# EDGAR Filing Document

**Accession Number:** 0001976517
**File Stem:** 0001133228-26-003392
**Filing Date:** 2026-3
**Character Count:** 873361
**Document Hash:** fa9fcfd48edc4b43d5e1570256077918
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003392.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001133228-26-003392

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 181

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23887
- **FILM NUMBER:** 26736238

**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 Magnificent Seven ETF (Series ID: S000086192)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000251598 | Roundhill China Magnificent Seven ETF | MAGC            |

### Roundhill S&P 500 No Dividend Target ETF (Series ID: S000086582)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000252170 | Roundhill S&P 500 No Dividend Target ETF | XDIV            |

### 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 AMD WeeklyPay ETF (Series ID: S000088749)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000255124 | Roundhill AMD WeeklyPay ETF |  |

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

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

### Roundhill GOOGL WeeklyPay ETF (Series ID: S000088751)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000255126 | Roundhill GOOGL 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 MSFT WeeklyPay ETF (Series ID: S000088756)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000255131 | Roundhill MSFT 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 Meme Stock ETF (Series ID: S000089480)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000256043 | Roundhill Meme Stock 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 MSTR WeeklyPay ETF (Series ID: S000092324)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000260262 | Roundhill MSTR WeeklyPay ETF |  |

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

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

### Roundhill UBER WeeklyPay ETF (Series ID: S000092330)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000260268 | Roundhill UBER WeeklyPay ETF |  |

### Roundhill ARM WeeklyPay ETF (Series ID: S000092331)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000260269 | Roundhill ARM WeeklyPay ETF |  |

### Roundhill UNH WeeklyPayTM ETF (Series ID: S000092333)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000260271 | Roundhill UNH WeeklyPayTM ETF | UNHW            |

### Roundhill AVGO WeeklyPay ETF (Series ID: S000092334)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000260272 | Roundhill AVGO WeeklyPay ETF |  |

### Roundhill BABA WeeklyPay ETF (Series ID: S000092335)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000260273 | Roundhill BABA WeeklyPay ETF |  |

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

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

### Roundhill COST WeeklyPay ETF (Series ID: S000092337)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000260275 | Roundhill COST WeeklyPay ETF |  |

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

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

### Roundhill WeeklyPay Universe ETF (Series ID: S000094971)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000263550 | Roundhill WeeklyPay Universe ETF |  |

### Roundhill Treasury Bond WeeklyPay ETF (Series ID: S000096159)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000264946 | Roundhill Treasury Bond WeeklyPay ETF |  |

### Roundhill Gold Miners WeeklyPay ETF (Series ID: S000096164)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000264951 | Roundhill Gold Miners WeeklyPay ETF |  |

### Roundhill Gold WeeklyPay ETF (Series ID: S000096165)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000264952 | Roundhill Gold WeeklyPay ETF |  |

?xml version='1.0' encoding='ASCII'? 2025-10-07196357_RoundhillBitcoinCoveredCallStrategyETF_TF_TSRAnnual

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>December 31, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Bitcoin Covered Call Strategy** **ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | YBTC (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill Bitcoin Covered Call Strategy ETF for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/ybtc/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $93 | 0.95% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current fiscal period. Expenses would be higher if the Fund had been in operations for a full year.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Roundhill Bitcoin Covered Call Strategy ETF (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 one or more exchange-traded funds ("ETFs") that hold bitcoin and whose shares trade on a U.S.-regulated securities exchange (each, a "Bitcoin ETF," and collectively, the "Bitcoin ETFs"). In effectuating its investment strategy, the Fund will purchase and sell a combination of call and put option contracts that utilize a Bitcoin ETF or an index of Bitcoin ETFs (the "Bitcoin ETF Index") as the reference asset ("Bitcoin ETF Options"). The Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in Bitcoin ETF Options. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. The Fund's sale of call Bitcoin ETF Options ("Bitcoin ETF Call Options") to generate income will potentially limit the degree to which the Fund will participate in any gains experienced by the Bitcoin ETFs. The Fund does not invest directly in bitcoin.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period").

The Fund had negative performance during the current fiscal period. The market price and NAV for the Fund decreased by -4.34% and -3.45%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 22.52% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6468img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/17/2024)** |
| **Roundhill Bitcoin Covered Call Strategy ETF NAV**  | -3.45 | 21.97 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 22.52 | 21.50 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $213965347 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $2073373 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.67% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 0.1% |
|  iShares Bitcoin Trust ETF  | 0.0% |
|  United States Treasury Bill\* | 104.4% |

---

\* Held for cash and collateral management purposes.

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 104.4% |
|  Purchased Options  | 3.6% |
|  Money Market Funds  | 0.1% |
|  Written Options  | -3.6% |
|  Cash & Other  | -4.5% |

---

---

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

---

**Changes to the Fund's Principal Investment Strategy:**

Pursuant to the Fund's principal investment strategy, to the extent that a liquid market develops for options that reference an exchange-traded grantor trust that directly holds bitcoin, the Fund intends to utilize such options in seeking to achieve its investment objectives.

**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/ybtc/.

Roundhill Bitcoin Covered Call Strategy ETF PAGE 2 TSR-AR-77926X502

------

**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 3 TSR-AR-77926X502

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill China Magnificent Seven ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | MAGC (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill China Magnificent Seven ETF for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/magc/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 Magnificent Seven ETF | $64 | 0.59% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current fiscal period. Expenses would be higher if the Fund had been in operations for a full year.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective through exposure to a concentrated basket of seven of the largest and most innovative Chinese companies (the "Chinese Magnificent Seven"), as determined by the Fund's investment adviser, Roundhill Financial Inc. ("Roundhill" or the "Adviser"). The Fund obtained exposure through derivatives - using total return swaps referencing underlying equities. The swaps were used to efficiently gain exposure to the underlying asset and did not involve leverage.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period").

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 16.39% and 16.16%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 22.52% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6471img003.jpg)

Roundhill China Magnificent Seven ETF PAGE 1 TSR-AR-77926X874

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/02/2024)** |
| **Roundhill China Magnificent Seven ETF NAV**  | 16.16 | -1.08 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 22.52 | 17.33 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $19232665 |
| **Number of Holdings** | 17 |
| **Net Advisory Fee** | $185389 |
| **Portfolio Turnover** | 116% |
| **30-Day SEC Yield** | 2.29% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 19.7% |
|  Alibaba Group Holding Ltd.  | 14.3% |
|  Xiaomi Corp.  | 14.3% |
|  PDD Holdings, Inc.  | 14.3% |
|  Meituan  | 14.3% |
|  BYD Co. Ltd.  | 14.2% |
|  Tencent Holdings Ltd.  | 14.2% |
|  NetEase, Inc.  | 14.2% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 8.0% |
|  United States Treasury Bill\* | 51.9% |

---

\* Held for cash and collateral management purposes.

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Communications  | 20.7% |
|  Technology  | 3.2% |
|  Consumer, Cyclical  | 2.5% |
|  Cash & Other  | 73.6% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 82.7% |
|  China  | 15.9% |
|  Ireland  | 6.7% |
|  Hong Kong  | 3.8% |
|  Cash & Other  | -9.1% |

---

**Fund Name Change:**

On September 30, 2025, the Fund's name changed from the Roundhill China Dragons ETF to the Roundhill China Magnificent Seven ETF.

**Changes to the Fund's Principal Investment Strategy:**

Effective September 30, 2025, The Fund amended its Principal Investment Strategy to provide exposure to a concentrated basket of seven of the largest and most innovative Chinese companies (the "Chinese Magnificent Seven").

**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/magc/.

Roundhill China Magnificent Seven ETF PAGE 2 TSR-AR-77926X874

------

**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 Magnificent Seven ETF PAGE 3 TSR-AR-77926X874

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Daily 2X Long Magnificent Seven** **ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | MAGX (Principal U.S. Listing Exchange: NASDAQ) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill Daily 2X Long Magnificent Seven ETF for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/magx/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $107 | 0.94% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current fiscal period. Expenses would be higher if the Fund had been in operations for a full year.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Roundhill Daily 2X Long Magnificent Seven ETF (the "Fund") seeks daily leveraged investment results, before fees and expenses, that correspond to two times (2X) the performance of the Roundhill Magnificent Seven ETF (the "Magnificent Seven ETF"). As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund's objective is to magnify the daily performance of the Magnificent Seven ETF. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction, from 200% of the return of the Magnificent Seven ETF for the same period. For periods longer than a single day, the Fund will lose money if the Magnificent Seven ETF's performance is flat, and it is possible that the Fund will lose money even if the returns of the Magnificent Seven ETF are positive. Longer holding periods, higher volatility of the Magnificent Seven ETF, and leveraged exposure each increase the impact of compounding on an investor's returns. During periods when the Magnificent Seven ETF experiences higher volatility, the Magnificent Seven ETF's volatility may affect the Fund's return as much as or more than the return of the Magnificent Seven ETF.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period").

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 26.20% and 28.38%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 22.52% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6472img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(02/28/2024)** |
| **Roundhill Daily 2X Long Magnificent Seven ETF NAV**  | 28.38 | 59.05 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 22.52 | 18.88 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $73630577 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $636519 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 1.03% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Roundhill Magnificent Seven ETF  | 200.0% |
|  First American Government Obligations Fund  | 3.1% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 2.0% |
|  United States Treasury Bill\* | 47.4% |

---

\* Held for cash and collateral management purposes.

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 47.4% |
|  Exchange Traded Funds  | 25.0% |
|  Total Return Swaps  | 24.5% |
|  Money Market Funds  | 3.1% |
|  Investments Purchased with Proceeds from Securities Lending  | 2.0% |
|  Cash & Other  | -2.0% |

---

**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/magx/.

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

------

**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 3 TSR-AR-77926X700

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Ether Covered Call Strategy ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | YETH (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill Ether Covered Call Strategy ETF for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/yeth/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $80 | 0.95% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current fiscal period. Expenses would be higher if the Fund had been in operations for a full year.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to achieve its investment objectives through the use of a synthetic covered call strategy that provides current income on a monthly basis, while also providing exposure to the price return of one or more exchange-traded funds ("ETFs") that provide exposure to ether and whose shares trade on a U.S.-regulated securities exchange, which includes ETFs that hold ether directly and ETFs that derive exposure to ether through investments in exchange-traded futures contracts that utilize ether as the reference asset (each, an "Ether ETF," and collectively, the "Ether ETFs"). In effectuating its investment strategy, the Fund will purchase and sell a combination of call and put option contracts that utilize an Ether ETF as the reference asset ("Ether ETF Options"). The Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in Ether ETF Options. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. The Fund's sale of call Ether ETF Options ("Ether ETF Call Options") to generate income will potentially limit the degree to which the Fund will participate in any gains experienced by the Ether ETFs. The Fund does not invest directly in ether.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period").

The Fund had negative performance during the current fiscal period. The market price and NAV for the Fund decreased by -31.67% and -30.73%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 22.52% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6473img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/03/2024)** |
| **Roundhill Ether Covered Call Strategy ETF NAV**  | -30.73 | -10.87 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 22.52 | 19.12 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $108746358 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $607389 |
| **Portfolio Turnover** | 1,987% |
| **30-Day SEC Yield** | 2.98% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 0.7% |
|  iShares Ethereum Trust ETF  | 0.4% |
|  Proshares Ether ETF  | -0.2% |
|  United States Treasury Bill\* | 99.1% |

---

\* Held for cash and collateral management purposes.

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Finance and Insurance  | 0.2% |
|  Cash & Other  | 99.8% |

---

**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/yeth/.

**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 2 TSR-AR-77926X841

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill GLP-1 & Weight Loss ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | OZEM (Principal U.S. Listing Exchange: NASDAQ) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill GLP-1 & Weight Loss ETF for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/ozem/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $71 | 0.59% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current fiscal period. Expenses would be higher if the Fund had been in operations for a full year.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund's performance reflected developments within the Weight Loss Drug thematic, including rapid adoption of GLP-1 receptor agonists, expanding clinical indications beyond diabetes into obesity and cardiovascular health, and capacity expansion by major pharmaceutical manufacturers. The Fund's relative performance was primarily attributable to its industry concentration, which outperformed the performance of the broader benchmark during the period.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period").

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 41.90% and 41.36%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 22.52% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6474img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(05/20/2024)** |
| **Roundhill GLP-1 & Weight Loss ETF NAV**  | 41.36 | 21.48 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 22.52 | 17.76 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $44329027 |
| **Number of Holdings** | 25 |
| **Net Advisory Fee** | $217646 |
| **Portfolio Turnover** | 66% |
| **30-Day SEC Yield** | 0.95% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Novo Nordisk AS  | 19.7% |
|  Eli Lilly & Co.  | 16.0% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 5.0% |
|  Zealand Pharma AS  | 4.5% |
|  Viking Therapeutics, Inc.  | 4.4% |
|  Roche Holding AG  | 4.2% |
|  Structure Therapeutics, Inc.  | 4.1% |
|  Pfizer, Inc.  | 4.0% |
|  Chugai Pharmaceutical Co. Ltd.  | 4.0% |
|  Amgen, Inc.  | 3.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Consumer, Non-cyclical  | 99.7% |
|  Cash & Other  | 0.3% |

---

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/ozem/.

**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 2 TSR-AR-77926X882

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Humanoid Robotics ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | HUMN (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill Humanoid Robotics ETF for the period of June 25, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/humn/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill Humanoid Robotics ETF | $43 | 0.75% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund's performance reflected developments within the Humanoid Robotics thematic, including rapid advances in AI-enabled autonomy, increased investment from major technology and automotive companies, expanding pilot deployments in logistics, and manufacturing environments. The Fund's relative performance was primarily attributable to its industry concentration, which outperformed the broader benchmark during the period.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 20.45% and 20.13%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 13.33% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6484img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(06/25/2025)** |
| **Roundhill Humanoid Robotics ETF NAV**  | 20.13 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 13.33 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $33653749 |
| **Number of Holdings** | 37 |
| **Net Advisory Fee** | $83579 |
| **Portfolio Turnover** | 59% |
| **30-Day SEC Yield** | -0.06% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

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

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Industrial  | 55.5% |
|  Consumer, Cyclical  | 22.1% |
|  Technology  | 14.2% |
|  Communications  | 8.0% |
|  Cash & Other  | 0.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  UBTech Robotics Corp. Ltd.  | 10.0% |
|  Tesla, Inc.  | 9.6% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 6.9% |
|  XPeng, Inc.  | 5.4% |
|  Rainbow Robotics  | 5.1% |
|  NVIDIA Corp.  | 4.4% |
|  Leader Harmonious Drive Systems Co. Ltd.  | 4.2% |
|  Harmonic Drive Systems, Inc.  | 4.2% |
|  Shenzhen Dobot Corp. Ltd.  | 4.1% |
|  Teradyne, Inc.  | 3.4% |

---

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/humn/.

**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 2 TSR-AR-77926X650

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Innovation-100 0DTE Covered** **Call Strategy ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | QDTE (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill Innovation-100 0DTE Covered Call Strategy ETF for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/qdte/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $104 | 0.95% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current fiscal period. Expenses would be higher if the Fund had been in operations for a full year.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Roundhill Innovation-100 0DTE Covered Call Strategy ETF (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 (the "Innovation-100 Index"). The Fund's sold call options will generally have zero days to expiration, known as "0DTE" options, when sold by the Fund. At market open, or shortly thereafter, on every business day, the Fund generally sells out-of-the-money 0DTE call options on the Innovation-100 Index that will expire at the end of the day. The Fund's purchased call options will be struck deep-in-the-money and have a longer maturity when purchased, thereby offering synthetic long exposure to the Innovation-100 Index. The Fund intends to make weekly distribution payments to shareholders. Such distributions generally reflect all or a portion of the option premium income earned by the Fund's sold call options.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period").

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 19.49% and 19.49%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 22.52% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6475img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/06/2024)** |
| **Roundhill Innovation-100 0DTE Covered Call Strategy ETF NAV**  | 19.49 | 20.67 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 22.52 | 18.39 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $918315934 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $7744563 |
| **Portfolio Turnover** | 41% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Nasdaq 100 Stock Index  | 90.9% |
|  Roundhill Weekly T-Bill ETF  | 5.2% |
|  First American Government Obligations Fund  | 4.3% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 90.9% |
|  Exchange Traded Funds  | 5.2% |
|  Money Market Funds  | 4.3% |
|  Cash & Other  | -0.4% |

---

**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/qdte/.

**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 2 TSR-AR-77926X304

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Magnificent Seven Covered Call** **ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | MAGY (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill Magnificent Seven Covered Call ETF for the period of April 22, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/magy/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill Magnificent Seven Covered Call ETF | $56 | 0.70% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to achieve its investment objectives through a covered call strategy, pursuant to which the Fund purchases shares of the Roundhill Magnificent Seven ETF (the "MAGS ETF") and simultaneously sells out-of-the-money call options that utilize the MAGS ETF as the reference asset ("MAGS ETF Call Options"), providing for current income on a weekly basis. The MAGS ETF 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. As of March 1, 2025, the seven companies comprising the Magnificent Seven were: Alphabet Inc., Amazon.com, Inc., Apple Inc., Meta Platforms, Inc., Microsoft Corporation, NVIDIA Corporation, and Tesla Inc. On a quarterly basis, the MAGS ETF rebalances its exposure so that each company is equally weighted in its portfolio.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 29.67% and 29.51%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 28.90% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6485img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(04/22/2025)** |
| **Roundhill Magnificent Seven Covered Call ETF NAV**  | 29.51 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 28.90 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $231336459 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $403687 |
| **Portfolio Turnover** | 20% |
| **30-Day SEC Yield** | -0.90% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Exchange Traded Funds  | 97.6% |
|  Money Market Funds  | 2.4% |
|  Written Options  | 0.0% |
|  Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Roundhill Magnificent Seven ETF  | 97.6% |
|  First American Government Obligations Fund  | 2.4% |

---

**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/magy/.

**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 2 TSR-AR-77926X668

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---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Meme Stock ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | MEME (Principal U.S. Listing Exchange: NYSE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill Meme Stock ETF for the period of October 7, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/meme/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill Meme Stock ETF | $13 | 0.69% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund invests in equity securities characterized by elevated trading volumes and social media-driven engagement. Given the highly speculative and volatile nature of these securities, the Fund underperformed the broader benchmark during the period.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had negative performance during the current fiscal period. The market price and NAV for the Fund decreased by -37.44% and -37.53%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 2.47% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6706img003.jpg)

Roundhill Meme Stock ETF PAGE 1 TSR-AR-77926X817

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/07/2025)** |
| **Roundhill Meme Stock ETF NAV**  | -37.53 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 2.47 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18882757 |
| **Number of Holdings** | 23 |
| **Net Advisory Fee** | $32748 |
| **Portfolio Turnover** | 391% |
| **30-Day SEC Yield** | -0.64% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

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

![image](ts6706img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  AST SpaceMobile, Inc.  | 9.6% |
|  Applied Digital Corp.  | 8.9% |
|  Bloom Energy Corp.  | 5.5% |
|  Rigetti Computing, Inc.  | 5.3% |
|  Rocket Lab Corp.  | 5.0% |
|  Oklo, Inc.  | 4.9% |
|  Lumentum Holdings, Inc.  | 4.8% |
|  Sandisk Corp.  | 4.8% |
|  BigBear.ai Holdings, Inc.  | 4.7% |
|  CoreWeave, Inc.  | 4.7% |

---

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/meme/.

**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 Meme Stock ETF PAGE 2 TSR-AR-77926X817

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Russell 2000® 0DTE Covered** **Call Strategy ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | RDTE (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill Russell 2000® 0DTE Covered Call Strategy ETF for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/rdte/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $100 | 0.95% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current fiscal period. Expenses would be higher if the Fund had been in operations for a full year.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

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. In effectuating its investment strategy, the Fund will purchase and sell a combination of call option contracts that utilize the Russell 2000 Index as the reference asset. The Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments (such as options contracts) that utilize the Russell 2000 Index as the reference asset. For purposes of compliance with this investment policy, derivative contracts (i.e. options contracts) will be valued at their notional value. The Fund's sold call options will generally have zero days to expiration, known as "0DTE" options, when sold by the Fund. At market open, or shortly thereafter, on every business day, the Fund generally sells out-of-the-money 0DTE call options on the Russell 2000 Index that will expire at the end of the day. The Fund's purchased call options will be struck deep-in-the-money and have a longer maturity when purchased, thereby offering synthetic long exposure to the Russell 2000 Index.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period").

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 9.58% and 9.50%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 22.52% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6496img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/09/2024)** |
| **Roundhill Russell 2000® 0DTE Covered Call Strategy ETF NAV**  | 9.50 | 14.35 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 22.52 | 20.75 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $161599245 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $1457516 |
| **Portfolio Turnover** | 74% |
| **30-Day SEC Yield** | -0.67% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Russell 2000 Index  | 89.3% |
|  Roundhill Weekly T-Bill ETF  | 7.4% |
|  First American Government Obligations Fund  | 3.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Finance and Insurance  | 7.4% |
|  Cash & Other  | 92.6% |

---

**Fund Name Change:**

Effective upon the open of trading on May 1, 2025, the Fund's name was changed from the Roundhill Small Cap 0DTE Covered Call Strategy ETF to the Roundhill Russell 2000 0DTE Covered Call Strategy ETF.

**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/rdte/.

Roundhill Russell 2000® 0DTE Covered Call Strategy ETF PAGE 2 TSR-AR-77926X825

------

**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 3 TSR-AR-77926X825

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill S&P 500 0DTE Covered Call** **Strategy ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | XDTE (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This 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 December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/xdte/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $101 | 0.95% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current fiscal period. Expenses would be higher if the Fund had been in operations for a full year.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Roundhill S&P 500 0DTE Covered Call Strategy ETF (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 Index. The Fund's sold call options will generally have zero days to expiration, known as "0DTE" options, when sold by the Fund. At market open, or shortly thereafter, on every business day, the Fund generally sells out-of-the-money 0DTE call options on the S&P 500 Index that will expire at the end of the day. The Fund's purchased call options will be struck deep-in-the-money and have a longer maturity when purchased, thereby offering synthetic long exposure to the S&P 500 Index. The Fund intends to make weekly distribution payments to shareholders. Such distributions generally reflect all or a portion of the option premium income earned by the Fund's sold call options.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period").

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 12.68% and 12.74%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 22.52% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6477img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/06/2024)** |
| **Roundhill S&P 500 0DTE Covered Call Strategy ETF NAV**  | 12.74 | 16.82 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 22.52 | 18.39 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $374689976 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $3686799 |
| **Portfolio Turnover** | 54% |
| **30-Day SEC Yield** | -0.67% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  S&P 500 Index  | 89.7% |
|  Roundhill Weekly T-Bill ETF  | 7.1% |
|  First American Government Obligations Fund  | 0.5% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 89.7% |
|  Exchange Traded Funds  | 7.1% |
|  Money Market Funds  | 0.5% |
|  Cash & Other  | 2.7% |

---

**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/xdte/.

**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 2 TSR-AR-77926X205

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill S&P 500® No Dividend Target** **ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | XDIV (Principal U.S. Listing Exchange: NYSE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill S&P 500® No Dividend Target ETF for the period of July 9, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/xdiv/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill S&P 500® No Dividend Target ETF | $4 | 0.07% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is an actively managed ETF that seeks to provide the total return, before fees and expenses, of the S&P 500® Index. The Fund intends to provide exposure to the S&P 500® Index by investing in ETFs that seek to track the performance of the S&P 500® Index ("S&P 500 ETFs"). Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to the S&P 500® Index (including S&P 500 ETFs).

The Adviser seeks to manage the Fund's portfolio such that the Fund does not pay dividends or otherwise distribute any income to shareholders each year. The strategy has been designed for investors seeking to achieve the total return of the S&P 500® Index, but do not want to receive dividend or distribution payments of any kind (including income or capital gains distributions). In order to implement its strategy, the Adviser seeks to manage its portfolio of shares of S&P 500 ETFs such that the Fund is not holding shares of an S&P 500 ETF as of market close on the day prior to its ex-dividend date. A fund's (such as an S&P 500 ETF) ex-dividend date is the date on which such fund's shares begin trading without the value of the most recently declared dividend. There is no guarantee that the Fund will be able to successfully provide the total return of the S&P 500® Index and avoid paying dividends and distributions.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period").

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 10.38% and 10.03%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 10.37% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Roundhill S&P 500® No Dividend Target ETF PAGE 1 TSR-AR-77926X833

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6492img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(07/09/2025)** |
| **Roundhill S&P 500® No Dividend Target ETF NAV**  | 10.03 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 10.37 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $26289801 |
| **Number of Holdings** | 2 |
| **Net Advisory Fee** | $4067 |
| **Portfolio Turnover** | 62% |
| **30-Day SEC Yield** | 1.01% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

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

![image](ts6492img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  iShares Core S&P 500 ETF  | 99.8% |
|  State Street SPDR Portfolio S&P 500 ETF  | 0.1% |

---

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/xdiv/.

**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® No Dividend Target ETF PAGE 2 TSR-AR-77926X833

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill S&P 500 Target 20 Managed** **Distribution ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | XPAY (Principal U.S. Listing Exchange: NYSE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This 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 December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/xpay/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $53 | 0.49% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current fiscal period. Expenses would be higher if the Fund had been in operations for a full year.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide exposure to the return of the S&P 500® Index while making monthly distribution payments equal to an annualized rate of twenty percent (20%). The Fund intends to provide exposure to the S&P 500® Index through purchases of FLexible EXchange® call options ("FLEX Options") that utilize the SPDR® S&P 500® ETF Trust (NYSE ARCA: SPY) (the "SPY ETF") as the reference asset ("SPY FLEX Options"). The SPY ETF is an exchange-traded fund that seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period").

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 16.61% and 16.71%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 22.52% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6478img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/30/2024)** |
| **Roundhill S&P 500 Target 20 Managed Distribution ETF NAV**  | 16.71 | 15.35 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 22.52 | 18.69 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $77180305 |
| **Number of Holdings** | 15 |
| **Net Advisory Fee** | $187044 |
| **Portfolio Turnover** | 1% |
| **30-Day SEC Yield** | -0.38% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  SPDR S&P 500 ETF Trust  | 97.8% |
|  First American Government Obligations Fund  | 2.0% |
|  State Street SPDR Portfolio S&P 500 ETF  | 0.2% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  ETFs  | 98.0% |
|  Cash & Other  | 2.0% |

---

**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/xpay/.

**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 2 TSR-AR-77926X858

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Uranium ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | UX (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill Uranium ETF for the period of January 28, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/ux/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill Uranium ETF | $76 | 0.75% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund's performance reflected changes in the price of physical uranium, in the form of Triuranium Octoxide (U308). The Fund obtained exposure through derivatives - using total return swaps referencing the spot price of uranium as the reference asset. The Fund's relative performance was primarily attributable to uranium prices, which was inline with the performance with the broader benchmark during the period.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 18.78% and 18.92%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 18.76% over the same period."

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6494img003.jpg)

Roundhill Uranium ETF PAGE 1 TSR-AR-77926X684

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(01/28/2025)** |
| **Roundhill Uranium ETF NAV**  | 18.92 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 18.76 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2678957 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $11235 |
| **Portfolio Turnover** | 35% |
| **30-Day SEC Yield** | 1.84% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

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

---

| | |
|:---|:---|
| **Security Types** | **(%)** |
|  Closed End Investment Trusts  | 20.3% |
|  Cash & Other  | 79.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Sprott Physical Uranium Trust  | 91.2% |
|  First American Government Obligations Fund  | 5.0% |
|  Yellow Cake Plc  | 1.8% |
|  United States Treasury Bill\* | 63.3% |

---

\* 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/ux/.

**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 2 TSR-AR-77926X684

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Weekly T-Bill ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | WEEK (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill Weekly T-Bill ETF for the period of March 5, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/week/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill Weekly T-Bill ETF | $16 | 0.19% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to achieve its investment objective to provide weekly distributions of current income through investments in U.S. Treasury Bills ("T-Bills") that have a maturity of between 0 and 3 months at the time of purchase. T-Bills are short-term debt obligations issued by the United States Department of the Treasury that are backed by the full faith and credit of the United States government. Under normal conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in T-Bills.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 3.40% and 3.34%, respectively. The Solactive US Aggregate Bond Index returned by 4.39% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6495img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(03/05/2025)** |
| **Roundhill Weekly T-Bill ETF NAV**  | 3.34 |
| **Solactive US Aggregate Bond Index**  | 4.39 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $141013795 |
| **Number of Holdings** | 14 |
| **Net Advisory Fee** | $159446 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

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

![image](ts6495img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 0.0% |
|  United States Treasury Bill\* | 101.4% |

---

\* 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/week/.

**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-AR-77926X676

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill AAPL WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | AAPW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill AAPL WeeklyPay ETF for the period of February 18, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/aapw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill AAPL WeeklyPay ETF | $90 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of AAPL while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 8.80% and 8.76%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 16.25% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6463img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(02/18/2025)** |
| **Roundhill AAPL WeeklyPay ETF NAV**  | 8.76 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 16.25 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $42008565 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $160555 |
| **Portfolio Turnover** | 33% |
| **30-Day SEC Yield** | 2.04% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 76.0% |
|  Common Stocks  | 9.9% |
|  Money Market Funds  | 7.6% |
|  Total Return Swaps  | 6.4% |
|  Cash & Other  | 0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Apple, Inc.  | 120.2% |
|  First American Government Obligations Fund  | 7.6% |
|  United States Treasury Bill\* | 76.0% |

---

\* 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/aapw/.

**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-AR-77926X791

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill AMD WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | AMDW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill AMD WeeklyPay ETF for the period of July 23, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/amdw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill AMD WeeklyPay ETF | $52 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of AMD while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 36.81% and 37.03%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 8.52% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6464img003.jpg)

Roundhill AMD WeeklyPay ETF PAGE 1 TSR-AR-77926X783

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(07/23/2025)** |
| **Roundhill AMD WeeklyPay ETF NAV**  | 37.03 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 8.52 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $53024166 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $157581 |
| **Portfolio Turnover** | 81% |
| **30-Day SEC Yield** | 1.83% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 63.9% |
|  Common Stocks  | 20.0% |
|  Total Return Swaps  | 8.8% |
|  Money Market Funds  | 7.3% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Advanced Micro Devices, Inc.  | 120.2% |
|  First American Government Obligations Fund  | 7.3% |
|  United States Treasury Bill\* | 63.9% |

---

\* 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/amdw/.

**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 AMD WeeklyPay ETF PAGE 2 TSR-AR-77926X783

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill AMZN WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | AMZW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill AMZN WeeklyPay ETF for the period of June 17, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/amzw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill AMZN WeeklyPay ETF | $55 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of AMZN while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 6.33% and 6.37%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 14.82% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6465img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(06/17/2025)** |
| **Roundhill AMZN WeeklyPay ETF NAV**  | 6.37 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 14.82 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $41977005 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $131218 |
| **Portfolio Turnover** | 80% |
| **30-Day SEC Yield** | 1.97% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 66.5% |
|  Common Stocks  | 20.0% |
|  Money Market Funds  | 10.3% |
|  Total Return Swaps  | 3.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Amazon.com, Inc.  | 120.2% |
|  First American Government Obligations Fund  | 10.3% |
|  United States Treasury Bill\* | 66.5% |

---

\* 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/amzw/.

**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-AR-77926X775

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill ARM WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | ARMW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill ARM WeeklyPay ETF for the period of October 22, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/armw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill ARM WeeklyPay ETF | $15 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of ARM while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had negative performance during the current fiscal period. The market price and NAV for the Fund decreased by -39.77% and -40.09%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 2.65% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6703img003.jpg)

Roundhill ARM WeeklyPay ETF PAGE 1 TSR-AR-77926X536

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/22/2025)** |
| **Roundhill ARM WeeklyPay ETF NAV**  | -40.09 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 2.65 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $21872406 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $28101 |
| **Portfolio Turnover** | 28% |
| **30-Day SEC Yield** | 2.88% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 95.7% |
|  Common Stocks  | 20.0% |
|  Money Market Funds  | 9.7% |
|  Total Return Swaps  | -21.5% |
|  Cash & Other  | -3.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  ARM Holdings PLC  | 120.2% |
|  First American Government Obligations Fund  | 9.7% |
|  United States Treasury Bill\* | 95.7% |

---

\* Held for cash and collateral management purposes.

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

**MANAGED DISTRIBUTIONS**

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/armw/.

**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 ARM WeeklyPay ETF PAGE 2 TSR-AR-77926X536

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill AVGO WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | AVGW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill AVGO WeeklyPay ETF for the period of July 23, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/avgw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill AVGO WeeklyPay ETF | $49 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of AVGO while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 23.65% and 23.73%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 8.52% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6466img003.jpg)

Roundhill AVGO WeeklyPay ETF PAGE 1 TSR-AR-77926X619

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(07/23/2025)** |
| **Roundhill AVGO WeeklyPay ETF NAV**  | 23.73 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 8.52 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $57202416 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $159426 |
| **Portfolio Turnover** | 51% |
| **30-Day SEC Yield** | 2.04% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 68.0% |
|  Common Stocks  | 20.0% |
|  Money Market Funds  | 8.9% |
|  Total Return Swaps  | 3.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Broadcom, Inc.  | 120.5% |
|  First American Government Obligations Fund  | 8.9% |
|  United States Treasury Bill\* | 68.0% |

---

\* 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/avgw/.

**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 AVGO WeeklyPay ETF PAGE 2 TSR-AR-77926X619

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill BABA WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | BABW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill BABA WeeklyPay ETF for the period of October 22, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/babw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill BABA WeeklyPay ETF | $18 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of BABA while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had negative performance during the current fiscal period. The market price and NAV for the Fund decreased by -14.49% and -14.65%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 2.65% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6704img003.jpg)

Roundhill BABA WeeklyPay ETF PAGE 1 TSR-AR-77926X510

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/22/2025)** |
| **Roundhill BABA WeeklyPay ETF NAV**  | -14.65 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 2.65 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $22634663 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $27514 |
| **Portfolio Turnover** | 18% |
| **30-Day SEC Yield** | 2.59% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 88.1% |
|  Common Stocks  | 20.1% |
|  Money Market Funds  | 3.9% |
|  Total Return Swaps  | -10.5% |
|  Cash & Other  | -1.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alibaba Group Holding Ltd.  | 121.0% |
|  First American Government Obligations Fund  | 3.8% |
|  United States Treasury Bill\* | 88.1% |

---

\* 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/babw/.

**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 BABA WeeklyPay ETF PAGE 2 TSR-AR-77926X510

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill BRKB WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | BRKW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill BRKB WeeklyPay ETF for the period of June 17, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/brkw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill BRKB WeeklyPay ETF | $54 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of BRKB while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 2.52% and 2.72%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 14.82% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6469img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(06/17/2025)** |
| **Roundhill BRKB WeeklyPay ETF NAV**  | 2.72 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 14.82 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $31730266 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $112937 |
| **Portfolio Turnover** | 22% |
| **30-Day SEC Yield** | 2.45% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 91.1% |
|  Money Market Funds  | 9.0% |
|  Common Stocks  | 2.1% |
|  Total Return Swaps  | 0.7% |
|  Cash & Other  | -2.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Berkshire Hathaway, Inc.  | 119.8% |
|  First American Government Obligations Fund  | 9.0% |
|  United States Treasury Bill\* | 91.1% |

---

\* 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/brkw/.

**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-AR-77926X627

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill COIN WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | COIW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill COIN WeeklyPay ETF for the period of February 18, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/coiw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill COIN WeeklyPay ETF | $75 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of COIN while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had negative performance during the current fiscal period. The market price and NAV for the Fund decreased by -25.32% and -25.52%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 16.25% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6481img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(02/18/2025)** |
| **Roundhill COIN WeeklyPay ETF NAV**  | -25.52 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 16.25 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $69992414 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $373826 |
| **Portfolio Turnover** | 79% |
| **30-Day SEC Yield** | 4.15% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 128.8% |
|  Common Stocks  | 12.0% |
|  Money Market Funds  | 4.2% |
|  Total Return Swaps  | -44.9% |
|  Cash & Other  | -0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Coinbase Global, Inc.  | 121.3% |
|  First American Government Obligations Fund  | 4.2% |
|  United States Treasury Bill\* | 128.8% |

---

\* 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/coiw/.

**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-AR-77926X767

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill COST WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | COSW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill COST WeeklyPay ETF for the period of October 22, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/cosw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill COST WeeklyPay ETF | $18 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of COST while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had negative performance during the current fiscal period. The market price and NAV for the Fund decreased by -10.86% and -10.81%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 2.65% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6705img003.jpg)

Roundhill COST WeeklyPay ETF PAGE 1 TSR-AR-77926X528

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/22/2025)** |
| **Roundhill COST WeeklyPay ETF NAV**  | -10.81 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 2.65 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $25936881 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $27535 |
| **Portfolio Turnover** | 10% |
| **30-Day SEC Yield** | 2.30% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 73.0% |
|  Common Stocks  | 20.1% |
|  Money Market Funds  | 10.3% |
|  Total Return Swaps  | -3.3% |
|  Cash & Other  | -0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Costco Wholesale Corp.  | 120.3% |
|  First American Government Obligations Fund  | 10.3% |
|  United States Treasury Bill\* | 73.1% |

---

\* 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/cosw/.

**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 COST WeeklyPay ETF PAGE 2 TSR-AR-77926X528

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Gold Miners WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | GDXW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill Gold Miners WeeklyPay ETF for the period of October 29, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/gdxw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill Gold Miners WeeklyPay ETF | $19 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of the VanEck Gold Miners ETF (NYSE Arca: GDX) while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 25.09% and 24.90%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 0.41% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6707img003.jpg)

Roundhill Gold Miners WeeklyPay ETF PAGE 1 TSR-AR-77926X486

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/29/2025)** |
| **Roundhill Gold Miners WeeklyPay ETF NAV**  | 24.90 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 0.41 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28950803 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $18958 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 2.34% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 74.1% |
|  Money Market Funds  | 20.2% |
|  Total Return Swaps  | 5.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  VanEck Gold Miners ETF/USA  | 121.6% |
|  First American Government Obligations Fund  | 20.2% |
|  United States Treasury Bill\* | 74.1% |

---

\* 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/gdxw/.

**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 Gold Miners WeeklyPay ETF PAGE 2 TSR-AR-77926X486

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Gold WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | GLDW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill Gold WeeklyPay ETF for the period of October 29, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/gldw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill Gold WeeklyPay ETF | $18 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of the SPDR Gold Trust (NYSE Arca: GLD) while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 10.17% and 10.13%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 0.41% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6708img003.jpg)

Roundhill Gold WeeklyPay ETF PAGE 1 TSR-AR-77926X494

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/29/2025)** |
| **Roundhill Gold WeeklyPay ETF NAV**  | 10.13 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 0.41 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $13818273 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $12467 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 2.59% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 65.0% |
|  Money Market Funds  | 31.5% |
|  Total Return Swaps  | 3.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  SPDR Gold Shares  | 121.3% |
|  First American Government Obligations Fund  | 31.5% |
|  United States Treasury Bill\* | 65.0% |

---

\* 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/gldw/.

**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 Gold WeeklyPay ETF PAGE 2 TSR-AR-77926X494

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill GOOGL WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | GOOW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill GOOGL WeeklyPay ETF for the period of July 23, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/goow/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill GOOGL WeeklyPay ETF | $61 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of GOOGL while making weekly distribution payments to shareholders. Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period").

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 77.42% and 77.59%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 8.52% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6482img003.jpg)

Roundhill GOOGL WeeklyPay ETF PAGE 1 TSR-AR-77926X759

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(07/23/2025)** |
| **Roundhill GOOGL WeeklyPay ETF NAV**  | 77.59 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 8.52 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $68019981 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $165224 |
| **Portfolio Turnover** | 16% |
| **30-Day SEC Yield** | 1.66% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 61.6% |
|  Common Stocks  | 15.8% |
|  Total Return Swaps  | 15.3% |
|  Money Market Funds  | 7.3% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet, Inc.  | 120.1% |
|  First American Government Obligations Fund  | 7.3% |
|  United States Treasury Bill\* | 61.6% |

---

\* 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/goow/.

**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 GOOGL WeeklyPay ETF PAGE 2 TSR-AR-77926X759

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill HOOD WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | HOOW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill HOOD WeeklyPay ETF for the period of June 17, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/hoow/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill HOOD WeeklyPay ETF | $67 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of HOOD while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 54.09% and 53.64%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 14.82% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6483img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(06/17/2025)** |
| **Roundhill HOOD WeeklyPay ETF NAV**  | 53.64 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 14.82 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $308853943 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $929153 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 2.99% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 100.1% |
|  Money Market Funds  | 3.4% |
|  Common Stocks  | 1.9% |
|  Total Return Swaps  | -5.3% |
|  Cash & Other  | -0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Robinhood Markets, Inc.  | 121.1% |
|  First American Government Obligations Fund  | 3.4% |
|  United States Treasury Bill\* | 100.1% |

---

\* 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/hoow/.

**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 2 TSR-AR-77926X635

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill META WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | METW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill META WeeklyPay ETF for the period of June 17, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/metw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill META WeeklyPay ETF | $51 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of META while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had negative performance during the current fiscal period. The market price and NAV for the Fund decreased by -8.35% and -8.51%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 14.82% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6486img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(06/17/2025)** |
| **Roundhill META WeeklyPay ETF NAV**  | -8.51 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 14.82 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $45768832 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $135391 |
| **Portfolio Turnover** | 65% |
| **30-Day SEC Yield** | 2.41% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 85.0% |
|  Common Stocks  | 20.0% |
|  Money Market Funds  | 3.7% |
|  Total Return Swaps  | -4.3% |
|  Cash & Other  | -4.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Meta Platforms, Inc.  | 120.1% |
|  First American Government Obligations Fund  | 3.7% |
|  United States Treasury Bill\* | 85.0% |

---

\* 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/metw/.

**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-AR-77926X742

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill MSFT WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | MSFW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill MSFT WeeklyPay ETF for the period of July 23, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/msfw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill MSFT WeeklyPay ETF | $42 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of MSFT while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had negative performance during the current fiscal period. The market price and NAV for the Fund decreased by -6.61% and -6.50%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 8.52% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6487img003.jpg)

Roundhill MSFT WeeklyPay ETF PAGE 1 TSR-AR-77926X734

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(07/23/2025)** |
| **Roundhill MSFT WeeklyPay ETF NAV**  | -6.50 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 8.52 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $30710059 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $95255 |
| **Portfolio Turnover** | 69% |
| **30-Day SEC Yield** | 2.52% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 77.9% |
|  Common Stocks  | 20.1% |
|  Money Market Funds  | 10.0% |
|  Total Return Swaps  | -6.8% |
|  Cash & Other  | -1.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 120.2% |
|  First American Government Obligations Fund  | 10.0% |
|  United States Treasury Bill\* | 77.9% |

---

\* 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/msfw/.

**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 MSFT WeeklyPay ETF PAGE 2 TSR-AR-77926X734

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill MSTR WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | MSTW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill MSTR WeeklyPay ETF for the period of July 23, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/mstw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill MSTR WeeklyPay ETF | $28 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of MSTR while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had negative performance during the current fiscal period. The market price and NAV for the Fund decreased by -70.91% and -71.20%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 8.52% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6488img003.jpg)

Roundhill MSTR WeeklyPay ETF PAGE 1 TSR-AR-77926X593

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(07/23/2025)** |
| **Roundhill MSTR WeeklyPay ETF NAV**  | -71.20 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 8.52 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $61792137 |
| **Number of Holdings** | 2 |
| **Net Advisory Fee** | $331053 |
| **Portfolio Turnover** | 553% |
| **30-Day SEC Yield** | -0.48% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 83.3% |
|  Money Market Funds  | 16.8% |
|  Cash & Other  | -0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Strategy, Inc.  | 121.1% |
|  First American Government Obligations Fund  | 16.8% |

---

**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/mstw/.

**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 MSTR WeeklyPay ETF PAGE 2 TSR-AR-77926X593

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill NFLX WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | NFLW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill NFLX WeeklyPay ETF for the period of June 17, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/nflw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill NFLX WeeklyPay ETF | $45 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of NFLX while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had negative performance during the current fiscal period. The market price and NAV for the Fund decreased by -28.93% and -28.92%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 14.82% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6489img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(06/17/2025)** |
| **Roundhill NFLX WeeklyPay ETF NAV**  | -28.92 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 14.82 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $30995206 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $105569 |
| **Portfolio Turnover** | 65% |
| **30-Day SEC Yield** | 3.00% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 99.7% |
|  Common Stocks  | 20.1% |
|  Money Market Funds  | 4.0% |
|  Total Return Swaps  | -23.7% |
|  Cash & Other  | -0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Netflix, Inc.  | 120.2% |
|  First American Government Obligations Fund  | 4.0% |
|  United States Treasury Bill\* | 99.7% |

---

\* 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/nflw/.

**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-AR-77926X643

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill NVDA WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | NVDW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill NVDA WeeklyPay ETF for the period of February 18, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/nvdw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill NVDA WeeklyPay ETF | $100 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of NVDA while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 33.37% and 33.20%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 16.25% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6490img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(02/18/2025)** |
| **Roundhill NVDA WeeklyPay ETF NAV**  | 33.20 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 16.25 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $113666430 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $428101 |
| **Portfolio Turnover** | 59% |
| **30-Day SEC Yield** | 1.89% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 72.0% |
|  Common Stocks  | 20.1% |
|  Total Return Swaps  | 6.9% |
|  Money Market Funds  | 2.3% |
|  Cash & Other  | -1.3% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 120.6% |
|  First American Government Obligations Fund  | 2.3% |
|  United States Treasury Bill\* | 72.0% |

---

\* 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/nvdw/.

**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-AR-77926X718

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill PLTR WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | PLTW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill PLTR WeeklyPay ETF for the period of February 18, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/pltw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill PLTR WeeklyPay ETF | $103 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of PLTR while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 38.85% and 38.53%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 16.25% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6491img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(02/18/2025)** |
| **Roundhill PLTR WeeklyPay ETF NAV**  | 38.53 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 16.25 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $243305947 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1014600 |
| **Portfolio Turnover** | 60% |
| **30-Day SEC Yield** | 1.64% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 66.0% |
|  Common Stocks  | 20.2% |
|  Total Return Swaps  | 12.5% |
|  Money Market Funds  | 0.3% |
|  Cash & Other  | 1.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Palantir Technologies, Inc.  | 121.6% |
|  First American Government Obligations Fund  | 0.3% |
|  United States Treasury Bill\* | 66.0% |

---

\* 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/pltw/.

**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-AR-77926X726

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Treasury Bond WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | TSYW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill Treasury Bond WeeklyPay ETF for the period of November 12, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/tsyw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill Treasury Bond WeeklyPay ETF | $13 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of the iShares 20+ Year Treasury Bond ETF (Nasdaq: TLT) while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund decreased by -3.41% and -3.56%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by -0.66% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts7013img003.jpg)

Roundhill Treasury Bond WeeklyPay ETF PAGE 1 TSR-AR-77926X395

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(11/12/2025)** |
| **Roundhill Treasury Bond WeeklyPay ETF NAV**  | -3.56 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 0.66 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4748621 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $4676 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 2.82% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 86.1% |
|  Money Market Funds  | 16.4% |
|  Total Return Swaps  | -2.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  iShares 20+ Year Treasury Bond ETF  | 120.2% |
|  First American Government Obligations Fund  | 16.4% |
|  United States Treasury Bill\* | 86.1% |

---

\* 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/tsyw/.

**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 Treasury Bond WeeklyPay ETF PAGE 2 TSR-AR-77926X395

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill TSLA WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | TSLW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill TSLA WeeklyPay ETF for the period of February 18, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/tslw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill TSLA WeeklyPay ETF | $96 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of TSLA while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 23.83% and 23.69%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 16.25% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6493img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(02/18/2025)** |
| **Roundhill TSLA WeeklyPay ETF NAV**  | 23.69 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 16.25 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $149834792 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $526215 |
| **Portfolio Turnover** | 34% |
| **30-Day SEC Yield** | 1.31% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 57.3% |
|  Common Stocks  | 26.0% |
|  Total Return Swaps  | 14.2% |
|  Money Market Funds  | 2.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Tesla, Inc.  | 121.6% |
|  First American Government Obligations Fund  | 2.5% |
|  United States Treasury Bill\* | 57.3% |

---

\* 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/tslw/.

**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-AR-77926X692

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill UBER WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | UBEW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill UBER WeeklyPay ETF for the period of October 22, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/ubew/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill UBER WeeklyPay ETF | $18 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of UBER while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had negative performance during the current fiscal period. The market price and NAV for the Fund decreased by -14.51% and -14.54%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 2.65% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6709img003.jpg)

Roundhill UBER WeeklyPay ETF PAGE 1 TSR-AR-77926X478

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/22/2025)** |
| **Roundhill UBER WeeklyPay ETF NAV**  | -14.54 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 2.65 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $24165144 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $27633 |
| **Portfolio Turnover** | 12% |
| **30-Day SEC Yield** | 2.21% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 82.5% |
|  Common Stocks  | 20.0% |
|  Money Market Funds  | 0.9% |
|  Total Return Swaps  | -3.3% |
|  Cash & Other  | -0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Uber Technologies, Inc.  | 119.9% |
|  First American Government Obligations Fund  | 0.9% |
|  United States Treasury Bill\* | 82.5% |

---

\* Held for cash and collateral management purposes.

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/ubew/.

**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 UBER WeeklyPay ETF PAGE 2 TSR-AR-77926X478

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill UNH WeeklyPay ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | UNHW (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill UNH WeeklyPay ETF for the period of December 2, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/unhw/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill UNH WeeklyPay ETF | $8 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to achieve its investment objectives by investing in total return swap agreements and common stock that in aggregate return approximately 1.2 times (120%) the calendar week total return of common shares of UNH while making weekly distribution payments to shareholders.

**PERFORMANCE**

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had positive performance during the current fiscal period. The market price and NAV for the Fund increased by 2.80% and 2.52%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 1.34% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts7014img003.jpg)

Roundhill UNH WeeklyPay ETF PAGE 1 TSR-AR-77926X544

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/02/2025)** |
| **Roundhill UNH WeeklyPay ETF NAV**  | 2.52 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 1.34 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $23461131 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $6385 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 0.00% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 72.5% |
|  Common Stocks  | 20.1% |
|  Money Market Funds  | 6.8% |
|  Total Return Swaps  | 0.7% |
|  Cash & Other  | -0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  UnitedHealth Group, Inc.  | 120.2% |
|  First American Government Obligations Fund  | 6.9% |
|  United States Treasury Bill\* | 72.5% |

---

\* 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/unhw/.

**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 UNH WeeklyPay ETF PAGE 2 TSR-AR-77926X544

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill WeeklyPay Universe ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | WPAY (Principal U.S. Listing Exchange: CBOE) | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img624589_202602042245603.jpg) |

---

This annual shareholder report contains important information about the Roundhill WeeklyPay Universe ETF for the period of September 3, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.roundhillinvestments.com/etf/wpay/. You can also request this information by contacting us at 800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Roundhill WeeklyPay Universe ETF | $9 | 0.29% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund, using a full replication approach, attempts to provide, before fees and expenses, the total return performance of the Solactive Roundhill WeeklyPay™ Universe Index. Each constituent of the Index is an ETF for which Roundhill Financial Inc. ("Roundhill" or the "Adviser") serves as the investment adviser that is part of Roundhill's "WeeklyPayTM" suite of single company ETFs.

The following information pertains to the fiscal period of January 1, 2025 through December 31, 2025 (the "current fiscal period"). Please note, the Fund was listed during the reporting period, and as such the Fund's data reflects from inception to the end of the current fiscal period.

The Fund had negative performance during the current fiscal period. The market price and NAV for the Fund decreased by -0.77% and -0.40%, respectively. The Solactive GBS Global Markets All Cap USD Index TR returned by 7.22% over the same period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6567img003.jpg)

Roundhill WeeklyPay Universe ETF PAGE 1 TSR-AR-77926X585

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/03/2025)** |
| **Roundhill WeeklyPay Universe ETF NAV**  | -0.40 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 7.22 |

---

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

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $361443459 |
| **Number of Holdings** | 21 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 42% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Exchange Traded Funds  | 99.8% |
|  Money Market Funds  | 0.1% |
|  Cash & Other  | 0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Roundhill NVDA WeeklyPay ETF  | 5.3% |
|  Roundhill UBER WeeklyPay ETF  | 5.3% |
|  Roundhill GOOGL WeeklyPay ETF  | 5.2% |
|  Roundhill BRKB WeeklyPay ETF  | 5.2% |
|  Roundhill AMZN WeeklyPay ETF  | 5.2% |
|  Roundhill AVGO WeeklyPay ETF  | 5.2% |
|  Roundhill COST WeeklyPay ETF  | 5.2% |
|  Roundhill UNH WeeklyPay ETF  | 5.1% |
|  Roundhill META WeeklyPay ETF  | 5.1% |
|  Roundhill AAPL WeeklyPay ETF  | 5.1% |

---

**MANAGED DISTRIBUTIONS**

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

**Other Material Fund Changes:**

Effective October 24, 2025, the Fund's Prospectus and Summary Prospectus was updated to reflect the Index's Rebalance Date as the third Friday of each calendar month.

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/wpay/.

**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 WeeklyPay Universe ETF PAGE 2 TSR-AR-77926X585

------

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

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

Roundhill ETF Trust (the "Registrant") has adopted a code of ethics that applies to the Registrant's principal executive officer and principal financial officer. The Registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The Registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The Registrant's Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Felix Rivera is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| (a) Audit Fees | $593250 | $132150 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $134000 | $32500 |
| (d) All Other Fees | $12150 | $8285 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Co. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 12/31/2025</u> <u>FYE 12/31/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is not a foreign issuer.

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

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The Trustees of the Board of Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940 (the "1940 Act"), comprise the Registrant's audit committee.

(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 Magnificent Seven ETF** 

**(formerly Roundhill China Dragons ETF) (MAGC)** 

**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 Meme Stock ETF (MEME)**

**Roundhill Russell 2000 0DTE Covered Call Strategy ETF** 

**(formerly Roundhill Small Cap 0DTE Covered Call Strategy ETF) (RDTE)**

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

**Roundhill S&P 500 No Dividend Target ETF (XDIV)**

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

**Roundhill Uranium ETF (UX)** 

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

Annual Financial Statements & Additional Information

December 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#soi1_a1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Roundhill Bitcoin Covered Call Strategy ETF](#soi1_a1) | [1](#soi1_a1) |
| &nbsp;&nbsp;&nbsp; [Roundhill China Magnificent Seven ETF](#soi2_a1) | [3](#soi2_a1) |
| &nbsp;&nbsp;&nbsp; [Roundhill Daily 2X Long Magnificent Seven ETF](#soi3_a1) | [6](#soi3_a1) |
| &nbsp;&nbsp;&nbsp; [Roundhill Ether Covered Call Strategy ETF](#soi4_a1) | [8](#soi4_a1) |
| &nbsp;&nbsp;&nbsp; [Roundhill GLP-1 & Weight Loss ETF](#soi5_a1) | [10](#soi5_a1) |
| &nbsp;&nbsp;&nbsp; [Roundhill Humanoid Robotics ETF](#soi6_a1) | [12](#soi6_a1) |
| &nbsp;&nbsp;&nbsp; [Roundhill Innovation-100 0DTE Covered Call Strategy ETF](#soi7_a1) | [14](#soi7_a1) |
| &nbsp;&nbsp;&nbsp; [Roundhill Magnificent Seven Covered Call ETF](#soi8_a1) | [16](#soi8_a1) |
| &nbsp;&nbsp;&nbsp; [Roundhill Meme Stock ETF](#soi9_a1) | [18](#soi9_a1) |
| &nbsp;&nbsp;&nbsp; [Roundhill Russell 2000 0DTE Covered Call Strategy ETF](#soi10_a1) | [20](#soi10_a1) |
| &nbsp;&nbsp;&nbsp; [Roundhill S&P 500 0DTE Covered Call Strategy ETF](#soi11_a1) | [22](#soi11_a1) |
| &nbsp;&nbsp;&nbsp; [Roundhill S&P 500 No Dividend Target ETF](#soi12_a1) | [24](#soi12_a1) |
| &nbsp;&nbsp;&nbsp; [Roundhill S&P 500 Target 20 Managed Distribution ETF](#soi13_a1) | [25](#soi13_a1) |
| &nbsp;&nbsp;&nbsp; [Roundhill Uranium ETF](#soi14_a1) | [27](#soi14_a1) |
| &nbsp;&nbsp;&nbsp; [Roundhill Weekly T-Bill ETF](#soi15_a1) | [29](#soi15_a1) |
| [Statements of Assets and Liabilities](#sal_a1) | [31](#sal_a1) |
| [Statements of Operations](#sop_a1) | [34](#sop_a1) |
| [Statements of Changes in Net Assets](#scna_a1) | [37](#scna_a1) |
| [Financial Highlights](#fihi_a1) | [44](#fihi_a1) |
| [Notes to Financial Statements](#notes_a1) | [59](#notes_a1) |
| [Report of Independent Registered Public Accounting Firm](#report_a1) | [76](#report_a1) |
| [Board Consideration and Approval of Continuation of Advisory Agreement (Unaudited)](#board_a1) | [78](#board_a1) |
| [Additional Information](#addinf_a1) | [92](#addinf_a1) |

---

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL BITCOIN COVERED CALL STRATEGY ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 3.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 3.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 3.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 3.6%<sup>(a)</sup>** |
| **Call Options - 3.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Bitcoin Trust ETF, Expiration: 01/16/2026; <br>Exercise Price: $49.72<sup>(b)(c)</sup> | $223663320 | 45048 | $7768077  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $12,050,975)** |  |  | 7768077  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| **U.S. TREASURY BILLS - 104.4%** | **U.S. TREASURY BILLS - 104.4%** | **U.S. TREASURY BILLS - 104.4%** | **U.S. TREASURY BILLS - 104.4%** |
| 3.81%, 01/27/2026<sup>(d)</sup> |  | $224000000 | 223387186  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $223,387,186)** |  |  | 223387186  |
|  |  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.1%**<br>|  |  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(e)</sup> |  | 143176 | 143176  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $143,176)** |  |  | 143176  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.1%**<br>**(Cost $235,581,337)** |  |  | $231298439  |
|  Liabilities in Excess of Other Assets - (8.1)% |  |  | (17333092)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $213965347 |

---

Par amount is in USD unless otherwise indicated.

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 is the annualized yield as of December 31, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL BITCOIN COVERED CALL STRATEGY ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.6)%**<br>|  |  |  |
| **Call Options - (0.2)%**<br>|  |  |  |
|  iShares Bitcoin Trust ETF, Expiration: 01/02/2026; Exercise Price: $51.30<sup>(a)(b)</sup> | $(223663320) | (45048) | $(390116)  |
| **Put Options - (3.4)%**<br>|  |  |  |
|  iShares Bitcoin Trust ETF, Expiration: 01/16/2026; Exercise Price: $49.72<sup>(a)(b)</sup> | (223663320) | (45048) | (7318047)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $11,576,066)** |  |  | $(7708163) |

---

Percentages are stated as a percent of net assets.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $7768077 | $— | $7768077  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 223387186 |  | 223387186  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 143176 |  |  | 143176  |
| **Total Investments** | $143176 | $231155263 | $— | $231298439  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(7708163) | $— | $(7708163)  |
| **Total Investments** | $— | $(7708163) | $— | $(7708163) |

---

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 CHINA MAGNIFICENT SEVEN ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 26.4%**<br>|  |  |
| **Auto Manufacturers - 2.5%**<br>|  |  |
| BYD Co. Ltd. - ADR | 39954 | $483843  |
| **Internet - 15.8%**<br>|  |  |
| Alibaba Group Holding Ltd. - ADR | 4984 | 730555  |
| Meituan - ADR<sup>(a)</sup> | 15827 | 417674  |
| PDD Holdings, Inc. - ADR<sup>(a)(b)</sup> | 11361 | 1288224  |
| Tencent Holdings Ltd. - ADR | 7943 | 608037  |
|  |  | 3044490  |
| **Software - 3.2%**<br>|  |  |
| NetEase, Inc. - ADR<sup>(b)</sup> | 4453 | 612822  |
| **Telecommunications - 4.9%**<br>|  |  |
| Xiaomi Corp. - ADR<sup>(a)</sup> | 36900 | 929511  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,621,375)** |  | 5070666  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 51.9%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(c)(d)</sup> | $10000000 | 9972642  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $9,972,642)** |  | 9972642  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 19.7%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(e)</sup> | 3789326 | 3789326  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $3,789,326)** |  | 3789326  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.0%** |  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(e)</sup> | 1545499 | 1545499  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $1,545,499)** |  | 1545499  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.0%**<br>**(Cost $20,928,842)** |  | $20378133  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (6.0)% |  | (1145468)  |
| **TOTAL NET ASSETS - 100.0%** |  | $19232665 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

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

<sup>(b)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $1,495,489.

<sup>(c)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(d)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $2,992,650.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL CHINA MAGNIFICENT SEVEN ETF** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive Reference Entity** | **Financing** <br>**Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value/ Unrealized Appreciation (Depreciation)**  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding <br>Ltd. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.50% | Termination | 12/08/2026 | $2021338 | &nbsp;&nbsp;&nbsp;&nbsp; $333651  |
| BYD Co. Ltd. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.50% | Termination | 12/08/2026 | 2255148 | &nbsp;&nbsp;&nbsp;&nbsp; (112784)  |
| Meituan | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.50% | Termination | 12/08/2026 | 2322030 | &nbsp;&nbsp;&nbsp;&nbsp; (12577)  |
| NetEase, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.50% | Termination | 12/08/2026 | 2123201 | &nbsp;&nbsp;&nbsp;&nbsp; (63154)  |
| PDD Holdings, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.50% | Termination | 12/08/2026 | 1452072 | &nbsp;&nbsp;&nbsp;&nbsp; (179715)  |
| Tencent Holdings Ltd. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.50% | Termination | 12/08/2026 | 2130004 | &nbsp;&nbsp;&nbsp;&nbsp; 287960  |
| Xiaomi Corp. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.50% | Termination | 12/08/2026 | 1812295 | &nbsp;&nbsp;&nbsp;&nbsp; 343911  |
| **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; $597292 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.88% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $5070666 | $— | $— | $5070666  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 9972642 |  | 9972642  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3789326 |  |  | 3789326  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from <br>Securities Lending<sup>(a)</sup> |  |  |  | 1545499  |
| **Total Investments** | $8859992 | $9972642 | $— | $20378133  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $965522 | $— | $965522  |
| **Total Other Financial Instruments** | $— | $965522 | $— | $965522  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $(368230) | $— | $(368230)  |
| **Total Other Financial Instruments** | $— | $(368230) | $— | $(368230) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025.

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 $1,545,499 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL CHINA MAGNIFICENT SEVEN ETF** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**December 31, 2025** 

**Allocation of Portfolio Holdings by Country as of December 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| China | $3051887 | 15.9%  |
| Ireland | 1288224 | 6.7  |
| Hong Kong | 730555 | 3.8  |
| United States | 15307467 | 79.6  |
| Liabilities in Excess of Other Assets | (1145468) | (6.0)  |
|  | $19232665 | 100.0% |

---

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

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

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 25.0%** | **EXCHANGE TRADED FUNDS - 25.0%** | **EXCHANGE TRADED FUNDS - 25.0%** |
| Roundhill Magnificent Seven ETF<sup>(a)(b)</sup> | 279823 | $18457125  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $12,609,388)** |  | 18457125  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 47.4%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(c)(d)</sup> | $35000000 | 34904248  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $34,904,248)** |  | 34904248  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 3.1%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(e)</sup> | 2285998 | 2285998  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,285,998)** |  | 2285998  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.0%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(e)</sup> | 1443075 | 1443075  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $1,443,075)** |  | 1443075  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 77.5%**<br>**(Cost $51,242,709)** |  | $57090446  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 22.5% |  | 16540131  |
| **TOTAL NET ASSETS - 100.0%** |  | $73630577 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $1,404,948.

<sup>(b)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(c)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(d)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $25,637,035, which included $15,661,535 with Goldman Sachs and $9,975,500 with Nomura Securities International, Inc.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

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

**Schedule of Total Return Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/ Receive Reference Entity** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value/ Unrealized Appreciation (Depreciation)**  |
|  Roundhill Magnificent Seven ETF\* | Goldman Sachs | Receive | OBFR + 1.20% | Termination | &nbsp;&nbsp; 01/12/2026 | $69559833 | &nbsp;&nbsp; $3238371  |
|  Roundhill Magnificent Seven ETF\* | Nomura Securities International, Inc. | Receive | OBFR + 1.50% | Termination | &nbsp;&nbsp; 05/26/2026 | 592053662 | &nbsp;&nbsp; 14787646  |
| **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; $18026017 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.88% as of December 31, 2025.

<sup>\*</sup> Swap on affiliated security (Note 2).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $18457125 | $— | $— | $18457125  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 34904248 |  | 34904248  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2285998 |  |  | 2285998  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 1443075  |
| **Total Investments** | $20743123 | $34904248 | $— | $57090446  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $18026017 | $— | $18026017  |
| **Total Other Financial Instruments** | $— | $18026017 | $— | $18026017 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025.

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 $1,443,075 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

**Transactions with Affiliates** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value as of** <br>**December 31,** <br>**2024** | **Additions** | **Reductions** | **Realized** <br>**Gain (Loss)** | **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value as of** <br>**December 31,** <br>**2025** | **Shares as of** <br>**December 31,** <br>**2025** | **Dividend/**<br>**Interest** <br>**Income** | **Capital Gain** <br>**Distributions** <br>**from** <br>**Underlying** <br>**Funds**  |
| &nbsp;&nbsp;&nbsp; Roundhill <br>Magnificent <br>Seven <br>ETF | &nbsp;&nbsp; $— | $53493598 | $(56451165) | $15566955 | &nbsp;&nbsp; $5847737 | $18457125 | &nbsp;&nbsp;&nbsp; 279823 | $273157 | &nbsp;&nbsp; $—  |
|  | &nbsp;&nbsp; $— | $53493598 | $(56451165) | $15566955 | &nbsp;&nbsp; $5847737 | $18457125 | &nbsp;&nbsp;&nbsp; 279823 | $273157 | &nbsp;&nbsp; $— |

---

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL ETHER COVERED CALL STRATEGY ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 4.8%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 4.8%<sup>(b)(c)</sup>**<br>|  |  |  |
|  iShares Ethereum Trust ETF, Expiration: 01/16/2026; Exercise Price: $22.00 | $28037500 | 12500 | $1631250  |
| &nbsp;&nbsp;&nbsp; Proshares Ether ETF, Expiration: 01/15/2026; Exercise <br>Price: $37.20 | 80891400 | 21745 | 3631415  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $5,102,971)** |  |  | 5262665  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 99.1%** | **U.S. TREASURY BILLS - 99.1%** | **U.S. TREASURY BILLS - 99.1%** | **U.S. TREASURY BILLS - 99.1%** |
| 3.81%, 01/27/2026<sup>(d)(e)</sup> |  | $108000000 | 107704767  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $107,704,767)** |  |  | 107704767  |
|  |  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.7%** | **MONEY MARKET FUNDS - 0.7%** | **MONEY MARKET FUNDS - 0.7%** | **MONEY MARKET FUNDS - 0.7%** |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(f)</sup> |  | 771112 | 771112  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $771,112)** |  |  | 771112  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.6%**<br>**(Cost $113,578,850)** |  |  | $113738544  |
|  Liabilities in Excess of Other Assets - (4.6)% |  |  | (4992186)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $108746358 |

---

Par amount is in USD unless otherwise indicated.

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 is the annualized yield as of December 31, 2025.

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

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

8<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL ETHER COVERED CALL STRATEGY ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.6)%<sup>(a)(b)</sup>**<br>|  |  |  |
| **Call Options - (0.4)%**<br>|  |  |  |
|  iShares Ethereum Trust ETF, Expiration: 01/02/2026; Exercise Price: $23.00 | $(28037500) | (12500) | $(125000)  |
| Proshares Ether ETF, Expiration: 01/02/2026; Exercise Price: $38.51 | (80891400) | (21745) | (282685)  |
| **Total Call Options** |  |  | (407685)  |
| **Put Options - (4.2)%**<br>|  |  |  |
|  iShares Ethereum Trust ETF, Expiration: 01/16/2026; Exercise Price: $22.00 | (28037500) | (12500) | (1025000)  |
| Proshares Ether ETF, Expiration: 01/15/2026; Exercise Price: $37.20 | (80891400) | (21745) | (3566180)  |
| **Total Put Options** |  |  | (4591180)  |
| **TOTAL WRITTEN OPTIONS (Premiums received $13,448,969)** |  |  | $(4998865) |

---

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 | $— | $5262665 | $— | $5262665  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 107704767 |  | 107704767  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 771112 |  |  | 771112  |
| **Total Investments** | $771112 | $112967432 | $— | $113738544  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4998865) | $— | $(4998865)  |
| **Total Investments** | $— | $(4998865) | $— | $(4998865) |

---

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

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

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

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%**<br>|  |  |
| **Biotechnology - 27.2%<sup>(a)</sup>**<br>|  |  |
| Amgen, Inc. | 4855 | $1589090  |
| Biohaven Ltd.<sup>(b)(c)</sup> | 69585 | 785615  |
| Gilead Sciences, Inc. | 6839 | 839419  |
| Gubra AS | 14172 | 1153219  |
| Innovent Biologics, Inc.<sup>(b)(d)</sup> | 142500 | 1395982  |
| Regeneron Pharmaceuticals, Inc. | 1630 | 1258148  |
| Scholar Rock Holding Corp.<sup>(b)(c)</sup> | 19451 | 856816  |
| Structure Therapeutics, Inc. - ADR<sup>(b)</sup> | 25981 | 1806978  |
| Viking Therapeutics, Inc.<sup>(b)(c)</sup> | 55565 | 1954777  |
| WaVe Life Sciences Ltd.<sup>(b)</sup> | 25615 | 435455  |
|  |  | 12075499  |
| **Pharmaceuticals - 72.5%<sup>(a)</sup>**<br>|  |  |
| Ascletis Pharma, Inc.<sup>(b)(d)</sup> | 1026000 | 1501399  |
| AstraZeneca PLC - ADR | 15423 | 1417836  |
| Chugai Pharmaceutical Co. Ltd. | 33400 | 1756459  |
| CSPC Pharmaceutical Group Ltd. | 790000 | 855618  |
| Eli Lilly & Co. | 6607 | 7100411  |
| Hanmi Pharm Co. Ltd. | 4841 | 1518956  |
| Novo Nordisk AS - ADR | 171668 | 8734468  |
| Pfizer, Inc. | 71190 | 1772631  |
| Rhythm Pharmaceuticals, Inc.<sup>(b)</sup> | 6080 | 650803  |
| Roche Holding AG | 4484 | 1857556  |
| &nbsp;&nbsp;&nbsp; Shanghai Fosun Pharmaceutical Group <br>Co. Ltd. - Class H | 565000 | 1419124  |
| Shionogi & Co. Ltd. | 34200 | 619874  |
| &nbsp;&nbsp;&nbsp; United Laboratories International <br>Holdings Ltd. | 606000 | 902363  |
| Zealand Pharma AS<sup>(b)</sup> | 27496 | 2016500  |
|  |  | 32123998  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost$42,748,254)** |  | 44199497 |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 5.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Mount Vernon Liquid Assets Portfolio, <br>LLC, 3.86%<sup>(e)</sup> | 2222059 | 2222059  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost$2,222,059)** |  | 2222059  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.7%**<br>**(Cost $44,970,313)** |  | $46421556  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (4.7)% |  | (2092529)  |
| **TOTAL NET ASSETS - 100.0%** |  | $44329027 |

---

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 industries or sectors 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 December 31, 2025. The fair value of these securities was $2,148,605.

<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 December 31, 2025, the value of these securities total $2,897,381 or 6.5% of the Fund's net assets.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

10<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

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

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $44199497 | $— | $— | $44199497  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 2222059  |
| **Total Investments** | $44199497 | $— | $— | $46421556 |

---

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 $2,222,059 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 December 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| United States | $20836747 | 47.0%  |
| Denmark | 11904187 | 26.9  |
| China | 5172123 | 11.6  |
| Japan | 2376333 | 5.4  |
| Switzerland | 1857556 | 4.2  |
| South Korea | 1518956 | 3.4  |
| United Kingdom | 1417836 | 3.2  |
| Hong Kong | 902363 | 2.0  |
| Singapore | 435455 | 1.0  |
| Liabilities in Excess of Other Assets | (2092529) | (4.7)  |
|  | $44329027 | 100.0% |

---

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL HUMANOID ROBOTICS ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%**<br>|  |  |
| **Aerospace/Defense - 1.7%**<br>|  |  |
| Kawasaki Heavy Industries Ltd. | 8500 | $562889  |
| **Auto Manufacturers - 18.1%**<br>|  |  |
| Hyundai Motor Co. | 5029 | 1035089  |
| Tesla, Inc.<sup>(a)</sup> | 7211 | 3242931  |
| XPeng, Inc. - ADR<sup>(a)(b)</sup> | 89196 | 1808895  |
|  |  | 6086915  |
| **Auto Parts & Equipment - 4.0%**<br>|  |  |
| Mobileye Global, Inc. - Class A<sup>(a)</sup> | 45979 | 480021  |
| Schaeffler AG | 88020 | 864218  |
|  |  | 1344239  |
| **Electrical Components & Equipment - 2.8%** |  |  |
| ABB Ltd. | 12586 | 939021  |
| **Electronics - 3.9%**<br>|  |  |
| Hesai Group - ADR<sup>(a)(b)</sup> | 28905 | 647472  |
| RoboSense Technology Co. Ltd.<sup>(a)</sup> | 145000 | 681827  |
|  |  | 1329299  |
| **Internet - 5.7%**<br>|  |  |
| Alphabet, Inc. - Class A | 2211 | 692043  |
| Amazon.com, Inc.<sup>(a)</sup> | 3852 | 889119  |
| Meta Platforms, Inc. - Class A | 529 | 349187  |
|  |  | 1930349  |
| **Machinery-Diversified - 43.0%<sup>(c)</sup>**<br>|  |  |
| Doosan Robotics, Inc.<sup>(a)</sup> | 16784 | 908786  |
| FANUC Corp. | 17900 | 694782  |
| Harmonic Drive Systems, Inc. | 58100 | 1401116  |
| Hexagon AB - Class B | 78546 | 932962  |
| Keyence Corp. | 1500 | 542410  |
| &nbsp;&nbsp;&nbsp; Leader Harmonious Drive Systems Co. <br>Ltd. - Class A | 51375 | 1412268  |
| Nabtesco Corp. | 37700 | 901462  |
| Rainbow Robotics<sup>(a)</sup> | 5235 | 1709811  |
| Rockwell Automation, Inc. | 671 | 261066  |
| Shenzhen Dobot Corp. Ltd. - Class H<sup>(a)</sup> | 282800 | 1376304  |
| THK Co. Ltd. | 10600 | 270976  |
| UBTech Robotics Corp. Ltd. - Class H<sup>(a)</sup> | 208250 | 3379196  |
| Yaskawa Electric Corp. | 22000 | 667530  |
|  |  | 14458669  |
| **Metal Fabricate/Hardware - 2.4%**<br>|  |  |
| RBC Bearings, Inc.<sup>(a)</sup> | 597 | 267713  |
| SKF AB - Class B | 10259 | 273535  |
| Timken Co.<sup>(b)</sup> | 3251 | 273506  |
|  |  | 814754  |
| **Miscellaneous Manufacturing - 1.7%**<br>|  |  |
| Hiwin Technologies Corp. | 90290 | 557479  |
| **Semiconductors - 13.5%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 2541 | 544180  |
| NVIDIA Corp. | 8020 | 1495730  |
| Ouster, Inc.<sup>(a)</sup> | 23503 | 508605  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| QUALCOMM, Inc. | 4955 | $847553  |
| Teradyne, Inc. | 5882 | 1138520  |
|  |  | 4534588  |
| **Software - 0.7%**<br>|  |  |
|  Cambricon Technologies Corp. Ltd. - Class A<sup>(a)</sup> | 1256 | 243637  |
| **Telecommunications - 2.3%**<br>|  |  |
| Xiaomi Corp. - Class B<sup>(a)(d)</sup> | 153400 | 774538  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $31,782,868)** |  | 33576377  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Mount Vernon Liquid Assets Portfolio, <br>LLC, 3.86%<sup>(e)</sup> | 2327542 | 2327542  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $2,327,542)** |  | 2327542  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.7%**<br>**(Cost $34,110,410)** |  | $35903919  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (6.7)% |  | (2250170)  |
| **TOTAL NET ASSETS - 100.0%** |  | $33653749 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

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

<sup>(b)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $2,180,255.

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

<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 December 31, 2025, the value of these securities total $774,538 or 2.3% of the Fund's net assets.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

12<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL HUMANOID ROBOTICS ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $33576377 | $— | $— | $33576377  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 2327542  |
| **Total Investments** | $33576377 | $— | $— | $35903919 |

---

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 $2,327,542 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

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

13<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

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

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **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%**<br>|  |  |  |
|  Nasdaq 100 Stock Index<sup>(b)(c)</sup><br>|  |  |  |
|  Expiration: 03/20/2026; Exercise Price: $1,947.25 | $93424445 | 37 | $86135815  |
|  Expiration: 06/18/2026; Exercise Price: $2,177.00 | 232298620 | 92 | 212177673  |
|  Expiration: 09/18/2026; Exercise Price: $2,250.00 | 179273935 | 71 | 163213439  |
|  Expiration: 12/18/2026; Exercise Price: $2,450.10 | 224723665 | 89 | 202668361  |
|  Expiration: 03/19/2027; Exercise Price: $2,510.15 | 189373875 | 75 | 170386390  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $756,723,452)** |  |  | 834581678  |
|  |  | **Shares** |  |
| **EXCHANGE TRADED FUNDS - 5.2%** | **EXCHANGE TRADED FUNDS - 5.2%** | **EXCHANGE TRADED FUNDS - 5.2%** | **EXCHANGE TRADED FUNDS - 5.2%** |
|  Roundhill Weekly T-Bill ETF<sup>(d)</sup> |  | 479558 | 47989369  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $47,974,983)** |  |  | 47989369  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 4.3%** | **MONEY MARKET FUNDS - 4.3%** | **MONEY MARKET FUNDS - 4.3%** | **MONEY MARKET FUNDS - 4.3%** |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(e)</sup> |  | 39814835 | 39814835  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $39,814,835)** |  |  | 39814835  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.4%** <br>**(Cost $844,513,270)** |  |  | $922385882  |
|  Liabilities in Excess of Other Assets - (0.4)% |  |  | (4069948)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $918315934 |

---

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> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

14<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

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

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $834581678 | $— | $834581678  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 47989369 |  |  | 47989369  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 39814835 |  |  | 39814835  |
| **Total Investments** | $87804204 | $834581678 | $— | $922385882 |

---

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

**Transactions with Affiliates** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value as of** <br>**December 31,** <br>**2024** | **Additions** | **Reductions** | **Realized** <br>**Gain (Loss)** | **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value as of** <br>**December 31,** <br>**2025** | **Shares as of** <br>**December 31,** <br>**2025** | **Dividend/** <br>**Interest** <br>**Income** | **Capital Gain** <br>**Distributions** <br>**from** <br>**Underlying** <br>**Funds**  |
|  Roundhill Weekly T-Bill ETF | $— | $47974982 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $14387 | $47989369 | &nbsp;&nbsp;&nbsp; 479558 | $1272382 | $—  |
|  | $–— | $47974982 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $14387 | $47989369 | &nbsp;&nbsp;&nbsp; 479558 | $1272382 | $— |

---

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

15<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL MAGNIFICENT SEVEN COVERED CALL ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 97.6%** | **EXCHANGE TRADED FUNDS - 97.6%** |  |
| Roundhill Magnificent Seven ETF<sup>(a)(b)(c)</sup> | 3420800 | $225635968  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $214,283,280)** |  | 225635968  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 2.4%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> | 5653222 | 5653222  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $5,653,222)** |  | 5653222  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $219,936,502)** |  | $231289190  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(e)</sup> |  | 47269  |
| **TOTAL NET ASSETS - 100.0%** |  | $231336459 |

---

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> Affiliated security as defined by the Investment Company Act of 1940.

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

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

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

16<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL MAGNIFICENT SEVEN COVERED CALL ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
| Roundhill Magnificent Seven ETF<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/02/2026; Exercise Price: $66.46 | $(5144880) | (780) | $(780)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/02/2026; Exercise Price: $67.15 | (3601416) | (546) | (2129)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/02/2026; Exercise Price: $67.91 | (216889672) | (32882) | (30580)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,532,403)** |  |  | $(33489) |

---

Percentages are stated as a percent of net assets.

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

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

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

<sup>(d)</sup> Option on affiliated security.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $225635968 | $— | $— | $225635968  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 5653222 |  |  | 5653222  |
| **Total Investments** | $231289190 | $— | $— | $231289190  |
| **Liabilities:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(33489) | $— | $(33489)  |
| **Total Investments** | $— | $(33489) | $— | $(33489) |

---

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

**Transactions with Affiliates** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value as of** <br>**April 22,** <br>**2025<sup>(a)</sup>** | **Additions** | **Reductions** | **Realized** <br>**Gain (Loss)** | **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value as of** <br>**December 31,** <br>**2025** | **Shares as of** <br>**December 31,** <br>**2025** | **Income** | **Capital Gain** <br>**Distributions** <br>**from** <br>**Underlying** <br>**Funds**  |
|  Roundhill Magnificent Seven ETF | $— | $264446119 | $(51305413) | $1142574 | &nbsp;&nbsp; $11352688 | $225635968 | &nbsp;&nbsp; 3420800 | $3263171 | $— |

---

<sup>(a)</sup> Inception date of Fund.

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

17<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL MEME STOCK ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.6%**<br>|  |  |
| **Aerospace/Defense - 5.0%**<br>|  |  |
| Rocket Lab Corp.<sup>(a)</sup> | 13433 | $937086  |
| **Computers - 19.2%**<br>|  |  |
| D-Wave Quantum, Inc.<sup>(a)</sup> | 30399 | 794934  |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 2472 | 911154  |
| Rigetti Computing, Inc.<sup>(a)</sup> | 45417 | 1005987  |
| Sandisk Corp.<sup>(a)</sup> | 3815 | 905605  |
|  |  | 3617680  |
| **Diversified Financial Services - 6.4%**<br>|  |  |
| BitMine Immersion Technologies, Inc. | 25287 | 686542  |
| Circle Internet Group, Inc.<sup>(a)</sup> | 6666 | 528614  |
|  |  | 1215156  |
| **Electric - 4.9%**<br>|  |  |
| Oklo, Inc.<sup>(a)</sup> | 12834 | 920968  |
| **Investment Companies - 3.6%**<br>|  |  |
| IREN Ltd.<sup>(a)</sup> | 18212 | 687867  |
| **Machinery-Construction & Mining - 5.5%** | **Machinery-Construction & Mining - 5.5%** |  |
| Bloom Energy Corp. - Class A<sup>(a)</sup> | 11898 | 1033817  |
| **Mining - 7.3%**<br>|  |  |
| Hecla Mining Co. | 41982 | 805635  |
| Hycroft Mining Holding Corp.<sup>(a)</sup> | 24077 | 572310  |
|  |  | 1377945  |
| **Semiconductors - 4.5%**<br>|  |  |
| Astera Labs, Inc.<sup>(a)</sup> | 5126 | 852761  |
| **Software - 20.1%**<br>|  |  |
| BigBear.ai Holdings, Inc.<sup>(a)(b)</sup> | 165970 | 896238  |
| CoreWeave, Inc. - Class A<sup>(a)</sup> | 12269 | 878583  |
| IonQ, Inc.<sup>(a)</sup> | 19459 | 873125  |
| Nebius Group NV - Class A<sup>(a)</sup> | 7534 | 630634  |
| Strategy, Inc.<sup>(a)</sup> | 3464 | 526355  |
|  |  | 3804935  |
| **Telecommunications - 23.1%**<br>|  |  |
| Applied Digital Corp.<sup>(a)</sup> | 68647 | 1683224  |
| AST SpaceMobile, Inc.<sup>(a)</sup> | 25013 | 1816694  |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 6002 | 863628  |
|  |  | 4363546  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $20,178,414)** |  | 18811761 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING-3.9%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(c)</sup> | 730319 | $730319  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $730,319)** |  | 730319  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.4%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 79380 | 79380  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $79,380)** |  | 79380  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.9%**<br>**(Cost $20,988,113)** |  | $19621460  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.9)% |  | (738703)  |
| **TOTAL NET ASSETS - 100.0%** |  | $18882757 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

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

<sup>(b)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $685,865.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

18<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL MEME STOCK ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $18811761 | $— | $— | $18811761  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 730319  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 79380 |  |  | 79380  |
| **Total Investments** | $18891141 | $— | $— | $19621460 |

---

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 $730,319 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

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

19<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

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

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 89.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 89.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 89.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 89.3%<sup>(a)</sup>** |
| **Call Options - 89.3%**<br>|  |  |  |
| Russell 2000 Index<sup>(b)(c)</sup><br>|  |  |  |
|  Expiration: 03/20/2026; Exercise Price: $188.51 | $4467433 | 18 | $4115538  |
|  Expiration: 09/18/2026; Exercise Price: $225.17 | 13898679 | 56 | 12556274  |
|  Expiration: 12/18/2026; Exercise Price: $246.20 | 86370364 | 348 | 77119615  |
|  Expiration: 03/19/2027; Exercise Price: $252.30 | 56835670 | 229 | 50532015  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $142,448,502)** |  |  | 144323442  |
|  |  | **Shares** |  |
| **EXCHANGE TRADED FUNDS - 7.4%** | **EXCHANGE TRADED FUNDS - 7.4%** | **EXCHANGE TRADED FUNDS - 7.4%** | **EXCHANGE TRADED FUNDS - 7.4%** |
|  Roundhill Weekly T-Bill ETF<sup>(d)</sup> |  | 118679 | 11876208  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $11,872,647)** |  |  | 11876208  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| **MONEY MARKET FUNDS - 3.5%** | **MONEY MARKET FUNDS - 3.5%** | **MONEY MARKET FUNDS - 3.5%** | **MONEY MARKET FUNDS - 3.5%** |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(e)</sup> |  | 5735743 | 5735743  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $5,735,743)** |  |  | 5735743  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%**<br>**(Cost $160,056,892)** |  |  | $161935393  |
|  Liabilities in Excess of Other Assets - (0.2)% |  |  | (336148)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $161599245 |

---

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> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

20<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

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

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $144323442 | $— | $144323442  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 11876208 |  |  | 11876208  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 5735743 |  |  | 5735743  |
| **Total Investments** | $17611951 | $144323442 | $— | $161935393 |

---

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

**Transactions with Affiliates** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value as of** <br>**December 31,** <br>**2024** | **Additions** | **Reductions** | **Realized** <br>**Gain (Loss)** | **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value as of** <br>**December 31,** <br>**2025** | **Shares as of** <br>**December 31,** <br>**2025** | **Dividend/** <br>**Interest** <br>**Income** | **Capital Gain** <br>**Distributions** <br>**from** <br>**Underlying** <br>**Funds**  |
|  Roundhill Weekly T-Bill ETF | &nbsp;&nbsp; $— | $11872647 | &nbsp;&nbsp; $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $3561 | $11876208 | &nbsp;&nbsp;&nbsp; 118679 | $314884 | &nbsp;&nbsp;&nbsp; $—  |
|  | &nbsp;&nbsp; $— | $11872647 | &nbsp;&nbsp; $— | $—  | &nbsp;&nbsp;&nbsp;&nbsp; $3561 | $11876208 | &nbsp;&nbsp;&nbsp; 118679 | $314884 | &nbsp;&nbsp;&nbsp; $— |

---

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

21<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

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

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 89.7%<sup>(a)</sup>** | **PURCHASED OPTIONS - 89.7%<sup>(a)</sup>** | **PURCHASED OPTIONS - 89.7%<sup>(a)</sup>** | **PURCHASED OPTIONS - 89.7%<sup>(a)</sup>** |
| **Call Options - 89.7%**<br>|  |  |  |
| S&P 500 Index<sup>(b)(c)</sup><br>|  |  |  |
|  Expiration: 06/18/2026; Exercise Price: $600.00 | $10268250 | 15 | $9329850  |
|  Expiration: 09/18/2026; Exercise Price: $637.00 | 13006450 | 19 | 11740227  |
|  Expiration: 12/18/2026; Exercise Price: $663.60 | 138279100 | 202 | 124082043  |
|  Expiration: 03/19/2027; Exercise Price: $678.80 | 213579600 | 312 | 190948430  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $328,618,692)** |  |  | 336100550  |
|  |  | **Shares** |  |
| **EXCHANGE TRADED FUNDS - 7.1%** | **EXCHANGE TRADED FUNDS - 7.1%** | **EXCHANGE TRADED FUNDS - 7.1%** | **EXCHANGE TRADED FUNDS - 7.1%** |
|  Roundhill Weekly T-Bill ETF<sup>(d)</sup> |  | 264576 | 26476121  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $26,468,183)** |  |  | 26476121  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| **MONEY MARKET FUNDS - 0.5%** | **MONEY MARKET FUNDS - 0.5%** | **MONEY MARKET FUNDS - 0.5%** | **MONEY MARKET FUNDS - 0.5%** |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(e)</sup> |  | 2060687 | 2060687  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,060,687)** |  |  | 2060687  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.3%** <br>**(Cost $357,147,562)** |  |  | $364637358  |
|  Other Assets in Excess of Liabilities - 2.7% |  |  | 10052618  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $374689976 |

---

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> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

22<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

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

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $336100550 | $— | $336100550  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 26476121 |  |  | 26476121  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2060687 |  |  | 2060687  |
| **Total Investments** | $28536808 | $336100550 | $— | $364637358 |

---

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

**Transactions with Affiliates** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value as of** <br>**December 31,** <br>**2024** | **Additions** | **Reductions** | **Realized** <br>**Gain (Loss)** | **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value as of** <br>**December 31,** <br>**2025** | **Shares as of** <br>**December 31,** <br>**2025** | **Dividend/** <br>**Interest** <br>**Income** | **Capital Gain** <br>**Distributions** <br>**from** <br>**Underlying** <br>**Funds**  |
|  Roundhill Weekly T-Bill ETF | &nbsp;&nbsp; $— | $26468183 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7938 | $26476121 | &nbsp;&nbsp;&nbsp; 264576 | $701984 | &nbsp;&nbsp;&nbsp; $—  |
|  | &nbsp;&nbsp; $— | $26468183 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7938 | $26476121 | &nbsp;&nbsp;&nbsp; 264576 | $701984 | &nbsp;&nbsp;&nbsp; $— |

---

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

23<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill S&P 500 No Dividend Target ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 99.9%** | **EXCHANGE TRADED FUNDS - 99.9%** | **EXCHANGE TRADED FUNDS - 99.9%** |
| iShares Core S&P 500 ETF<sup>(a)</sup> | 38323 | $26248956  |
|  State Street SPDR Portfolio S&P 500 ETF | 275 | 22060  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost$26,076,171)** |  | 26271016  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $26,076,171)** |  | $26271016  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 18785  |
| **TOTAL NET ASSETS - 100.0%** |  | $26289801 |

---

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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments</u>:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $26271016 | $— | $— | $26271016  |
| **Total Investments** | $26271016 | $— | $— | $26271016 |

---

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**](#TOC1)**

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

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 98.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 98.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 98.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 98.0%<sup>(a)</sup>** |
| **Call Options - 98.0%<sup>(b)(c)(d)</sup>** | **Call Options - 98.0%<sup>(b)(c)(d)</sup>** | **Call Options - 98.0%<sup>(b)(c)(d)</sup>** | **Call Options - 98.0%<sup>(b)(c)(d)</sup>** |
| SPDR S&P 500 ETF Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 02/11/2026; <br>Exercise Price: $0.01 | $11729024 | 172 | $11739977  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 03/12/2026; <br>Exercise Price: $0.01 | 9205920 | 135 | 9215666  |
| &nbsp;&nbsp;&nbsp; Expiration: 04/08/2026; Exercise Price: $0.01 | 1227456 | 18 | 1225536  |
| &nbsp;&nbsp;&nbsp; Expiration: 05/13/2026; Exercise Price: $0.01 | 1841184 | 27 | 1838822  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/10/2026; Exercise Price: $0.01 | 5932704 | 87 | 5927377  |
| &nbsp;&nbsp;&nbsp; Expiration: 07/10/2026; Exercise Price: $0.01 | 3955136 | 58 | 3941835  |
| &nbsp;&nbsp;&nbsp; Expiration: 08/14/2026; Exercise Price: $0.01 | 6751008 | 99 | 6731294  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/11/2026; Exercise Price: $0.01 | 4227904 | 62 | 4217283  |
| &nbsp;&nbsp;&nbsp; Expiration: 10/13/2026; Exercise Price: $0.01 | 5250784 | 77 | 5223619  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/13/2026; Exercise Price: $0.01 | 3341408 | 49 | 3324972  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2026; Exercise Price: $33.10 | 20525792 | 301 | 19470107  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2026; Exercise Price: $33.10 | 2727680 | 40 | 2587389  |
|  State Street SPDR Portfolio S&P 500 ETF<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/11/2026; Exercise Price: $0.01 | 176484 | 22 | 177073  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/12/2026; Exercise Price: $0.01 | 8022 | 1 | 8044  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $69,612,970)** |  |  | 75628994 |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| **MONEY MARKET FUNDS - 2.0%** | **MONEY MARKET FUNDS - 2.0%** | **MONEY MARKET FUNDS - 2.0%** | **MONEY MARKET FUNDS - 2.0%** |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> |  | 1575713 | 1575713  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,575,713)** |  |  | 1575713  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $71,188,683)** |  |  | $77204707  |
|  Liabilities in Excess of Other Assets - (0.0)%<sup>(e)</sup> |  |  | (24402)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $77180305 |

---

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 yield as of December 31, 2025.

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

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

25<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

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

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $75628994 | $— | $75628994  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1575713 |  |  | 1575713  |
| **Total Investments** | $1575713 | $75628994 | $— | $77204707 |

---

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**](#TOC1)**

**Roundhill Uranium ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **CLOSED END INVESTMENT TRUSTS - 20.3%** | **CLOSED END INVESTMENT TRUSTS - 20.3%** | **CLOSED END INVESTMENT TRUSTS - 20.3%** |
| Sprott Physical Uranium Trust<sup>(a)</sup> | 27843 | $542938  |
| &nbsp;&nbsp;&nbsp; **TOTAL CLOSED END INVESTMENT TRUSTS** <br>**(Cost $445,536)** |  | 542938 |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 63.3%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(b)(c)</sup> | $1700000 | 1695349  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $1,695,349)** |  | 1695349 |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 5.0%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> | 134829 | 134829  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $134,829)** |  | 134829  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 88.6%**<br>**(Cost $2,275,714)** |  | $2373116  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of<br>Liabilities - 11.4% |  | 305841  |
| **TOTAL NET ASSETS - 100.0%** |  | $2678957 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(c)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $1,596,080.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

27<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL URANIUM ETF** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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; Receive | OBFR + 3.00% | Termination | 03/02/2026 |  | $1900372 | &nbsp;&nbsp;&nbsp; $259673 |
| Yellow Cake PLC | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp; Receive | SONIA + 3.00% | Termination | 03/02/2026 | GBP  | 215891 | &nbsp;&nbsp;&nbsp; 47274  |
| **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; $306947 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

Notional Amount is in USD unless otherwise indicated.

OBFR - Overnight Bank Funding Rate was 3.88% as of December 31, 2025.

SONIA - Sterling Overnight Index Average was 4.46% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Closed End Investment Trusts | $542938 | $— | $— | $542938  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 1695349 |  | 1695349  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 134829 |  |  | 134829  |
| **Total Investments** | $677767 | $1695349 | $— | $2373116  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $306947 | $— | $306947  |
| **Total Other Financial Instruments** | $— | $306947 | $— | $306947 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025.

Refer to the Schedule of Investments and Schedule of Total Return Swap Contracts for further disaggregation of investment categories.

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

28<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill Weekly T-Bill ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY BILLS - 101.4%**<br>|  |  |
| 3.85%, 01/06/2026<sup>(a)</sup> | $11019000 | $11013168  |
| 3.81%, 01/13/2026<sup>(a)</sup> | 11011000 | 10997161  |
| 3.79%, 01/20/2026<sup>(a)</sup> | 11017000 | 10995173  |
| 3.75%, 01/27/2026<sup>(a)</sup> | 11047000 | 11017340  |
| 3.81%, 02/03/2026<sup>(a)</sup> | 10972000 | 10934072  |
| 3.78%, 02/10/2026<sup>(a)</sup> | 11019000 | 10973204  |
| 3.80%, 02/17/2026<sup>(a)</sup> | 11187000 | 11132011  |
| 3.74%, 02/24/2026<sup>(a)</sup> | 11177000 | 11114859  |
| 3.73%, 03/03/2026<sup>(a)</sup> | 11098000 | 11028422  |
| 3.64%, 03/10/2026<sup>(a)</sup> | 11162000 | 11085888  |
| 3.53%, 03/17/2026<sup>(a)</sup> | 11064000 | 10983440  |
| 3.56%, 03/24/2026<sup>(a)</sup> | 10948000 | 10860097  |
| 3.56%, 03/31/2026<sup>(a)</sup> | 10997000 | 10901030  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $143,035,865)** |  | 143035865 |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.0%<sup>(b)</sup>** | **MONEY MARKET FUNDS - 0.0%<sup>(b)</sup>** | **MONEY MARKET FUNDS - 0.0%<sup>(b)</sup>** |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 1148 | 1148  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,148)** |  | 1148  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.4%** <br>**(Cost $143,037,013)** |  | $143037013  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.4)% |  | (2023218)  |
| **TOTAL NET ASSETS - 100.0%** |  | $141013795 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of December 31, 2025.

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

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

29<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Roundhill Weekly T-Bill ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $143035865 | $— | $143035865  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1148 |  |  | 1148  |
| **Total Investments** | $1148 | $143035865 | $— | $143037013 |

---

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

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

30<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL ETF TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**Bitcoin** <br>**Covered Call** <br>**Strategy ETF** | **Roundhill** <br>**China** <br>**Magnificent** <br>**Seven 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 in unaffiliated securities, at value | $231298439 | $20378133 | $38633321 | $113738544 | $46421556  |
| Investments in affiliated securities, at value |  |  | 18457125 |  | —  |
| Deposit at broker for option contracts | 1259380 |  |  | 2686216 | —  |
| Dividends receivable | 19057 | 8990 | 11176 | 13350 | 23485  |
| Unrealized appreciation on swap contracts\* |  | 965522 | 18026017 |  | —  |
| Receivable for swap contracts |  | 12017 | 580 |  | —  |
| Receivable for investments sold |  | 415880 |  | 63265 | 154086  |
| Dividend tax reclaims receivable |  |  |  |  | 55247  |
| Security lending income receivable |  | 103 | 363 |  | 1370  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 232576876 | 21780645 | 75128582 | 116501375 | 46655744  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 7708163 |  |  | 4998865 | —  |
| Distributions payable | 10432235 |  |  | 1087969 | —  |
| Payable for investments purchased | 281829 | 619784 |  | 168770 | —  |
| Payable to Adviser | 189302 | 10154 | 54930 | 87109 | 22156  |
| Unrealized depreciation on swap contracts\* |  | 368230 |  |  | —  |
| Payable for swap contracts |  | 4313 |  |  | —  |
| Payable for capital shares redeemed |  |  |  | 1412304 | —  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities <br>loaned |  | 1545499 | 1443075 |  | 2222059  |
| Payable to custodian |  |  |  |  | 82502  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 18611529 | 2547980 | 1498005 | 7755017 | 2326717  |
| **NET ASSETS** | $213965347 | $19232665 | $73630577 | $108746358 | $44329027  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $260177194 | $26866722 | $59625816 | $138540421 | $43065754  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated <br>losses) | (46211847) | (7634057) | 14004761 | (29794063) | 1263273  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $213965347 | $19232665 | $73630577 | $108746358 | $44329027  |
| Net assets | $213965347 | $19232665 | $73630577 | $108746358 | $44329027  |
| Shares issued and outstanding<sup>(a)</sup> | 7530000 | 810000 | 1290000 | 6160000 | 1300000  |
| Net asset value per share | $28.42 | $23.74 | $57.08 | $17.65 | $34.10  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $235581337 | $20928842 | $38633321 | $113578850 | $44970313  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost |  |  | 12609388 |  | —  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written option contracts premium received | $11576066 | $— | $— | $13448969 | $—  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $— | $1495489 | $1404948 | $— | $2148605 |

---

<sup>(a)</sup> Unlimited shares authorized.

<sup>\*</sup> Swap on affiliated security held in the Roundhill Daily 2X Long Magnificent Seven ETF (Note 2).

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

31<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL ETF TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**Humanoid** <br>**Robotics** <br>**ETF** | **Roundhill** <br>**Innovation-100** <br>**0DTE Covered** <br>**Call Strategy** <br>**ETF** | **Roundhill** <br>**Magnificent** <br>**Seven** <br>**Covered Call** <br>**ETF** | **Roundhill** <br>**Meme Stock** <br>**ETF** | **Roundhill** <br>**Russell 2000** <br>**0DTE Covered** <br>**Call Strategy** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments in unaffiliated securities, at value | $35903919 | $874396513 | $5653222 | $19621460 | $150059185  |
| Investments in affiliated securities, at value |  | 47989369 | 225635968 |  | 11876208  |
| Receivable for investments sold | 114443 | 40253458 | 267 |  | 3792566  |
| Dividends receivable | 17348 | 103543 | 3138 | 90 | 14045  |
| Foreign currency, at value | 12193 |  |  |  | —  |
| Security lending income receivable | 733 |  |  | 743 | —  |
| Receivable for fund shares sold |  | 4312532 | 2659040 |  | 1465200  |
| &nbsp;&nbsp;&nbsp; Deposit at broker for option <br>contracts |  | 3062224 | 18 |  | 446998  |
| Receivable for transaction fee |  |  | 26 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 36048636 | 970117639 | 233951679 | 19622293 | 167654202  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value |  |  | 33489 |  | —  |
| Payable upon return of securities loaned | 2327542 |  |  | 730319 | —  |
| Payable to custodian | 46359 |  |  |  | —  |
| Payable to Adviser | 20986 | 773077 | 9291 | 9217 | 137420  |
| Payable for investments purchased |  |  | 2572440 |  | —  |
| Distributions payable |  | 51028628 |  |  | 5917537  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2394887 | 51801705 | 2615220 | 739536 | 6054957  |
| **NET ASSETS** | $33653749 | $918315934 | $231336459 | $18882757 | $161599245  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $32915897 | $918301547 | $230707271 | $30383878 | $163735778  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated <br>losses) | 737852 | 14387 | 629188 | (11501121) | (2136533)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $33653749 | $918315934 | $231336459 | $18882757 | $161599245  |
| Net assets | $33653749 | $918315934 | $231336459 | $18882757 | $161599245  |
| Shares issued and outstanding<sup>(a)</sup> | 1130000 | 29790000 | 4350000 | 3050000 | 5510000  |
| Net asset value per share | $29.78 | $30.83 | $53.18 | $6.19 | $29.33  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at <br>cost | $34110410 | $796538287 | $5653222 | $20988113 | $148184245  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | $— | $47974983 | $214283280 | $— | $11872647  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $12193 | $— | $— | $— | $—  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written option contracts premium received | $— | $— | $1532403 | $— | $—  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $2180255 | $— | $—  | $685865 | $— |

---

<sup>(a)</sup> Unlimited shares authorized.

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

32<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL ETF TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**S&P 500** <br>**0DTE Covered** <br>**Call Strategy** <br>**ETF** | **Roundhill** <br>**S&P 500** <br>**No Dividend** <br>**Target ETF** | **Roundhill** <br>**S&P 500** <br>**Target 20** <br>**Managed** <br>**Distribution** <br>**ETF** | **Roundhill** <br>**Uranium** <br>**ETF** | **Roundhill** <br>**Weekly T-Bill** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments in unaffiliated securities, at value | $338161237 | $26271016 | $77204707 | $2373116 | $143037013  |
| Investments in affiliated securities, at value | 26476121 |  |  |  | —  |
| Deposit at broker for option contracts | 11135873 |  |  |  | —  |
| Receivable for fund shares sold | 11495977 |  |  |  | —  |
| Dividends receivable | 33068 |  | 6336 | 557 | 60  |
| Receivable for investments sold | 6497987 | 1656185 |  |  | —  |
| Unrealized appreciation on swap contracts |  |  |  | 306947 | —  |
| Cash |  | 44486 |  |  | —  |
| Receivable for transaction fee |  | 830 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 393800263 | 27972517 | 77211043 | 2680620 | 143037073  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Distributions payable | 18797376 |  |  |  | —  |
| Payable to Adviser | 312911 | 297 | 30635 | 1663 | 23082  |
| Payable for investments purchased |  | 22063 |  |  | —  |
| Payable for capital shares redeemed |  | 1660356 |  |  | 2000196  |
| Due to broker |  |  | 103 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 19110287 | 1682716 | 30738 | 1663 | 2023278  |
| **NET ASSETS** | $374689976 | $26289801 | $77180305 | $2678957 | $141013795  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $374682038 | $26142738 | $71230444 | $2280416 | $141013966  |
| Total distributable earnings/(accumulated losses) | 7938 | 147063 | 5949861 | 398541 | (171)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $374689976 | $26289801 | $77180305 | $2678957 | $141013795  |
| Net assets | $374689976 | $26289801 | $77180305 | $2678957 | $141013795  |
| Shares issued and outstanding<sup>(a)</sup> | 9445000 | 950000 | 1430000 | 90000 | 1410000  |
| Net asset value per share | $39.67 | $27.67 | $53.97 | $29.77 | $100.01  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $330679379 | $26076171 | $71188683 | $2275714 | $143037013  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | $26468183 | $— | $— | $— | $— |

---

<sup>(a)</sup> Unlimited shares authorized.

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

33<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**Bitcoin** <br>**Covered Call** <br>**Strategy ETF**<br>(Consolidated) | **Roundhill** <br>**China** <br>**Magnificent** <br>**Seven 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 from unaffiliated securities | $219031 | $166253 | $146005 | $126491 | $728547  |
| &nbsp;&nbsp;&nbsp; Dividend income from affiliated <br>securities |  |  | 273157 |  | —  |
| Less: dividend withholding taxes |  | (2669) |  |  | (58983)  |
| Less: issuance fees |  | (12379) |  |  | (5914)  |
| Interest income | 8965117 | 809174 | 1983332 | 2558537 | —  |
| Securities lending income |  | 191 | 1132 |  | 42535  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 9184148 | 960570 | 2403626 | 2685028 | 706185  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 2073373 | 185389 | 642821 | 607389 | 217646  |
| Income tax expense |  | 185 | 223 |  | 185  |
| &nbsp;&nbsp;&nbsp; Total expenses | 2073373 | 185574 | 643044 | 607389 | 217831  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser |  |  | (6302) |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 2073373 | 185574 | 636742 | 607389 | 217831  |
| **Net investment income** | 7110775 | 774996 | 1766884 | 2077639 | 488354  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated investments | (43091393) | 723973 | 700 | (3766998) | 5232509  |
| &nbsp;&nbsp;&nbsp; Affiliated investments |  |  | 15566955 |  | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 4357754 |  |  | (34583173) | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  | (5057399) | (6868535) |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | 1930 |  |  | (28913)  |
| Net realized gain (loss) | (38733639) | (4331496) | 8699120 | (38350171) | 5203596  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated investments | 348050 | 1917119 |  | (245009) | 7205144  |
| &nbsp;&nbsp;&nbsp; Affiliated investments |  |  | 5847737 |  | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 5763969 |  |  | 9070123 | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  | 9038928 | 10267015 |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  |  |  | 1377  |
|  Net change in unrealized appreciation (depreciation) | 6112019 | 10956047 | 16114752 | 8825114 | 7206521  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | (32621620) | 6624551 | 24813872 | (29525057) | 12410117  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(25510845) | $7399547 | $26580756 | $(27447418) | $12898471 |

---

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

34<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended December 31, 2025(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** <br>**Seven** <br>**Covered Call** <br>**ETF<sup>(b)</sup>** | **Roundhill** <br>**Meme Stock** <br>**ETF<sup>(c)</sup>** | **Roundhill** <br>**Russell 2000** <br>**0DTE Covered** <br>**Call Strategy** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
|  Dividend income from unaffiliated securities | $68304 | $1711878 | $13495 | $412 | $272291  |
|  Dividend income from affiliated securities |  | 1272382 | 3263171 |  | 314884  |
| Less: issuance fees | (364) |  |  |  | —  |
| Less: dividend withholding taxes | (8034) |  |  |  | —  |
| Securities lending income | 2109 |  |  | 8002 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 62015 | 2984260 | 3276666 | 8414 | 587175  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 83579 | 7744563 | 570929 | 32748 | 1457516  |
| Income tax expense | 185 |  |  |  | —  |
| Interest expense |  | 505 | 320 |  | 510  |
| &nbsp;&nbsp;&nbsp; Total expenses | 83764 | 7745068 | 571249 | 32748 | 1458026  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser |  |  | (167242) |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 83764 | 7745068 | 404007 | 32748 | 1458026  |
| **Net investment income/(loss)** | (21749) | (4760808) | 2872659 | (24334) | (870851)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated investments | 1033702 | 115218042 | 10834 | (11409115) | 5777971  |
| &nbsp;&nbsp;&nbsp; Affiliated investments |  |  | 1142574 |  | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed |  | 8889769 | (7856851) |  | (1240562)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (28132) |  |  |  | —  |
| Net realized gain (loss) | 1005570 | 124107811 | (6703443) | (11409115) | 4537409  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated investments | 1793509 | 37936233 |  | (1366653) | 6097456  |
| &nbsp;&nbsp;&nbsp; Affiliated investments |  | 14387 | 11352688 |  | 3561  |
| &nbsp;&nbsp;&nbsp; Written option contracts |  |  | 1498914 |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (244) |  |  |  | —  |
|  Net change in unrealized appreciation (depreciation) | 1793265 | 37950620 | 12851602 | (1366653) | 6101017  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 2798835 | 162058431 | 6148159 | (12775768) | 10638426  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $2777086 | $157297623 | $9020818 | $(12800102) | $9767575 |

---

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

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

<sup>(c)</sup> Inception date of the Fund was October 7, 2025.

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

35<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended December 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**S&P 500** <br>**0DTE Covered** <br>**Call Strategy** <br>**ETF** | **Roundhill** <br>**S&P 500** <br>**No Dividend** <br>**Target ETF<sup>(a)</sup>** | **Roundhill** <br>**S&P 500** <br>**Target 20** <br>**Managed** <br>**Distribution** <br>**ETF** | **Roundhill** <br>**Uranium** <br>**ETF<sup>(b)</sup>** | **Roundhill** <br>**Weekly T-Bill** <br>**ETF<sup>(c)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income from unaffiliated securities | $735192 | $18 | $11158 | $5412 | $1655  |
| Dividend income from affiliated securities | 701984 |  |  |  | —  |
| Interest income |  |  |  | 29603 | 3484554  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1437176 | 18 | 11158 | 35015 | 3486209  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 3686799 | 11589 | 187044 | 11235 | 159446  |
| Interest expense | 1304 |  | 8 |  | —  |
| Income tax expense |  |  |  | 185 | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 3688103 | 11589 | 187052 | 11420 | 159446  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser |  | (7522) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 3688103 | 4067 | 187052 | 11420 | 159446  |
| **Net investment income/(loss)** | (2250927) | (4049) | (175894) | 23595 | 3326763  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated investments | 60198791 | 951061 | 692947 | (3964) | (171)  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (10959295) |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  |  |  | 14179 | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  |  | (60) | —  |
| Net realized gain (loss) | 49239496 | 951061 | 692947 | 10155 | (171)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated investments | (2287681) | 194845 | 6091132 | 97402 | —  |
| &nbsp;&nbsp;&nbsp; Affiliated investments | 7938 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  |  |  | 306947 | —  |
|  Net change in unrealized appreciation (depreciation) | (2279743) | 194845 | 6091132 | 404349 | —  |
| **Net realized and unrealized gain (loss)** | 46959753 | 1145906 | 6784079 | 414504 | (171)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $44708826 | $1141857 | $6608185 | $438099 | $3326592 |

---

<sup>(a)</sup> Inception date of the Fund was July 9, 2025.

<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.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**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>**Magnificent Seven ETF**  | **Roundhill China** <br>**Magnificent Seven ETF**  |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Period Ended**<br>**December 31,**<br>**2024<sup>(a)</sup>** | **Year Ended**<br>**December 31,**<br>**2025** | **Period Ended**<br>**December 31,**<br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $7110775 | $1225922 | $774996 | $522542  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (38733639) | 18617958 | (4331496) | (3505052)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 6112019 | (6527014) | 10956047 | (10909464)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (25510845) | 13316866 | 7399547 | (13891974)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (28652228) | (15307183) | (789961) | (515783)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (82216744) |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (110868972) | (15307183) | (789961) | (515783)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 896701097 | 88083395 | 5813265 | 95668909  |
| &nbsp;&nbsp;&nbsp; Redemptions | (628719564) | (3817856) | (42120135) | (32331203)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees |  | 88409 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 267981533 | 84353948 | (36306870) | 63337706  |
| **Net increase (decrease) in net assets** | 131601716 | 82363631 | (29697284) | 48929949  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 82363631 |  | 48929949 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $213965347 | $82363631 | $19232665 | $48929949  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 22390000 | 1750000 | 210000 | 3760000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (16530000) | (80000) | (1700000) | (1460000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | 5860000 | 1670000 | (1490000) | 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.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**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** <br>**Covered Call Strategy ETF**  | **Roundhill Ether** <br>**Covered Call Strategy ETF**  |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Period Ended**<br>**December 31,**<br>**2024<sup>(a)</sup>** | **Year Ended**<br>**December 31,**<br>**2025** | **Period Ended**<br>**December 31,**<br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1766884 | $511298 | $2077639 | $53705  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8699120 | (3261910) | (38350171) | 1088497  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 16114752 | 7759002 | 8825114 | (215316)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from** <br>**operations** | 26580756 | 5008390 | (27447418) | 926886  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1510383) | (507405) | (2077639) | (1195893)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  |  | (43697754) | (60223)  |
| **Total distributions to shareholders** | (1510383) | (507405) | (45775393) | (1256116)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 129868702 | 67142650 | 183704097 | 11873201  |
| &nbsp;&nbsp;&nbsp; Redemptions | (138588987) | (14576807) | (13278899) | —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 124045 | 89616 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (8596240) | 52655459 | 170425198 | 11873201  |
| **Net increase (decrease) in net assets**  | 16474133 | 57156444 | 97202387 | 11543971  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 57156444 |  | 11543971 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $73630577 | $57156444 | $108746358 | $11543971  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 2960000 | 1630000 | 6510000 | 230000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2930000) | (370000) | (580000) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 30000 | 1260000 | 5930000 | 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.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**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**  |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Period Ended**<br>**December 31,**<br>**2024<sup>(a)</sup>** | **Period Ended**<br>**December 31,**<br>**2025<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $488354 | $77277 | $(21749)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5203596 | 2696951 | 1005570  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 7206521 | (5753944) | 1793265  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 12898471 | (2979716) | 2777086  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (532888) | (74193) | (243629)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (12311) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (532888) | (86504) | (243629)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 9805733 | 59052320 | 47965073  |
| &nbsp;&nbsp;&nbsp; Redemptions | (17639406) | (16205478) | (16875968)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 6863 | 9632 | 31187  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital** <br>**transactions** | (7826810) | 42856474 | 31120292  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 4538773 | 39790254 | 33653749  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 39790254 |  | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $44329027 | $39790254 | $33653749  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 360000 | 2220000 | 1700000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (690000) | (590000) | (570000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (330000) | 1630000 | 1130000 |

---

<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.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**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** | **Roundhill** <br>**Meme** <br>**Stock ETF**  |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Period Ended**<br>**December 31,**<br>**2024<sup>(a)</sup>** | **Period Ended**<br>**December 31,**<br>**2025<sup>(b)</sup>** | **Period Ended**<br>**December 31,**<br>**2025<sup>(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(4760808) | $(1032538) | $2872659 | $(24334)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 124107811 | 3725342 | (6703443) | (11409115)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 37950620 | 39921992 | 12851602 | (1366653)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 157297623 | 42614796 | 9020818 | (12800102)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (157283236) | (42614796) | (6818539) | —  |
| &nbsp;&nbsp;&nbsp; From return of capital | (214781397) | (40105924) | (13471012) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (372064633) | (82720720) | (20289551) | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 639185994 | 730021418 | 248820988 | 52113340  |
| &nbsp;&nbsp;&nbsp; Redemptions | (171822371) | (24196173) | (6217051) | (20430825)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees |  |  | 1255 | 344  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 467363623 | 705825245 | 242605192 | 31682859  |
| **Net increase (decrease) in net assets** | 252596613 | 665719321 | 231336459 | 18882757  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 665719321 |  |  | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $918315934 | $665719321 | $231336459 | $18882757  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 18040000 | 17200000 | 4460000 | 5900000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (4890000) | (560000) | (110000) | (2850000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | 13150000 | 16640000 | 4350000 | 3050000 |

---

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

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

<sup>(c)</sup> Inception date of the Fund was October 7, 2025.

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

40<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**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 S&P 500 0DTE** <br>**Covered Call Strategy ETF**  | **Roundhill S&P 500 0DTE** <br>**Covered Call Strategy ETF**  |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Period Ended**<br>**December 31,**<br>**2024<sup>(a)</sup>** | **Year Ended**<br>**December 31,**<br>**2025** | **Period Ended**<br>**December 31,**<br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(870851) | $(135107) | $(2250927) | $(397242)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4537409 | 2824715 | 49239496 | 1016315  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 6101017 | (4222516) | (2279743) | 9769539  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 9767575 | (1532908) | 44708826 | 10388612  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (10195841) | (186280) | (44700888) | (10388612)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (56369032) | (9356740) | (91707329) | (10916473)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (66564873) | (9543020) | (136408217) | (21305085)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 94563146 | 188753523 | 333911384 | 311562315  |
| &nbsp;&nbsp;&nbsp; Redemptions | (48494451) | (5349747) | (167142683) | (1025176)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 46068695 | 183403776 | 166768701 | 310537139  |
| **Net increase (decrease) in net assets** | (10728603) | 172327848 | 75069310 | 299620666  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 172327848 |  | 299620666 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $161599245 | $172327848 | $374689976 | $299620666  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 2730000 | 4300000 | 7260000 | 5995000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1390000) | (130000) | (3790000) | (20000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | 1340000 | 4170000 | 3470000 | 5975000 |

---

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

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

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

41<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL ETF TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**S&P 500** <br>**No Dividend** <br>**Target ETF** | **Roundhill S&P 500 Target 20** <br>**Managed Distribution ETF** | **Roundhill S&P 500 Target 20** <br>**Managed Distribution ETF** | **Roundhill** <br>**Uranium ETF**  |
|  | **Period Ended**<br>**December 31,**<br>**2025<sup>(a)</sup>** | **Year Ended**<br>**December 31,**<br>**2025** | **Period Ended**<br>**December 31,**<br>**2024<sup>(b)</sup>** | **Period Ended**<br>**December 31,**<br>**2025<sup>(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(4049) | $(175894) | $(2095) | $23595  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 951061 | 692947 | (1054) | 10155  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 194845 | 6091132 | (75108) | 404349  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1141857 | 6608185 | (78257) | 438099  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  |  |  | (39566)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (8213524) | (97233) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (8213524) | (97233) | (39566)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 64081693 | 79786949 | 7035910 | 2900156  |
| &nbsp;&nbsp;&nbsp; Redemptions | (38958265) | (7861725) |  | (620712)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 24516 |  |  | 980  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 25147944 | 71925224 | 7035910 | 2280424  |
| **Net increase (decrease) in net assets** | 26289801 | 70319885 | 6860420 | 2678957  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  | 6860420 |  | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $26289801 | $77180305 | $6860420 | $2678957  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 2380000 | 1460000 | 120000 | 110000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1430000) | (150000) |  | (20000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 950000 | 1310000 | 120000 | 90000 |

---

<sup>(a)</sup> Inception date of the Fund was July 9, 2025.

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

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

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

42<br>

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**ROUNDHILL ETF TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | |
|:---|:---|
|  | **Roundhill Weekly** <br>**T-Bill ETF**  |
|  | **Period Ended**<br>**December 31,**<br>**2025<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3326763  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (171)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 3326592  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |
| &nbsp;&nbsp;&nbsp; From earnings | (3333637)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3333637)  |
| **CAPITAL TRANSACTIONS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Creations | 283100368  |
| &nbsp;&nbsp;&nbsp; Redemptions | (142079577)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 49  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 141020840  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 141013795  |
| **NET ASSETS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $141013795  |
| **SHARES TRANSACTIONS**<br>|  |
| &nbsp;&nbsp;&nbsp; Creations | 2830000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1420000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1410000 |

---

<sup>(a)</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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**ROUNDHILL BITCOIN COVERED CALL STRATEGY ETF** 

**CONSOLIDATED** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $49.32 | &nbsp;&nbsp; $50.17  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | 1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.71  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp;&nbsp;&nbsp;19.47  |
| **Total from investment operations** | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;21.18  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |
| Net investment income | &nbsp;&nbsp; (5.59) | &nbsp;&nbsp; (22.15)  |
| Return of capital | &nbsp;&nbsp; (16.04) | &nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (21.63) | &nbsp;&nbsp; (22.15)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.12  |
| **Net asset value, end of period** | &nbsp;&nbsp; $28.42 | &nbsp;&nbsp; $49.32  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -3.45% | &nbsp;&nbsp; 52.74%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $213965 | &nbsp;&nbsp; $82364  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(e)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 0.00%<sup>(f)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 3.26% | &nbsp;&nbsp; 3.74%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |

---

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

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

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

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

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

44<br>

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**ROUNDHILL CHINA MAGNIFICENT SEVEN ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $21.27 | &nbsp;&nbsp; $25.30  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.18  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp; (3.99)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp; (3.81)  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; (0.22)  |
| **Total distributions** | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; (0.22)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $23.74 | &nbsp;&nbsp; $21.27  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 16.16% | &nbsp;&nbsp; -15.07%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $19233 | &nbsp;&nbsp; $48930  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.00%<sup>(f)</sup> | &nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.47% | &nbsp;&nbsp; 3.30%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 116% | &nbsp;&nbsp; 13% |

---

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

<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> Annualized for periods less than one year.

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

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

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

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

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $45.36 | &nbsp;&nbsp; $24.99  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.10  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; 11.64 | &nbsp;&nbsp;&nbsp;&nbsp;19.48  |
| **Total from investment operations** | &nbsp;&nbsp; 12.81 | &nbsp;&nbsp;&nbsp;&nbsp;20.58  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.39)  |
| Net realized gains | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.01)  |
| **Total distributions** | &nbsp;&nbsp; (1.17) | &nbsp;&nbsp; (0.40)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.19  |
| **Net asset value, end of period** | &nbsp;&nbsp; $57.08 | &nbsp;&nbsp; $45.36  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 28.38% | &nbsp;&nbsp; 83.03%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $73631 | &nbsp;&nbsp; $57156  |
| Ratio of expenses to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.95%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 2.61% | &nbsp;&nbsp; 3.51%  |
| Portfolio turnover rate<sup>(d)(h)</sup> | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |

---

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

<sup>(b)</sup> 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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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

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

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

46<br>

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**ROUNDHILL ETHER COVERED CALL STRATEGY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.19 | &nbsp;&nbsp; $49.49  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.54  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (14.20) | &nbsp;&nbsp;&nbsp;&nbsp;10.55  |
| **Total from investment operations** | &nbsp;&nbsp; (13.43) | &nbsp;&nbsp;&nbsp;&nbsp;11.09  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (9.89)  |
| Return of capital | &nbsp;&nbsp; (18.24) | &nbsp;&nbsp; (0.50)  |
| **Total distributions** | &nbsp;&nbsp; (19.11) | &nbsp;&nbsp; (10.39)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $17.65 | &nbsp;&nbsp; $50.19  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -30.73% | &nbsp;&nbsp; 23.92%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $108746 | &nbsp;&nbsp; $11544  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.96%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(e)</sup> | &nbsp;&nbsp; —% | &nbsp;&nbsp; 0.01%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(e)</sup> | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 3.25% | &nbsp;&nbsp; 3.23%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 1,987% | &nbsp;&nbsp; —% |

---

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

<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> Annualized for periods less than one year.

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

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

47<br>

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

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $24.41 | &nbsp;&nbsp; $25.25  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp; (0.85)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp; (0.80)  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.04)  |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)  |
| **Total distributions** | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.05)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp; $34.10 | &nbsp;&nbsp; $24.41  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp; 41.36% | &nbsp;&nbsp; -3.11%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $44329 | &nbsp;&nbsp; $39790  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp; 0.00%<sup>(g)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 0.32%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 37% |

---

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

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

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

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

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

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

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

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**ROUNDHILL HUMANOID ROBOTICS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** <br>|
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $24.97  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.03)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.01  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.98  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |
| Net investment income | &nbsp;&nbsp; (0.12)  |
| Net realized gains | &nbsp;&nbsp; (0.09)  |
| **Total distributions** | &nbsp;&nbsp; (0.21)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| **Net asset value, end of period** | &nbsp;&nbsp; $29.78  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 20.13%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $33654  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.75%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.00%<sup>(f)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; (0.20)%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 59% |

---

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

<sup>(b)</sup> Calculated based on average shares outstanding during the period.

<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 period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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

49<br>

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

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $40.01 | &nbsp;&nbsp; $45.72  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.18)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 6.29 | 7.31  |
| **Total from investment operations** | 6.08 | 7.13  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |
| Net investment income | &nbsp;&nbsp; (6.45) | &nbsp;&nbsp; (6.61)  |
| Return of capital | &nbsp;&nbsp; (8.81) | &nbsp;&nbsp; (6.23)  |
| **Total distributions** | &nbsp;&nbsp; (15.26) | &nbsp;&nbsp; (12.84)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $30.83 | &nbsp;&nbsp; $40.01  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 19.49% | &nbsp;&nbsp; 17.93%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $918316 | &nbsp;&nbsp; $665719  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.96%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp; 0.01%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; (0.58)% | &nbsp;&nbsp; (0.52)%  |
| Portfolio turnover rate<sup>(d)(h)</sup> | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 12% |

---

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

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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

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

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

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**ROUNDHILL MAGNIFICENT SEVEN COVERED CALL ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** <br>|
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $51.32  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | 1.90  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 12.43  |
| **Total from investment operations** | 14.33  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |
| Net investment income | &nbsp;&nbsp; (4.19)  |
| Return of capital | &nbsp;&nbsp; (8.28)  |
| **Total distributions** | &nbsp;&nbsp; (12.47)  |
| ETF transaction fees per share<sup>(b)</sup> | 0.00<sup>(d</sup><sup>)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp; $53.18  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp; 29.51%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $231336  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.70%  |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(g)</sup> | &nbsp;&nbsp; 0.00%<sup>(h)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp; 4.98%  |
| Portfolio turnover rate<sup>(e)(i)</sup> | &nbsp;&nbsp; 20% |

---

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

<sup>(b)</sup> Calculated based on average shares outstanding during the period.

<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 period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

<sup>(f)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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

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

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

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**ROUNDHILL MEME STOCK ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** <br>|
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.91  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.01)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (3.71)  |
| **Total from investment operations** | &nbsp;&nbsp; (3.72)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp; $6.19  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp; -37.53%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $18883  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.69%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; (0.51)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp; 391% |

---

<sup>(a)</sup> Inception date of the Fund was October 7, 2025.

<sup>(b)</sup> Calculated based on average shares outstanding during the period.

<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 period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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

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

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $41.33 | &nbsp;&nbsp; $41.96  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.07)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 2.93 | 3.86  |
| **Total from investment operations** | 2.73 | 3.79  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |
| Net investment income | &nbsp;&nbsp; (2.26) | &nbsp;&nbsp; (0.09)  |
| Return of capital | &nbsp;&nbsp; (12.47) | &nbsp;&nbsp; (4.33)  |
| **Total distributions** | &nbsp;&nbsp; (14.73) | &nbsp;&nbsp; (4.42)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $29.33 | &nbsp;&nbsp; $41.33  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 9.50% | &nbsp;&nbsp; 8.94%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $161599 | &nbsp;&nbsp; $172328  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.97%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp; 0.02%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; (0.57)% | &nbsp;&nbsp; (0.51)%  |
| Portfolio turnover rate<sup>(d)(h)</sup> | &nbsp;&nbsp; 74% | &nbsp;&nbsp; —% |

---

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

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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

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

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

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

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.15 | &nbsp;&nbsp; $51.81  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.23)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 5.32 | 8.78  |
| **Total from investment operations** | 5.06 | 8.55  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |
| Net investment income | &nbsp;&nbsp; (5.09) | &nbsp;&nbsp; (4.98)  |
| Return of capital | &nbsp;&nbsp; (10.45) | &nbsp;&nbsp; (5.23)  |
| **Total distributions** | &nbsp;&nbsp; (15.54) | &nbsp;&nbsp; (10.21)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $39.67 | &nbsp;&nbsp; $50.15  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 12.74% | &nbsp;&nbsp; 17.83%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $374690 | &nbsp;&nbsp; $299621  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.96%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp; 0.01%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; (0.58)% | &nbsp;&nbsp; (0.53)%  |
| Portfolio turnover rate<sup>(d)(h)</sup> | &nbsp;&nbsp; 54% | &nbsp;&nbsp; 2% |

---

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

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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

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

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

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**ROUNDHILL S&P 500 NO DIVIDEND TARGET ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $25.15  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.01)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.48  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.47  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| **Net asset value, end of period** | &nbsp;&nbsp; $27.67  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 10.03%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $26290  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.19%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.07%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; (0.07)%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 62% |

---

<sup>(a)</sup> Inception date of the Fund was July 9, 2025.

<sup>(b)</sup> Calculated based on average shares outstanding during the period.

<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 period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying 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.

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

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

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $57.17 | &nbsp;&nbsp;&nbsp; $58.34  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.03)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.80  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;8.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.77  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Return of capital | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp;&nbsp; (1.94)  |
| **Total distributions** | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp;&nbsp; (1.94)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $53.97 | &nbsp;&nbsp;&nbsp; $57.17  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 16.71% | &nbsp;&nbsp;&nbsp; 1.26%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $77180 | &nbsp;&nbsp;&nbsp; $6860  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.49%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.00%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; (0.46)% | &nbsp;&nbsp;&nbsp; (0.34)%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 1% | &nbsp;&nbsp;&nbsp; —% |

---

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

<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> Annualized for periods less than one year.

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

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

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

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**ROUNDHILL URANIUM ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $25.40  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.39  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.40  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.79  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.26)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.18)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.44)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $29.77  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 18.92%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $2679  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.76%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.01%  |
| Ratio of operational expenses to average net assets excluding tax expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.75%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.58%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp;&nbsp; 35% |

---

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

<sup>(b)</sup> Calculated based on average shares outstanding during the period.

<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 period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying 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.

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

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**ROUNDHILL WEEKLY T-BILL ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $100.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | 3.26  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.02  |
| **Total from investment operations** | 3.28  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |
| Net investment income | &nbsp;&nbsp; (3.27)  |
| **Total distributions** | &nbsp;&nbsp; (3.27)  |
| ETF transaction fees per share<sup>(b)</sup> | 0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp; $100.01  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp; 3.34%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $141014  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.19%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 3.96%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp; —% |

---

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

<sup>(b)</sup> Calculated based on average shares outstanding during the period.

<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 period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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

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**ROUNDHILL ETF TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025** 

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 December 31, 2025, the Roundhill ETFs consist of 39 active series, 15 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 Magnificent Seven ETF\* | MAGC | 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 Meme Stock ETF | MEME | Non-diversified | October 7, 2025  |
| Roundhill Russell 2000 0DTE Covered Call Strategy ETF | RDTE | Non-diversified | September 9, 2024  |
| Roundhill S&P 500 0DTE Covered Call Strategy ETF | XDTE | Non-diversified | March 6, 2024  |
| Roundhill S&P 500 No Dividend Target ETF | XDIV | Non-diversified | July 9, 2025  |
| Roundhill S&P 500 Target 20 Managed Distribution ETF | XPAY | Non-diversified | October 30, 2024  |
| Roundhill Uranium ETF | UX | Non-diversified | January 28, 2025  |
| Roundhill Weekly T-Bill ETF | WEEK | Non-diversified | March 5, 2025 |

---

\* Effective after market close on September 30, 2025, the Roundhill China Dragons ETF ticker DRAG changed its name and ticker to the Roundhill China Magnificent Seven ETF ticker MAGC.

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.

MAGC is an actively-managed ETF. MAGC's investment objective is to provide capital appreciation and seeks to achieve its investment objective through exposure to a concentrated basket of seven of the largest and most innovative Chinese companies. Effective after market close on September 30, 2025, MAGC changed its investment objective to concentrate investments from five to ten of the largest and most innovative Chinese companies to seven.

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 Roundhill 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.

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. Humanoid Robotics Companies are issuers that either manufacture humanoid robotics or develop, produce or supply critical hardware, software or other enabling technology essential to humanoid robots.

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**ROUNDHILL ETF TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

QDTE is an actively-managed ETF. QDTE'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. MAGY's primary investment objective is to provide current income with a secondary investment objective to provide exposure to the return of the Roundhill Magnificent Seven ETF. The Fund 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.

MEME is an actively managed fund. MEME's primary investment objective is to provide capital appreciation by investing in the equity securities of meme stocks.

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.

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.

XDIV is an actively managed ETF. XDIV's primary investment objective is to provide the total return, before fees and expenses, of the S&P 500 Index while seeking to avoid making dividend or distribution payments. The Fund seeks to achieve its investment objective by investing in ETFs that seek to track the performance of the S&P 500 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.

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.

**Accounting Pronouncements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to provide transparency and enhanced details for taxes paid and is designed to help investors better understand an entity's exposure to taxes by type and jurisdiction.** 

Management has evaluated the impact of adopting ASU 2023-09 with respect to the financial statements and disclosures and determined there is no material impact for the Funds.

**Consolidation of Subsidiary – During the year ended December 31, 2025, YBTC invested in Bitcoin ETF Options through a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the** 

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**ROUNDHILL ETF TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

"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 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. On May 9, 2025, the Subsidiary was dissolved and a Consolidated Statement of Assets and Liabilities was no longer needed for the Fund as of December 31, 2025.

**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.

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

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**ROUNDHILL ETF TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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.

FLexible EXchange Options ("FLEX Options") are valued at a model-based price provided by the exchange on which the option is traded. If the exchange on which the option is traded is unable to provide a price, FLEX Options are valued at a model-based price provided by an approved secondary pricing service.

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.

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.  |

---

---

| | |
|:---|:---|
| 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, Schedules of Written Options and Schedules of Total Return Swap Contracts for a summary of the valuations as of December 31, 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.

**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.

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**ROUNDHILL ETF TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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.

**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. Dividend withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. Many U.S. treaty partners require the Internal Revenue Service (IRS) to certify that the person claiming treaty benefits is a resident of the United States for federal tax purposes, the Funds recognize the fee for this service, if applicable, as tax expense on the Statements of Operations.** 

**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. YBTC, YETH, QDTE, MAGY, RDTE, XDTE and WEEK generally pay out dividends from net investment income, if any, at least weekly, and distribute their 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. MAGC, MAGX, OZEM, HUMN, MEME, and UX, generally pay out dividends from net investment income, if any, at least annually, and distribute their net capital gains, if any, to shareholders at least annually. The Adviser seeks to manage XDIV so the Fund does not pay dividends or otherwise distribute any income to shareholders each year. 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 to 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 December 31, 2025, the Funds had no material uncertain tax positions and did not have a liability for any unrecognized tax benefits. As of December 31, 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.

The Funds recognized no interest or penalties related to uncertain tax benefits in the 2025 fiscal year. At December 31, 2025, the tax periods since commencement of operations remained open to examination in the Funds' major tax jurisdiction.

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**ROUNDHILL ETF TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**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 – MAGC, MAGX, and 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 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. These investments may incur interest expense as presented on the Statements of Operations.** 

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.

See the Schedules of Investments, Schedules of Written Options and Schedules of Total Return Swap Contracts for a summary of the Affiliated Funds as of December 31, 2025.

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 December 31, 2025.

**MAGC** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Investment Type** | **Gross**<br>**Amounts of**<br>**Recognized**<br>**Assets/**<br>(Liabilities)<br>**Presented**<br>**in the**<br>**Statements**<br>**of Assets** <br>**and**<br>**Liabilities** | **Gross**<br>**Amounts**<br>**Offset**<br>**in the**<br>**Statements**<br>**of Assets** <br>**and**<br>**Liabilities** | **Net**<br>**Amount**<br>**Presented**<br>**in the**<br>**Statements**<br>**of Assets** <br>**and**<br>**Liabilities** | **Gross Amounts not**<br>**Offset in the Statements**<br>**of Assets and Liabilities** | **Gross Amounts not**<br>**Offset in the Statements**<br>**of Assets and 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>**and**<br>**Liabilities** | **Gross**<br>**Amounts**<br>**Offset**<br>**in the**<br>**Statements**<br>**of Assets** <br>**and**<br>**Liabilities** | **Net**<br>**Amount**<br>**Presented**<br>**in the**<br>**Statements**<br>**of Assets** <br>**and**<br>**Liabilities** | **Financial**<br>**Instruments** | **Collateral**<br>**Paid** | **Net**<br>**Amount**  |
| **Assets** | Nomura Securities<br>International Inc. | Total Return<br>Swap Contracts | $965522 | $— | $965522 | $(368230) | $— | $597292  |
| **Liabilities** | Nomura Securities<br>International Inc. | Total Return<br>Swap Contracts | $(368230) | $— | $(368230) | $368230 | $— | $— |

---

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**ROUNDHILL ETF TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(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>**and**<br>**Liabilities** | **Gross**<br>**Amounts**<br>**Offset**<br>**in the**<br>**Statements**<br>**of Assets** <br>**and**<br>**Liabilities** | **Net**<br>**Amount**<br>**Presented**<br>**in the**<br>**Statements**<br>**of Assets**<br>**and** <br>**Liabilities** | **Gross Amounts not**<br>**Offset in the Statements**<br>**of Assets and Liabilities** | **Gross Amounts not**<br>**Offset in the Statements**<br>**of Assets and 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>**and**<br>**Liabilities** | **Gross**<br>**Amounts**<br>**Offset**<br>**in the**<br>**Statements**<br>**of Assets** <br>**and**<br>**Liabilities** | **Net**<br>**Amount**<br>**Presented**<br>**in the**<br>**Statements**<br>**of Assets**<br>**and** <br>**Liabilities** | **Financial**<br>**Instruments** | **Collateral**<br>**Paid**  | **Net**<br>**Amount**  |
| **Assets** | Nomura Securities<br>International Inc. | Total Return<br>Swap Contracts\* | $14787646 | $— | $14787646 | &nbsp;&nbsp; $— | $— | $14787646  |
|  | Goldman Sachs | Total Return<br>Swap Contracts\* | $3238371 | $— | $3238371 | &nbsp;&nbsp; $— | $— | $3238371 |

---

**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>**and** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset** <br>**in the** <br>**Statements** <br>**of Assets** <br>**and** <br>**Liabilities** | **Net** <br>**Amount** <br>**Presented** <br>**in the** <br>**Statements** <br>**of Assets** <br>**and** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statements** <br>**of Assets and Liabilities** | **Gross Amounts not** <br>**Offset in the Statements** <br>**of Assets and 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>**and** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset** <br>**in the** <br>**Statements** <br>**of Assets** <br>**and** <br>**Liabilities** | **Net** <br>**Amount** <br>**Presented** <br>**in the** <br>**Statements** <br>**of Assets** <br>**and** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Paid**  | **Net** <br>**Amount**  |
| **Assets** | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $306947 | $— | $306947 | &nbsp;&nbsp; $— | $— | $306947 |

---

\* Swap on affiliated ETF held in MAGX.

Over-collateralization of financial instruments or cash is not shown.

The average monthly notional amount of the swap contracts during the fiscal year or period ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | **Average Monthly**<br>**Notional Amount of**<br>**Swap Contracts\***  |
| MAGC | &nbsp;&nbsp; $18843508  |
| MAGX | &nbsp;&nbsp; $131457594  |
| UX | &nbsp;&nbsp; $1391694 |

---

\* Swap on affiliated ETF held in MAGX.

The following is a summary of the effect of swap contracts on the Funds' Statements of Assets and Liabilities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Derivative** | **Statements of Assets and Liabilities** | **Assets** | **Liabilities**  |
| MAGC | Equity Risk Swap Contracts | Unrealized appreciation/depreciation<br>on swap contracts | $965522 | $368230  |
| MAGX | Equity Risk Swap Contracts\* | Unrealized appreciation/depreciation <br>on swap contracts | 18026017 | —  |
| UX | Commodity Risk Swap Contracts | Unrealized appreciation/depreciation<br>on swap contracts | 306947 |  |

---

\* Swap on affiliated ETF held in MAGX.

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**ROUNDHILL ETF TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

The following is a summary of the effect of swap contracts on the Funds' Statements of Operations for the fiscal year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Derivative** | **Statements of** <br>**Operations** | **Realized**<br>(Losses) | **Unrealized**  |
| MAGC | Equity Risk Swap Contracts | Swap Contracts | $(5057399) | $9038928  |
| MAGX | Equity Risk Swap Contracts\* | Swap Contracts | (6868535) | 10267015  |
| UX | Commodity Risk Swap Contracts | Swap Contracts | 14179 | 306947 |

---

\* Swap on affiliated ETF 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 December 31, 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 year or period ended December 31, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YBTC** | **YETH** | **QDTE** | **MAGY** | **RDTE**  |
| Purchased Options | $9510710 | $5229605 | $754667151 | $77 | $137949644  |
| Written Options | (13588895) | (7782711) | (15732) | (455479) | (1605) |

---

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| | | |
|:---|:---|:---|
|  | **XDTE** | **XPAY**  |
| Purchased Options | $358153799 | $39907753  |
| Written Options | (1778) |  |

---

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**ROUNDHILL ETF TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

The following is a summary of the effect of options on the Funds' Statements of Assets and Liabilities as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Equity Risk Contracts** | **Asset Derivatives,** <br>**Investments,**<br>**at Value** | **Liability Derivatives,** <br>**Written Options,**<br>**at Value**  |
| YBTC | Purchased Options | $7768077 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
|  | Written Options |  | &nbsp;&nbsp;&nbsp;&nbsp; 7708163  |
| YETH | Purchased Options | 5262665 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  | Written Options |  | &nbsp;&nbsp;&nbsp;&nbsp; 4998865  |
| QDTE | Purchased Options | 834581678 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  | Written Options |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| MAGY | Purchased Options |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  | Written Options |  | &nbsp;&nbsp;&nbsp;&nbsp; 33489  |
| RDTE | Purchased Options | 144323442 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  | Written Options |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| XDTE | Purchased Options | 336100550 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  | Written Options |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| XPAY | Purchased Options | 75628994 | &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 for the year or period ended December 31, 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 (Consolidated) | Commodity Risk Contracts | $(30068526) | $4357754 | $348051 | $5763969  |
| YETH | Commodity Risk Contracts | (6885675) | (34583173) | (245009) | 9070123  |
| QDTE | Equity Risk Contracts | 115218042 | 8889769 | 37936233 | —  |
| MAGY | Equity Risk Contracts | (855) | (7856851) |  | 1498914  |
| RDTE | Equity Risk Contracts | 5777971 | (1240562) | 6097456 | —  |
| XDTE | Equity Risk Contracts | 60198791 | (10959295) | (2287681) | —  |
| XPAY | Equity Risk Contracts | 693543 |  | 6091132 |  |

---

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** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(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%  |
| MAGC | 0.59%  |
| MAGX | 0.95%  |
| YETH | 0.95%  |
| OZEM | 0.59%  |
| HUMN | 0.75%  |
| QDTE | 0.95%  |
| MAGY | 0.99%  |
| MEME | 0.69%  |
| RDTE | 0.95%  |
| XDTE | 0.95%  |
| XDIV | 0.19%  |
| XPAY | 0.49%  |
| UX | 0.75%  |
| WEEK | 0.19% |

---

**Fee Waiver Agreement – For MAGX, MAGY and XDIV, Roundhill has agreed to waive its management fee and reimburse certain expenses to prevent the total of the management fee and acquired fund fees and expenses, which are not a direct fund expense and therefore not shown on the Statements of Operations, from exceeding the following:** 

---

| | | |
|:---|:---|:---|
|  | **%** | **Expiration**  |
| MAGX | 0.95 | February 28, 2027  |
| MAGY | 0.99 | April 30, 2028  |
| XDIV | 0.07 | June 10, 2026 |

---

The Adviser waived the following amounts during the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **%** | **Amount**  |
| MAGX | 0.01 | $6302  |
| MAGY | 0.29 | 167242  |
| XDIV | 0.12 | 7522 |

---

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

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**ROUNDHILL ETF TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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 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.

**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 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, Accountant, 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, accounting, 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 December 31, 2025, certain Officers and a Trustee of the Trust were also officers or employees of the Adviser.

4. CREATION AND REDEMPTION TRANSACTIONS

Shares of MEME, XDIV and XPAY are listed and traded on the NYSE Arca, Inc. Shares of YBTC, MAGC, YETH, HUMN, QDTE, MAGY, RDTE, XDTE, UX, and WEEK, 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.

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**ROUNDHILL ETF TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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 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 Year or Period Ended December 31, 2025**  | **Fiscal Year or Period Ended December 31, 2025**  | **Fiscal Year or Period Ended December 31, 2025**  |
|  | **Ordinary** <br>**Income<sup>(1)</sup>** | **Long-Term** <br>**Capital Gain** | **Return of** <br>**Capital**  |
| YBTC | $28652228 | $— | $82216744  |
| MAGC | 789961 |  | —  |
| MAGX | 1510383 |  | —  |
| YETH | 2077639 |  | 43697754  |
| OZEM | 532888 |  | —  |
| HUMN | 243629 |  | —  |
| QDTE | 157283236 |  | 214781397  |
| MAGY | 6818539 |  | 13471012  |
| MEME |  |  | —  |
| RDTE | 10195841 |  | 56369032  |
| XDTE | 44700888 |  | 91707329  |
| XDIV |  |  | —  |
| XPAY |  |  | 8213524  |
| UX | 39566 |  | —  |
| WEEK | 3333637 |  |  |

---

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**ROUNDHILL ETF TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year or Period Ended December 31, 2024**  | **Fiscal Year or Period Ended December 31, 2024**  | **Fiscal Year or Period Ended December 31, 2024**  |
|  | **Ordinary** <br>**Income<sup>(1)</sup>** | **Long-Term** <br>**Capital Gain** | **Return of** <br>**Capital**  |
| YBTC | $15307183 | $— | $—  |
| MAGC | 515783 |  | —  |
| MAGX | 507405 |  | —  |
| YETH | 1195893 |  | 60223  |
| OZEM | 74193 |  | 12311  |
| QDTE | 16426404 | 26188392 | 40105924  |
| RDTE |  | 186280 | 9356740  |
| XDTE | 3917122 | 6471490 | 10916473  |
| XPAY |  |  | 97233 |

---

<sup>(1)</sup> Ordinary income includes short-term capital gains.

At December 31, 2025, the Funds' fiscal year 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** | **MAGC** | **MAGX** | **YETH** | **OZEM**  |
| Federal Tax Cost of Investments | $223589375 | $23126744 | $58737480 | $100541853 | $46116402  |
| Gross Tax Unrealized Appreciation | $— | $1234045 | $23873754 | $8197826 | $7710926  |
| Gross Tax Unrealized Depreciation |  | (3385364) | (7494771) |  | $(7405772)  |
| Net Tax Unrealized Depreciation |  | (2151319) | 16378983 | 8197826 | $305154  |
| Undistributed Ordinary Income |  | 41 | 696518 |  | 1229260  |
| Other Accumulated Gain (Loss) | (46211847) | (5482779) | (3070740) | (37991889) | (271141)  |
|  Total Distributable Earnings/ (Accumulated Losses) | $(46211847) | $(7634057) | $14004761 | (29794063) | $1263273 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **HUMN** | **QDTE** | **MAGY** | **MEME** | **RDTE**  |
| Federal Tax Cost of Investments | $34533321 | $922371495 | $218977950 | $23302369 | $161931833  |
| Gross Tax Unrealized Appreciation | $3729810 | $14387 | $13567141 | $427090 | $3560  |
| Gross Tax Unrealized Depreciation | (2359212) |  | (1289390 | (4107999) | $—  |
| Net Tax Unrealized Depreciation | 1370598 | 14387 | 12277751 | (3680909) | $3560  |
| Undistributed Ordinary Income. |  |  |  |  | —  |
| Other Accumulated Gain (Loss) | (632746) |  | (11648563) | (7820212) | (2140093)  |
|  Total Distributable Earnings/ (Accumulated Losses) | $737852 | $14387 | $629188 | (11501121) | $(2136533) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **XDTE** | **XDIV** | **XPAY** | **UX** | **WEEK**  |
| Federal Tax Cost of Investments | $364629420 | $26076554 | $71188683 | $2275714 | $143037155  |
| Gross Tax Unrealized Appreciation | $7938 | $218920 | $6022433 | $404349 | $—  |
| Gross Tax Unrealized Depreciation |  | (24458) | (6409) |  | $(142)  |
| Net Tax Unrealized Depreciation | 7938 | 194462 | 6016024 | 404349 | $(142)  |
| Undistributed Ordinary Income |  |  |  |  | —  |
| Other Accumulated Gain (Loss) |  | (47399) | (66163) | (5808) | (29)  |
|  Total Distributable Earnings/ (Accumulated Losses) | $7938 | $147063 | $5949861 | 398541 | $(171) |

---

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**ROUNDHILL ETF TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales and mark-to-market treatment of options contracts.

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, 2025, 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 | $— | $46155544  |
| MAGC |  | —  |
| MAGX |  | —  |
| YETH |  | —  |
| OZEM | 17474 | —  |
| HUMN | 105400 | 507530  |
| QDTE |  | —  |
| MAGY |  | 154310  |
| MEME |  | —  |
| RDTE |  | 2140093  |
| XDTE |  | —  |
| XDIV |  | —  |
| XPAY |  | —  |
| UX | 59 | 5749  |
| WEEK |  |  |

---

The Funds' capital loss carryovers are determined only at the end of each fiscal year. At December 31, 2025, the Funds' fiscal year end, the Funds had capital loss carryovers 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; $—  |
| MAGC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946830 | &nbsp;&nbsp;&nbsp;&nbsp; 4535949  |
| MAGX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1327850 | &nbsp;&nbsp;&nbsp;&nbsp; 1065333  |
| YETH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37991889  |
| OZEM\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| HUMN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| QDTE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| MAGY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| MEME | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7700961  |
| RDTE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| XDTE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| XDIV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| XPAY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66163  |
| UX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| WEEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29 |

---

\* The Fund utilized $601,235 of capital loss carryover during the fiscal year ended December 31, 2025. 

U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences primarily relate to redemptions in-kind, the write-off of net operating losses, and the utilization

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**ROUNDHILL ETF TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

of earnings and profits distributed to shareholders on redemption of shares. For the fiscal year or period ended December 31, 2025, the following reclassifications were made for permanent tax differences on the Statements of Assets and Liabilities.

---

| | | |
|:---|:---|:---|
|  | **Total** <br>**Distributable** <br>**Earnings** <br>**(Accumulated** <br>**Losses)** | **Paid-in** <br>**Capital**  |
| YBTC | $11225264 | $(11225264)  |
| MAGC | (2711229) | 2711229  |
| MAGX | (15566597) | 15566597  |
| YETH | 1 | (1)  |
| OZEM | (4055179) | 4055179  |
| HUMN | (1795605) | 1795605  |
| QDTE |  | —  |
| MAGY | (1573091) | 1573091  |
| MEME | 1298981 | (1298981)  |
| RDTE |  | —  |
| XDTE |  | —  |
| XDIV | (994794) | 994794  |
| XPAY | (582162) | 582162  |
| UX | 8 | (8)  |
| WEEK | 6874 | (6874) |

---

6. INVESTMENT TRANSACTIONS

During the year or period ended December 31, 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 (Consolidated) | $— | $—  |
| MAGC | 6603575 | (3941198)  |
| MAGX | 15566820 | —  |
| YETH |  | —  |
| OZEM | 5410898 | (413173)  |
| HUMN | 1981808 | (106142)  |
| QDTE |  | —  |
| MAGY | 1573091 | —  |
| MEME |  | —  |
| RDTE |  | —  |
| XDTE |  | —  |
| XDIV | 992357 | —  |
| XPAY | 758057 | —  |
| UX |  | —  |
| WEEK |  |  |

---

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**ROUNDHILL ETF TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

Purchases and sales of investments (excluding short-term investments), creations in-kind and redemptions in-kind for the year ended December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Creations** <br>**In-Kind** | **Redemptions** <br>**In-Kind**  |
| YBTC | $— | $— | $— | $—  |
| MAGC | 13321746 | 14452960 |  | 26896345  |
| MAGX |  | 619 |  | 56450547  |
| YETH | 18865467 | 19263 |  | —  |
| OZEM | 24696627 | 25579997 | 8871827 | 15979333  |
| HUMN | 26357517 | 13257909 | 29800570 | 12133810  |
| QDTE | 544427283 | 84492388 |  | —  |
| MAGY | 18039734 | 44938701 | 246406385 | 6248405  |
| MEME | 78859796 | 79254090 | 51728143 | 19746320  |
| RDTE | 151135362 | 61148201 |  | —  |
| XDTE | 347053339 | 58327296 |  | —  |
| XDIV | 8881563 | 8804372 | 63970574 | 38922654  |
| XPAY | 65488731 | 255866 |  | 2586729  |
| UX | 564577 | 123060 |  | —  |
| WEEK |  |  |  |  |

---

7. SECURITIES LENDING

The Funds may lend domestic and foreign securities in their portfolios to approved brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program which is administered by the Custodian. The securities lending agreement requires that loans are initially collateralized in an amount equal to at least 105% of the then current market value of any loaned securities that are foreign securities, or 102% of the then current market value of any other loaned securities. The custodian performs on a daily basis marking to market loaned securities and collateral. Each borrower is required, if necessary, to deliver additional collateral so that the total collateral held in the account for all loans of the Funds to the borrower will equal at least 100% of the market value of the loaned securities. The cash collateral is invested by the Custodian in accordance with approved investment guidelines. Those guidelines allow the cash collateral to be invested in readily marketable, high quality, short-term obligations issued or guaranteed by the United States Government; however, such investments are subject to risk of payment delays, declines in the value of collateral provided, default on the part of the issuer or counterparty, or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent. Additionally, the Funds are subject to the risk of loss from investments that it makes with the cash received as collateral. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third-party borrowers that provide the Fund, in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third-party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

The collateral invested in the Funds, if any, is reflected in each Fund's Schedule of Investments and is included in the Statements of Assets and Liabilities in the line item labeled "Investments, at value." A liability of equal value to the cash collateral received and subsequently invested in the Funds is included on the Statements of Assets and Liabilities as "Payable for collateral on securities loaned." During the year ended December 31, 2025, the Funds loaned securities and received cash collateral for the loans, which was invested in the Mount Vernon Liquid Assets Portfolio, LLC. The Funds receive compensation in the form of loan fees owed by borrowers and income earned on collateral investments. A portion of the interest received on the loan collateral is retained by the Funds and the remainder is rebated to the borrower of the securities. Pursuant to the securities lending agreement between the Trust, on behalf of the Funds, and the Custodian, each Fund pays a fee to the Custodian, which is calculated daily and paid monthly, at a rate of 20% of the

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**ROUNDHILL ETF TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

Funds' aggregate net income. The net amount of interest earned, after the interest rebate and the allocation to the Custodian, is included in the Statements of Operations as "Securities lending income". The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period.

As of December 31, 2025, the value of the securities on loan and payable for collateral due to broker were as follows:

**Value of Securities on Loan and Collateral Received** 

---

| | | |
|:---|:---|:---|
| **Fund** | **Values of** <br>**Securities** <br>**on Loan** | **Fund Collateral** <br>**Received\***  |
| MAGC | $1495489 | &nbsp;&nbsp; $1545499  |
| MAGX | 1404948 | &nbsp;&nbsp; 1443075  |
| OZEM. | 2148605 | &nbsp;&nbsp; 2222059  |
| HUMN | 2180255 | &nbsp;&nbsp; 2327542  |
| MEME | 685865 | &nbsp;&nbsp; 730319 |

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\* The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC, an investment with an overnight and continuous maturity, as shown on the Schedules of Investments.

8. 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".

9. OPERATING SEGMENTS

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 Portfolio Managers, who serve as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

10. SUBSEQUENT EVENTS

Management has evaluated the Funds' related event and transactions that occurred subsequent to December 31, 2025, through the date of issuance of the Funds' financials statements.

Per the Funds objective, the Funds have made subsequent distributions. Please see website for details.

Other than disclosed, there were no other subsequent events requiring recognition or disclosure through the date the financial statements were issued.

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**ROUNDHILL ETF TRUST** 

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders of Roundhill ETFs and

Board of Trustees of Roundhill ETF Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, written options and total return swap contracts (as applicable), of the funds listed below (the "Funds"), each a series of Roundhill ETF Trust, as of December 31, 2025, the related statements of operations or consolidated statements of operations, the statements of changes in net assets or consolidated statements of changes in net assets, the financial highlights or consolidated financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name**  | **Statements of** <br>**Operations**  | **Statements of** <br>**Changes in Net Assets**  | **Financial Highlights** |
| Roundhill Bitcoin Covered Call Strategy ETF  | Consolidated for the year <br>ended December 31, 2025 | Consolidated for the year ended <br>December 31, 2025, and for the <br>period from January 17, 2024 <br>(commencement of operations) <br>through December 31, 2024 | Consolidated for the year ended <br>December 31, 2025, and for the <br>period from January 17, 2024 <br>(commencement of operations) <br>through December 31, 2024 |
| Roundhill China Magnificent Seven ETF (formerly known as Roundhill China <br>Dragons ETF) | For the year ended <br>December 31, 2025 | For the year ended December 31, <br>2025, and for the period from <br>October 2, 2024 (commencement <br>of operations) through December 31, <br>2024 | For the year ended December 31, <br>2025, and for the period from <br>October 2, 2024 (commencement <br>of operations) through December 31, <br>2024 |
| Roundhill Daily 2X Long Magnificent <br>Seven ETF | For the year ended <br>December 31, 2025 | For the year ended December 31, <br>2025, and for the period from <br>February 28, 2024 (commencement <br>of operations) through December 31, <br>2024 | For the year ended December 31, <br>2025, and for the period from <br>February 28, 2024 (commencement <br>of operations) through December 31, <br>2024 |
| Roundhill Ether Covered Call Strategy ETF | For the year ended <br>December 31, 2025 | For the year ended December 31, <br>2025, and for the period from <br>September 3, 2024 (commencement <br>of operations) through December 31, <br>2024 | For the year ended December 31, <br>2025, and for the period from <br>September 3, 2024 (commencement <br>of operations) through December 31, <br>2024 |
| Roundhill GLP-1 & Weight Loss ETF | For the year ended <br>December 31, 2025 | For the year ended December 31, <br>2025, and for the period from <br>May 20, 2024 (commencement <br>of operations) through December 31, <br>2024 | For the year ended December 31, <br>2025, and for the period from <br>May 20, 2024 (commencement <br>of operations) through December 31, <br>2024 |
| Roundhill Humanoid Robotics ETF | For the period from June 25, 2025 (commencement of operations) <br>through December 31, 2025 | For the period from June 25, 2025 (commencement of operations) <br>through December 31, 2025 | For the period from June 25, 2025 (commencement of operations) <br>through December 31, 2025 |
| Roundhill Innovation-100 0DTE Covered Call Strategy ETF | For the year ended <br>December 31, 2025 | For the year ended December 31, <br>2025, and for the period from <br>March 6, 2024 (commencement <br>of operations) through December 31, <br>2024 | For the year ended December 31, <br>2025, and for the period from <br>March 6, 2024 (commencement <br>of operations) through December 31, <br>2024 |
| Roundhill Magnificent Seven Covered <br>Call ETF  | For the period from April 22, 2025 (commencement of operations) <br>through December 31, 2025 | For the period from April 22, 2025 (commencement of operations) <br>through December 31, 2025 | For the period from April 22, 2025 (commencement of operations) <br>through December 31, 2025 |

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**ROUNDHILL ETF TRUST** 

**Report of Independent Registered Public Accounting Firm(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name**  | **Statements of** <br>**Operations**  | **Statements of** <br>**Changes in Net Assets**  | **Financial Highlights** |
| Roundhill Meme Stock ETF  | For the period from October 7, 2025 (commencement of operations) <br>through December 31, 2025 | For the period from October 7, 2025 (commencement of operations) <br>through December 31, 2025 | For the period from October 7, 2025 (commencement of operations) <br>through December 31, 2025 |
| Roundhill Russell 2000 0DTE Covered Call Strategy ETF (formerly known as Roundhill Small Cap 0DTE Covered Call Strategy ETF) | For the year ended <br>December 31, 2025 | For the year ended December 31, <br>2025, and for the period from <br>September 9, 2024 (commencement <br>of operations) through December 31, <br>2024 | For the year ended December 31, <br>2025, and for the period from <br>September 9, 2024 (commencement <br>of operations) through December 31, <br>2024 |
| Roundhill S&P 500 0DTE Covered Call Strategy ETF | For the year ended <br>December 31, 2025 | For the year ended December 31, <br>2025, and for the period from <br>March 6, 2024 (commencement <br>of operations) through December 31, <br>2024 | For the year ended December 31, <br>2025, and for the period from <br>March 6, 2024 (commencement <br>of operations) through December 31, <br>2024 |
| Roundhill S&P 500 No Dividend Target ETF  | For the period from July 9, 2025 (commencement of operations) through December 31, 2025 | For the period from July 9, 2025 (commencement of operations) through December 31, 2025 | For the period from July 9, 2025 (commencement of operations) through December 31, 2025 |
| Roundhill S&P 500 Target 20 Managed Distribution ETF | For the year ended <br>December 31, 2025 | For the year ended December 31, <br>2025, and for the period from <br>October 30, 2024 (commencement <br>of operations) through December 31, <br>2024 | For the year ended December 31, <br>2025, and for the period from <br>October 30, 2024 (commencement <br>of operations) through December 31, <br>2024 |
| Roundhill Uranium ETF | For the period from January 28, 2025 (commencement of operations) through December 31, 2025 | For the period from January 28, 2025 (commencement of operations) through December 31, 2025 | For the period from January 28, 2025 (commencement of operations) through December 31, 2025 |
| Roundhill Weekly T-Bill ETF  | For the period from March 5, 2025 (commencement of operations) through December 31, 2025 | For the period from March 5, 2025 (commencement of operations) through December 31, 2025 | For the period from March 5, 2025 (commencement of operations) through December 31, 2025 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditors for one or more funds advised by Roundhill Financial Inc. since 2019.

![](22837_sign.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 27, 2026

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**ROUNDHILL ETF TRUST** 

**BOARD CONSIDERATION AND APPROVAL OF ADVISORY AND SUB-ADVISORY** 

**AGREEMENTS (Unaudited)** 

**Roundhill S&P 500<sup>®</sup> No Dividend Target ETF** 

**(*formerly,* Roundhill U.S. Equity No Dividend ETF)** 

At a regularly scheduled meeting held on August 29, 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 Roundhill S&P 500<sup>®</sup> No Dividend Target ETF (formerly, Roundhill U.S. Equity No Dividend 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, the Trust, 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 Board or 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 of the New Fund. The Board deliberated on the approval of the Agreements with respect to the of 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 grow 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 (Unaudited)(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 Fund 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 (Unaudited)(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.

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 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

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**ROUNDHILL ETF TRUST** 

**BOARD CONSIDERATION AND APPROVAL OF ADVISORY AND SUB-ADVISORY** 

**AGREEMENTS (Unaudited)(Continued)** 

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 Fund 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 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.

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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**ROUNDHILL ETF TRUST** 

**BOARD CONSIDERATION AND APPROVAL OF ADVISORY AND SUB-ADVISORY** 

**AGREEMENTS (Unaudited)(Continued)** 

**Roundhill WeeklyPay™ Universe ETF** 

**Roundhill Gold WeeklyPay™ ETF** 

**Roundhill Treasury Bond WeeklyPay™ ETF** 

**Roundhill Gold Miners WeeklyPay™ ETF** 

**Roundhill Meme Stock ETF** 

At a regularly scheduled meeting held on August 21, 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 the investment management agreement (the "Investment Management Agreement") between Roundhill Financial Inc. (the "Adviser") and the Trust, with respect to Roundhill WeeklyPay™ Universe ETF, Roundhill Gold WeeklyPay™ ETF, Roundhill Treasury Bond WeeklyPay™ ETF, Roundhill Gold Miners WeeklyPay™ ETF, Roundhill Meme Stock ETF(each, a "New Fund," and collectively, the "New Funds"), and the 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 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

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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 New 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 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. As applicable, the Board also noted the Adviser's representation that the services provided to each New Fund are not duplicative of the advisory services provided to the underlying funds in which the Funds may invest. 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.

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**BOARD CONSIDERATION AND APPROVAL OF ADVISORY AND SUB-ADVISORY** 

**AGREEMENTS (Unaudited)(Continued)** 

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 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

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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.

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.

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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 Fund and its shareholders.

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**Roundhill Bitcoin Covered Call Strategy ETF** 

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

**Roundhill Innovation-100 0DTE Covered Call Strategy ETF** 

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

**Roundhill GLP-1 & Weight Loss ETF** 

At a regularly scheduled meeting held on November 19, 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 the continuation of the investment management agreement (the "Investment Management Agreement") between Roundhill Financial Inc. (the "Adviser") and the Trust, with respect to Roundhill Bitcoin Covered Call Strategy ETF (YBTC), Roundhill Daily 2X Long Magnificent Seven ETF (MAGX), Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE), Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) and Roundhill GLP-1 & Weight Loss ETF (OXEM) (each a "Fund" and collectively, the "Funds"), and the 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 Funds.

Pursuant to Section 15 of the 1940 Act, the continuation of the Agreement after its initial two-year term must be approved annually by: (i) the vote of the Board or shareholders of each 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 their advisory business, including their investment personnel, financial resources, experience, investment processes, and compliance programs. The representatives discussed the services provided to each Fund by the Adviser and Sub-Adviser, as well as each Fund's fees and information with respect to the Fund's strategy and certain 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 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 continuation 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 continuance of the 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 continuance of 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 provided by the Adviser and Sub-Adviser to the Funds; (ii) each Fund's expenses and performance; (iii) the cost of the services provided and profits realized by the Adviser and Sub-Adviser and their respective affiliates from their relationship with the Trust and applicable Funds; (iv) comparative fee and expense data for each Fund and other investment companies with similar investment objectives and strategies; (v) the extent to which the advisory fee for each Fund reflects economies of scale shared with its shareholders; (vi) any fall-out benefits derived by the Adviser and Sub-Adviser from the relationship with the Trust and applicable Fund; and (vii) other factors the Board deemed relevant. The factors considered and the deliberations by the Board in connection with the renewal 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

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controlling and the individual Trustees may have attributed different weights to various factors. The Board considered the renewal of the Agreements with respect to each Fund separately.

**<u>Approval of the Continuation of the Advisory Agreement</u>** 

Nature, Extent, and Quality of Services Provided. The Trustees considered the scope of services provided under the Investment Management Agreement with respect to each Fund, noting that the Adviser expected to continue to provide substantially the same investment management services to each Fund with respect to implementing its investment program, including arranging for, or implementing, the purchase and sale of portfolio securities, monitoring adherence to its investment restrictions, overseeing the activities of the service providers, monitoring compliance with various policies and procedures with applicable securities regulations, and monitoring the extent to which each Fund achieved its investment objective. In considering the nature, extent, and quality of the services provided by the Adviser, the Board considered the quality of the Adviser's compliance infrastructure and past and current reports from the Trust's Chief Compliance Officer regarding his view of the Adviser's compliance infrastructure, as well as the Board's experience with the Adviser and the investment management services it has provided to each Fund. The Board noted that it had received a copy of the Adviser's registration on Form ADV, as well as the response of the Adviser to a detailed series of questions which requested, among other things, information about the background and experience of the firm's key personnel, the firm's cybersecurity policy and the services provided by the Adviser. The Board also considered the Adviser's operational capabilities and resources and its experience in managing investment portfolios, including the Funds. 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 The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services provided to each Fund by the Adviser.

Performance. In evaluating the quality of the services provided by the Adviser and Sub-Adviser, the Board considered each Fund's investment performance. The Board considered that each Fund's performance is monitored during the year, including at each Board's quarterly meeting. The Board met with representatives from the Adviser during the meeting, in part to discuss Fund performance and the factors impacting such performance. The Board received and considered a variety of Fund investment performance data. Among the materials, the Board received a report which provided each Fund's performance data as compared to the performance of its most direct competitors as identified by the Adviser ("Selected Peer Group") and to a benchmark. The Board was provided with a description of the reasons for utilizing the respective Selected Peer Groups and benchmarks for the Funds. The Board also received and considered information on a Fund's performance as compared to accounts managed by the Adviser that are comparable to the Fund, as applicable.

In evaluating performance, the Board acknowledged some of the limitations of the comparative performance data which may impact the weight given to particular performance data and/or limit the value of such performance data. The Board considered that differing objectives, investment strategies and guidelines followed by the respective benchmark(s), peers and/or other client accounts compared to those of the respective Fund would necessarily result in variations in performance results. The Board considered that the Funds are actively managed, and the Funds do not track a particular benchmark. Further, differences in the selection and composition of the peer group and benchmark over time also may contribute to variations in the comparative performance data.

In addition, the Board considered that each Fund had a limited operating history and had not yet developed three years of performance history and as a general matter, longer periods of performance may better reflect a Fund's performance over a full market cycle. In this respect, the Board further considered that market and economic conditions may significantly impact a Fund's performance, particularly over shorter periods, and, therefore, a Fund's performance over a specified period of time may be more indicative of the market conditions during such period rather than management's skills. In addition, the Board considered that a single period of significant outperformance or underperformance may impact the longer-term performance measurements. Accordingly, the Board considered performance in light of various factors that may impact performance, such as, among other things, overall financial market conditions, issuer-specific information, asset class information and cash flows. The Board considered that depending on the facts and circumstances, including differences between the strategies of the respective Fund and its peers and/or benchmark(s), the Board may be satisfied with a Fund's performance even if its performance may be below

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the performance of a benchmark or peer group for certain periods. In their review from year-to-year, the Independent Trustees may consider and place different emphasis on the relevant information in light of changing circumstances in market and economic conditions.

Based on its review and in the context of its full deliberations, the Board observed, among other performance data, the following:

<u>Roundhill Bitcoin Covered Call Strategy ETF</u>

For the one-year period, YBTC (net of fees) underperformed its benchmark, the Solactive GBS Global Markets All Cap USD Index and underperformed three of the five peers in its Selected Peer Group with reported performance for the period. The Board considered management's discussion of the Fund's performance, including differences in the outperforming peers' strategies, which contributed to their outperformance in bullish markets.

<u>Roundhill Daily 2X Long Magnificent Seven ETF</u>

For the one-year period, MAGX (net of fees) outperformed its benchmark, the Solactive GBS Global Markets All Cap USD Index and two of the five peers in its Selected Peer Group. The Board took into account management's discussion of the Fund's performance and differences between the Fund and the other funds in the peer group, including that the strategies of outperforming peers had different index exposure.

<u>Roundhill Innovation-100 0DTE Covered Call Strategy ETF</u>

For the one-year period, QDTE (net of fees) underperformed its benchmark, the Solactive GBS Global Markets All Cap USD Index and three of the five peers in its Selected Peer Group with reported performance. The Board took into account management's discussion of the Fund's performance, including the differences in the outperforming peers' strategies, which contributed to outperformance in bullish markets.

<u>Roundhill S&P 500 0DTE Covered Call Strategy ETF</u>

For the one-year period, XDTE (net of fees) underperformed its benchmark, the Solactive GBS Global Markets All Cap USD Index and five of the six peers in its Selected Peer Group with reported performance. The Board took into account management's discussion of the Fund's performance, including the differences in the outperforming peers' strategies, which contributed to outperformance in bullish markets.

<u>Roundhill GLP-1 & Weight Loss ETF</u>

For the one-year period, OZEM (net of fees) underperformed its benchmark, the Solactive GBS Global Markets All Cap USD Index and outperformed four of the six peers in its Selected Peer Group. The Board took into account management's discussion of the Fund's performance, including that the strategies of outperforming peers had less concentrated exposure to the GLP-1 theme and more exposure to the broad pharmaceutical industry.

On the basis of the Board's ongoing review of investment performance, the Board determined that the Funds' overall performance has been satisfactory to support renewal of the Investment Management Agreement with respect to each of the Funds.

Fees and Expenses. Regarding the costs of the services provided by the Adviser, the Board considered, among other expense data, a comparison of each Fund's unitary fee compared to the advisory fee and expenses of its 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 Funds relative to the strategies of the funds in the Selected Peer Group, as well as the level, quality and nature of the services provided by the Adviser to the Funds. The Board noted that each Fund's unitary fee and total expenses were 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 Fund's unitary fee and the differences in each Fund's strategy from the applicable Selected Peer Group. In considering the level of the advisory and sub-advisory fee with respect to the Funds, the Board also noted that the Adviser and Sub-Adviser do not manage any other accounts with a similar investment strategy. As applicable, the Board also noted the Adviser's representation that the services provided to each Fund are not duplicative of the advisory services provided to the underlying funds in which the Funds may invest. Based on its review, the Board concluded that the unitary fee with respect to each Fund appeared to be competitive and is reasonable in light of the information provided.

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**AGREEMENTS (Unaudited)(Continued)** 

Cost of Services to be Provided and Profitability. The Board considered the cost of the services provided by the Adviser, the advisory and sub-advisory fees, and the profitability information provided by the Adviser, including the methodology underlying such profitability. The Board took into consideration that the advisory fee for each Fund was a "unitary fee," meaning that the Fund pays 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 distribution fees 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 is responsible for compensating each Fund's other service providers and, with the exception of the expenses noted above, paying each Fund's other operating expenses out of its own fee and resources. The Board also evaluated whether the Adviser received any other compensation or fall-out benefits from its relationship with the Funds, taking into account profitability analysis of the Adviser's profitability with respect to each Fund and the financial resources the Adviser had committed and proposed to commit to its business.

Economies of Scale. The Board determined that, based on the amount and structure of each Fund's unitary fee, any such economies of scale would be shared with such Fund's respective shareholders. The Board stated that it would monitor fees as the Funds grow and consider whether fee reductions or breakpoints may be warranted in the future.

Benefits. The Board considered the direct and indirect benefits that are realized by the Adviser from its relationship with the Funds. The Board considered the Adviser's soft dollar arrangements with respect to portfolio transactions and considered that the Adviser does not utilize soft dollars with respect to the 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 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 Funds, but that such benefits are immaterial and cannot otherwise be quantified. The Board concluded that the additional benefits the Adviser receives from its relationship with each of the Funds are reasonable and appropriate.

Conclusion. No single factor was determinative of the Board's decision to approve the continuation of the Investment Management Agreement; rather, the Board based its determination on the total mix of information available to it. The Board, including a majority of the Independent Trustees, determined that the terms of the Investment Management Agreement, including the compensation payable under the Investment Management Agreement, are fair and reasonable with respect to each Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the continuation of the Investment Management Agreement was in the best interests of each Fund and its shareholders.

**<u>Approval of the Continuation of the Sub-Advisory Agreement</u>** 

Nature, Extent, and Quality of Services Provided. The Board considered the scope of services provided to each Fund under the Sub-Advisory Agreement, noting that the Sub-Adviser would continue to provide investment management services to the Funds. The Board reviewed and considered the performance by the Sub-Adviser of its responsibilities pursuant to the terms of the Sub-Advisory Agreement, including: responsibility for the management of the securities and other assets of each 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 Fund.

In considering the nature, extent, and quality of the services 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 and reporting 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 the services provided to the Funds. The Board 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.

90<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL ETF TRUST** 

**BOARD CONSIDERATION AND APPROVAL OF ADVISORY AND SUB-ADVISORY** 

**AGREEMENTS (Unaudited)(Continued)** 

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 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 experience with the Sub-Adviser as the investment sub-adviser to the Funds. The Board concluded, within the context of its full deliberations, it was satisfied with the nature, extent, and quality of the services provided to each Fund by the Sub-Adviser.

Performance. The Board noted that it had received and reviewed information regarding each Fund's performance, as detailed above. On the basis of the Board's ongoing review of investment performance, the Board determined that the Funds' overall performance has been satisfactory to support renewal of the Sub-Advisory Agreement.

Fees and Expenses. The Board reviewed information regarding each Fund's sub-advisory fee, including advisory fees and total expense ratios of those funds that might be considered peers of the Funds. The Board noted that the sub-advisory fee is paid by the Adviser and not directly by the Funds. Based on its review, the Board concluded that the sub-advisory fee with respect to each Fund 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 Provided and Economies of Scale. The Board considered the cost of the services provided by the Sub-Adviser, the sub-advisory fees, and the profitability data provided by the Sub-Adviser, including the methodology underlying such data. The Board considered that the fees paid to the Sub-Adviser are paid by the Adviser from the fee the Adviser received from each 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 provided with respect to the 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 received by the Sub-Adviser from its relationship with the Funds, taking into account an analysis of the Sub-Adviser's profitability, with respect to each Fund. The Board noted that, because the Sub-Adviser's advisory fee is 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 the Sub-Adviser might realize economies of scale in managing each Fund as assets grow in size. The Board further noted that because each Fund pays the Adviser a unitary fee, any benefits from breakpoints in the sub-advisory fee schedule would accrue to the Adviser, rather than to each Fund's shareholders. Consequently, the Board determined that it would continue to monitor the Fund's sub-advisory fees as each Fund grows to determine whether economies of scale were being effectively shared with each Fund and its respective shareholders.

Conclusion. No single factor was identified by the Board as determinative of its decision to approve the continuation of the Sub-Advisory Agreement with respect to each 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, the Board, including a majority of the Independent Trustees, determined that the terms of the Sub-Advisory Agreement, including the compensation payable under the Sub-Advisory Agreement, are fair and reasonable to each Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the continuation of the Sub-Advisory Agreement was in the best interests of each Fund and its respective shareholders.

91<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL ETF TRUST** 

**ADDITIONAL INFORMATION** 

**December 31, 2025** 

**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 Adviser 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 Adviser 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 year December 31, 2025, 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 Magnificent Seven ETF | 11.20%  |
| 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 Humanoid Robotics ETF | 24.47%  |
| Roundhill Innovation-100 0DTE Covered Call Strategy ETF | 0.00%  |
| Roundhill Magnificent Seven Covered Call ETF | 0.00%  |
| Roundhill Meme Stock ETF | 0.00%  |
| Roundhill Russell 2000 0DTE Covered Call Strategy ETF | 0.00%  |
| Roundhill S&P 500 0DTE Covered Call Strategy ETF | 0.00%  |
| Roundhill S&P 500 No Dividend Target ETF | 0.00%  |
| Roundhill S&P 500 Target 20 Managed Distribution ETF | 0.00%  |
| Roundhill Uranium ETF | 0.00%  |
| Roundhill Weekly T-Bill ETF | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
| Roundhill Bitcoin Covered Call Strategy ETF | 0.00%  |
| Roundhill China Magnificent Seven ETF | 9.20%  |
| 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 Humanoid Robotics ETF | 19.85%  |
| Roundhill Innovation-100 0DTE Covered Call Strategy ETF | 0.00%  |
| Roundhill Magnificent Seven Covered Call ETF | 0.00%  |

---

92<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**ROUNDHILL ETF TRUST** 

**ADDITIONAL INFORMATION** 

**December 31, 2025(Continued)** 

---

| | |
|:---|:---|
| Roundhill Meme Stock ETF | &nbsp;&nbsp; 0.00%  |
| Roundhill Russell 2000 0DTE Covered Call Strategy ETF | &nbsp;&nbsp; 0.00%  |
| Roundhill S&P 500 0DTE Covered Call Strategy ETF | &nbsp;&nbsp; 0.00%  |
| Roundhill S&P 500 No Dividend Target ETF | &nbsp;&nbsp; 0.00%  |
| Roundhill S&P 500 Target 20 Managed Distribution ETF | &nbsp;&nbsp; 0.00%  |
| Roundhill Uranium ETF | &nbsp;&nbsp; 0.00%  |
| Roundhill Weekly T-Bill ETF | &nbsp;&nbsp; 0.00% |

---

For the fiscal year ended December 31, 2025, 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 | 39.53%  |
| Roundhill China Magnificent Seven ETF | 0.00%  |
| Roundhill Daily 2X Long Magnificent Seven ETF | 28.06%  |
| Roundhill Ether Covered Call Strategy ETF | 0.00%  |
| Roundhill GLP-1 & Weight Loss ETF | 0.45%  |
| Roundhill Humanoid Robotics ETF | 42.44%  |
| Roundhill Innovation-100 0DTE Covered Call Strategy ETF | 100.00%  |
| Roundhill Magnificent Seven Covered Call ETF | 57.87%  |
| Roundhill Meme Stock ETF | 0.00%  |
| Roundhill Russell 2000 0DTE Covered Call Strategy ETF | 34.87%  |
| Roundhill S&P 500 0DTE Covered Call Strategy ETF | 100.00%  |
| Roundhill S&P 500 No Dividend Target ETF | 0.00%  |
| Roundhill S&P 500 Target 20 Managed Distribution ETF | 0.00%  |
| Roundhill Uranium ETF | 40.29%  |
| Roundhill Weekly T-Bill ETF | 0.00% |

---

For the fiscal year ended December 31, 2025, 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; $519241 | $58983  |
| Roundhill Humanoid Robotics ETF | &nbsp;&nbsp;&nbsp; 55832 | 8034 |

---

93<br>

------

![](roundhilllogo.jpg)

**Roundhill ETF Trust WeeklyPay ETFs**

**Roundhill AAPL WeeklyPay ETF (AAPW)** 

**Roundhill AMD WeeklyPay ETF (AMDW)** 

**Roundhill AMZN WeeklyPay ETF (AMZW)** 

**Roundhill ARM WeeklyPay ETF (ARMW)** 

**Roundhill AVGO WeeklyPay ETF (AVGW)** 

**Roundhill BABA WeeklyPay ETF (BABW)** 

**Roundhill BRKB WeeklyPay ETF (BRKW)** 

**Roundhill COIN WeeklyPay ETF (COIW)** 

**Roundhill COST WeeklyPay ETF (COSW)** 

**Roundhill Gold Miners WeeklyPay ETF (GDXW)** 

**Roundhill Gold WeeklyPay ETF (GLDW)** 

**Roundhill GOOGL WeeklyPay ETF (GOOW)** 

**Roundhill HOOD WeeklyPay ETF (HOOW)** 

**Roundhill META WeeklyPay ETF (METW)** 

**Roundhill MSFT WeeklyPay ETF (MSFW)** 

**Roundhill MSTR WeeklyPay ETF (MSTW)** 

**Roundhill NFLX WeeklyPay ETF (NFLW)** 

**Roundhill NVDA WeeklyPay ETF (NVDW)** 

**Roundhill PLTR WeeklyPay ETF (PLTW)** 

**Roundhill Treasury Bond WeeklyPay ETF (TSYW)** 

**Roundhill TSLA WeeklyPay ETF (TSLW)** 

**Roundhill UBER WeeklyPay ETF (UBEW)** 

**Roundhill UNH WeeklyPay ETF (UNHW)** 

**Roundhill WeeklyPay Universe ETF (WPAY)** 

Annual Financial Statements & Other Information

December 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Roundhill AAPL WeeklyPay ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Roundhill AMD WeeklyPay ETF](#soi2) | [3](#soi2) |
| &nbsp;&nbsp;&nbsp; [Roundhill AMZN WeeklyPay ETF](#soi3) | [5](#soi3) |
| &nbsp;&nbsp;&nbsp; [Roundhill ARM WeeklyPay ETF](#soi4) | [7](#soi4) |
| &nbsp;&nbsp;&nbsp; [Roundhill AVGO WeeklyPay ETF](#soi5) | [9](#soi5) |
| &nbsp;&nbsp;&nbsp; [Roundhill BABA WeeklyPay ETF](#soi6) | [11](#soi6) |
| &nbsp;&nbsp;&nbsp; [Roundhill BRKB WeeklyPay ETF](#soi7) | [13](#soi7) |
| &nbsp;&nbsp;&nbsp; [Roundhill COIN WeeklyPay ETF](#soi8) | [15](#soi8) |
| &nbsp;&nbsp;&nbsp; [Roundhill COST WeeklyPay ETF](#soi9) | [17](#soi9) |
| &nbsp;&nbsp;&nbsp; [Roundhill Gold Miners WeeklyPay ETF](#soi10) | [19](#soi10) |
| &nbsp;&nbsp;&nbsp; [Roundhill Gold WeeklyPay ETF](#soi11) | [21](#soi11) |
| &nbsp;&nbsp;&nbsp; [Roundhill GOOGL WeeklyPay ETF](#soi12) | [23](#soi12) |
| &nbsp;&nbsp;&nbsp; [Roundhill HOOD WeeklyPay ETF](#soi13) | [25](#soi13) |
| &nbsp;&nbsp;&nbsp; [Roundhill META WeeklyPay ETF](#soi14) | [27](#soi14) |
| &nbsp;&nbsp;&nbsp; [Roundhill MSFT WeeklyPay ETF](#soi15) | [29](#soi15) |
| &nbsp;&nbsp;&nbsp; [Roundhill MSTR WeeklyPay ETF](#soi16) | [31](#soi16) |
| &nbsp;&nbsp;&nbsp; [Roundhill NFLX WeeklyPay ETF](#soi17) | [32](#soi17) |
| &nbsp;&nbsp;&nbsp; [Roundhill NVDA WeeklyPay ETF](#soi18) | [34](#soi18) |
| &nbsp;&nbsp;&nbsp; [Roundhill PLTR WeeklyPay ETF](#soi19) | [36](#soi19) |
| &nbsp;&nbsp;&nbsp; [Roundhill Treasury Bond WeeklyPay ETF](#soi20) | [38](#soi20) |
| &nbsp;&nbsp;&nbsp; [Roundhill TSLA WeeklyPay ETF](#soi21) | [40](#soi21) |
| &nbsp;&nbsp;&nbsp; [Roundhill UBER WeeklyPay ETF](#soi22) | [42](#soi22) |
| &nbsp;&nbsp;&nbsp; [Roundhill UNH WeeklyPay ETF](#soi23) | [44](#soi23) |
| &nbsp;&nbsp;&nbsp; [Roundhill WeeklyPay Universe ETF](#soi24) | [46](#soi24) |
| [Statements of Assets and Liabilities](#sal) | [48](#sal) |
| [Statements of Operations](#sop) | [53](#sop) |
| [Statements of Changes in Net Assets](#scna) | [58](#scna) |
| [Financial Highlights](#fihi) | [64](#fihi) |
| [Notes to Financial Statements](#notes) | [88](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [105](#report) |
| [Board Consideration and Approval of Advisory and Sub-Advisory Agreements](#board) | [107](#board) |
| [Additional Information](#add) | [122](#add) |

---

------

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

**Roundhill AAPL WeeklyPay ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 9.9%**<br>|  |  |
| **Computers - 9.9%**<br>|  |  |
| Apple, Inc. | 15312 | $4162721  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $4,063,536)** |  | 4162721  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 76.0%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(a)(b)</sup> | $32000000 | 31912455  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $31,912,455)** |  | 31912455  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 7.6%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 3188745 | 3188745  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $3,188,745)** |  | 3188745  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 93.5%** <br>**(Cost $39,164,736)** |  | $39263921  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 6.5% |  | 2744644  |
| **TOTAL NET ASSETS - 100.0%** |  | $42008565 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $15,956,228.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

1<br>

------

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

**Roundhill AAPL WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.75% | Termination | 03/18/2026 | $46350771 | &nbsp;&nbsp;&nbsp; $2691617  |
| **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; $2691617 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $4162721 | $— | $— | $4162721  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 31912455 |  | 31912455  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3188745 |  |  | 3188745  |
| **Total Investments** | $7351466 | $31912455 | $— | $39263921  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $2691617 | $— | $2691617  |
| **Total Other Financial Instruments** | $— | $2691617 | $— | $2691617 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 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**](#TOC)**

**Roundhill AMD WeeklyPay ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.0%**<br>|  |  |
| **Semiconductors - 20.0%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 49587 | $10619551  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $9,498,087)** |  | 10619551  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 63.9%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(b)(c)</sup> | $34000000 | 33906984  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $33,906,984)** |  | 33906984  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 7.3%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> | 3853747 | 3853747  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $3,853,747)** |  | 3853747  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 91.2%** <br>**(Cost $47,258,818)** |  | $48380282  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 8.8% |  | 4643884  |
| **TOTAL NET ASSETS - 100.0%** |  | $53024166 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(c)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $22,937,079.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

3<br>

------

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

**Roundhill AMD WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
|  Advanced Micro Devices, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 2.25% | Termination | 08/25/2026 | $53099687 | &nbsp;&nbsp;&nbsp; $4682780  |
| **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; $4682780 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $10619551 | $— | $— | $10619551  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 33906984 |  | 33906984  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3853747 |  |  | 3853747  |
| **Total Investments** | $14473298 | $33906984 | $— | $48380282  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $4682780 | $— | $4682780  |
| **Total Other Financial Instruments** | $— | $4682780 | $— | $4682780 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 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**](#TOC)**

**Roundhill AMZN WeeklyPay ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.0%**<br>|  |  |
| **Internet - 20.0%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 36428 | $8408311  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $8,009,272)** |  | 8408311  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 66.5%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(b)(c)</sup> | $28000000 | 27923398  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $27,923,398)** |  | 27923398  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 10.3%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> | 4307091 | 4307092  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $4,307,092)** |  | 4307092  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 96.8%** <br>**(Cost $40,239,762)** |  | $40638801  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 3.2% |  | 1338204  |
| **TOTAL NET ASSETS - 100.0%** |  | $41977005 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(c)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $17,152,944.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

5<br>

------

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

**Roundhill AMZN WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
| Amazon.com, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.75% | Termination | 07/17/2026 | $42052865 | &nbsp;&nbsp;&nbsp; $1355775  |
| **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; $1355775 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $8408311 | $— | $— | $8408311  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 27923398 |  | 27923398  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 4307092 |  |  | 4307092  |
| **Total Investments** | $12715403 | $27923398 | $— | $40638801  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $1355775 | $— | $1355775  |
| **Total Other Financial Instruments** | $— | $1355775 | $— | $1355775 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 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 ARM WeeklyPay ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.0%**<br>|  |  |
| **Semiconductors - 20.0%**<br>|  |  |
| ARM Holdings PLC - ADR<sup>(a)</sup> | 40093 | $4382566  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,294,058)** |  | 4382566  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 95.7%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(b)(c)</sup> | $21000000 | 20942548  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $20,942,548)** |  | 20942548  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 9.7%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> | 2112168 | 2112168  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,112,168)** |  | 2112168  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 125.4%** <br>**(Cost $28,348,774)** |  | $27437282  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (25.4)% |  | (5564876)  |
| **TOTAL NET ASSETS - 100.0%** |  | $21872406 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(c)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $19,446,652

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

7<br>

------

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

**Roundhill ARM WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
| ARM Holdings PLC | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 2.25% | Termination | 11/23/2026 | $21914687 | &nbsp;&nbsp; $(4708114)  |
| **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; $(4708114) |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $4382566 | $— | $— | $4382566  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 20942548 |  | 20942548  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2112168 |  |  | 2112168  |
| **Total Investments** | $6494734 | $20942548 | $— | $27437282  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $(4708114) | $— | $(4708114)  |
| **Total Other Financial Instruments** | $— | $(4708114) | $— | $(4708114) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 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**](#TOC)**

**Roundhill AVGO WeeklyPay ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.0%**<br>|  |  |
| **Semiconductors - 20.0%**<br>|  |  |
| Broadcom, Inc. | 33202 | $11491213  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $10,974,359)** |  | 11491213  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 68.0%**<br>|  |  |
| 3.78%, 01/27/2026<sup>(a)(b)</sup> | $39000000 | 38894100  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $38,894,100)** |  | 38894100  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 8.9%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 5066366 | 5066366  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $5,066,366)** |  | 5066366  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 96.9%** <br>**(Cost $54,934,825)** |  | $55451679  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 3.1% |  | 1750737  |
| **TOTAL NET ASSETS - 100.0%** |  | $57202416 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $34,107,134.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

9<br>

------

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

**Roundhill AVGO WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
| Broadcom, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 2.25% | Termination | 08/25/2026 | $57447062 | &nbsp;&nbsp;&nbsp; $1779845  |
| **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; $1779845 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $11491213 | $— | $— | $11491213  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 38894100 |  | 38894100  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 5066366 |  |  | 5066366  |
| **Total Investments** | $16557579 | $38894100 | $— | $55451679  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $1779845 | $— | $1779845  |
| **Total Other Financial Instruments** | $— | $1779845 | $— | $1779845 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 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**](#TOC)**

**Roundhill BABA WeeklyPay ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.2%**<br>|  |  |
| **Internet - 20.2%**<br>|  |  |
| Alibaba Group Holding Ltd. - ADR | 31129 | $4562889  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,003,675)** |  | 4562889  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 88.1%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(a)(b)</sup> | $20000000 | 19945285  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $19,945,285)** |  | 19945285  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 3.8%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 869298 | 869298  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $869,298)** |  | 869298  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 112.1%** <br>**(Cost $25,818,258)** |  | $25377472  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (12.1)% |  | (2742809)  |
| **TOTAL NET ASSETS - 100.0%** |  | $22634663 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

<sup>(a)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $17,651,577.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

11<br>

------

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

**Roundhill BABA WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 + 2.75% | Termination | 11/23/2026 | $22817962 | &nbsp;&nbsp; $(2374679)  |
| **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; $(2374679) |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $4562889 | $— | $— | $4562889  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 19945285 |  | 19945285  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 869298 |  |  | 869298  |
| **Total Investments** | $5432187 | $19945285 | $— | $25377472  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $(2374679) | $— | $(2374679)  |
| **Total Other Financial Instruments** | $— | $(2374679) | $— | $(2374679) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 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**](#TOC)**

**Roundhill BRKB WeeklyPay ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 2.1%**<br>|  |  |
| **Insurance - 2.1%**<br>|  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 1299 | $652942  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $649,524)** |  | 652942  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 91.1%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(b)(c)</sup> | $29000000 | 28920662  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $28,920,662)** |  | 28920662  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 9.0%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> | 2853229 | 2853229  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,853,229)** |  | 2853229  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.2%** <br>**(Cost $32,423,415)** |  | $32426833  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.2)% |  | (696567)  |
| **TOTAL NET ASSETS - 100.0%** |  | $31730266 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(c)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $16,554,586.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

13<br>

------

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

**Roundhill BRKB WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
| Berkshire Hathaway, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.75% | Termination | 07/17/2026 | $37367001 | &nbsp;&nbsp;&nbsp;&nbsp; $226320  |
| **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; $226320 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $652942 | $— | $— | $652942  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 28920662 |  | 28920662  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2853229 |  |  | 2853229  |
| **Total Investments** | $3506171 | $28920662 | $— | $32426833  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $226320 | $— | $226320  |
| **Total Other Financial Instruments** | $— | $226320 | $— | $226320 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 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**](#TOC)**

**Roundhill COIN WeeklyPay ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 12.0%**<br>|  |  |
| **Diversified Financial Services - 12.0%**<br>|  |  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 37058 | $8380296  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $10,693,845)** |  | 8380296  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 128.8%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(b)(c)</sup> | $90400000 | 90152686  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $90,152,686)** |  | 90152686  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 4.2%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> | 2959163 | 2959163  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,959,163)** |  | 2959163  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 145.0%** <br>**(Cost $103,805,694)** |  | $101492145  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (45.0)% |  | (31499731)  |
| **TOTAL NET ASSETS - 100.0%** |  | $69992414 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(c)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $89,903,370.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

15<br>

------

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

**Roundhill COIN WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
| Coinbase Global, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 2.75% | Termination | 03/18/2026 | $76502710 | &nbsp;&nbsp; $(31436274)  |
| **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; $(31436274) |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $8380296 | $— | $— | $8380296  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 90152686 |  | 90152686  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2959163 |  |  | 2959163  |
| **Total Investments** | $11339459 | $90152686 | $— | $101492145  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $(31436274) | $— | $(31436274)  |
| **Total Other Financial Instruments** | $— | $(31436274) | $— | $(31436274) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 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**](#TOC)**

**Roundhill COST WeeklyPay ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.1%**<br>|  |  |
| **Retail - 20.1%**<br>|  |  |
| Costco Wholesale Corp. | 6031 | $5200773  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,340,689)** |  | 5200773  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 73.0%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(a)(b)</sup> | $19000000 | 18948020  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $18,948,020)** |  | 18948020  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 10.3%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 2659907 | 2659907  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,659,907)** |  | 2659907  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.4%** <br>**(Cost $26,948,616)** |  | $26808700  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.4)% |  | (871819)  |
| **TOTAL NET ASSETS - 100.0%** |  | $25936881 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $11,867,444.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

17<br>

------

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

**Roundhill COST WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
| Costco Wholesale Corp. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.75% | Termination | 11/23/2026 | $26010761 | &nbsp;&nbsp;&nbsp; $(858354)  |
| **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; $(858354) |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $5200773 | $— | $— | $5200773  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 18948020 |  | 18948020  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2659907 |  |  | 2659907  |
| **Total Investments** | $7860680 | $18948020 | $— | $26808700  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $(858354) | $— | $(858354)  |
| **Total Other Financial Instruments** | $— | $(858354) | $— | $(858354) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 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**](#TOC)**

**Roundhill Gold Miners WeeklyPay ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY BILLS - 74.1%**<br>|  |  |
| 3.66%, 01/27/2026<sup>(a)(b)</sup> | $21500000 | $21443377  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $21,443,377)** |  | 21443377  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 20.2%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 5843789 | 5843789  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $5,843,789)** |  | 5843789  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 94.3%** <br>**(Cost $27,287,166)** |  | $27287166  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 5.7% |  | 1663637  |
| **TOTAL NET ASSETS - 100.0%** |  | $28950803 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $12,467,080.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

19<br>

------

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

**Roundhill Gold Miners WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
|  VanEck Gold Miners ETF/USA | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 2.25% | Termination | 12/01/2026 | $35211158 | &nbsp;&nbsp;&nbsp; $1664197  |
| **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; $1664197 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $21443377 | $— | $21443377  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 5843789 |  |  | 5843789  |
| **Total Investments** | $5843789 | $21443377 | $— | $27287166  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $1664197 | $— | $1664197  |
| **Total Other Financial Instruments** | $— | $1664197 | $— | $1664197 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 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>

------

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

**Roundhill Gold WeeklyPay ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY BILLS - 65.0%**<br>|  |  |
| 3.75%, 01/27/2026<sup>(a)(b)</sup> | $9000000 | $8975774  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $8,975,774)** |  | 8975774  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 31.5%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)(d)</sup> | 4359900 | 4359900  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $4,359,900)** |  | 4359900  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 96.5%** <br>**(Cost $13,335,674)** |  | $13335674  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 3.5% |  | 482599  |
| **TOTAL NET ASSETS - 100.0%** |  | $13818273 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $6,183,311.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(d)</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. 

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

21<br>

------

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

**Roundhill Gold WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
| SPDR Gold Shares | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 2.25% | Termination | 12/01/2026 | $16761931 | &nbsp;&nbsp;&nbsp;&nbsp; $483586  |
| **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; $483586 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $8975774 | $— | $8975774  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 4359900 |  |  | 4359900  |
| **Total Investments** | $4359900 | $8975774 | $— | $13335674  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $483586 | $— | $483586  |
| **Total Other Financial Instruments** | $— | $483586 | $— | $483586 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025.

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>

------

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

**Roundhill GOOGL WeeklyPay ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 15.8%**<br>|  |  |
| **Internet - 15.8%**<br>|  |  |
| Alphabet, Inc. - Class A | 34467 | $10788171  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $9,427,026)** |  | 10788171  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 61.6%**<br>|  |  |
| 3.78%, 01/27/2026<sup>(a)(b)</sup> | $42000000 | 41886059  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $41,886,059)** |  | 41886059  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 7.3%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 4952452 | 4952452  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $4,952,452)** |  | 4952452  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 84.7%** <br>**(Cost $56,265,537)** |  | $57626682  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 15.3% |  | 10393299  |
| **TOTAL NET ASSETS - 100.0%** |  | $68019981 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $20,544,115.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

23<br>

------

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

**Roundhill GOOGL WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
| Alphabet, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.75% | Termination | 08/25/2026 | $70917975 | &nbsp;&nbsp; $10428731  |
| **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; $10428731 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $10788171 | $— | $— | $10788171  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 41886059 |  | 41886059  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 4952452 |  |  | 4952452  |
| **Total Investments** | $15740623 | $41886059 | $— | $57626682  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $10428731 | $— | $10428731  |
| **Total Other Financial Instruments** | $— | $10428731 | $— | $10428731 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 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>

------

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

**Roundhill HOOD WeeklyPay ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 1.9%**<br>|  |  |
| **Internet - 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. - <br>Class A<sup>(a)</sup> | 52149 | $5898052  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $4,453,961)** |  | 5898052  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 100.1%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(b)(c)</sup> | $310000000 | 309151909  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $309,151,909)** |  | 309151909  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 3.4%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> | 10388567 | 10388567  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $10,388,567)** |  | 10388567  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.4%** <br>**(Cost $323,994,437)** |  | $325438528  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (5.4)% |  | (16584585)  |
| **TOTAL NET ASSETS - 100.0%** |  | $308853943 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(c)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $245,526,452.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

25<br>

------

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

**Roundhill HOOD WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
| Robinhood Markets, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 2.75% | Termination | 07/17/2026 | $368219444 | &nbsp;&nbsp; $(16334910)  |
| **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; $(16334910) |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $5898052 | $— | $— | $5898052  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 309151909 |  | 309151909  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 10388567 |  |  | 10388567  |
| **Total Investments** | $16286619 | $309151909 | $— | $325438528  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $(16334910) | $— | $(16334910)  |
| **Total Other Financial Instruments** | $— | $(16334910) | $— | $(16334910) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025.

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>

------

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

**Roundhill META WeeklyPay ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.0%**<br>|  |  |
| **Internet - 20.0%**<br>|  |  |
| Meta Platforms, Inc. - Class A | 13881 | $9162709  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $9,450,312)** |  | 9162709  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 85.0%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(a)(b)</sup> | $39000000 | 38893305  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $38,893,305)** |  | 38893305  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 3.7%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 1708647 | 1708647  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,708,647)** |  | 1708647  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.7%** <br>**(Cost $50,052,264)** |  | $49764661  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (8.7)% |  | (3995829)  |
| **TOTAL NET ASSETS - 100.0%** |  | $45768832 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $26,926,134

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

27<br>

------

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

**Roundhill META WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
| Meta Platforms, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.75% | Termination | 07/17/2026 | $45826088 | &nbsp;&nbsp; $(1978319)  |
| **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; $(1978319) |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $9162709 | $— | $— | $9162709  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 38893305 |  | 38893305  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1708647 |  |  | 1708647  |
| **Total Investments** | $10871356 | $38893305 | $— | $49764661  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $(1978319) | $— | $(1978319)  |
| **Total Other Financial Instruments** | $— | $(1978319) | $— | $(1978319) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025.

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

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

28<br>

------

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

**ROUNDHILL MSFT WEEKLYPAY ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.1%**<br>|  |  |
| **Software - 20.1%**<br>|  |  |
| Microsoft Corp. | 12719 | $6151163  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $6,488,419)** |  | 6151163 |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 77.9%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(a)(b)</sup> | $24000000 | 23934341  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS**<br>**(Cost $23,934,341)** |  | 23934341  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 10.0%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 3072279 | 3072279  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS**<br>**(Cost $3,072,279)** |  | 3072279  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.0%**<br>**(Cost $33,495,039)** |  | $33157783  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (8.0)% |  | (2447724)  |
| **TOTAL NET ASSETS - 100.0%** |  | $30710059 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $16,953,492.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

29<br>

------

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

**ROUNDHILL MSFT WEEKLYPAY ETF** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
| Microsoft Corp. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.75% | Termination | 08/25/2026 | $30771773 | &nbsp;&nbsp; $(2077933)  |
| **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; $(2077933) |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $6151163 | $— | $— | $6151163  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 23934341 |  | 23934341  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3072279 |  |  | 3072279  |
| **Total Investments** | $9223442 | $23934341 | $— | $33157783  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $(2077933) | $— | $(2077933)  |
| **Total Other Financial Instruments** | $— | $(2077933) | $— | $(2077933) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025.

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

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

30<br>

------

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

**ROUNDHILL MSTR WEEKLYPAY ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 83.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 83.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 83.3%<sup>(a)</sup>** |  |
| **Call Options - 83.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Strategy, Inc., <br>Expiration: 01/02/2026; <br>Exercise Price: $47.34<sup>(b)(c)</sup> | $74804985 | 4923 | $51487245  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $54,898,496)** |  |  | 51487245  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |  |
| **MONEY MARKET FUNDS - 16.8%** | **MONEY MARKET FUNDS - 16.8%** | **MONEY MARKET FUNDS - 16.8%** |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> |  | 10390209 | 10390209  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $10,390,209)** |  |  | 10390209  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%**<br>**(Cost $65,288,705)** |  |  | $61877454  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  |  | (85317)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $61792137 |

---

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 yield as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $51487245 | $— | $51487245  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 10390209 |  |  | 10390209  |
| **Total Investments** | $10390209 | $51487245 | $— | $61877454 |

---

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

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

31<br>

------

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

**ROUNDHILL NFLX WEEKLYPAY ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.1%**<br>|  |  |
| **Internet - 20.1%**<br>|  |  |
| Netflix, Inc.<sup>(a)</sup> | 66244 | $6211037  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $7,589,069)** |  | 6211037 |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 99.7%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(b)(c)</sup> | $31000000 | 30915191  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS**<br>**(Cost $30,915,191)** |  | 30915191  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 4.0%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> | 1234797 | 1234797  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS**<br>**(Cost $1,234,797)** |  | 1234797  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 123.8%**<br>**(Cost $39,739,057)** |  | $38361025  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (23.8)% |  | (7365819)  |
| **TOTAL NET ASSETS - 100.0%** |  | $30995206 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(c)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $24,064,068.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

32<br>

------

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

**ROUNDHILL NFLX WEEKLYPAY ETF** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
| Netflix, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.75% | Termination | 07/17/2026 | $31039060 | &nbsp;&nbsp; $(7344242)  |
| **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; $(7344242) |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $6211037 | $— | $— | $6211037  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 30915191 |  | 30915191  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1234797 |  |  | 1234797  |
| **Total Investments** | $7445834 | $30915191 | $— | $38361025  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $(7344242) | $— | $(7344242)  |
| **Total Other Financial Instruments** | $— | $(7344242) | $— | $(7344242) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025.

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

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

33<br>

------

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

**ROUNDHILL NVDA WEEKLYPAY ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.1%**<br>|  |  |
| **Semiconductors - 20.1%**<br>|  |  |
| NVIDIA Corp. | 122464 | $22839536  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $20,746,804)** |  | 22839536  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 72.0%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(a)(b)</sup> | $82000000 | 81775666  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $81,775,666)** |  | 81775666  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 2.3%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 2633244 | 2633244  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,633,244)** |  | 2633244  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 94.4%**<br>**(Cost $105,155,714)** |  | $107248446  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 5.6% |  | 6417984  |
| **TOTAL NET ASSETS - 100.0%** |  | $113666430 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $55,248,438.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

34<br>

------

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

**Roundhill NVDA WeeklyPay ETF** 

**Schedule of Total Return Swap Contracts** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
| NVIDIA Corp. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 2.25% | Termination | &nbsp;&nbsp; 03/18/2026 | $114212227 | &nbsp;&nbsp;&nbsp; $7838054  |
| **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; $7838054 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $22839536 | $— | $— | $22839536  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 81775666 |  | 81775666  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2633244 |  |  | 2633244  |
| **Total Investments** | $25472780 | $81775666 | $— | $107248446  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $7838054 | $— | $7838054  |
| **Total Other Financial Instruments** | $— | $7838054 | $— | $7838054 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025.

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

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

35<br>

------

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

**ROUNDHILL PLTR WEEKLYPAY ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.2%**<br>|  |  |
| **Software - 20.2%**<br>|  |  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 275629 | $48993055  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $41,736,717)** |  | 48993055 |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 66.0%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(b)(c)</sup> | $161000000 | 160559540  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS**<br>**(Cost $160,559,540)** |  | 160559540  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.3%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> | 787451 | 787451  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $787,451)** |  | 787451  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 86.5%**<br>**(Cost $203,083,708)** |  | $210340046  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 13.5% |  | 32965901  |
| **TOTAL NET ASSETS - 100.0%** |  | $243305947 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(c)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $143,606,048.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

36<br>

------

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

**ROUNDHILL PLTR WEEKLYPAY ETF** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
|  Palantir Technologies, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 2.75% | Termination | &nbsp;&nbsp; 03/18/2026 | $246800187 | &nbsp;&nbsp; $30473190  |
| **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; $30473190 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $48993055 | $— | $— | $48993055  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 160559540 |  | 160559540  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 787451 |  |  | 787451  |
| **Total Investments** | $49780506 | $160559540 | $— | $210340046  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $30473190 | $— | $30473190  |
| **Total Other Financial Instruments** | $— | $30473190 | $— | $30473190 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025.

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

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

37<br>

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

**ROUNDHILL TREASURY BOND WEEKLYPAY ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY BILLS - 86.1%**<br>|  |  |
| 3.75%, 01/27/2026<sup>(a)(b)</sup> | $4100000 | $4088953  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $4,088,953)** |  | 4088953  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 16.4%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 778369 | 778369  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $778,369)** |  | 778369  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.5%**<br>**(Cost $4,867,322)** |  | $4867322  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.5)% |  | (118701)  |
| **TOTAL NET ASSETS - 100.0%** |  | $4748621 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $2,393,533.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

38<br>

------

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

**ROUNDHILL TREASURY BOND WEEKLYPAY ETF** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
|  iShares 20+ Year Treasury Bond ETF | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.75% | Termination | 12/13/2026 | $5709503 | &nbsp;&nbsp;&nbsp; $(117574)  |
| **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; $(117574) |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.88% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $4088953 | $— | $4088953  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 778369 |  |  | 778369  |
| **Total Investments** | $778369 | $4088953 | $— | $4867322  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $(117574) | $— | $(117574)  |
| **Total Other Financial Instruments** | $— | $(117574) | $— | $(117574) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025.

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

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

39<br>

------

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

**ROUNDHILL TSLA WEEKLYPAY ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 26.0%**<br>|  |  |
| **Auto Manufacturers - 26.0%<sup>(a)</sup>**<br>|  |  |
| Tesla, Inc.<sup>(b)(c)</sup> | 86721 | $39000168  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $30,700,776)** |  | 39000168 |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 57.3%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(d)(e)</sup> | $86000000 | 85764723  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS**<br>**(Cost $85,764,723)** |  | 85764723  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 2.5%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(f)</sup> | 3785962 | 3785962  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS**<br>**(Cost $3,785,962)** |  | 3785962  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 85.8%**<br>**(Cost $120,251,461)** |  | $128550853  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 14.2% |  | 21283939  |
| **TOTAL NET ASSETS - 100.0%** |  | $149834792 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industries or sectors 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> 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 yield as of December 31, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $80,080,317.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

40<br>

------

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

**ROUNDHILL TSLA WEEKLYPAY ETF** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
| Tesla, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 2.25% | Termination | &nbsp;&nbsp; 03/18/2026 | $143233571 | &nbsp;&nbsp; $21316100  |
| **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; $21316100 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $39000168 | $— | $— | $39000168  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 85764723 |  | 85764723  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3785962 |  |  | 3785962  |
| **Total Investments** | $42786130 | $85764723 | $— | $128550853  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $21316100 | $— | $21316100  |
| **Total Other Financial Instruments** | $— | $21316100 | $— | $21316100 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025.

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

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

41<br>

------

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

**ROUNDHILL UBER WEEKLYPAY ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.0%**<br>|  |  |
| **Internet - 20.0%**<br>|  |  |
| Uber Technologies, Inc.<sup>(a)</sup> | 59100 | $4829061  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $4,957,871)** |  | 4829061 |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 82.5%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(b)(c)</sup> | $20000000 | 19945284  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS**<br>**(Cost $19,945,284)** |  | 19945284  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.9%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> | 215989 | 215989  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS**<br>**(Cost $215,989)** |  | 215989  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.4%**<br>**(Cost $25,119,144)** |  | $24990334  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.4)% |  | (825190)  |
| **TOTAL NET ASSETS - 100.0%** |  | $24165144 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(c)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $16,953,491.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

42<br>

------

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

**ROUNDHILL UBER WEEKLYPAY ETF** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
| Uber Technologies, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 2.25% | Termination | 11/23/2026 | $24145714 | &nbsp;&nbsp;&nbsp; $(807473)  |
| **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; $(807473) |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $4829061 | $— | $— | $4829061  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 19945284 |  | 19945284  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 215989 |  |  | 215989  |
| **Total Investments** | $5045050 | $19945284 | $— | $24990334  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $(807473) | $— | $(807473)  |
| **Total Other Financial Instruments** | $— | $(807473) | $— | $(807473) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025.

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

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

43<br>

------

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

**ROUNDHILL UNH WEEKLYPAY ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 20.1%**<br>|  |  |
| **Healthcare-Services - 20.1%**<br>|  |  |
| UnitedHealth Group, Inc. | 14234 | $4698786  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $4,664,875)** |  | 4698786 |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 72.5%**<br>|  |  |
| 3.57%, 01/27/2026<sup>(a)(b)</sup> | $17050000 | 17006193  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS**<br>**(Cost $17,006,193)** |  | 17006193  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 6.8%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 1607810 | 1607810  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS**<br>**(Cost $1,607,810)** |  | 1607810  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%**<br>**(Cost $23,278,878)** |  | $23312789  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.6% |  | 148342  |
| **TOTAL NET ASSETS - 100.0%** |  | $23461131 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $15,410,304.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

44<br>

------

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

**ROUNDHILL UNH WEEKLYPAY ETF** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)  |
| UnitedHealth Group, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 2.25% | Termination | 01/05/2027 | $23490297 | &nbsp;&nbsp;&nbsp;&nbsp; $153023  |
| **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; $153023 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.

OBFR - Overnight Bank Funding Rate was 3.64% as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $4698786 | $— | $— | $4698786  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 17006193 |  | 17006193  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1607810 |  |  | 1607810  |
| **Total Investments** | $6306596 | $17006193 | $— | $23312789  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $153023 | $— | $153023  |
| **Total Other Financial Instruments** | $— | $153023 | $— | $153023 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025.

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

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

45<br>

------

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

**ROUNDHILL WEEKLYPAY UNIVERSE ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 99.8%** | **EXCHANGE TRADED FUNDS - 99.8%** |  |
| Roundhill AAPL WeeklyPay ETF<sup>(a)</sup> | 455801 | $18430860  |
| Roundhill AMD WeeklyPay ETF<sup>(a)</sup> | 364107 | 18372839  |
| Roundhill AMZN WeeklyPay ETF<sup>(a)</sup> | 443699 | 18795090  |
| Roundhill ARM WeeklyPay ETF<sup>(a)</sup> | 642397 | 17389815  |
| Roundhill AVGO WeeklyPay ETF<sup>(a)</sup> | 394290 | 18783976  |
| Roundhill BABA WeeklyPay ETF<sup>(a)</sup> | 459962 | 17955031  |
| Roundhill BRKB WeeklyPay ETF<sup>(a)</sup> | 422535 | 18857737  |
| Roundhill COIN WeeklyPay ETF<sup>(a)</sup> | 833779 | 16558851  |
| Roundhill COST WeeklyPay ETF<sup>(a)</sup> | 440026 | 18701897  |
| Roundhill GOOGL WeeklyPay ETF<sup>(a)</sup> | 266992 | 18911043  |
| Roundhill HOOD WeeklyPay ETF<sup>(a)</sup> | 350886 | 16667085  |
| Roundhill META WeeklyPay ETF<sup>(a)</sup> | 516885 | 18509652  |
| Roundhill MSFT WeeklyPay ETF<sup>(a)</sup> | 467841 | 18395508  |
| Roundhill MSTR WeeklyPay ETF<sup>(a)</sup> | 1664542 | 16329157  |
| Roundhill NFLX WeeklyPay ETF<sup>(a)</sup> | 666506 | 18262264  |
| Roundhill NVDA WeeklyPay ETF<sup>(a)</sup> | 457445 | 19139499  |
| Roundhill PLTR WeeklyPay ETF<sup>(a)</sup> | 440731 | 16456896  |
| Roundhill TSLA Weeklypay ETF<sup>(a)</sup> | 504575 | 16837668  |
| Roundhill UBER WeeklyPay ETF<sup>(a)</sup> | 483432 | 19129936  |
| Roundhill UNH WeeklyPay ETF<sup>(a)</sup> | 371545 | 18594378  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $413,887,467)** |  | 361079182  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.1%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(b)</sup> | 181721 | $181721  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $181,721)** |  | 181721  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $414,069,188)** |  | $361260903  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 182556  |
| **TOTAL NET ASSETS - 100.0%** |  | $361443459 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $361079182 | $— | $— | $361079182  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 181721 |  |  | 181721  |
| **Total Investments** | $361260903 | $— | $— | $361260903 |

---

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

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

46<br>

------

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

**Roundhill WeeklyPay Universe ETF** 

**Transactions with Affiliates** 

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value as of** <br>**September 3,** <br>**2025<sup>(a)</sup>** | **Additions** | **Reductions** | **Realized** <br>**Gain (Loss)** | **Return of** <br>**Capital** <br>**Distributions** | **Net Change** <br>**in Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value as of** <br>**December 31,** <br>**2025** | **Shares as of** <br>**December 31,** <br>**2025** | **Income**  |
|  Roundhill AAPL WeeklyPay ETF | $— | $44013841 | $(25742124) | $1003429 | $(2120208) | $1275922 | $18430860 | $455801 | $129285  |
|  Roundhill AMD WeeklyPay ETF |  | 49134585 | (27237820) | 3584565 | (4899484) | (2209007) | 18372839 | 364107 | 320135  |
|  Roundhill AMZN WeeklyPay ETF |  | 44484231 | (22119403) | (1388371) | (2836368) | 655001 | 18795090 | 443699 | 149801  |
|  Roundhill ARM WeeklyPay ETF |  | 28939665 | (5337442) | (298881) | (1435661) | (4477866) | 17389815 | 642397 | 65582  |
|  Roundhill AVGO WeeklyPay ETF |  | 42503133 | (18945223) | (611160) | (3726446) | (436328) | 18783976 | 394290 | 360739  |
|  Roundhill BABA WeeklyPay ETF |  | 25888909 | (5392086) | (127812) | (1174140) | (1239840) | 17955031 | 459962 | 62700  |
|  Roundhill BRKB WeeklyPay ETF |  | 42456117 | (22874135) | 319012 | (1228447) | 185190 | 18857737 | 422535 | 142427  |
|  Roundhill COIN WeeklyPay ETF |  | 43755988 | (7899935) | (2085837) | (4893610) | (12317755) | 16558851 | 833779 | 177389  |
|  Roundhill COST WeeklyPay ETF |  | 27092809 | (6457512) | (176223) | (615254) | (1141923) | 18701897 | 440026 | 63941  |
|  Roundhill GOOGL WeeklyPay ETF |  | 43147427 | (29799751) | 3901984 | (3032793) | 4694176 | 18911043 | 266992 | 126289  |
|  Roundhill HOOD WeeklyPay ETF |  | 44395076 | (13988668) | (2893359) | (5800520) | (5045444) | 16667085 | 350886 | 191767  |
|  Roundhill META WeeklyPay ETF |  | 40671411 | (15043353) | (2054593) | (2616898) | (2446915) | 18509652 | 516885 | 161246  |
|  Roundhill MSFT WeeklyPay ETF |  | 42315759 | (18307856) | (1814270) | (1983173) | (1814952) | 18395508 | 467841 | 155102  |
|  Roundhill MSTR WeeklyPay ETF |  | 50228630 | (6780661) | (879473) | (5105980) | (21133359) | 16329157 | 1664542 | —  |
|  Roundhill NFLX WeeklyPay ETF |  | 41899543 | (12927961) | (1898401) | (2468407) | (6342510) | 18262264 | 666506 | 151348  |
|  Roundhill NVDA WeeklyPay ETF |  | 43728954 | (19623591) | (1357244) | (3702080) | 93460 | 19139499 | 457445 | 123912 |
|  Roundhill PLTR WeeklyPay ETF |  | 42670220 | (18929589) | (1344628) | (5242909) | (696198) | 16456896 | 440731 | 107870  |
|  Roundhill TSLA Weeklypay ETF |  | 42492527 | (21292751) | 247577 | (4853739) | 244054 | 16837668 | 504575 | 96345  |
|  Roundhill UBER WeeklyPay ETF |  | 26833705 | (5758398) | (118068) | (1026947) | (800356) | 19129936 | 483432 | 64500  |
|  Roundhill UNH WeeklyPay ETF |  | 21383333 | (2619838) | 18750 | (334232) | 146365 | 18594378 | 341545 | 14278  |
|  | $— | $788035863 | $(307078097) | $(7973003) | $(59097296) | $(52808285) | $361079182 | $10617976 | $2664656 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Inception date of Fund.

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

47<br>

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

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**AAPL** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**AMD** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**AMZN** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**ARM** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**AVGO** <br>**WeeklyPay** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $39263921 | $48380282 | $40638801 | $27437282 | $55451679  |
|  Unrealized appreciation on swap contracts | 2691617 | 4682780 | 1355775 |  | 1779845  |
| Receivable for investments sold | 485542 |  |  | 162311 | —  |
| Dividends receivable | 10334 | 7818 | 18086 | 7928 | 20491  |
| Cash |  |  | 843 |  | —  |
| Receivable for transaction fee |  |  |  | 405 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 42451414 | 53070880 | 42013505 | 27607926 | 57252015  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable for capital shares redeemed | 403933 |  |  | 810057 | —  |
| Payable to Adviser | 38916 | 46714 | 36500 | 22121 | 49599  |
|  Unrealized depreciation on swap contracts |  |  |  | 4708114 | —  |
| Payable for swap contracts |  |  |  | 195228 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 442849 | 46714 | 36500 | 5735520 | 49599  |
| **NET ASSETS** | $42008565 | $53024166 | $41977005 | $21872406 | $57202416  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $39764049 | $51501886 | $41411974 | $29396529 | $55543451  |
|  Total distributable earnings/(accumulated losses) | 2244516 | 1522280 | 565031 | (7524123) | 1658965  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $42008565 | $53024166 | $41977005 | $21872406 | $57202416  |
| Net assets | $42008565 | $53024166 | $41977005 | $21872406 | $57202416  |
| Shares issued and outstanding<sup>(a)</sup> | 1040000 | 1050000 | 990000 | 810000 | 1200000  |
| Net asset value per share | $40.39 | $50.50 | $42.40 | $27.00 | $47.67  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $39164736 | $47258818 | $40239762 | $28348774 | $54934825 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

48<br>

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

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**BABA** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**BRKB** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**COIN** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**COST** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**Gold Miners** <br>**WeeklyPay** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $25377472 | $32426833 | $101492145 | $26808700 | $27287166  |
| Receivable for investments sold | 78708 |  |  |  | —  |
| Dividends receivable | 7582 | 10748 | 6920 | 8894 | 14949  |
| Receivable for transaction fee | 195 | 447 |  |  | —  |
| Unrealized appreciation on swap contracts |  | 226320 |  |  | 1664197  |
| Security lending income receivable |  | 19 | 18 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 25463957 | 32664367 | 101499083 | 26817594 | 28966312  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Unrealized depreciation on swap contracts | 2374679 |  | 31436274 | 858354 | —  |
| Payable for capital shares redeemed | 390245 | 893814 |  |  | —  |
| Payable for swap contracts | 42398 | 9827 |  |  | —  |
| Payable to Adviser | 21972 | 30460 | 70395 | 22359 | 15509  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2829294 | 934101 | 31506669 | 880713 | 15509  |
| **NET ASSETS** | $22634663 | $31730266 | $69992414 | $25936881 | $28950803  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $25902955 | $31745029 | $119609450 | $27087685 | $27298658  |
|  Total distributable earnings/(accumulated losses) | (3268292) | (14763) | (49617036) | (1150804) | 1652145  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $22634663 | $31730266 | $69992414 | $25936881 | $28950803  |
| Net assets | $22634663 | $31730266 | $69992414 | $25936881 | $28950803  |
| Shares issued and outstanding<sup>(a)</sup> | 580000 | 710000 | 3520000 | 610000 | 500000  |
| Net asset value per share | $39.03 | $44.69 | $19.88 | $42.52 | $57.90  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $25818258 | $32423415 | $103805694 | $26948616 | $27287166 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

49<br>

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

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**Gold** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**GOOGL** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**HOOD** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**META** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**MSFT** <br>**WeeklyPay** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $13335674 | $57626682 | $325438528 | $49764661 | $33157783  |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on swap <br>contracts | 483586 | 10428731 |  |  | —  |
| Dividends receivable | 7607 | 21823 | 41895 | 6823 | 8277  |
| Receivable for investments sold |  |  |  | 429712 | 78828  |
| Security lending income receivable |  |  | 186 | 50 | —  |
| Receivable for transaction fee |  |  |  | 1073 | 197  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 13826867 | 68077236 | 325480609 | 50202319 | 33245085  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to Adviser | 8594 | 57255 | 291756 | 44527 | 28475  |
| Payable for swap contracts |  |  |  | 265252 | 34905  |
| Payable for capital shares redeemed |  |  |  | 2145389 | 393713  |
| Unrealized depreciation on swap contracts |  |  | 16334910 | 1978319 | 2077933  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 8594 | 57255 | 16626666 | 4433487 | 2535026  |
| **NET ASSETS** | $13818273 | $68019981 | $308853943 | $45768832 | $30710059  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $13336096 | $56667740 | $340891557 | $51570722 | $35027770  |
|  Total distributable earnings/(accumulated losses) | 482177 | 11352241 | (32037614) | (5801890) | (4317711)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $13818273 | $68019981 | $308853943 | $45768832 | $30710059  |
| Net assets | $13818273 | $68019981 | $308853943 | $45768832 | $30710059  |
| Shares issued and outstanding<sup>(a)</sup> | 260000 | 960000 | 6490000 | 1280000 | 780000  |
| Net asset value per share | $53.15 | $70.85 | $47.59 | $35.76 | $39.37  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $13335674 | $56265537 | $323994437 | $50052264 | $33495039 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

50<br>

------

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

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**MSTR** <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>**Treasury Bond** <br>**WeeklyPay** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $61877454 | $38361025 | $107248446 | $210340046 | $4867322  |
| Dividends receivable | 34483 | 6132 | 12798 | 9710 | 2406  |
|  Unrealized appreciation on swap contracts |  |  | 7838054 | 30473190 | —  |
| Receivable for investments sold |  |  | 368317 |  | —  |
| Receivable for fund shares sold |  |  |  | 2990008 | —  |
| Security lending income receivable |  |  |  | 18 | —  |
| Cash |  |  |  | 278066 | —  |
| Receivable for swap contracts |  |  |  |  | 199  |
| Receivable for transaction fee |  |  | 836 | 1495 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 61911937 | 38367157 | 115468451 | 244092533 | 4869927  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to Adviser | 59131 | 27709 | 95321 | 223442 | 3732  |
| Payable for swap contracts |  |  | 35112 |  | —  |
| Payable for investments purchased | 60669 |  |  | 563144 | —  |
| Payable for capital shares redeemed |  |  | 1671588 |  | —  |
|  Unrealized depreciation on swap contracts |  | 7344242 |  |  | 117574  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 119800 | 7371951 | 1802021 | 786586 | 121306  |
| **NET ASSETS** | $61792137 | $30995206 | $113666430 | $243305947 | $4748621  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $165895268 | $42540149 | $106358861 | $214972436 | $4867971  |
|  Total distributable earnings/(accumulated losses) | (104103131) | (11544943) | 7307569 | 28333511 | (119350)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $61792137 | $30995206 | $113666430 | $243305947 | $4748621  |
| Net assets | $61792137 | $30995206 | $113666430 | $243305947 | $4748621  |
| Shares issued and outstanding<sup>(a)</sup> | 6310000 | 1130000 | 2720000 | 6510000 | 100000  |
| Net asset value per share | $9.79 | $27.43 | $41.79 | $37.37 | $47.49  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $65288705 | $39739057 | $105155714 | $203083708 | $4867322 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

51<br>

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

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**TSLA** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**UBER** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**UNH** <br>**WeeklyPay** <br>**ETF** | **Roundhill** <br>**WeeklyPay** <br>**Universe** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |
| Affiliated investments, at value | $128550853 | $24990334 | $23312789 | $361079182  |
| Unaffiliated investments, at value |  |  |  | 181721  |
| Unrealized appreciation on swap contracts | 21316100 |  | 153023 | —  |
| Cash | 95338 |  |  | —  |
| Dividends receivable | 12047 | 4603 | 1704 | 2406  |
| Security lending income receivable | 436 |  |  | —  |
| Receivable for investments sold |  |  |  | 12164179  |
| Receivable from Adviser |  |  |  | 204178  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 149974774 | 24994937 | 23467516 | 373631666  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable to Adviser | 139982 | 22320 | 6385 | —  |
| Unrealized depreciation on swap contracts |  | 807473 |  | —  |
| Payable for capital shares redeemed |  |  |  | 12188207  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 139982 | 829793 | 6385 | 12188207  |
| **NET ASSETS** | $149834792 | $24165144 | $23461131 | $361443459  |
| **Net Assets Consists of:**<br>|  |  |  |  |
| Paid-in capital | $122705822 | $25484362 | $23277836 | $429674141  |
| Total accumulated losses | 27128970 | (1319218) | 183295 | (68230682)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $149834792 | $24165144 | $23461131 | $361443459  |
| Net assets | $149834792 | $24165144 | $23461131 | $361443459  |
| Shares issued and outstanding<sup>(a)</sup> | 4490000 | 610000 | 470000 | 8600000  |
| Net asset value per share | $33.37 | $39.62 | $49.92 | $42.03  |
| **Cost:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $120251461 | $25119144 | $23278878 | $414069188 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

52<br>

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

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**AAPL** <br>**WeeklyPay** <br>**ETF<sup>(a)</sup>** | **Roundhill** <br>**AMD** <br>**WeeklyPay** <br>**ETF<sup>(b)</sup>** | **Roundhill** <br>**AMZN** <br>**WeeklyPay** <br>**ETF<sup>(c)</sup>** | **Roundhill** <br>**ARM** <br>**WeeklyPay** <br>**ETF<sup>(d)</sup>** | **Roundhill** <br>**AVGO** <br>**WeeklyPay** <br>**ETF<sup>(b)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $98055 | $65958 | $68045 | $10607 | $91190  |
| Interest income | 392924 | 382114 | 354769 | 89209 | 416553  |
| Securities lending income |  |  | 780 |  | 24  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 490979 | 448072 | 423594 | 99816 | 507767  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 160555 | 157581 | 131218 | 28101 | 159426  |
| Income tax expense |  |  |  | 185 | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 160555 | 157581 | 131218 | 28286 | 159426  |
| **Net investment income** | 330424 | 290491 | 292376 | 71530 | 348341  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 4786490 | (617247) | (168484) | (310292) | 499  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (543117) | (3218834) | (1019895) | (1594222) | (109762)  |
| Net realized gain (loss) | 4243373 | (3836081) | (1188379) | (1904514) | (109263)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 99185 | 1121464 | 399039 | (911492) | 516854  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 2691617 | 4682780 | 1355775 | (4708114) | 1779845  |
|  Net change in unrealized appreciation (depreciation) | 2790802 | 5804244 | 1754814 | (5619606) | 2296699  |
| **Net realized and unrealized gain (loss)** | 7034175 | 1968163 | 566435 | (7524120) | 2187436  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $7364599 | $2258654 | $858811 | $(7452590) | $2535777 |

---

<sup>(a)</sup> Inception date of the Fund was February 18, 2025.

<sup>(b)</sup> Inception date of the Fund was July 23, 2025.

<sup>(c)</sup> Inception date of the Fund was June 17, 2025.

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

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

53<br>

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

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended December 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**BABA** <br>**WeeklyPay** <br>**ETF<sup>(a)</sup>** | **Roundhill** <br>**BRKB** <br>**WeeklyPay** <br>**ETF<sup>(b)</sup>** | **Roundhill** <br>**COIN** <br>**WeeklyPay** <br>**ETF<sup>(c)</sup>** | **Roundhill** <br>**COST** <br>**WeeklyPay** <br>**ETF<sup>(a)</sup>** | **Roundhill** <br>**Gold Miners** <br>**WeeklyPay** <br>**ETF<sup>(d)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $10460 | $57272 | $42364 | $11441 | $16422  |
| Interest income | 83379 | 324031 | 1415282 | 78513 | 52549  |
| Securities lending income |  | 40 | 133 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 93839 | 381343 | 1457779 | 89954 | 68971  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 27514 | 112937 | 373826 | 27535 | 18958  |
| Income tax expense | 185 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 27699 | 112937 | 373826 | 27535 | 18958  |
| **Net investment income** | 66140 | 268406 | 1083953 | 62419 | 50013  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (70415) | 1038630 | 1450348 | (22799) | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (382412) | (245325) | (14476647) | (127681) | (12052)  |
| Net realized gain (loss) | (452827) | 793305 | (13026299) | (150480) | (12052)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (440786) | 3418 | (2313549) | (139916) | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (2374679) | 226320 | (31436274) | (858354) | 1664197  |
|  Net change in unrealized appreciation (depreciation) | (2815465) | 229738 | (33749823) | (998270) | 1664197  |
| **Net realized and unrealized gain (loss)** | (3268292) | 1023043 | (46776122) | (1148750) | 1652145  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(3202152) | $1291449 | $(45692169) | $(1086331) | $1702158 |

---

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

<sup>(b)</sup> Inception date of the Fund was June 17, 2025.

<sup>(c)</sup> Inception date of the Fund was February 18, 2025.

<sup>(d)</sup> Inception date of the Fund was October 29, 2025.

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

54<br>

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

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended December 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**Gold** <br>**WeeklyPay** <br>**ETF<sup>(a)</sup>** | **Roundhill** <br>**GOOGL** <br>**WeeklyPay** <br>**ETF<sup>(b)</sup>** | **Roundhill** <br>**HOOD** <br>**WeeklyPay** <br>**ETF<sup>(c)</sup>** | **Roundhill** <br>**META** <br>**WeeklyPay** <br>**ETF<sup>(c)</sup>** | **Roundhill** <br>**MSFT** <br>**WeeklyPay** <br>**ETF<sup>(b)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $9858 | $86559 | $206086 | $63195 | $72464  |
| Interest income | 37622 | 379852 | 3260944 | 427445 | 271809  |
| Securities lending income |  | 4 | 608 | 50 | 37  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 47480 | 466415 | 3467638 | 490690 | 344310  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 12467 | 165224 | 929153 | 135391 | 95255  |
| &nbsp;&nbsp;&nbsp; Total expenses | 12467 | 165224 | 929153 | 135391 | 95255  |
| **Net investment income** | 35013 | 301191 | 2538485 | 355299 | 249055  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments |  | 8549101 | 2399 | (546598) | (297796)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (827) | (401872) | (16922084) | (2986170) | (1604726)  |
| Net realized gain (loss) | (827) | 8147229 | (16919685) | (3532768) | (1902522)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments |  | 1361145 | 1444091 | (287602) | (337256)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 483586 | 10428731 | (16334910) | (1978319) | (2077933)  |
|  Net change in unrealized appreciation (depreciation) | 483586 | 11789876 | (14890819) | (2265921) | (2415189)  |
| **Net realized and unrealized gain (loss)** | 482759 | 19937105 | (31810504) | (5798689) | (4317711)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $517772 | $20238296 | $(29272019) | $(5443390) | $(4068656) |

---

<sup>(a)</sup> Inception date of the Fund was October 29, 2025.

<sup>(b)</sup> Inception date of the Fund was July 23, 2025.

<sup>(c)</sup> Inception date of the Fund was June 17, 2025.

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

55<br>

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**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended December 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**MSTR** <br>**WeeklyPay** <br>**ETF<sup>(a)</sup>** | **Roundhill** <br>**NFLX** <br>**WeeklyPay** <br>**ETF<sup>(b)</sup>** | **Roundhill** <br>**NVDA** <br>**WeeklyPay** <br>**ETF<sup>(c)</sup>** | **Roundhill** <br>**PLTR** <br>**WeeklyPay** <br>**ETF<sup>(c)</sup>** | **Roundhill** <br>**Treasury Bond** <br>**WeeklyPay** <br>**ETF<sup>(d)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $196357 | $41846 | $122613 | $151387 | &nbsp;&nbsp; $2861  |
| Interest income | 72896 | 341450 | 1137201 | 2539697 | &nbsp;&nbsp; 16097  |
| Securities lending income |  | 60 | 508 | 140 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 269253 | 383356 | 1260322 | 2691224 | &nbsp;&nbsp; 18958  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 331053 | 105569 | 428101 | 1014600 | &nbsp;&nbsp; 4676  |
| Interest expense | 985 |  |  |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 332038 | 105569 | 428101 | 1014600 | &nbsp;&nbsp; 4676  |
| **Net investment income/(loss)** | (62785) | 277787 | 832221 | 1676624 | &nbsp;&nbsp; 14282  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (103612936) | (438552) | (405337) | (1446304) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Written options expired or closed | 2921056 |  |  |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  | (2379395) | (2217880) | (7779312) | &nbsp;&nbsp; (1776)  |
| Net realized gain (loss) | (100691880) | (2817947) | (2623217) | (9225616) | &nbsp;&nbsp; (1776)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (3411251) | (1378032) | 2092732 | 7256338 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  | (7344242) | 7838054 | 30473190 | &nbsp;&nbsp; (117574)  |
|  Net change in unrealized appreciation (depreciation) | (3411251) | (8722274) | 9930786 | 37729528 | &nbsp;&nbsp; (117574)  |
| **Net realized and unrealized gain (loss)** | (104103131) | (11540221) | 7307569 | 28503912 | &nbsp;&nbsp; (119350)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(104165916) | $(11262434) | $8139790 | $30180536 | &nbsp;&nbsp; $(105068) |

---

<sup>(a)</sup> Inception date of the Fund was July 23, 2025.

<sup>(b)</sup> Inception date of the Fund was June 17, 2025.

<sup>(c)</sup> Inception date of the Fund was February 18, 2025.

<sup>(d)</sup> Inception date of the Fund was November 12, 2025.

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

56<br>

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

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Roundhill** <br>**TSLA** <br>**WeeklyPay** <br>**ETF<sup>(a)</sup>** | **Roundhill** <br>**UBER** <br>**WeeklyPay** <br>**ETF<sup>(b)</sup>** | **Roundhill** <br>**UNH** <br>**WeeklyPay** <br>**ETF<sup>(c)</sup>** | **Roundhill** <br>**WeeklyPay** <br>**Universe** <br>**ETF<sup>(d)(e)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $84171 | $6664 | $3074 | $2673127  |
| Interest income | 1260285 | 82649 | 18851 | —  |
| Securities lending income | 569 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1345025 | 89313 | 21925 | 2673127  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fee | 526215 | 27633 | 6385 | 316948  |
| &nbsp;&nbsp;&nbsp; Total expenses | 526215 | 27633 | 6385 | 316948  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser |  |  |  | (316948)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 526215 | 27633 | 6385 | —  |
| **Net investment income** | 818810 | 61680 | 15540 | 2673127  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 3980580 | (60305) | (528) | (7973003)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (2163800) | (322630) | (2417) | —  |
| Net realized gain (loss) | 1816780 | (382935) | (2945) | (7973003)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 8299392 | (128810) | 33911 | (52808285)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 21316100 | (807473) | 153023 | —  |
| Net change in unrealized appreciation (depreciation) | 29615492 | (936283) | 186934 | (52808285)  |
| **Net realized and unrealized gain (loss)** | 31432272 | (1319218) | 183989 | (60781288)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $32251082 | $(1257538) | $199529 | $(58108161) |

---

<sup>(a)</sup> Inception date of the Fund was February 18, 2025.

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

<sup>(c)</sup> Inception date of the Fund was December 2, 2025.

<sup>(d)</sup> Inception date of the Fund was September 3, 2025.

<sup>(e)</sup> As of December 31, 2025, the Roundhill WeeklyPay Universe ETF held affiliated securities, earning $2,664,656 in dividend income net of $59,097,296 of return in capital distributions. All realized gains and losses and change in unrealized on investments are derived from affiliated securities. 

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

57<br>

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

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Roundhill AAPL** <br>**WeeklyPay ETF** | **Roundhill AMD** <br>**WeeklyPay ETF** | **Roundhill AMZN** <br>**WeeklyPay ETF** | **Roundhill ARM** <br>**WeeklyPay ETF**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(c)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(d)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $330424 | $290491 | $292376 | $71530  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4243373 | (3836081) | (1188379) | (1904514)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2790802 | 5804244 | 1754814 | (5619606)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 7364599 | 2258654 | 858811 | (7452590)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (330424) | (736374) | (293780) | (71533)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (5418798) | (11269844) | (5562545) | (1565869)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (5749222) | (12006218) | (5856325) | (1637402)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 59334193 | 80428840 | 61162495 | 33153365  |
| &nbsp;&nbsp;&nbsp; Redemptions | (18973528) | (17706178) | (14225670) | (2208648)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 32523 | 49068 | 37694 | 17681  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 40393188 | 62771730 | 46974519 | 30962398  |
| **Net increase (decrease) in net assets** | 42008565 | 53024166 | 41977005 | 21872406  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $42008565 | $53024166 | $41977005 | $21872406  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1490000 | 1340000 | 1320000 | 890000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (450000) | (290000) | (330000) | (80000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1040000 | 1050000 | 990000 | 810000 |

---

<sup>(a)</sup> Inception date of the Fund was February 18, 2025.

<sup>(b)</sup> Inception date of the Fund was July 23, 2025.

<sup>(c)</sup> Inception date of the Fund was June 17, 2025.

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

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

58<br>

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

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Roundhill AVGO** <br>**WeeklyPay ETF** | **Roundhill BABA** <br>**WeeklyPay ETF** | **Roundhill BRKB** <br>**WeeklyPay ETF** | **Roundhill COIN** <br>**WeeklyPay ETF**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(c)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(d)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $348341 | $66140 | $268406 | $1083953  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (109263) | (452827) | 793305 | (13026299)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2296699 | (2815465) | 229738 | (33749823)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 2535777 | (3202152) | 1291449 | (45692169)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (876812) | (66140) | (268807) | (1107451)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (9057448) | (1238586) | (2318485) | (30551458)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (9934260) | (1304726) | (2587292) | (31658909)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 76911304 | 28732342 | 54075663 | 158166203  |
| &nbsp;&nbsp;&nbsp; Redemptions | (12355038) | (1605970) | (21079420) | (10926655)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 44633 | 15169 | 29866 | 103944  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 64600899 | 27141541 | 33026109 | 147343492  |
| **Net increase (decrease) in net assets** | 57202416 | 22634663 | 31730266 | 69992414  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $57202416 | $22634663 | $31730266 | $69992414  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1420000 | 620000 | 1170000 | 3800000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (220000) | (40000) | (460000) | (280000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1200000 | 580000 | 710000 | 3520000 |

---

<sup>(a)</sup> Inception date of the Fund was July 23, 2025.

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

<sup>(c)</sup> Inception date of the Fund was June 17, 2025.

<sup>(d)</sup> Inception date of the Fund was February 18, 2025.

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

59<br>

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

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Roundhill COST** <br>**WeeklyPay ETF** | **Roundhill Gold Miners** <br>**WeeklyPay ETF** | **Roundhill Gold** <br>**WeeklyPay ETF** | **Roundhill GOOGL** <br>**WeeklyPay ETF**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $62419 | &nbsp;&nbsp;&nbsp;&nbsp; $50013 | $35013 | &nbsp;&nbsp; $301191  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (150480) | &nbsp;&nbsp;&nbsp;&nbsp; (12052) | (827) | &nbsp;&nbsp; 8147229  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (998270) | &nbsp;&nbsp;&nbsp;&nbsp; 1664197 | 483586 | &nbsp;&nbsp; 11789876  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (1086331) | &nbsp;&nbsp;&nbsp;&nbsp; 1702158 | 517772 | &nbsp;&nbsp; 20238296  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (64473) | &nbsp;&nbsp;&nbsp;&nbsp; (50013) | (35595) | &nbsp;&nbsp; (321188)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (620375) | &nbsp;&nbsp;&nbsp;&nbsp; (1041741) | (286353) | &nbsp;&nbsp; (7713219)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (684848) | &nbsp;&nbsp;&nbsp;&nbsp; (1091754) | (321948) | &nbsp;&nbsp; (8034407)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 28986027 | &nbsp;&nbsp;&nbsp;&nbsp; 28326236 | 13615641 | &nbsp;&nbsp; 77513906  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1293107) | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; (21737236)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 15140 | &nbsp;&nbsp;&nbsp;&nbsp; 14163 | 6808 | &nbsp;&nbsp; 39422  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 27708060 | &nbsp;&nbsp;&nbsp;&nbsp; 28340399 | 13622449 | &nbsp;&nbsp; 55816092  |
| **Net increase (decrease) in net assets** | 25936881 | &nbsp;&nbsp;&nbsp;&nbsp; 28950803 | 13818273 | &nbsp;&nbsp; 68019981  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $25936881 | &nbsp;&nbsp;&nbsp;&nbsp; $28950803 | $13818273 | &nbsp;&nbsp; $68019981  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | 260000 | &nbsp;&nbsp; 1250000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (30000) | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; (290000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | 260000 | &nbsp;&nbsp; 960000 |

---

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

<sup>(b)</sup> Inception date of the Fund was October 29, 2025.

<sup>(c)</sup> Inception date of the Fund was July 23, 2025.

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

60<br>

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

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Roundhill HOOD** <br>**WeeklyPay ETF** | **Roundhill META** <br>**WeeklyPay ETF** | **Roundhill MSFT** <br>**WeeklyPay ETF** | **Roundhill MSTR** <br>**WeeklyPay ETF**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2538485 | $355299 | $249055 | $(62785)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (16919685) | (3532768) | (1902522) | (100691880)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (14890819) | (2265921) | (2415189) | (3411251)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (29272019) | (5443390) | (4068656) | (104165916)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (2765595) | (358500) | (249055) | —  |
| &nbsp;&nbsp;&nbsp; From return of capital | (83653014) | (5818204) | (3184484) | (31426434)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (86418609) | (6176704) | (3433539) | (31426434)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 470003655 | 69711167 | 49708607 | 197345018  |
| &nbsp;&nbsp;&nbsp; Redemptions | (45751919) | (12363278) | (11526971) | —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 292835 | 41037 | 30618 | 39469  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 424544571 | 57388926 | 38212254 | 197384487  |
| **Net increase (decrease) in net assets** | 308853943 | 45768832 | 30710059 | 61792137  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $308853943 | $45768832 | $30710059 | $61792137  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 7180000 | 1630000 | 1070000 | 6310000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (690000) | (350000) | (290000) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 6490000 | 1280000 | 780000 | 6310000 |

---

<sup>(a)</sup> Inception date of the Fund was June 17, 2025.

<sup>(b)</sup> Inception date of the Fund was July 23, 2025.

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

61<br>

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

**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Roundhill NFLX** <br>**WeeklyPay ETF** | **Roundhill NVDA** <br>**WeeklyPay ETF** | **Roundhill PLTR** <br>**WeeklyPay ETF** | **Roundhill Treasury** <br>**Bond WeeklyPay ETF**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $277787 | $832221 | $1676624 | &nbsp;&nbsp;&nbsp;&nbsp; $14282  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2817947) | (2623217) | (9225616) | &nbsp;&nbsp;&nbsp;&nbsp; (1776)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (8722274) | 9930786 | 37729528 | &nbsp;&nbsp;&nbsp;&nbsp; (117574)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (11262434) | 8139790 | 30180536 | &nbsp;&nbsp;&nbsp;&nbsp; (105068)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (282510) | (832221) | (1847025) | &nbsp;&nbsp;&nbsp;&nbsp; (14282)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (4607565) | (24864030) | (81320452) | &nbsp;&nbsp;&nbsp;&nbsp; (51811)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (4890075) | (25696251) | (83167477) | &nbsp;&nbsp;&nbsp;&nbsp; (66093)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 54801302 | 143042601 | 312742948 | &nbsp;&nbsp;&nbsp;&nbsp; 4917323  |
| &nbsp;&nbsp;&nbsp; Redemptions | (7684830) | (11919860) | (16669769) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 31243 | 100150 | 219709 | &nbsp;&nbsp;&nbsp;&nbsp; 2459  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 47147715 | 131222891 | 296292888 | &nbsp;&nbsp;&nbsp;&nbsp; 4919782  |
| **Net increase (decrease) in net assets** | 30995206 | 113666430 | 243305947 | &nbsp;&nbsp;&nbsp;&nbsp; 4748621  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $30995206 | $113666430 | $243305947 | &nbsp;&nbsp;&nbsp;&nbsp; $4748621  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1360000 | 3000000 | 6950000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (230000) | (280000) | (440000) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1130000 | 2720000 | 6510000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |

---

<sup>(a)</sup> Inception date of the Fund was June 17, 2025.

<sup>(b)</sup> Inception date of the Fund was February 18, 2025.

<sup>(c)</sup> Inception date of the Fund was November 12, 2025.

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

62<br>

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**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Roundhill TSLA** <br>**WeeklyPay ETF** | **Roundhill UBER** <br>**WeeklyPay ETF** | **Roundhill UNH** <br>**WeeklyPay ETF** | **Roundhill WeeklyPay** <br>**Universe ETF**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(c)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(d)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $818810 | $61680 | $15540 | &nbsp;&nbsp;&nbsp; $2673127  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1816780 | (382935) | (2945) | &nbsp;&nbsp;&nbsp; (7973003)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 29615492 | (936283) | 186934 | &nbsp;&nbsp;&nbsp; (52808285)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 32251082 | (1257538) | 199529 | &nbsp;&nbsp;&nbsp; (58108161)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (869627) | (61680) | (16234) | &nbsp;&nbsp;&nbsp; (8745635)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (41199772) | (982052) | (369284) | &nbsp;&nbsp;&nbsp; (54717741)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (42069399) | (1043732) | (385518) | &nbsp;&nbsp;&nbsp; (63463376)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 173481153 | 27644777 | 23635302 | &nbsp;&nbsp;&nbsp; 632819687  |
| &nbsp;&nbsp;&nbsp; Redemptions | (13944026) | (1192782) |  | &nbsp;&nbsp;&nbsp; (149804691)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 115982 | 14419 | 11818 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 159653109 | 26466414 | 23647120 | &nbsp;&nbsp;&nbsp; 483014996  |
| **Net increase (decrease) in net assets** | 149834792 | 24165144 | 23461131 | &nbsp;&nbsp;&nbsp; 361443459  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  |  |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $149834792 | $24165144 | $23461131 | &nbsp;&nbsp;&nbsp; $361443459  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4890000 | 640000 | 470000 | &nbsp;&nbsp;&nbsp; 11910000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (400000) | (30000) |  | &nbsp;&nbsp;&nbsp; (3310000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 4490000 | 610000 | 470000 | &nbsp;&nbsp;&nbsp; 8600000 |

---

<sup>(a)</sup> Inception date of the Fund was February 18, 2025.

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

<sup>(c)</sup> Inception date of the Fund was December 2, 2025.

<sup>(d)</sup> Inception date of the Fund was September 3, 2025.

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

63<br>

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**ROUNDHILL AAPL WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.16  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.71  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.11  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.82  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.67)  |
| Return of Capital | &nbsp;&nbsp; (10.99)  |
| **Total distributions** | &nbsp;&nbsp; (11.66)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| **Net asset value, end of period** | &nbsp;&nbsp; $40.39  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 8.76%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $42009  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.04%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 33% |

---

<sup>(a)</sup> Inception date of the Fund was February 18, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

64<br>

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**ROUNDHILL AMD WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.19  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.46  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17.32  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;17.78  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (1.08)  |
| Return of Capital | &nbsp;&nbsp; (16.47)  |
| **Total distributions** | &nbsp;&nbsp; (17.55)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08  |
| **Net asset value, end of period** | &nbsp;&nbsp; $50.50  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 37.03%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $53024  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 1.83%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 81% |

---

<sup>(a)</sup> Inception date of the Fund was July 23, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

65<br>

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**ROUNDHILL AMZN WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $49.98  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.54  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.52  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.06  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.54)  |
| Return of Capital | &nbsp;&nbsp; (10.17)  |
| **Total distributions** | &nbsp;&nbsp; (10.71)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| **Net asset value, end of period** | &nbsp;&nbsp; $42.40  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 6.37%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $41977  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.19%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 80% |

---

<sup>(a)</sup> Inception date of the Fund was June 17, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

66<br>

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**ROUNDHILL ARM WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.45  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (19.22)  |
| **Total from investment operations** | &nbsp;&nbsp; (19.06)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.19)  |
| Return of Capital | &nbsp;&nbsp; (4.24)  |
| **Total distributions** | &nbsp;&nbsp; (4.43)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| **Net asset value, end of period** | &nbsp;&nbsp; $27.00  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -40.09%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $21872  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 1.00%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup>  | &nbsp;&nbsp; 0.01%  |
| Ratio of operational expenses to average net assets excluding tax expense<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.52%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 28% |

---

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

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

67<br>

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**ROUNDHILL AVGO WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.66  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.51  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11.27  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;11.78  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (1.31)  |
| Return of Capital | &nbsp;&nbsp; (13.53)  |
| **Total distributions** | &nbsp;&nbsp; (14.84)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| **Net asset value, end of period** | &nbsp;&nbsp; $47.67  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 23.73%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $57202  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.16%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 51% |

---

<sup>(a)</sup> Inception date of the Fund was July 23, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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**ROUNDHILL BABA WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.11  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (7.14)  |
| **Total from investment operations** | &nbsp;&nbsp; (6.95)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.21)  |
| Return of Capital | &nbsp;&nbsp; (3.96)  |
| **Total distributions** | &nbsp;&nbsp; (4.17)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| **Net asset value, end of period** | &nbsp;&nbsp; $39.03  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -14.65%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $22635  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 1.00%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup>  | &nbsp;&nbsp; 0.01%  |
| Ratio of operational expenses to average net assets excluding tax expense<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.38%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 18% |

---

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

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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**ROUNDHILL BRKB WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $49.94  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.58  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.56  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.14  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.67)  |
| Return of Capital | &nbsp;&nbsp; (5.78)  |
| **Total distributions** | &nbsp;&nbsp; (6.45)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06  |
| **Net asset value, end of period** | &nbsp;&nbsp; $44.69  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 2.72%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $31730  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.34%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 22% |

---

<sup>(a)</sup> Inception date of the Fund was June 17, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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**ROUNDHILL COIN WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.20  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.84  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (7.33)  |
| **Total from investment operations** | &nbsp;&nbsp; (6.49)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.84)  |
| Return of Capital | &nbsp;&nbsp; (23.07)  |
| **Total distributions** | &nbsp;&nbsp; (23.91)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08  |
| **Net asset value, end of period** | &nbsp;&nbsp; $19.88  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -25.52%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $69992  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.87%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 79% |

---

<sup>(a)</sup> Inception date of the Fund was February 18, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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**ROUNDHILL COST WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $49.93  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (5.54)  |
| **Total from investment operations** | &nbsp;&nbsp; (5.35)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.20)  |
| Return of Capital | &nbsp;&nbsp; (1.91)  |
| **Total distributions** | &nbsp;&nbsp; (2.11)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| **Net asset value, end of period** | &nbsp;&nbsp; $42.52  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -10.81%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $25937  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.24%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 10% |

---

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

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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**ROUNDHILL GOLD MINERS WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.06  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.26  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11.85  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;12.11  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.20)  |
| Return of Capital | &nbsp;&nbsp; (4.14)  |
| **Total distributions** | &nbsp;&nbsp; (4.34)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| **Net asset value, end of period** | &nbsp;&nbsp; $57.90  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 24.90%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $28951  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.61%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was October 29, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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**ROUNDHILL GOLD WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.10  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.74  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.99  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.22)  |
| Return of Capital | &nbsp;&nbsp; (1.77)  |
| **Total distributions** | &nbsp;&nbsp; (1.99)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| **Net asset value, end of period** | &nbsp;&nbsp; $53.15  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 10.13%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $13818  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.78%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was October 29, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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**ROUNDHILL GOOGL WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.02  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.53  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34.23  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;34.76  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.56)  |
| Return of Capital | &nbsp;&nbsp; (13.44)  |
| **Total distributions** | &nbsp;&nbsp; (14.00)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| **Net asset value, end of period** | &nbsp;&nbsp; $70.85  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 77.59%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $68020  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 1.80%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 16% |

---

<sup>(a)</sup> Inception date of the Fund was July 23, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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**ROUNDHILL HOOD WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.03  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | 0.90  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 28.82  |
| **Total from investment operations** | 29.72  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (1.03)  |
| Return of Capital | &nbsp;&nbsp; (31.23)  |
| **Total distributions** | &nbsp;&nbsp; (32.26)  |
| ETF transaction fees per share<sup>(b)</sup> | 0.10  |
| **Net asset value, end of period** | &nbsp;&nbsp; $47.59  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 53.64%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $308854  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.69%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was June 17, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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**ROUNDHILL META WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $49.93  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.54  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (3.71)  |
| **Total from investment operations** | &nbsp;&nbsp; (3.17)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.64)  |
| Return of Capital | &nbsp;&nbsp; (10.42)  |
| **Total distributions** | &nbsp;&nbsp; (11.06)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06  |
| **Net asset value, end of period** | &nbsp;&nbsp; $35.76  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -8.51%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $45769  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.58%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 65% |

---

<sup>(a)</sup> Inception date of the Fund was June 17, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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**ROUNDHILL MSFT WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.06  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.49  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (3.28)  |
| **Total from investment operations** | &nbsp;&nbsp; (2.79)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.58)  |
| Return of Capital | &nbsp;&nbsp; (7.38)  |
| **Total distributions** | &nbsp;&nbsp; (7.96)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06  |
| **Net asset value, end of period** | &nbsp;&nbsp; $39.37  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -6.50%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $30710  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.59%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 69% |

---

<sup>(a)</sup> Inception date of the Fund was July 23, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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**ROUNDHILL MSTR WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.07  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.02)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (29.78)  |
| **Total from investment operations** | &nbsp;&nbsp; (29.80)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; —  |
| Return of Capital | &nbsp;&nbsp; (10.49)  |
| **Total distributions** | &nbsp;&nbsp; (10.49)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.79  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -71.20%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $61792  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.00%<sup>(f)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; (0.19)%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 553% |

---

<sup>(a)</sup> Inception date of the Fund was July 23, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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

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**ROUNDHILL NFLX WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $49.86  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.50  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (12.33)  |
| **Total from investment operations** | &nbsp;&nbsp; (11.83)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.62)  |
| Return of Capital | &nbsp;&nbsp; (10.04)  |
| **Total distributions** | &nbsp;&nbsp; (10.66)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06  |
| **Net asset value, end of period** | &nbsp;&nbsp; $27.43  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -28.92%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $30995  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.59%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 65% |

---

<sup>(a)</sup> Inception date of the Fund was June 17, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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**ROUNDHILL NVDA WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $49.96  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | 0.76  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 11.70  |
| **Total from investment operations** | 12.46  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.67)  |
| Return of Capital | &nbsp;&nbsp; (20.05)  |
| **Total distributions** | &nbsp;&nbsp; (20.72)  |
| ETF transaction fees per share<sup>(b)</sup> | 0.09  |
| **Net asset value, end of period** | &nbsp;&nbsp; $41.79  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 33.20%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $113666  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 1.92%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 59% |

---

<sup>(a)</sup> Inception date of the Fund was February 18, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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**ROUNDHILL PLTR WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.67  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | 0.61  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 13.04  |
| **Total from investment operations** | 13.65  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.60)  |
| Return of Capital | &nbsp;&nbsp; (26.43)  |
| **Total distributions** | &nbsp;&nbsp; (27.03)  |
| ETF transaction fees per share<sup>(b)</sup> | 0.08  |
| **Net asset value, end of period** | &nbsp;&nbsp; $37.37  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 38.53%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $243306  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 1.64%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 60% |

---

<sup>(a)</sup> Inception date of the Fund was February 18, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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**ROUNDHILL TREASURY BOND WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $50.03  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (1.98)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (1.79)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.17)  |
| Return of Capital | &nbsp;&nbsp;&nbsp; (0.61)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.78)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $47.49  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; -3.56%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $4749  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 2.96%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was November 12, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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**ROUNDHILL TSLA WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.08  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | 0.47  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 4.47  |
| **Total from investment operations** | 4.94  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.45)  |
| Return of Capital | &nbsp;&nbsp; (21.27)  |
| **Total distributions** | &nbsp;&nbsp; (21.72)  |
| ETF transaction fees per share<sup>(b)</sup> | 0.07  |
| **Net asset value, end of period** | &nbsp;&nbsp; $33.37  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 23.69%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $149835  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 1.54%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 34% |

---

<sup>(a)</sup> Inception date of the Fund was February 18, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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**ROUNDHILL UBER WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.05  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.18  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (7.10)  |
| **Total from investment operations** | &nbsp;&nbsp; (6.92)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.21)  |
| Return of Capital | &nbsp;&nbsp; (3.34)  |
| **Total distributions** | &nbsp;&nbsp; (3.55)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| **Net asset value, end of period** | &nbsp;&nbsp; $39.62  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -14.54%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $24165  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.21%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 12% |

---

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

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

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

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**ROUNDHILL UNH WEEKLYPAY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.05  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.11  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.20  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.06)  |
| Return of Capital | &nbsp;&nbsp; (1.34)  |
| **Total distributions** | &nbsp;&nbsp; (1.40)  |
| ETF transaction fees per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| **Net asset value, end of period** | &nbsp;&nbsp; $49.92  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 2.52%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $23461  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.33%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 0%<sup>(g)</sup> |

---

<sup>(a)</sup> Inception date of the Fund was December 2, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

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

<sup>(g)</sup> Amount represents less than 0.5%. 

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

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

**ROUNDHILL WEEKLYPAY UNIVERSE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.47  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | 0.38  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.19  |
| **Total from investment operations** | 0.57  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (1.24)  |
| Return of Capital | &nbsp;&nbsp; (7.77)  |
| **Total distributions** | &nbsp;&nbsp; (9.01)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $42.03  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -0.40%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $361443  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.29%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 2.45%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 42% |

---

<sup>(a)</sup> Inception date of the Fund was September 3, 2025.

<sup>(b)</sup> Per share amounts have been calculated based on average shares outstanding during the period.

<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 period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying 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.

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

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

**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**December 31, 2025** 

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 December 31, 2025, the Roundhill WeeklyPay ETFs consist of 24 active series identified below (each a "Fund" and collectively, the "Funds").

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Reference Asset** | **Ticker** | **Diversified/**<br>**Non-Diversified**  | **Commencement of** <br>**Operations**  |
| Roundhill AAPL WeeklyPay ETF | Apple, Inc. | AAPW  | Non-Diversified  | February 18, 2025  |
| Roundhill AMD WeeklyPay ETF | Advanced Micro Devices, Inc. | AMDW | Non-Diversified  | July 23, 2025  |
| Roundhill AMZN WeeklyPay ETF  | Amazon.com, Inc. | AMZW  | Non-Diversified  | June 17, 2025  |
| Roundhill ARM WeeklyPay ETF | Arm Holdings PLC | ARMW  | Non-Diversified  | October 22, 2025  |
| Roundhill AVGO WeeklyPay ETF | Broadcom Inc. | AVGW  | Non-Diversified  | July 23, 2025  |
| &nbsp;&nbsp;&nbsp; Roundhill BABA WeeklyPay <br>ETF | Alibaba Group Holding <br>Limited | BABW  | Non-Diversified  | October 22, 2025  |
| &nbsp;&nbsp;&nbsp; Roundhill BRKB WeeklyPay <br>ETF | Berkshire Hathaway, Inc. <br>Class B  | BRKW | Non-Diversified  | June 17, 2025  |
| Roundhill COIN WeeklyPay ETF | Coinbase Global, Inc. | COIW | Non-Diversified  | February 18, 2025  |
| Roundhill COST WeeklyPay ETF | Costco Wholesale Corp. | COSW  | Non-Diversified  | October 22, 2025  |
|  Roundhill Gold Miners WeeklyPay ETF  | VanEck Gold Miners ETF | GDXW | Non-Diversified  | October 29, 2025  |
| Roundhill Gold WeeklyPay ETF | SPDR Gold Trust | GLDW  | Non-Diversified  | October 29, 2025  |
|  Roundhill GOOGL WeeklyPay ETF | Alphabet Inc. Class A | GOOW  | Non-Diversified  | July 23, 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 MSFT WeeklyPay ETF | Microsoft Corp. | MSFW | Non-Diversified  | July 23, 2025  |
| Roundhill MSTR WeeklyPay ETF | Strategy Inc. Class A | MSTW  | Non-Diversified  | July 23, 2025  |
| Roundhill NFLX WeeklyPay ETF | Netflix, Inc. | NFLW | Non-Diversified  | June 17, 2025  |
| Roundhill NVDA WeeklyPay ETF  | NVIDIA Corp. | NVDW | Non-Diversified | February 18, 2025  |
| Roundhill PLTR WeeklyPay ETF | Palantir Technologies, Inc. | PLTW | Non-Diversified  | February 18, 2025  |
|  Roundhill Treasury Bond WeeklyPay ETF  | iShares 20+ Year Treasury <br>Bond ETF  | TSYW | Non-Diversified  | November 12, 2025 |
| Roundhill TSLA WeeklyPay ETF | Tesla, Inc. | TSLW | Non-Diversified  | February 18, 2025  |
| Roundhill UBER WeeklyPay ETF | Uber Technologies, Inc. | UBEW  | Non-Diversified  | October 22, 2025  |
| Roundhill UNH WeeklyPay ETF | UnitedHealth Group, Inc. | UNHW  | Non-Diversified  | December 2, 2025  |
|  Roundhill WeeklyPay Universe ETF | WeeklyPay Universe Index | WPAY | Non-Diversified  | September 3, 2025 |

---

Each Fund, excluding the Roundhill WeeklyPay Universe ETF, is actively managed with a primary investment objective to pay weekly distributions and secondary objective to provide calendar week returns, before fees and expenses, that correspond to 1.2 times (120%) the calendar week total return of shares of the respective reference asset as indicated above. The Roundhill WeeklyPay Universe ETF seeks to track the WeeklyPay Universe Index, which provides equal-weight exposure to the current suite of WeeklyPay ETFs as of the last business day of each month.

Costs incurred in connection with the registration and initial public offering of shares for each Fund were paid by Roundhill Financial Inc. ("Roundhill" or the "Adviser").

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

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 follow the significant accounting policies described below.

**Accounting Pronouncements – In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to provide transparency and enhanced details for taxes paid and is designed to help investors better understand an entity's exposure to taxes by type and jurisdiction. Management has evaluated the impact of adopting ASU 2023-09 with respect to the financial statements and disclosures and determined there is no material impact for the Funds.** 

**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.

---

| | |
|:---|:---|
| 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 – Significant unobservable inputs, including the Advisor's own assumptions in determining fair value of investments.

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 December 31, 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

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

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.

FLexible EXchange Options ("FLEX Options") are valued at a model-based price provided by the exchange on which the option is traded. If the exchange on which the option is traded is unable to provide a price, FLEX Options are valued at a model-based price provided by an approved secondary pricing service.

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. Money market funds are valued at NAV. If NAV is not readily available, the securities will be valued at fair value. Total return swaps are valued using the closing price of the underlying security for each contract.

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.

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 completed 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.

**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 specific identification.** 

**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. Withholding taxes on foreign dividends, a portion of which may be reclaimable, has been provided for in accordance with the Funds' understanding of the applicable tax rules and regulations. Dividend withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. Many U.S. treaty partners require the Internal Revenue Service (IRS) to certify that the person claiming treaty benefits is a resident of the United States for federal tax purposes, the Funds recognize the fee for this service, if applicable, as tax expense on the Statement of Operations. 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

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

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 to 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 December 31, 2025, the Funds had no material uncertain tax positions and did not have a liability for any unrecognized tax benefits. As of December 31, 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 pursuit of each Fund's leveraged investment strategy. 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 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.** 

Roundhill MSTR WeeklyPay ETF buys and writes (sell) options on MSTR for the purpose of realizing its investment objective. When buying a call option, the Fund has the right, in return for a premium paid during the term of the option, to buy MSTR at the exercise price. When writing a put option, the Fund becomes obligated during the term of the option to purchase MSTR at the exercise price if the option is exercised. Cash-settled options give the holder (purchaser) of an option the right to receive an amount of cash upon exercise of the option. Receipt of this cash amount will depend upon the value of the MSTR upon which the option is based being greater than (in the case of a call) or less than (in the case of a put) the level at which the exercise price of the option is set. The amount of cash received, if any, will be the difference between the value of MSTR and the exercise price of the option, multiplied by a specified dollar multiple. The writer (seller) of the option is obligated, in return for the premiums received from the purchaser of the option, to make delivery of this amount to the purchaser.

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.

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

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 December 31, 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>**and** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset** <br>**in the** <br>**Statements** <br>**of Assets and** <br>**Liabilities** | **Net** <br>**Amount** <br>**Presented** <br>**in the** <br>**Statements** <br>**of Assets and** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statements** <br>**of Assets and Liabilities\*** | **Gross Amounts not** <br>**Offset in the Statements** <br>**of Assets and 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>**and** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset** <br>**in the** <br>**Statements** <br>**of Assets and** <br>**Liabilities** | **Net** <br>**Amount** <br>**Presented** <br>**in the** <br>**Statements** <br>**of Assets and** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Paid**  | **Net** <br>**Amount**  |
| **AAPW**<br>|  |  |  |  |  |  |  |  |
| Assets  | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $2691617 | &nbsp;&nbsp;&nbsp; $— | $2691617 | $— | &nbsp;&nbsp; $— | $2691617  |
| **AMDW**<br>|  |  |  |  |  |  |  |  |
| Assets | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $4682780 | &nbsp;&nbsp;&nbsp; $— | $4682780 | $— | &nbsp;&nbsp; $—  | $4682780  |
| **AMZW**<br>|  |  |  |  |  |  |  |  |
| Assets  | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $1355775 | &nbsp;&nbsp;&nbsp; $— | $1355775 | $— | &nbsp;&nbsp; $—  | $1355775  |
| **ARMW**<br>|  |  |  |  |  |  |  |  |
| Liabilities | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $(4708114) | &nbsp;&nbsp;&nbsp; $— | $(4708114) | $4708114 | &nbsp;&nbsp; $—  | $—  |
| **AVGW**<br>|  |  |  |  |  |  |  |  |
| Assets | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $1779845 | &nbsp;&nbsp;&nbsp; $— | $1779845 | $— | &nbsp;&nbsp; $—  | $1779845  |
| **BABW**<br>|  |  |  |  |  |  |  |  |
| Liabilities | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $(2374679) | &nbsp;&nbsp;&nbsp; $— | $(2374679) | $2374679 | &nbsp;&nbsp; $—  | $—  |
| **BRKW**<br>|  |  |  |  |  |  |  |  |
| Assets | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $226320 | &nbsp;&nbsp;&nbsp; $— | $226320 | $— | &nbsp;&nbsp; $—  | $226320  |
| **COIW**<br>|  |  |  |  |  |  |  |  |
| Liabilities | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $(31436274) | &nbsp;&nbsp;&nbsp; $— | $(31436274) | $31436274 | &nbsp;&nbsp; $—  | $—  |
| **COSW**<br>|  |  |  |  |  |  |  |  |
| Liabilities | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $(858354) | &nbsp;&nbsp;&nbsp; $— | $(858354) | $858354 | &nbsp;&nbsp; $—  | $—  |
| **GDXW**<br>|  |  |  |  |  |  |  |  |
| Assets | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $1664197 | &nbsp;&nbsp;&nbsp; $— | $1664197 | $— | &nbsp;&nbsp; $—  | $1664197  |
| **GLDW**<br>|  |  |  |  |  |  |  |  |
| Assets  | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $483586 | &nbsp;&nbsp;&nbsp; $— | $483586 | $— | &nbsp;&nbsp; $— | $483586  |
| **GOOW**<br>|  |  |  |  |  |  |  |  |
| Assets | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $10428731 | &nbsp;&nbsp;&nbsp; $— | $10428731 | $— | &nbsp;&nbsp; $—  | $10428731  |
| **HOOW**<br>|  |  |  |  |  |  |  |  |
| Liabilities  | Nomura Securities <br>International Inc. | Total Return <br>Swap Contracts | $(16334910) | &nbsp;&nbsp;&nbsp; $— | $(16334910) | $16334910 | &nbsp;&nbsp; $—  | $—  |

---

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Investment Type** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets/** <br>(Liabilities) <br>**Presented** <br>**in the** <br>**Statements** <br>**of Assets** <br>**and** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset** <br>**in the** <br>**Statements** <br>**of Assets and** <br>**Liabilities** | **Net** <br>**Amount** <br>**Presented** <br>**in the** <br>**Statements** <br>**of Assets and** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statements** <br>**of Assets and Liabilities\*** | **Gross Amounts not** <br>**Offset in the Statements** <br>**of Assets and 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>**and** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset** <br>**in the** <br>**Statements** <br>**of Assets and** <br>**Liabilities** | **Net** <br>**Amount** <br>**Presented** <br>**in the** <br>**Statements** <br>**of Assets and** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Paid**  | **Net** <br>**Amount**  |
| **METW**<br>|  |  |  |  |  |  |  |  |
| Liabilities | Nomura Securities <br>International Inc. | Total Return Swap Contracts | $(1978319) | &nbsp;&nbsp;&nbsp; $— | $(1978319) | $1978319 | &nbsp;&nbsp; $—  | $—  |
| **MSFW**<br>|  |  |  |  |  |  |  |  |
| Liabilities | Nomura Securities International Inc. | Total Return Swap Contracts | $(2077933) | &nbsp;&nbsp;&nbsp; $— | $(2077933) | $2077933 | &nbsp;&nbsp; $— | $—  |
| **NFLW**<br>|  |  |  |  |  |  |  |  |
| Liabilities | Nomura Securities International Inc. | Total Return Swap Contracts | $(7344242) | &nbsp;&nbsp;&nbsp; $— | $(7344242) | $7344242 | &nbsp;&nbsp; $—  | $—  |
| **NVDW**<br>|  |  |  |  |  |  |  |  |
| Assets | Nomura Securities International Inc. | Total Return Swap Contracts | $7838054 | &nbsp;&nbsp;&nbsp; $— | $7838054 | $— | &nbsp;&nbsp; $—  | $7838054  |
| **PLTW**<br>|  |  |  |  |  |  |  |  |
| Assets | Nomura Securities International Inc. | Total Return Swap Contracts | $30473190 | &nbsp;&nbsp;&nbsp; $— | $30473190 | $— | &nbsp;&nbsp; $—  | $30473190  |
| **TSYW**<br>|  |  |  |  |  |  |  |  |
| Liabilities | Nomura Securities International Inc. | Total Return Swap Contracts | $(117574) | &nbsp;&nbsp;&nbsp; $— | $(117574) | $117574 | &nbsp;&nbsp; $— | $—  |
| **TSLW**<br>|  |  |  |  |  |  |  |  |
| Assets | Nomura Securities International Inc. | Total Return Swap Contracts | $21316100 | &nbsp;&nbsp;&nbsp; $— | $21316100 | $— | &nbsp;&nbsp; $—  | $21316100  |
| **UBEW**<br>|  |  |  |  |  |  |  |  |
| Liabilities . | Nomura Securities International Inc. | Total Return Swap Contracts | $(807473) | &nbsp;&nbsp;&nbsp; $— | $(807473) | $807473 | &nbsp;&nbsp; $— | $—  |
| **UNHW**<br>|  |  |  |  |  |  |  |  |
| Assets | Nomura Securities International Inc. | Total Return Swap Contracts | $153023 | &nbsp;&nbsp;&nbsp; $— | $153023 | $— | &nbsp;&nbsp; $—  | $153023 |

---

\* Over-collateralization of financial instruments or cash is not shown.

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

The average monthly notional amount of the swap contracts during the fiscal period ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
| AAPW  | $19979348  |
| AMDW | 35995834  |
| AMZW | 25719124  |
| ARMW | 17749084  |
| AVGW | 37609931  |
| BABW | 17249695  |
| BRKW  | 22413837  |
| COIW  | 49488497  |
| COSW | 18470670  |
| GDXW | 16115065  |
| GLDW | 8763587  |
| GOOW | 40292348  |
| HOOW | 225111112  |
| METW | 25945564  |
| MSFW | 21920056  |
| NFLW  | 20473167  |
| NVDW | 52963306  |
| PLTW | 124333543  |
| TSYW | 4645104  |
| TSLW | 61788311  |
| UBEW | 17933922  |
| UNHW | 23490297 |

---

The average monthly value outstanding of purchased and written options during the period ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchased** <br>**Call Options** | **Written** <br>**Put Options**  |
| MSTW  | $35130378 | $(110544) |

---

The following is a summary of the effect of derivatives on the Funds' Statements of Assets and Liabilities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Derivative** | **Statements of Assets and Liabilities** | **Assets** | **Liabilities**  |
| AAPW  | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | $2691617 | $—  |
| AMDW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 4682780 | —  |
| AMZW  | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 1355775 | —  |
| ARMW  | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts |  | 4708114  |
|  |  | Receivable/payable for swap contracts |  | 195228  |
| AVGW  | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 1779845 | —  |

---

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Derivative** | **Statements of Assets and Liabilities** | **Assets** | **Liabilities**  |
| BABW  | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | $— | $2374679  |
|  |  | Receivable/payable for swap <br>contracts |  | 42398  |
| BRKW  | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 226320 | —  |
|  | Equity Risk Swap Contracts | Receivable/payable for swap contracts |  | 9827  |
| COIW  | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts |  | 31436274  |
| COSW  | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts |  | 858354  |
| GDXW | Commodity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 1664197 | —  |
| GLDW  | Commodity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 483586 | —  |
| GOOW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 10428731 | —  |
| HOOW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts |  | 16334910  |
| METW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts |  | 1978319  |
|  | Equity Risk Swap Contracts | Receivable/payable for swap contracts |  | 265252  |
| MSFW  | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts |  | 2077933  |
|  | Equity Risk Swap Contracts | Receivable/payable for swap contracts |  | 34905  |
| MSTW  | Equity Risk Contracts | Unrealized appreciation/depreciation <br>on option contracts | 51487245 | —  |
| NFLW  | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts |  | 7344242  |
| NVDW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 7838054 | —  |
|  |  | Receivable/payable for swap contracts |  | 35112  |
| PLTW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 30473190 | —  |
| TSYW | Interest Rate Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts |  | 117574  |
|  |  | Receivable/payable for swap contracts | 199 | —  |
| TSLW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 21316100 | —  |
| UBEW  | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts |  | 807473  |
| UNHW | Equity Risk Swap Contracts | Unrealized appreciation/depreciation <br>on swap contracts | 153023 |  |

---

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

The following is a summary of the effect of derivatives on the Funds' Statements of Operations for the fiscal period ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Statement of Operations** | **Net Realized** <br>**Gain (Loss)** | **Net Change** <br>**in Unrealized** <br>**Appreciation/** <br>**Depreciation**  |
| AAPW | Equity Risk Swap Contracts | Swap Contracts | $(543117) | $2691617  |
| AMDW | Equity Risk Swap Contracts | Swap Contracts | (3218834) | 4682780  |
| AMZW | Equity Risk Swap Contracts | Swap Contracts | (1019895) | 1355775  |
| ARMW | Equity Risk Swap Contracts | Swap Contracts | (1594222) | 4708114  |
| AVGW | Equity Risk Swap Contracts | Swap Contracts | (109762) | 1779845  |
| BABW  | Equity Risk Swap Contracts | Swap Contracts | (382412) | (2374679)  |
| BRKW  | Equity Risk Swap Contracts | Swap Contracts | (245325) | 226320  |
| COIW  | Equity Risk Swap Contracts | Swap Contracts | (14476647) | (31436274)  |
| COSW  | Equity Risk Swap Contracts | Swap Contracts | (127681) | (858354)  |
| GDXW | Commodity Risk Swap Contracts | Swap Contracts | (12052) | 1664197  |
| GLDW  | Commodity Risk Swap Contracts | Swap Contracts | (827) | 483586  |
| GOOW | Equity Risk Swap Contracts | Swap Contracts | (401872) | 10428731  |
| HOOW | Equity Risk Swap Contracts | Swap Contracts | (16922084) | (16334910)  |
| METW | Equity Risk Swap Contracts | Swap Contracts | (2986170) | (1978319)  |
| MSFW  | Equity Risk Swap Contracts | Swap Contracts | (1604726) | (2077933)  |
| MSTW | Equity Risk Contracts | Purchased Options <br>Contracts\* | (101731319) | (3411251)  |
|  | Equity Risk Contracts | Written Options <br>Contracts\* | 2921056 | —  |
| NFLW  | Equity Risk Swap Contracts | Swap Contracts | (2379395) | (7344242)  |
| NVDW  | Equity Risk Swap Contracts | Swap Contracts | (2217880) | 7838054  |
| PLTW  | Equity Risk Swap Contracts | Swap Contracts | (7779312) | 30473190  |
| TSYW  | Interest Rate Risk Swap Contracts | Swap Contracts | (1776) | (117574)  |
| TSLW | Equity Risk Swap Contracts | Swap Contracts | (2163800) | 21316100  |
| UBEW | Equity Risk Swap Contracts | Swap Contracts | (322630) | (807473)  |
| UNHW | Equity Risk Swap Contracts | Swap Contracts | (2417) | 153023 |

---

\* Purchased options are included in net realized gain (loss) and change in unrealized appreciation (depreciation) from investments, respectively.

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. Each Fund, excluding the Roundhill WeeklyPay Universe ETF, pays a unified management fee to the Adviser, of 0.99% of average daily net assets. The Roundhill WeeklyPay Universe ETF pays a unified management fee of 0.29% of average daily net assets.** 

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

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**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

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.

Pursuant to a contractual waiver, the Adviser has agree to waive its management fee and reimburse certain expenses for the Roundhill WeeklyPay Universe ETF to prevent the total of the Fund's management fee and acquired fund fees and expenses, which are not a direct fund expense and therefore not shown on the statements of operations, from exceeding 0.99% until September 30, 2026. The Adviser waived the $316,948 during the period ended December 31, 2025. Pursuant to the Fee Waiver Agreement, waived fees are not subject to recoupment by the Adviser.

**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.** 

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, Accountant, 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, accounting, 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 December 31, 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.** 

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

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 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 December 31, 2025**  | **Fiscal Period Ended December 31, 2025**  |
|  | **Ordinary** <br>**Income** | **Return of** <br>**Capital**  |
| AAPW | &nbsp;&nbsp;&nbsp; $330424 | &nbsp;&nbsp;&nbsp; $5418798  |
| AMDW | &nbsp;&nbsp;&nbsp; 736374 | &nbsp;&nbsp;&nbsp; 11269844  |
| AMZW | &nbsp;&nbsp;&nbsp; 293780 | &nbsp;&nbsp;&nbsp; 5562545  |
| ARMW | &nbsp;&nbsp;&nbsp; 71533 | &nbsp;&nbsp;&nbsp; 1565869  |
| AVGW | &nbsp;&nbsp;&nbsp; 876812 | &nbsp;&nbsp;&nbsp; 9057448  |
| BABW | &nbsp;&nbsp;&nbsp; 66140 | &nbsp;&nbsp;&nbsp; 1238586  |
| BRKW | &nbsp;&nbsp;&nbsp; 268807 | &nbsp;&nbsp;&nbsp; 2318485  |
| COIW  | &nbsp;&nbsp;&nbsp; 1107451 | &nbsp;&nbsp;&nbsp; 30551458  |
| COSW | &nbsp;&nbsp;&nbsp; 64473 | &nbsp;&nbsp;&nbsp; 620375  |
| GDXW | &nbsp;&nbsp;&nbsp; 50013 | &nbsp;&nbsp;&nbsp; 1041741  |
| GLDW | &nbsp;&nbsp;&nbsp; 35595 | &nbsp;&nbsp;&nbsp; 286353  |
| GOOW | &nbsp;&nbsp;&nbsp; 321188 | &nbsp;&nbsp;&nbsp; 7713219  |
| HOOW | &nbsp;&nbsp;&nbsp; 2765595 | &nbsp;&nbsp;&nbsp; 83653014  |
| METW | &nbsp;&nbsp;&nbsp; 358500 | &nbsp;&nbsp;&nbsp; 5818204  |
| MSFW | &nbsp;&nbsp;&nbsp; 249055 | &nbsp;&nbsp;&nbsp; 3184484  |
| MSTW | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31426434  |
| NFLW  | &nbsp;&nbsp;&nbsp; 282510 | &nbsp;&nbsp;&nbsp; 4607565  |

---

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Fiscal Period Ended December 31, 2025**  | **Fiscal Period Ended December 31, 2025**  |
|  | **Ordinary** <br>**Income** | **Return of** <br>**Capital**  |
| NVDW | &nbsp;&nbsp;&nbsp; $832221 | &nbsp;&nbsp;&nbsp; $24864030  |
| PLTW  | &nbsp;&nbsp;&nbsp; 1847025 | &nbsp;&nbsp;&nbsp; 81320452  |
| TSYW  | &nbsp;&nbsp;&nbsp; 14282 | &nbsp;&nbsp;&nbsp; 51811  |
| TSLW | &nbsp;&nbsp;&nbsp; 869627 | &nbsp;&nbsp;&nbsp; 41199772  |
| UBEW | &nbsp;&nbsp;&nbsp; 61680 | &nbsp;&nbsp;&nbsp; 982052  |
| UNHW | &nbsp;&nbsp;&nbsp; 16234 | &nbsp;&nbsp;&nbsp; 369284  |
| WPAY | &nbsp;&nbsp;&nbsp; 8745635 | &nbsp;&nbsp;&nbsp; 54717741 |

---

At December 31, 2025, 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 period, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AAPW** | **AMDW** | **AMZW** | **ARMW** | **AVGW**  |
| Federal Tax Cost of Investments | $39508556 | $51007875 | $40654930 | $30253288 | $55572559  |
| Gross Tax Unrealized Appreciation | $2792441 | $6146739 | $1754814 | $— | $2348235  |
| Gross Tax Unrealized Depreciation | (345459) | (4091552) | (415168) | (7524120) | (689270)  |
|  Net Tax Unrealized Appreciation (Depreciation). | 2446982 | 2055187 | 1339646 | (7524120) | 1658965  |
| Undistributed Ordinary Income. |  |  |  |  | —  |
| Other Accumulated Gain (Loss) | (202466) | (532907) | (774615) | (3) | —  |
|  Total Distributable Earnings/ (Accumulated Losses) | $2244516 | $1522280 | $565031 | (7524123) | $1658965 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **BABW** | **BRKW** | **COIW** | **COSW** | **GDXW**  |
| Federal Tax Cost of Investments | $25879972 | $32614529 | $118196958 | $27101150 | $27299218  |
| Gross Tax Unrealized Appreciation | $— | $229738 | $423597 | $845 | $1664197  |
| Gross Tax Unrealized Depreciation | (2877179) | (191114) | (48564684) | (1151649) | (12052)  |
|  Net Tax Unrealized Appreciation (Depreciation).. | (2877179) | 38624 | (48141087) | (1150804) | 1652145  |
| Undistributed Ordinary Income. |  |  |  |  | —  |
| Other Accumulated Gain (Loss) | (391113) | (53387) | (1475949) |  | —  |
|  Total Distributable Earnings/ (Accumulated Losses) | $(3268292) | $(14763) | $(49617036) | (1150804) | $1652145 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GLDW** | **GOOW** | **HOOW** | **METW** | **MSFW**  |
| Federal Tax Cost of Investments | $13337083 | $56703172 | $341141232 | $51788681 | $34842636  |
| Gross Tax Unrealized Appreciation | $483586 | $11820015 | $1444093 | $133517 | $—  |
| Gross Tax Unrealized Depreciation | (1409) | (467774) | (33481707) | (4135855) | (3762786)  |
|  Net Tax Unrealized Appreciation (Depreciation).. | 482177 | 11352241 | (32037614) | (4002338) | (3762786)  |
| Undistributed Ordinary Income. |  |  |  |  | —  |
| Other Accumulated Gain (Loss) |  |  |  | (1799552) | (554925)  |
|  Total Distributable Earnings/ (Accumulated Losses) | $482177 | $11352241  | $(32037614) | (5801890) | $(4317711) |

---

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MSTW** | **NFLW** | **NVDW** | **PLTW** | **TSYW**  |
| Federal Tax Cost of Investments | $65288705 | $42019820 | $106698968 | $212109819 | $4867322  |
| Gross Tax Unrealized Appreciation | $— | $— | $9933795 | $37826151 | $—  |
| Gross Tax Unrealized Depreciation | (3411251) | (11003037) | (1546263) | (9122734) | (117574)  |
|  Net Tax Unrealized Appreciation (Depreciation).. | (3411251) | (11003037) | 8387532 | 28703417 | (117574)  |
| Undistributed Ordinary Income. |  |  |  |  | —  |
| Other Accumulated Gain (Loss) | (100691880) | (541906) | (1079963) | (369906) | (1776)  |
|  Total Distributable Earnings/ (Accumulated Losses) | $(104103131) | $(11544943) | $7307569 | 28333511 | $(119350) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TSLW** | **UBEW** | **UNHW** | **WPAY**  |
| Federal Tax Cost of Investments | $122599637 | $25355721 | $23282517 | $426457032  |
| Gross Tax Unrealized Appreciation. | $29617043 | $— | $193536 | $2957571  |
| Gross Tax Unrealized Depreciation. | (2349727) | (1172860) | (10241) | (68153700)  |
| Net Tax Unrealized Appreciation (Depreciation). | 27267316 | (1172860) | 183295 | (65196129)  |
| Undistributed Ordinary Income |  |  |  | —  |
| Other Accumulated Loss | (138346) | (146358) |  | (3034553)  |
| Total Distributable Earnings/(Accumulated Losses).. | $27128970 | $(1319218) | $183295 | $(68230682) |

---

The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

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, 2025, the Funds' fiscal period end, the Funds deferred the following post-October losses and late-year ordinary losses:

---

| | | |
|:---|:---|:---|
|  | **Late-Year** <br>**Losses** | **Post-October** <br>**Losses**  |
| AAPW | $— | $—  |
| AMDW |  | 411573  |
| AMZW |  | 774615  |
| ARMW |  | 3  |
| AVGW |  | —  |
| BABW |  | —  |
| BRKW |  | 53387  |
| COIW |  | 1406552  |
| COSW |  |  |
| GDXW |  | —  |
| GLDW |  | —  |
| GOOW |  | —  |
| HOOW |  | —  |
| METW |  | 1519987  |
| MSFW |  | —  |
| MSTW |  | —  |
| NFLW |  | 541906  |
| NVDW |  | —  |

---

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Late-Year** <br>**Losses** | **Post-October** <br>**Losses**  |
| PLTW | $— | $—  |
| TSLW |  | —  |
| TSYW |  | —  |
| UBEW |  | —  |
| UNHW |  | —  |
| WPAY |  |  |

---

Under current tax law, net capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. The Funds' carryforward losses are determined only at the end of each fiscal year. The Funds' carryforward losses are determined only at the end of each fiscal year. At December 31, 2025, 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** <br>**Long-Term** <br>**Capital Loss** <br>**Carryover** | **Indefinite** <br>**Short-Term** <br>**Capital Loss** <br>**Carryover**  |
| AAPW | $— | $201682  |
| AMDW |  | —  |
| AMZW |  | —  |
| ARMW |  | —  |
| AVGW |  | —  |
| BABW |  | 328533  |
| BRKW |  | —  |
| COIW |  | —  |
| COSW |  | —  |
| GDXW |  | —  |
| GLDW |  | —  |
| GOOW |  | —  |
| HOOW |  | —  |
| METW |  | —  |
| MSFW |  | 554169  |
| MSTW |  | 100691880  |
| NFLW |  | —  |
| NVDW |  | 1079963  |
| PLTW |  | —  |
| TSYW |  | 1776  |
| TSLW |  | —  |
| UBEW |  | 146358  |
| UNHW |  | —  |
| WPAY |  |  |

---

U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences primarily relate to redemptions in-kind and the write-off of net operating losses. For the fiscal period ended December 31, 2025, the following reclassifications were made for permanent tax differences on the Statements of Assets and Liabilities.

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Total** <br>**Distributable** <br>**Earnings** <br>**(Accumulated** <br>**Losses)** | **Paid-in** <br>**Capital**  |
| AAPW | $(4789659) | $4789659  |
| BRKW | (1037404) | 1037404  |
| COIW | (2817416) | 2817416  |
| GOOW | (8564867) | 8564867  |
| MSTW | 62785 | (62785)  |
| TSLW | (4252485) | 4252485  |
| WPAY | (1376886) | 1376886 |

---

6. INVESTMENT TRANSACTIONS

During the period ended December 31, 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**  |
| APPW | $4835331 | $—  |
| BRKW  | 1046073 | —  |
| COIW | 2847373  | (15869)  |
| GOOW | 8584806  | —  |
| TSLW | 4298614  | —  |
| WPAY | 7653255  | (9884335) |

---

Purchases and sales of investments (excluding short-term investments), creations in-kind and redemptions in-kind for the period ended December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Creations** <br>**In-Kind** | **Redemptions** <br>**In-Kind**  |
| AAPW | $11830002 | $1116537 | $— | $21719341  |
| AMDW | 15941110 | 5824957 |  | —  |
| AMZW  | 12310908 | 4133075 |  | —  |
| ARMW  | 6598877 | 994527 |  | —  |
| AVGW  | 14821139 | 3847233 |  | —  |
| BABW  | 5698510 | 624421 |  | —  |
| BRKW | 10747607 | 675536 |  | 23077319  |
| COIW | 16926021 | 4270978 |  | 7308226  |
| COSW  | 5747282 | 383795 |  | —  |
| GDXW  |  |  |  | —  |
| GLDW  |  |  |  | —  |
| GOOW  | 15278967 | 1103325 |  | 24237029  |
| HOOW  |  |  |  | —  |
| METW  | 13354191 | 3355893 |  | —  |
| MSFW  | 9830596 | 3043442 |  | —  |
| MSTW  | 15981979 | 13362980 |  | —  |
| NFLW | 10685765 | 2658140 |  | —  |
| NVDW  | 27452359 | 6300008 | —  | —  |
| PLTW | 58041992 | 14855333 |  | —  |

---

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

**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Creations** <br>**In-Kind** | **Redemptions** <br>**In-Kind**  |
| TSYW | $— | $— | $— | $—  |
| TSLW | 31628516 | 5455710 |  | 9599594  |
| UBEW  | 5457113 | 438937 |  | —  |
| UNHW  | 4687303 | 21900 |  | —  |
| WPAY  | 158407700 | 158468119 | 629628162 | 148609978 |

---

7. SECURITIES LENDING

The Funds may lend domestic and foreign securities in their portfolios to approved brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program which is administered by the Custodian. The securities lending agreement requires that loans are initially collateralized in an amount equal to at least 105% of the then current market value of any loaned securities that are foreign securities, or 102% of the then current market value of any other loaned securities. The custodian performs on a daily basis marking to market loaned securities and collateral. Each borrower is required, if necessary, to deliver additional collateral so that the total collateral held in the account for all loans of the Funds to the borrower will equal at least 100% of the market value of the loaned securities. The cash collateral is invested by the Custodian in accordance with approved investment guidelines. Those guidelines allow the cash collateral to be invested in readily marketable, high quality, short-term obligations issued or guaranteed by the United States Government; however, such investments are subject to risk of payment delays, declines in the value of collateral provided, default on the part of the issuer or counterparty, or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent. Additionally, the Funds are subject to the risk of loss from investments that it makes with the cash received as collateral. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third-party borrowers that provide the Fund, in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third-party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

The collateral invested in the Funds, if any, is reflected in each Fund's Schedule of Investments and is included in the Statements of Assets and Liabilities in the line item labeled "Investments, at value." A liability of equal value to the cash collateral received and subsequently invested in the Funds is included on the Statements of Assets and Liabilities as "Payable for collateral on securities loaned." During the period ended December 31, 2025, the Funds loaned securities and received cash collateral for the loans, which was invested in the Mount Vernon Liquid Assets Portfolio, LLC. The Funds receive compensation in the form of loan fees owed by borrowers and income earned on collateral investments. A portion of the interest received on the loan collateral is retained by the Funds and the remainder is rebated to the borrower of the securities. Pursuant to the securities lending agreement between the Trust, on behalf of the Funds, and the Custodian, each Fund pays a fee to the Custodian, which is calculated daily and paid monthly, at a rate of 20% of the Funds' aggregate net income. The net amount of interest earned, after the interest rebate and the allocation to the Custodian, is included in the Statements of Operations as "Securities lending income". The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period.

As of December 31, 2025, the Funds did not have any securities on loan.

8. 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 each Fund's prospectus under the heading "Principal Investment Risks."

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**Roundhill ETF Trust WeeklyPay ETFs** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

9. OPERATING SEGMENTS

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.

10. SUBSEQUENT EVENTS

Management has evaluated the Funds' related event and transactions that occurred subsequent to December 31, 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.

Per each fund's objective, the funds have made subsequent distributions. Please see website for details.

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**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Roundhill ETFs and

Board of Trustees of Roundhill ETF Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments andtotal return swap contracts (as applicable), of the funds listed below (the "Funds"), each a series of Roundhill ETFTrust, as of December 31, 2025, the related statements of operations, the statements of changes in net assets, thefinancial highlights for each of the periods indicated below, and the related notes (collectively referred to as the"financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financialposition of each of the Funds as of December 31, 2025, the results of their operations, the changes in net assets,and the financial highlights for each of the periods indicated below, in conformity with accounting principlesgenerally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations** | **Statements of** <br>**Changes in Net Assets** | **Financial Highlights** |
| Roundhill AAPL WeeklyPay ETF | For the period from February 18, 2025 (commencement of operations) <br>through December 31, 2025  | For the period from February 18, 2025 (commencement of operations) <br>through December 31, 2025  | For the period from February 18, 2025 (commencement of operations) <br>through December 31, 2025  |
| Roundhill AMD WeeklyPay ETF  | For the period from July 23, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from July 23, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from July 23, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill AMZN WeeklyPay ETF  | For the period from June 17, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from June 17, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from June 17, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill ARM WeeklyPay ETF  | For the period from October 22, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from October 22, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from October 22, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill AVGO WeeklyPay ETF  | For the period from July 23, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from July 23, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from July 23, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill BABA WeeklyPay ETF  | For the period from October 22, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from October 22, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from October 22, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill BRKB WeeklyPay ETF  | For the period from June 17, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from June 17, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from June 17, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill COIN WeeklyPay ETF  | For the period from February 18, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from February 18, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from February 18, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill COST WeeklyPay ETF  | For the period from October 22, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from October 22, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from October 22, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill Gold Miners WeeklyPay ETF  | For the period from October 29, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from October 29, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from October 29, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill Gold WeeklyPay ETF  | For the period from October 29, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from October 29, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from October 29, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill GOOGL WeeklyPay ETF  | For the period from July 23, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from July 23, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from July 23, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill HOOD WeeklyPay ETF | For the period from June 17, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from June 17, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from June 17, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill META WeeklyPay ETF | For the period from June 17, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from June 17, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from June 17, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill MSFT WeeklyPay ETF | For the period from July 23, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from July 23, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from July 23, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill MSTR WeeklyPay ETF | For the period from July 23, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from July 23, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from July 23, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill NFLX WeeklyPay ETF | For the period from June 17, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from June 17, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from June 17, 2025 (commencement of operations)<br>through December 31, 2025 |

---

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**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations** | **Statements of** <br>**Changes in Net Assets** | **Financial Highlights** |
| Roundhill NVDA WeeklyPay ETF | For the period from February 18, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from February 18, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from February 18, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill PLTR WeeklyPay ETF | For the period from February 18, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from February 18, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from February 18, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill Treasury Bond WeeklyPay ETF | For the period from November 12, 2025 (commencement of operations) through December 31, 2025 | For the period from November 12, 2025 (commencement of operations) through December 31, 2025 | For the period from November 12, 2025 (commencement of operations) through December 31, 2025 |
| Roundhill TSLA WeeklyPay ETF | For the period from February 18, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from February 18, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from February 18, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill UBER WeeklyPay ETF | For the period from October 22, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from October 22, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from October 22, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill UNH WeeklyPay ETF | For the period from December 2, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from December 2, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from December 2, 2025 (commencement of operations)<br>through December 31, 2025 |
| Roundhill WeeklyPay Universe ETF | For the period from September 3, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from September 3, 2025 (commencement of operations)<br>through December 31, 2025 | For the period from September 3, 2025 (commencement of operations)<br>through December 31, 2025 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express anopinion on the Funds' financial statements based on our audits. We are a public accounting firm registered withthe Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independentwith respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules andregulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we planand perform the audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements,whether due to error or fraud, and performing procedures that respond to those risks. Such procedures includedexamining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Ourprocedures included confirmation of securities owned as of December 31, 2025, by correspondence with thecustodians and brokers; when replies were not received from brokers, we performed other auditing procedures.Our audits also included evaluating the accounting principles used and significant estimates made by management,as well as evaluating the overall presentation of the financial statements. We believe that our audits provide areasonable basis for our opinion.

We have served as the auditors for one or more funds advised by Roundhill Financial Inc. since 2019.

![](22834_sign.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 27, 2026

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

**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")** 

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, and Roundhill TSLA WeeklyPay 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 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

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**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

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 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

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**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

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 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.

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**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

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.

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

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**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

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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**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

**Roundhill ARM WeeklyPay ETF** 

**Roundhill MSTR WeeklyPay ETF** 

**Roundhill AVGO WeeklyPay ETF** 

**Roundhill NFLX WeeklyPay ETF** 

**Roundhill BABA WeeklyPay ETF** 

**Roundhill BRKB WeeklyPay ETF** 

**Roundhill COST WeeklyPay ETF** 

**Roundhill UBER WeeklyPay ETF** 

**Roundhill UNH WeeklyPay ETF** 

**(*formerly,* Roundhill ASML WeeklyPay ETF)** 

**Roundhill HOOD WeeklyPay 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 ARM WeeklyPay ETF, Roundhill MSTR WeeklyPay ETF, Roundhill AVGO WeeklyPay ETF, Roundhill NFLX WeeklyPay ETF, Roundhill BABA WeeklyPay ETF, Roundhill BRKB WeeklyPay ETF, Roundhill COST WeeklyPay ETF, Roundhill UBER WeeklyPay ETF, Roundhill UNH WeeklyPay ETF (formerly, Roundhill ASML WeeklyPay ETF), Roundhill HOOD WeeklyPay ETF, and Roundhill Humanoid Robotics 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 to be provided and anticipated profits to be realized by the Adviser and Sub-Adviser and their respective affiliates from

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**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

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 fee and the differences in each New Fund's strategy from the applicable Selected Peer Group. In considering the level

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**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

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 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

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**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.

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**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.

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**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

At a regularly scheduled meeting held on August 21, 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 the investment management agreement (the "Investment Management Agreement") between Roundhill Financial Inc. (the "Adviser") and the Trust, with respect to Roundhill WeeklyPay™ Universe ETF, Roundhill Gold WeeklyPay™ ETF, Roundhill Treasury Bond WeeklyPay™ ETF, Roundhill Gold Miners WeeklyPay™ ETF, Roundhill Meme Stock ETF(each, a "New Fund," and collectively, the "New Funds"), and the 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 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 New Fund separately.

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**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**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 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 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. As applicable, the Board also noted the Adviser's representation that the services provided to each New Fund are not duplicative of the advisory services provided to the underlying funds in which the Funds may invest. 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

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**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

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 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

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**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

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.

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.

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**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**Board Consideration and Approval of Advisory and Sub-Advisory** 

**Agreements(Continued)** 

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 Fund and its shareholders.

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**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**ADDITIONAL INFORMATION** 

**December 31, 2025** 

**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, 2025, 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:

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| | |
|:---|:---|
| Roundhill AAPL WeeklyPay ETF | 4.64%  |
| Roundhill AMD WeeklyPay ETF | 0.00%  |
| Roundhill AMZN WeeklyPay ETF | 0.00%  |
| Roundhill ARM WeeklyPay ETF | 0.00%  |
| Roundhill AVGO WeeklyPay ETF | 3.26%  |
| Roundhill BABA WeeklyPay ETF | 0.00%  |
| Roundhill BRKB WeeklyPay ETF | 0.00%  |
| Roundhill COIN WeeklyPay ETF | 0.00%  |
| Roundhill COST WeeklyPay ETF | 0.00%  |
| Roundhill Gold Miners WeeklyPay ETF | 0.00%  |
| Roundhill Gold WeeklyPay ETF | 0.00%  |
| Roundhill GOOGL WeeklyPay ETF | 3.38%  |
| Roundhill HOOD WeeklyPay ETF | 0.00%  |
| Roundhill META WeeklyPay ETF | 3.65%  |
| Roundhill MSFT WeeklyPay ETF | 5.56%  |
| Roundhill MSTR WeeklyPay ETF | 0.00%  |
| Roundhill NFLX WeeklyPay ETF | 0.00%  |
| Roundhill NVDA WeeklyPay ETF | 0.00%  |
| Roundhill PLTR WeeklyPay ETF | 0.00%  |
| Roundhill Treasury Bond WeeklyPay ETF | 0.00%  |
| Roundhill TSLA WeeklyPay ETF | 0.00%  |
| Roundhill UBER WeeklyPay ETF | 0.00%  |
| Roundhill UNH WeeklyPay ETF | 8.68%  |
| Roundhill WeeklyPay Universe ETF | 0.00% |

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**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**ADDITIONAL INFORMATION** 

**December 31, 2025(Continued)** 

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
| Roundhill AAPL WeeklyPay ETF | 3.10%  |
| Roundhill AMD WeeklyPay ETF | 0.00%  |
| Roundhill AMZN WeeklyPay ETF | 0.00%  |
| Roundhill ARM WeeklyPay ETF | 0.00%  |
| Roundhill AVGO WeeklyPay ETF | 2.20%  |
| Roundhill BABA WeeklyPay ETF | 0.00%  |
| Roundhill BRKB WeeklyPay ETF | 0.00%  |
| Roundhill COIN WeeklyPay ETF | 0.00%  |
| Roundhill COST WeeklyPay ETF | 0.00%  |
| Roundhill Gold Miners WeeklyPay ETF | 0.00%  |
| Roundhill Gold WeeklyPay ETF | 0.00%  |
| Roundhill GOOGL WeeklyPay ETF | 1.80%  |
| Roundhill HOOD WeeklyPay ETF | 0.00%  |
| Roundhill META WeeklyPay ETF | 2.70%  |
| Roundhill MSFT WeeklyPay ETF | 4.10%  |
| Roundhill MSTR WeeklyPay ETF | 0.00%  |
| Roundhill NFLX WeeklyPay ETF | 0.00%  |
| Roundhill NVDA WeeklyPay ETF | 0.00%  |
| Roundhill PLTR WeeklyPay ETF | 0.00%  |
| Roundhill Treasury Bond WeeklyPay ETF | 0.00%  |
| Roundhill TSLA WeeklyPay ETF | 0.00%  |
| Roundhill UBER WeeklyPay ETF | 0.00%  |
| Roundhill UNH WeeklyPay ETF | 7.10%  |
| Roundhill WeeklyPay Universe ETF | 0.00% |

---

For the fiscal period ended December 31, 2025, 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:

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| | |
|:---|:---|
| Roundhill AAPL WeeklyPay ETF | 0.00%  |
| Roundhill AMD WeeklyPay ETF | 60.55%  |
| Roundhill AMZN WeeklyPay ETF | 0.48%  |
| Roundhill ARM WeeklyPay ETF | 0.00%  |
| Roundhill AVGO WeeklyPay ETF | 60.27%  |
| Roundhill BABA WeeklyPay ETF | 0.00%  |
| Roundhill BRKB WeeklyPay ETF | 0.15%  |
| Roundhill COIN WeeklyPay ETF | 2.12%  |
| Roundhill COST WeeklyPay ETF | 3.19%  |
| Roundhill Gold Miners WeeklyPay ETF | 0.00%  |
| Roundhill Gold WeeklyPay ETF | 1.64%  |
| Roundhill GOOGL WeeklyPay ETF | 6.23%  |
| Roundhill HOOD WeeklyPay ETF | 8.21%  |
| Roundhill META WeeklyPay ETF | 0.89%  |
| Roundhill MSFT WeeklyPay ETF | 0.00%  |
| Roundhill MSTR WeeklyPay ETF | 0.00%  |
| Roundhill NFLX WeeklyPay ETF | 1.67%  |
| Roundhill NVDA WeeklyPay ETF | 0.00% |

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**ROUNDHILL ETF TRUST WEEKLYPAY ETFs** 

**ADDITIONAL INFORMATION** 

**December 31, 2025(Continued)** 

---

| | |
|:---|:---|
| Roundhill PLTR WeeklyPay ETF | 0.00%  |
| Roundhill Treasury Bond WeeklyPay ETF | 0.00%  |
| Roundhill TSLA WeeklyPay ETF | 0.00%  |
| Roundhill UBER WeeklyPay ETF | 0.00%  |
| Roundhill UNH WeeklyPay ETF | 4.27%  |
| Roundhill WeeklyPay Universe ETF | 53.19% |

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&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.* Filed herewith.](rnwar-efp22837_ex99code.htm)

&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.](rnwar-efp22837_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.](rnwar-efp22837_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.

(Registrant) Roundhill
 ETF Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Will Hershey |
|  | Will Hershey, President |

---

Date <u>3/9/26 </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 |

---

Date <u>3/9/26 </u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Timothy Maloney |
|  | Timothy Maloney, Treasurer |

---

Date <u>3/9/26 </u>

*\* Print the name and title of each signing officer under his or her signature*

## Ex-99.Code

**EX.99.CODE ETH**

Financial Code of Ethics for Principal Executive and Financial Officers

1. HONEST AND ETHICAL CONDUCT

The Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers") of the Roundhill ETF Trust (the "Trust") shall act with honesty and integrity, ethically handle actual or apparent conflicts of interest between personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict of interest between their interests and those of the Trust to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner. A conflict of interest can arise when a person takes actions or has interests that may make it difficult to perform his or her work on behalf of the Trust objectively and effectively.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting acts or allowing their independent judgment to be subordinated or compromised.

The names of the Principal Officers covered by this Code of Ethics are listed on Schedule A hereto.

2. FINANCIAL RECORDS AND REPORTING

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by the Trust, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use for their personal benefit (directly or indirectly) any confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

3. COMPLIANCE WITH LAWS, RULES AND REGULATIONS

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Trust with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law, regulation or rule.

4. COMPLIANCE WITH THIS CODE OF ETHICS

The Principal Officers shall promptly report any violations of this Code of Ethics, including violations of securities laws or other laws, rules and regulations applicable to the Trusts, to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

5. AFFIRMATION OF THE CODE

Upon adoption of the Code, the Principal Officers must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code.

6. AMENDMENT AND WAIVER

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics shall be communicated publicly in accordance with Item 2 of Form N-CSR under the 1940 Act.

**Adopted: September 26, 2023**

**SCHEDULE A**

Principal Executive Officer: Will Hershey <br>Principal Financial Officer: Tim Maloney

## 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: | 3/9/26 | /s/ Will Hershey |
|  |  | Will Hershey |
|  |  | President |

---

**<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: | 3/9/26 | /s/ Timothy Maloney |
|  |  | Timothy Maloney |
|  |  | Treasurer |

---

## 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 year ended December 31, 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 | Treasurer |
| Roundhill ETF Trust | Roundhill ETF Trust |

---

Dated: <u>3/9/26 </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.