New Fund, subject to the supervision and oversight of the Adviser; executing placement of orders and selection of brokers or dealers for such orders; general portfolio compliance with relevant law; responsibility for daily monitoring of portfolio exposures and quarterly reporting to the Board; and proxy voting with respect to securities held by each New Fund.

In considering the nature, extent, and quality of the services to be provided by the Sub-Adviser, the Board considered the quality of the Sub-Adviser's compliance program, including its compliance and regulatory history, and information from the Trust's CCO regarding his review of the Sub-Adviser's compliance program. The Board further noted that they had received and reviewed materials with regard to the Sub-Adviser, including its responses to a detailed series of questions that included, among other things, information about the Sub-Adviser's decision-making process, details about the New Funds, and information about the services to be provided by the Sub-Adviser. The Board also considered the Sub-Adviser's resources and capacity with respect to portfolio management, compliance, and operations. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Sub-Adviser, including those individuals responsible for portfolio management.

In considering the nature, extent, and quality of the services provided by the Sub-Adviser with respect to each Fund, the Board also took into account its knowledge, acquired through discussions and reports at a prior meeting and in between meetings, of the Sub-Adviser's management and the quality of the performance of the Sub-Adviser's duties, as well as the Board's experience with the Sub-Adviser as the investment sub-adviser to other series of the Trust. The Board concluded, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to each New Fund by the Sub-Adviser.

Performance. Because the New Funds had not yet commenced operations, the Board noted that there was no historical performance records to consider. The Board was presented with information about each New Fund's investment strategies. The Board noted that the Sub-Adviser currently did not manage a comparable ETF, mutual fund, or managed account with a performance track record for comparison. The Board considered the presentations by the Adviser and the Sub-Adviser and the experience of the Sub-Adviser's personnel and determined that the Adviser and Sub-Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Sub-Adviser had the overall capability to perform its duties with respect to the New Funds under the Sub-Advisory Agreement and that the Adviser and Sub-Adviser were expected to obtain an acceptable level of investment returns for each New Fund's shareholders.

Fees and Expenses. The Board also reviewed information regarding each New Fund's proposed sub-advisory fee, including advisory fees and total expense ratios of those funds that might be considered peers of the New Funds. Based on its review, the Board concluded that the sub-advisory fee appeared to be competitive and a product of arm's length negotiation, and is otherwise reasonable in light of the information provided.

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

Costs of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory and sub-advisory fees, and the estimated profitability projected by the Adviser and Sub-Adviser, including the methodology underlying such projection. The Board considered that the fees to be paid to the Sub-Adviser would be paid by the Adviser from the fee the Adviser received from each New Fund and noted that the fee reflected an arm's-length negotiation between the Adviser and the Sub-Adviser. The Board also took into account the amount of the unitary fee to be retained by the Adviser and the services to be provided with respect to the New Funds by the Adviser and further determined that the sub-advisory fee reflected an appropriate allocation of the advisory fee paid to the Adviser given the work to be performed by each firm. The Board also evaluated the compensation and benefits expected to be received by the Sub-Adviser from its relationship with the New Funds, taking into account an analysis of the Sub-Adviser's estimated profitability, if any, with respect to each New Fund. The Board noted that, because the Sub-Adviser's advisory fee would be paid by the Adviser out of its unitary fee, the Sub-Adviser's profitability is not a material consideration.

Economies of Scale. The Board expressed the view that it currently appeared that the Sub-Adviser might realize economies of scale in managing the New Funds as assets grow in size. The Board determined that it would monitor fees as each New Fund's assets grow to determine whether economies of scale were being effectively shared with the New Fund and its shareholders.

Benefits. The Board considered the direct and indirect benefits that could be realized by the Sub-Adviser from its relationship with the New Funds. The Board considered Sub-Adviser's soft dollar arrangements with respect to portfolio transactions and considered that the Sub-Adviser does not intend to utilize soft dollars with respect to the New Funds. The Board considered that the Sub-Adviser may receive some form of reputational benefit from services rendered to the New Funds, but that such benefits are immaterial and cannot otherwise be quantified. The Board concluded that the additional benefits the Sub-Adviser would receive from its relationship with each of the New Funds are reasonable and appropriate.

Conclusion. No single factor was determinative of the Board's decision to approve the Sub-Advisory Agreement with respect to each New Fund; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of that Sub-Advisory Agreement, including the compensation payable thereunder, was fair and reasonable to each of the New Funds. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Sub-Advisory Agreement for an initial two-year term was in the best interests of each New Funds and its shareholders.

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements** 

**Roundhill Long VIX Futures Points ETF** 

**Roundhill 2X Long VIX Futures Points ETF** 

**Roundhill Short VIX Futures Points ETF** 

**Roundhill 2X Short VIX Futures Points ETF** 

At a regularly scheduled meeting held on May 15, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Roundhill ETF Trust (the "Trust"), including those trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered the approval of investment management agreements (the "Investment Management Agreements") between Roundhill Financial Inc. (the "Adviser") and each of the Roundhill Long VIX Futures Points ETF Cayman Ltd., Roundhill 2X Long VIX Futures Points ETF Cayman Ltd., Roundhill Short VIX Futures Points ETF Cayman Ltd. And Roundhill 2X Short VIX Futures Points ETF Cayman Ltd. (each, a "Cayman Subsidiary" and collectively, the "Cayman Subsidiaries"), on behalf of the Roundhill Long VIX Futures Points ETF, Roundhill 2X Long, VIX Futures Points ETF, Roundhill Short VIX Futures Points ETF and Roundhill 2X Short VIX Futures Points ETF, resepctivelly (each, a "Fund" and collectively, the "Funds"), and sub-advisory agreements (the "Sub-Advisory Agreements" and, together with the Investment Management Agreements, the "Agreements") between the Adviser and Exchange Traded Concepts, LLC (the "Sub-Adviser") with respect to each Cayman Subsidiary.

In addition to the written materials provided to the Board in advance of the Meeting, representatives from the Adviser and Sub-Adviser provided the Board with an overview, during the Meeting, of each Cayman Subsidiary's proposed investments, the services proposed to be provided to each Cayman Subsidiary by the Adviser and Sub-Adviser, and additional information about the Adviser's and Sub-Adviser's advisory business, including information on investment personnel, financial resources, experience, investment processes, risk management processes and liquidity management, and compliance program. The representatives from the Adviser discussed the rationale for establishing each Cayman Subsidiary and the operational aspects of each Cayman Subsidiary. They indicated that there would be no management fee charged with respect to the Cayman Subsidiaries. The Board considered the Adviser's and Sub-Adviser's presentation and the materials it received in advance of the Meeting, including a memorandum from legal counsel to the Independent Trustees regarding the responsibilities of the Trustees in considering approval of investment advisory agreements. The Board also noted that the evaluation process with respect to the Adviser and Sub-Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at prior meetings and between meetings with respect to the services to be provided by the Adviser and the Sub-Adviser. In considering the Agreements, the Board took into account the information and the factors and conclusions that it had considered in connection with approval of the Funds' management and sub-advisory agreements at the Meeting. The Board also took into account the information provided and factors considered, as applicable, in connection with the approval of the management and sub-advisory agreements with respect to the Funds at this Meeting. The Board deliberated on the approval of the Agreements in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of, and request additional materials from, the Adviser and Sub-Adviser. The Independent Trustees also met in executive session with their independent counsel to further discuss the proposed Agreements and the Independent Trustees' responsibilities relating thereto. The information received and considered by the Board in connection with the Board's determination to approve the Agreements was both written and oral.

At the Meeting, the Board, including a majority of the Independent Trustees, evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by the Adviser and Sub-Adviser to each Cayman Subsidiary; (ii) each Cayman Subsidiary's anticipated expenses and performance; (iii) the cost of the services to be provided and anticipated profits, if any, to be realized by the Adviser and Sub-Adviser and their respective affiliates from the relationship with the Cayman Subsidiaries; (iv) comparative fee and expense data for each Cayman Subsidiary and other investment companies with similar investment objectives, if any; (v) the extent to which any economies of scale would be realized in connection with the operation of each Cayman Subsidiary; (vi) any benefits to be derived by the Adviser or Sub-Adviser from the relationship with each Cayman Subsidiary, including any fall-out benefits enjoyed by the Adviser or Sub-Adviser; and (vii) other factors the Board deemed relevant. The factors considered and the determinations made by the Board in connection with the approval of the Agreements are set forth below but are not exhaustive of all matters that were discussed by the Board. The Board also took into account the recommendation of the Adviser and considered other factors (including conditions and trends prevailing generally in

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

the economy and the securities markets). In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and the individual Trustees may have attributed different weights to various factors.

**<u>Approval of the Advisory Agreement with the Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under each Investment Management Agreement, noting that the Adviser will be providing, among other things, a continuous investment program for each Cayman Subsidiary, determining the assets to be purchased, retained or sold by the Cayman Subsidiary, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust and the Cayman Subsidiaries. The Trustees reviewed the extensive responsibilities that the Adviser will have as investment adviser to each Cayman Subsidiary, including the oversight of the activities and operations of the Sub-Adviser and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Cayman Subsidiary. In considering the nature, extent, and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser's compliance program, including its compliance and regulatory history and information from the Trust's Chief Compliance Officer ("CCO") regarding his review of the Adviser's compliance program. The Board noted that it had received a copy of the Adviser's Form ADV, as well as the responses of the Adviser to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, details about each Cayman Subsidiary, and information about the services to be provided by the Adviser. The Board also considered the Adviser's operational capabilities and resources and its experience in managing investment portfolios. In considering the nature, extent, and quality of the services provided by the Adviser, the Board also took into account its knowledge, acquired through discussions and reports at prior meetings and in between meetings, of the Adviser's management and the quality of the performance of the Adviser's duties, as well as the Board's experience with the Adviser as the investment adviser to other series of the Trust. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to each Cayman Subsidiary by the Adviser.

Performance. Because the Cayman Subsidiaries had not yet commenced operations, the Board noted that there were no historical performance records to consider. The Board was presented with information about each Cayman Subsidiary's investments. The Board noted that neither the Adviser nor the Sub-Adviser currently manage a comparable exchange-traded fund ("ETF"), mutual fund, or managed account with a performance track record for comparison. The Board considered the presentation by the Adviser and the experience of its personnel and determined that the Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Adviser had the overall capability to perform its duties with respect to each Cayman Subsidiary under the respective Investment Management Agreement, and that the Adviser and the Sub-Adviser were expected to obtain an acceptable level of investment returns for each Fund's shareholders.

Fees and Expenses. Regarding the costs of the services to be provided by the Adviser, the Board considered that the Adviser has a unitary fee arrangement with each Fund, pursuant to which the Adviser receives a management fee from the Fund and pays all Fund operating expenses, with certain exceptions, and including the sub-advisory fees. The Board further considered that the Cayman Subsidiaries will not be assessed a management fee and will be included in the same fee arrangement as the respective Fund. The Board noted that each Cayman Subsidiary's expenses will be paid by the Adviser pursuant to the unitary fee arrangement with the respective Fund.

Cost of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser and each Fund advisory and sub-advisory fees, and the estimated profitability, of any, projected by the Adviser. The Board took into consideration that the advisory fee for each Fund was a "unitary fee," meaning the Fund would pay no expenses other than the advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser would be responsible for compensating the Trust's other service providers, including the Sub-Adviser, and paying each Fund's other expenses out of its own revenue and resources. The Board noted that the Adviser does not expect to receive separate compensation for managing the Cayman Subsidiaries, or any direct or indirect benefits from its relationship with the Cayman Subsidiaries.

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

Economies of Scale. The Board noted that the Adviser might realize economies of scale in managing each overall Fund as assets grow in size. The Board noted, however, that any economies would, to some degree, be shared with each Fund's shareholders through the Fund's unitary fee structure. In the event there were to be significant asset growth in a Fund, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth. The Board noted that there would be no additional fee charged with respect to the Cayman Subsidiaries and that the Adviser would bear the expenses of each Caymen Subsidiary.

Benefits. The Board considered the direct and indirect benefits that could be realized by the Adviser from its relationship with each Cayman Subsidiary. The Board noted that the Adviser does not expect to receive any direct or indirect "fall-out" benefits from its relationship with the Cayman Subsidiaries.

Conclusion. No single factor was determinative of the Board's decision to approve each Investment Management Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of each Investment Management Agreement were fair and reasonable to each Cayman Subsidiary. The Board, including a majority of the Independent Trustees, therefore determined that the approval of each Investment Management Agreement for an initial term of two years was in the best interests of respective Cayman Subsidiary and respective Fund.

**<u>Approval of the Sub-Advisory Agreement with the Sub-Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Board considered the scope of services to be provided to each Cayman Subsidiary under the respective Sub-Advisory Agreement, noting that the Sub-Adviser would provide investment management services to each Cayman Subsidiary. The Board noted the responsibilities that the Sub-Adviser would have as each Cayman Subsidiary's investment sub-adviser, including: responsibility for the management of the securities and other assets of the Cayman Subsidiary, subject to the supervision and oversight of the Adviser; executing placement of orders and selection of brokers or dealers for such orders; general portfolio compliance with relevant law; responsibility for daily monitoring of portfolio exposures and quarterly reporting to the Board; and proxy voting with respect to securities held by the Cayman Subsidiary.

In considering the nature, extent, and quality of the services to be provided by the Sub-Adviser, the Board considered the quality of the Sub-Adviser's compliance program including its compliance and regulatory history, and information from the Trust's CCO regarding his review of the Sub-Adviser's compliance program. The Board further noted that they had received and reviewed materials with regard to the Sub-Adviser, including its responses to a detailed series of questions that included, among other things, information about the Sub-Adviser's decision-making process, and information about the services to be provided by the Sub-Adviser. The Board also considered the Sub-Adviser's resources and capacity with respect to portfolio management, compliance, and operations. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Sub-Adviser, including those individuals responsible for portfolio management.

In considering the nature, extent, and quality of the services provided by the Sub-Adviser, the Board also took into account its knowledge, acquired through discussions and reports at prior meetings and in between meetings, of the Sub-Adviser's management and the quality of the performance of the Sub-Adviser's duties. The Board concluded, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to each Cayman Subsidiary by the Sub-Adviser.

Performance. Because the Cayman Subsidiaries had not yet commenced operations, the Board noted that there was no historical performance records to consider. The Board was presented with information about each Cayman Subsidiary's investment strategies. The Board noted that the Sub-Adviser currently did not manage a comparable ETF, mutual fund, or managed account with a performance track record for comparison. The Board considered the presentations by the Adviser and the Sub-Adviser and the experience of the Sub-Adviser's personnel and determined that the Adviser and Sub-Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Sub-Adviser had the overall capability to perform its duties with respect to each Cayman Subsidiary under the respective Sub-Advisory Agreement and that the Adviser and Sub-Adviser were expected to obtain an acceptable level of investment returns for each Fund's shareholders.

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

Fees and Expenses. The Board also reviewed information regarding each Cayman Subsidiary's proposed sub-advisory fees and took into account that the Sub-Adviser would be paid the fees specified in the Sub-Advisory Agreement for the respective Fund and would receive no additional compensation with respect to each Cayman Subsidiary. Based on its review, the Board concluded that the sub-advisory fee appeared to be competitive and is otherwise reasonable in light of the information provided.

Costs of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory and sub-advisory fees, and the estimated profitability of the Adviser and Sub-Adviser. The Board considered that any fees to be paid to the Sub-Adviser would be paid by the Adviser from the fee the Adviser received from the respective Fund and noted that the fee reflected an arm's-length negotiation between the Adviser and the Sub-Adviser. The Board also took into account the amount of the unitary fee to be retained by the Adviser from the each Fund and the services to be provided with respect to each Cayman Subsidiary by the Adviser and further determined that the sub-advisory fee reflected an appropriate allocation of the advisory fee paid to the Adviser given the work to be performed by each firm. The Board also evaluated the compensation and benefits expected to be received by the Sub-Adviser from its relationship with each Cayman Subsidiary, if any, noting that the Sub-Adviser would not receive an additional fee with respect to the Cayman Subsidiary. The Board noted that, because the Sub-Adviser's advisory fee would be paid by the Adviser out of its unitary fee from the respective Fund, the Sub-Adviser's profitability is not a material consideration.

Economies of Scale. The Board noted that it currently appeared that the Sub-Adviser might realize economies of scale in managing each Cayman Subsidiary as assets grow in size. The Board determined that it would monitor fees as each Cayman Subsidiary's assets grow to determine whether economies of scale were being effectively shared with the Cayman Subsidiary and the respective Fund.

Benefits. The Board considered the direct and indirect benefits that could be realized by the Sub-Adviser from its relationship with each Cayman Subsidiary. The Board noted that the Sub-Adviser does not expect to receive any direct or indirect "fall-out" benefits from its relationship with each Cayman Subsidiary.

Conclusion. No single factor was determinative of the Board's decision to approve each Sub-Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of each Sub-Advisory Agreement, including any compensation payable thereunder, were fair and reasonable to each Cayman Subsidiary. The Board, including a majority of the Independent Trustees, therefore determined that the approval of each Sub-Advisory Agreement for an initial two-year term was in the best interests of each Cayman Subsidiary and the respective Fund.

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements** 

**Roundhill AAPL WeeklyPay ETF ("AAPW ETF")** 

**Roundhill AMD WeeklyPay ETF ("AMDW ETF")** 

**Roundhill AMZN WeeklyPay ETF ("AMZW ETF")** 

**Roundhill COIN WeeklyPay ETF ("COIW ETF")** 

**Roundhill GOOGL WeeklyPay ETF ("GOOW ETF")** 

**Roundhill META WeeklyPay ETF ("METW ETF")** 

**Roundhill MSFT WeeklyPay ETF ("MSFW ETF")** 

**Roundhill PLTR WeeklyPay ETF ("PLTW ETF")** 

**Roundhill NVDA WeeklyPay ETF ("NVW ETF")** 

**Roundhill TSLA WeeklyPay ETF ("TSW ETF")** 

**Roundhill Weekly T-Bill ETF ("WEEK ETF")** 

**Roundhill Daily 2X Long China Dragons ETF ("DRX ETF")** 

At a regularly scheduled meeting held on November 26, 2024 (the "Meeting"), the Board of Trustees (the "Board") of Roundhill ETF Trust (the "Trust"), including those trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered the approval of an investment management agreement (the "Investment Management Agreement") between Roundhill Financial Inc. (the "Adviser") and the Trust, with respect to each of the Roundhill AAPL WeeklyPay ETF, Roundhill AMD WeeklyPay ETF, Roundhill AMZN WeeklyPay ETF, Roundhill COIN WeeklyPay ETF, Roundhill GOOGL WeeklyPay ETF, Roundhill META WeeklyPay ETF, Roundhill MSFT WeeklyPay ETF, Roundhill PLTR WeeklyPay ETF, Roundhill NVDA WeeklyPay ETF, Roundhill TSLA WeeklyPay ETF, Roundhill Weekly T-Bill ETF and Roundhill Daily 2X Long China Dragons ETF (each, a "New Fund," and collectively, the "New Funds"), and a sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Agreements") between the Adviser, and Exchange Traded Concepts, LLC (the "Sub-Adviser") with respect to each of the New Funds.

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved with respect to each of the New Funds by: (i) the vote of the Board or shareholders of a New Fund; and (ii) the vote of a majority of the Independent Trustees, cast at a meeting called for the purpose of voting on such approval. In connection with its consideration of such approval, the Board must request and evaluate, and the Adviser and Sub-Adviser are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Agreements.

In addition to the written materials provided to the Board in advance of the Meeting, representatives from the Adviser and Sub-Adviser provided the Board with an overview, during the Meeting, of each New Fund's proposed strategy, the services proposed to be provided to the New Funds by the Adviser and Sub-Adviser, and additional information about the Adviser's and Sub-Adviser's advisory business, including information on investment personnel, financial resources, experience, investment processes, risk management processes and liquidity management, and compliance programs. The representatives from the Adviser discussed the rationale for launching each New Fund, each New Fund's proposed fees, and the operational aspects of each New Fund. The Board considered the Adviser's and Sub-Adviser's presentation and the materials it received in advance of the Meeting, including memoranda from legal counsel to the Independent Trustees regarding the responsibilities of the Trustees in considering the approval of the Agreements. The Board also noted that the evaluation process with respect to the Adviser and Sub-Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at prior meetings and between meetings with respect to the services to be provided by the Adviser and the Sub-Adviser, including information provided in connection with the consideration of advisory and sub-advisory agreements for other funds in the Trust. . The Board deliberated on the approval of the Agreements in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of, and request additional materials from, the Adviser and Sub-Adviser. The Independent Trustees also met in executive sessions with their independent counsel to further discuss the proposed Agreements and the Independent Trustees' responsibilities relating thereto. The information received and considered by the Board in connection with the Board's determination to approve the Agreements was both written and oral. The Board also noted that the evaluation process was performed on a Fund-by-Fund basis.

At the Meeting, the Board, including a majority of the Independent Trustees, evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by the Adviser and Sub-Adviser to the New Funds; (ii) each New Fund's anticipated expenses and performance; (iii) the cost of the services

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

to be provided and anticipated profits to be realized by the Adviser and Sub-Adviser and their respective affiliates from their relationship with the Trust and the New Funds; (iv) comparative fee and expense data for the New Funds and other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as the New Funds grow and whether the overall advisory fee for the New Funds would enable investors to share in the benefits of economies of scale; (vi) any benefits to be derived by the Adviser or Sub-Adviser from the relationship with the Trust and the New Funds, including any fall-out benefits enjoyed by the Adviser or Sub-Adviser; and (vii) other factors the Board deemed relevant. The factors considered and the deliberations by the Board in connection with the approval of the Agreements are set forth below but are not exhaustive of all matters that were discussed by the Board. The Board also took into account the recommendation of the Adviser and considered other factors (including conditions and trends prevailing generally in the economy and the securities markets). In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and the individual Trustees may have attributed different weights to various factors. The Board considered approval of the Agreements with respect to each Fund separately.

**<u>Approval of the Advisory Agreement with the Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Investment Management Agreement with respect to each Fund, noting that the Adviser will be providing, among other things, a continuous investment program for the New Funds, determining the assets to be purchased, retained or sold by each New Fund, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Adviser will have as investment adviser to the New Funds, including the oversight of the activities and operations of the Sub-Adviser and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the New Funds. In considering the nature, extent, and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser's compliance program, including its compliance and regulatory history and information from the Trust's Chief Compliance Officer ("CCO") regarding his review of the Adviser's compliance program. The Board noted that it had received a copy of the Adviser's Form ADV, as well as the responses of the Adviser to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, details about the New Funds, and information about the services to be provided by the Adviser. The Board also considered the Adviser's operational capabilities and resources and its experience in managing investment portfolios. In considering the nature, extent, and quality of the services provided by the Adviser, the Board also took into account its knowledge, acquired through discussions and reports at prior meetings and in between meetings, of the Adviser's management and the quality of the performance of the Adviser's duties, as well as the Board's experience with the Adviser as the investment adviser to other series of the Trust. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to each New Fund by the Adviser.

Performance. Because the New Funds had not yet commenced operations, there were no historical performance records to consider. The Board was presented with information about each New Fund's investment strategies. The Board noted that neither the Adviser nor the Sub-Adviser currently manage a comparable exchange-traded fund ("ETF"), mutual fund, or managed account with a performance track record for comparison. The Board considered the presentation by the Adviser and the experience of its personnel and determined that the Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Adviser had the overall capability to perform its duties with respect to the New Funds under the Investment Management Agreement, and that the Adviser and the Sub-Adviser were expected to obtain an acceptable level of investment returns for each New Fund's shareholders.

Fees and Expenses. Regarding the costs of the services to be provided by the Adviser, the Board considered, among other expense data, a comparison of each New Fund's proposed unitary fee compared to the advisory fee and expenses of its most direct competitors as identified by the Adviser (the "Selected Peer Group"). The Board noted that while it found the comparative data provided by the generally useful, it recognized its limitations, including potential differences in the investment strategies of the New Funds relative to the strategies of the funds in the Selected Peer Group, as well as the level, quality and nature of the services to be provided by the Adviser with respect to the New Funds. The Board noted that the proposed unitary fee was within the range of advisory fees and expense ratios for the Selected Peer Group. The Board also took into account management's discussion of each New Fund's proposed unitary

48<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

fee and the differences in each New Fund's strategy from the applicable Selected Peer Group. In considering the level of the advisory and sub-advisory fee with respect to the New Funds, the Board also noted that the Adviser and Sub-Adviser do not manage any other accounts with a similar investment strategy. Based on its review, the Board concluded that the unitary fee with respect to each New Fund appeared to be competitive and is otherwise reasonable in light of the information provided.

Cost of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory and sub-advisory fees, and the estimated profitability projected by the Adviser, including the methodology underlying such projection. The Board took into consideration that the advisory fee for each New Fund was a "unitary fee," meaning the New Fund would pay no expenses other than the advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser would be responsible for compensating the Trust's other service providers, including the Sub-Adviser, and paying each New Fund's other expenses out of its own revenue and resources. The Board also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the New Funds, taking into account the Adviser's anticipated profitability analysis with respect to the New Funds and the financial resources the Adviser had committed and proposed to commit to its business. The Board took into account that the New Funds had not yet commenced operations and consequently, the future size of the New Funds and the Adviser's future profitability were generally unpredictable.

Economies of Scale. The Board expressed the view that the Adviser might realize economies of scale in managing the New Funds as assets grow in size. The Board noted, however, that any economies would, to some degree, be shared with each New Fund's shareholders through each New Fund's unitary fee structure. In the event there were to be significant asset growth in a New Fund, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

Benefits. The Board considered the direct and indirect benefits that could be realized by the Adviser from its relationship with the New Funds. The Board considered the Adviser's soft dollar arrangements with respect to portfolio transactions and considered that the Adviser does not intend to utilize soft dollars with respect to the New Funds. The Board further considered that Adviser does not use any affiliated brokers to execute portfolio transactions. The Board noted there were currently no distribution or service fees to be paid by the New Funds to the Adviser or its affiliates. The Board considered that the Adviser may receive some form of reputational benefits from services rendered to the New Funds, but that such benefits are immaterial and cannot otherwise be quantified. The Board concluded that the additional benefits the Adviser would receive from its relationship with each of the New Funds are reasonable and appropriate.

Conclusion. No single factor was determinative of the Board's decision to approve the Investment Management Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of the Investment Management Agreement, including the compensation payable thereunder, were fair and reasonable to each New Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Investment Management Agreement for an initial term of two years was in the best interests of each New Fund and its shareholders.

**<u>Approval of the Sub-Advisory Agreement with the Sub-Adviser</u>**

Nature, Extent, and Quality of Services to be Provided. The Board considered the scope of services to be provided to the New Funds under the Sub-Advisory Agreement, noting that the Sub-Adviser would provide investment management services to each New Fund. The Board noted the responsibilities that the Sub-Adviser would have as each New Fund's investment sub-adviser, including: responsibility for the management of the securities and other assets of each New Fund, subject to the supervision and oversight of the Adviser; executing placement of orders and selection of

49<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

brokers or dealers for such orders; general portfolio compliance with relevant law; responsibility for daily monitoring of portfolio exposures and quarterly reporting to the Board; and proxy voting with respect to securities held by each New Fund.

In considering the nature, extent, and quality of the services to be provided by the Sub-Adviser, the Board considered the quality of the Sub-Adviser's compliance program, including its compliance and regulatory history, and information from the Trust's CCO regarding his review of the Sub-Adviser's compliance program. The Board further noted that they had received and reviewed materials with regard to the Sub-Adviser, including its responses to a detailed series of questions that included, among other things, information about the Sub-Adviser's decision-making process, details about the New Funds, and information about the services to be provided by the Sub-Adviser. The Board also considered the Sub-Adviser's resources and capacity with respect to portfolio management, compliance, and operations. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Sub-Adviser, including those individuals responsible for portfolio management.

In considering the nature, extent, and quality of the services provided by the Sub-Adviser with respect to each Fund, the Board also took into account its knowledge, acquired through discussions and reports at a prior meeting and in between meetings, of the Sub-Adviser's management and the quality of the performance of the Sub-Adviser's duties, as well as the Board's experience with the Sub-Adviser as the investment sub-adviser to other series of the Trust. The Board concluded, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services to be provided to each New Fund by the Sub-Adviser.

Performance. Because the New Funds had not yet commenced operations, the Board noted that there was no historical performance records to consider. The Board was presented with information about each New Fund's investment strategies. The Board noted that the Sub-Adviser currently did not manage a comparable ETF, mutual fund, or managed account with a performance track record for comparison. The Board considered the presentations by the Adviser and the Sub-Adviser and the experience of the Sub-Adviser's personnel and determined that the Adviser and Sub-Adviser provided sufficient basis to permit the Board in its business judgment to conclude that the Sub-Adviser had the overall capability to perform its duties with respect to the New Funds under the Sub-Advisory Agreement and that the Adviser and Sub-Adviser were expected to obtain an acceptable level of investment returns for each New Fund's shareholders.

Fees and Expenses. The Board also reviewed information regarding each New Fund's proposed sub-advisory fee, including advisory fees and total expense ratios of those funds that might be considered peers of the New Funds. Based on its review, the Board concluded that the sub-advisory fee appeared to be competitive and a product of arm's length negotiation, and is otherwise reasonable in light of the information provided.

Costs of Services to be Provided and Profitability. The Board considered the cost of the services to be provided by the Adviser, the proposed advisory and sub-advisory fees, and the estimated profitability projected by the Adviser and Sub-Adviser, including the methodology underlying such projection. The Board considered that the fees to be paid to the Sub-Adviser would be paid by the Adviser from the fee the Adviser received from each New Fund and noted that the fee reflected an arm's-length negotiation between the Adviser and the Sub-Adviser. The Board also took into account the amount of the unitary fee to be retained by the Adviser and the services to be provided with respect to the New Funds by the Adviser and further determined that the sub-advisory fee reflected an appropriate allocation of the advisory fee paid to the Adviser given the work to be performed by each firm. The Board also evaluated the compensation and benefits expected to be received by the Sub-Adviser from its relationship with the New Funds, taking into account an analysis of the Sub-Adviser's estimated profitability, if any, with respect to each New Fund. The Board noted that, because the Sub-Adviser's advisory fee would be paid by the Adviser out of its unitary fee, the Sub-Adviser's profitability is not a material consideration.

Economies of Scale. The Board expressed the view that it currently appeared that the Sub-Adviser might realize economies of scale in managing the New Funds as assets grow in size. The Board determined that it would monitor fees as each New Fund's assets grow to determine whether economies of scale were being effectively shared with the New Fund and its shareholders.

50<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

Benefits. The Board considered the direct and indirect benefits that could be realized by the Sub-Adviser from its relationship with the New Funds. The Board considered Sub-Adviser's soft dollar arrangements with respect to portfolio transactions and considered that the Sub-Adviser does not intend to utilize soft dollars with respect to the New Funds. The Board considered that the Sub-Adviser may receive some form of reputational benefit from services rendered to the New Funds, but that such benefits are immaterial and cannot otherwise be quantified. The Board concluded that the additional benefits the Sub-Adviser would receive from its relationship with each of the New Funds are reasonable and appropriate.

Conclusion. No single factor was determinative of the Board's decision to approve the Sub-Advisory Agreement with respect to each New Fund; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, including those discussed above and other factors, the Board, including separately a majority of the Independent Trustees, determined that the terms of that Sub-Advisory Agreement, including the compensation payable thereunder, was fair and reasonable to each of the New Funds. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Sub-Advisory Agreement for an initial two-year term was in the best interests of each New Funds and its shareholders.

51<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill ETF Trust WeeklyPay ETFs** 

**ADDITIONAL INFORMATION** 

**June 30, 2025 (Unaudited)** 

**THE BELOW INFORMATION IS REQUIRED DISCLOSURE FROM FORM N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

The Advisor has agreed to pay all operating expenses of the Funds pursuant to the terms of the Investment Advisory Agreement, subject to certain exclusions provided therein. As a result, the Advisor is responsible for compensating the Independent Trustees. Further information related to Trustee and Officer compensation for the Trust can be obtained from the Funds' most recent Statement of Additional Information.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Refer to the Board Consideration and Approval of Continuation of Advisory and Subadvisory Agreements.

52<br>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

All Fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Funds' Statement of Additional Information.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President and Treasurer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act"))
 as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or
 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls
 and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed,
 summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a)under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](ret-efp17423_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ret-efp17423_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Roundhill ETF Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Will Hershey |
|  | Will Hershey, President/Principal Executive Officer |

---

Date <u>9/05/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Will Hershey |
|  | Will Hershey, President/Principal Executive Officer |

---

Date <u>9/05/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Timothy Maloney |
|  | Timothy Maloney, Treasurer/Principal Financial Officer |

---

Date <u>9/05/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Will Hershey, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Roundhill ETF Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/05/2025 | /s/ Will Hershey |
|  |  | Will Hershey |
|  |  | President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Timothy Maloney, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Roundhill ETF Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/05/2025 | /s/ Timothy Maloney |
|  |  | Timothy Maloney |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Roundhill ETF Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Roundhill ETF Trust, for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Roundhill ETF Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Will Hershey | /s/ Timothy Maloney |
| Will Hershey | Timothy Maloney |
| President/Principal Executive Officer | Treasurer/Principal Financial Officer |
| Roundhill ETF Trust | Roundhill ETF Trust |

---

Dated: <u>9/05/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Roundhill ETF Trust for purposes of Section 18 of the Securities Exchange Act of 1934.