# EDGAR Filing Document

**Accession Number:** 0001683471
**File Stem:** 0001133228-26-003213
**Filing Date:** 2026-3
**Character Count:** 175289
**Document Hash:** d93aa1e289522bbfef6ba9269675b419
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003213.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001133228-26-003213

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Listed Funds Trust
- **CENTRAL INDEX KEY:** 0001683471

**ORGANIZATION NAME:**
- **EIN:** 826272597
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23226
- **FILM NUMBER:** 26731351

**BUSINESS ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-5144

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Active Weighting Funds ETF Trust
- **DATE OF NAME CHANGE:** 20160830

## Series and Classes Contracts Data

### Roundhill Video Games ETF (Series ID: S000065293)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000211351 | Roundhill Video Games ETF | NERD            |

### Roundhill Sports Betting & iGaming ETF (Series ID: S000068603)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000219509 | Roundhill Sports Betting & iGaming ETF | BETZ            |

### Roundhill Ball Metaverse ETF (Series ID: S000072321)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000228445 | Roundhill Ball Metaverse ETF | METV            |

### Roundhill Cannabis ETF (Series ID: S000074090)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000231570 | Roundhill Cannabis ETF | WEED            |

### Roundhill Magnificent Seven ETF (Series ID: S000079576)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000240653 | Roundhill Magnificent Seven ETF | MAGS            |

?xml version='1.0' encoding='ASCII'? 2025-10-07198105_RoundhillBallMetaverseETF_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>811-23226</u>**

**<u>Listed Funds Trust</u>**

(Exact name of registrant as specified in charter)

**<u>615 East Michigan Street</u>**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**<u>Kacie G. Briody, President</u>**

**<u>Listed Funds Trust</u>**

**<u>c/o U.S. Bancorp Fund Services, LLC</u>**

**<u>777 East Wisconsin Avenue, 6<sup>th</sup> Floor</u>**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>(414) 403-6135</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 Ball Metaverse ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | METV (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 Ball Metaverse 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/metv/. 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 Ball Metaverse ETF | $67 | 0.58% |

---

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

The Fund had positive performance during the fiscal year. The NAV for the Fund increased by 30.69%. The Solactive GBS Global Markets All Cap USD Index TR returned 22.52% over the same period.

The Fund's performance reflected developments within the Metaverse thematic, including continued investments in immersive augmented reality/virtual reality (AR/VR) experiences, increased enterprise use cases, and artificial intelligence-driven virtual content creation. The Fund's relative performance was primarily attributable to its industry concentration, which outperformed the broader benchmark during the 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](ts6467img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/29/2021)** |
| **Roundhill Ball Metaverse ETF NAV**  | 30.69 | 5.16 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 22.52 | 9.25 |

---

Visit https://www.roundhillinvestments.com/etf/metv/ 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.*

Roundhill Ball Metaverse ETF PAGE 1 TSR-AR-53656F417

------

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

---

| | |
|:---|:---|
| **Net Assets** | $277166659 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $1754991 |
| **Portfolio Turnover** | 55% |
| **30-Day SEC Yield** | -0.12% |

---

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  ROBLOX Corp.  | 7.4% |
|  3iQ Ether Staking ETF  | 6.8% |
|  3iQ Solana Staking ETF  | 6.7% |
|  Apple, Inc.  | 6.1% |
|  Alphabet, Inc.  | 4.4% |
|  NVIDIA Corp.  | 4.4% |
|  Microsoft Corp.  | 3.5% |
|  Meta Platforms, Inc.  | 3.5% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 3.4% |
|  Unity Software, Inc.  | 3.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 50.6% |
|  Communications  | 26.4% |
|  Consumer, Cyclical  | 3.1% |
|  Financial  | 3.1% |
|  Consumer, Non-cyclical  | 0.9% |
|  Cash & Other  | 15.9% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Software  | 25.3% |
|  Internet  | 24.1% |
|  Semiconductors  | 19.2% |
|  Computers  | 6.1% |
|  Diversified Financial Services  | 3.1% |
|  Media  | 2.3% |
|  Household Electronics  | 1.5% |
|  Toys/Games/Hobbies  | 1.1% |
|  Commercial Services  | 0.9% |
|  Cash & Other  | 16.4% |

---

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

Pursuant to the Fund's principal investment strategy, the Fund will invest in cryptocurrencies to the extent of the Fund's index, the Ball Metaverse Index, including tokens related to the Solana Network and XRP.

**Changes to Fund's Principal Risks:**

Effective upon market close on September 19, 2025, the Fund's description of its principal risks were revised to reflect the removal of "Cryptocurrency Risk" and "Cryptocurrency ETF Risk" and replaced with descriptions of "Solana Risk" and "XRP Risk". Please refer to the Fund's Prospectus for a full description of the principal risks.

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/metv/.

**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 Ball Metaverse ETF PAGE 2 TSR-AR-53656F417

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Cannabis ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | WEED (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 Cannabis 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/weed/. 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 Cannabis ETF | -$1 | -0.01% |

---

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

The Fund had positive performance during the fiscal year. The NAV for the Fund increased by 22.64%. The Solactive GBS Global Markets All Cap USD Index TR returned by 22.52% over the same period.

The Fund obtained exposure through derivatives - use of total return swaps referencing underlying equities. The swaps were used to efficiently gain exposure to the underlying asset and did not involve leverage.The Fund's performance reflected developments within the Cannabis thematic, including policy reform. The Fund's relative performance was primarily attributable to its industry concentration, which was inline with the performance with the broader benchmark during the 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](ts6470img003.jpg)

Roundhill Cannabis ETF PAGE 1 TSR-AR-53656F128

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(04/19/2022)** |
| **Roundhill Cannabis ETF NAV**  | 22.64 | -30.46 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 22.52 | 12.49 |

---

Visit https://www.roundhillinvestments.com/etf/weed/ 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** | $9485358 |
| **Number of Holdings** | 11 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 23% |
| **30-Day SEC Yield** | 1.67% |

---

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Curaleaf Holdings, Inc.  | 21.3% |
|  First American Government Obligations Fund  | 1.9% |
|  Green Thumb Industries, Inc.  | 0.0% |
|  Trulieve Cannabis Corp.  | 0.0% |
|  Verano Holdings Corp.  | 0.0% |
|  Cresco Labs, Inc.  | 0.0% |
|  United States Treasury Bill\* | 52.6% |

---

\* Held for cash and collateral management purposes.

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Consumer, Non-cyclical  | 21.3% |
|  Cash & Other  | 78.7% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Pharmaceuticals  | 21.3% |
|  Cash & Other  | 78.7% |

---

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/weed/.

**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 Cannabis ETF PAGE 2 TSR-AR-53656F128

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Magnificent Seven ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | MAGS (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 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/mags/. 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 Magnificent Seven ETF | $32 | 0.29% |

---

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

The Fund had positive performance during the fiscal year. The NAV for the Fund increased by 22.96%. The Solactive GBS Global Markets All Cap USD Index TR returned by 22.52% over the same period.

The Fund obtained exposure through derivatives - use of total return swaps referencing underlying equities. The swaps were used to efficiently gain exposure to the underlying asset and did not involve leverage. The Fund's performance reflected developments in the adoption of Artificial Intelligence (AI), including accelerating cloud and semiconductor demand. The Fund's relative performance was primarily attributable to its industry concentration, which was inline with the performance with the broader benchmark during the 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](ts6476img003.jpg)

Roundhill Magnificent Seven ETF PAGE 1 TSR-AR-53656G498

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(04/10/2023)** |
| **Roundhill Magnificent Seven ETF NAV**  | 22.96 | 44.67 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 22.52 | 19.79 |

---

Visit https://www.roundhillinvestments.com/etf/mags/ 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** | $3966415131 |
| **Number of Holdings** | 30 |
| **Net Advisory Fee** | $7501117 |
| **Portfolio Turnover** | 27% |
| **30-Day SEC Yield** | 1.82% |

---

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Amazon.com, Inc.  | 14.3% |
|  Alphabet, Inc.  | 14.3% |
|  Meta Platforms, Inc.  | 14.2% |
|  Apple, Inc.  | 14.2% |
|  Microsoft Corp.  | 14.2% |
|  Tesla, Inc.  | 14.2% |
|  NVIDIA Corp.  | 14.2% |
|  First American Government Obligations Fund  | 4.2% |
|  United States Treasury Bill\* | 51.3% |

---

\* Held for cash and collateral management purposes.

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 15.8% |
|  Communications  | 14.4% |
|  Consumer, Cyclical  | 5.1% |
|  Cash & Other  | 64.7% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Internet  | 14.4% |
|  Software  | 5.7% |
|  Semiconductors  | 5.1% |
|  Auto Manufacturers  | 5.1% |
|  Computers  | 5.0% |
|  Cash & Other  | 64.7% |

---

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/mags/.

**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 ETF PAGE 2 TSR-AR-53656G498

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Sports Betting & iGaming ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | BETZ (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 Sports Betting & iGaming 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/betz/. 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 Sports Betting & iGaming ETF | $81 | 0.75% |

---

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

The Fund had positive performance during the fiscal year. The NAV for the Fund increased by 16.02%. The Solactive GBS Global Markets All Cap USO Index TR returned 22.52% over the same period.

The Fund's performance reflected developments within Sports Betting & iGaming, including continued rapid growth of market share, new betting formats and bet types, as well as mobile and digital innovation. The Fund's relative performance was primarily attributable to its industry concentration, which underperformed the broader benchmark during the 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](ts6479img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(06/03/2020)** |
| **Roundhill Sports Betting & iGaming ETF NAV**  | 16.02 | -2.84 | 6.99 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 22.52 | 11.01 | 14.22 |

---

Visit https://www.roundhillinvestments.com/etf/betz/ 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.*

Roundhill Sports Betting & iGaming ETF PAGE 1 TSR-AR-53656F789

------

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

---

| | |
|:---|:---|
| **Net Assets** | $63364775 |
| **Number of Holdings** | 29 |
| **Net Advisory Fee** | $558208 |
| **Portfolio Turnover** | 26% |
| **30-Day SEC Yield** | 0.97% |

---

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 21.0% |
|  Flutter Entertainment PLC  | 9.7% |
|  DraftKings, Inc.  | 6.7% |
|  Evolution AB  | 6.1% |
|  Entain PLC  | 5.5% |
|  Churchill Downs, Inc.  | 5.4% |
|  Lottomatica Group SpA  | 5.3% |
|  FDJ UNITED  | 5.0% |
|  Betsson AB  | 5.0% |
|  Super Group SGHC Ltd.  | 5.0% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 55.0% |
|  Australia  | 15.7% |
|  Sweden  | 11.1% |
|  United Kingdom  | 7.3% |
|  Greece  | 5.6% |
|  Italy  | 5.3% |
|  France  | 5.1% |
|  Guernsey  | 5.0% |
|  Switzerland  | 3.8% |
|  Cash & Other  | -13.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Consumer, Cyclical  | 96.2% |
|  Technology  | 1.8% |
|  Communications  | 1.6% |
|  Cash & Other  | 0.4% |

---

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/betz/.

**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 Sports Betting & iGaming ETF PAGE 2 TSR-AR-53656F789

------

---

| | | |
|:---|:---|:---|
| ![image](img293564_l20241223153483.jpg) | **Roundhill Video Games ETF**  | ![image](img624589_202602042245603.jpg) |
| ![image](img293564_l20241223153483.jpg) | NERD (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 Video Games 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/nerd/. 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 Video Games ETF | $56 | 0.50% |

---

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

The Fund had positive performance during the fiscal year. The NAV for the Fund increased by 22.47%. The Solactive GBS Global Markets All Cap USD Index TR returned by 22.52% over the same period.

The Fund's performance reflected developments within the Video Games thematic, including accelerating adoption of generative Artificial Intelligence (AI) in game development and strong console hardware momentum. The Fund's relative performance was primarily attributable to its industry concentration, which was inline with the performance with the broader benchmark during the 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](ts6480img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(06/03/2019)** |
| **Roundhill Video Games ETF NAV**  | 22.47 | -3.43 | 8.63 |
| **Solactive GBS Global Markets All Cap USD Index TR**  | 22.52 | 11.01 | 13.41 |

---

Visit https://www.roundhillinvestments.com/etf/nerd/ 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.*

Roundhill Video Games ETF PAGE 1 TSR-AR-53656F706

------

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

---

| | |
|:---|:---|
| **Net Assets** | $19406859 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $114966 |
| **Portfolio Turnover** | 64% |
| **30-Day SEC Yield** | 0.70% |

---

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NetEase, Inc.  | 10.8% |
|  Nintendo Co. Ltd.  | 10.8% |
|  ROBLOX Corp.  | 8.3% |
|  Electronic Arts, Inc.  | 7.7% |
|  Take-Two Interactive Software, Inc.  | 7.4% |
|  Nexon Co. Ltd.  | 4.5% |
|  Konami Group Corp.  | 4.3% |
|  Unity Software, Inc.  | 4.3% |
|  Bandai Namco Holdings, Inc.  | 4.0% |
|  Capcom Co. Ltd.  | 3.4% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 35.1% |
|  United States  | 27.7% |
|  China  | 16.9% |
|  South Korea  | 9.5% |
|  Sweden  | 3.4% |
|  Poland  | 2.3% |
|  Taiwan  | 2.3% |
|  Israel  | 0.9% |
|  France  | 0.7% |
|  Cash & Other  | 1.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 82.6% |
|  Consumer, Cyclical  | 14.7% |
|  Communications  | 2.6% |
|  Cash & Other  | 0.1% |

---

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

Effective September 30, 2025, the Fund converted from a passively-managed index fund that seeks to track the performance, before fees and expenses, of the Nasdaq CTA Global Video Games Software Index™ into an actively managed fund that seeks total return by investing in the equity securities of Video Game Companies.

**Changes to Fund's Principal Risks:**

Effective September 30, 2025, the Fund's description of its principal risks were revised to reflect the removal of Concentration Risk (and the Entertainment Industry Risk sub-risk), Index Provider Risk, Passive Investment Risk and Tracking Error Risk discussions and replaced with descriptions of Industry Exposure Risk and Management Risk. Please refer to the Fund's Prospectus for a full description of the principal risks.

**Changes to the Fund's Primary Listing Exchange:**

Effective September 30, 2025, the Fund transferred its primary listing to the Cboe BZX Exchange, Inc. and is no longer listed on the NASDAQ Stock Market, LLC.

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/nerd/.

**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 Video Games ETF PAGE 2 TSR-AR-53656F706

------

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

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

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. John Jacobs 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" refers to (i) preparation of U.S. federal, state and excise tax returns; (ii) U.S. federal and state tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired; and (iv) review of U.S. federal excise distribution calculations. 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 | $80000 | $76250 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $17125 | $16250 |
| (d) All Other Fees | $0 | $0 |

---

(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 committee consists of the independent members of the entire Board.

(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 ETFs**

**Roundhill Ball Metaverse ETF (METV)** 

**Roundhill Cannabis ETF (WEED)** 

**Roundhill Magnificent Seven ETF (MAGS)** 

**Roundhill Sports Betting & iGaming ETF (BETZ)** 

**Roundhill Video Games ETF (NERD)** 

Annual Financial Statements and Additional Information

December 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Roundhill Ball Metaverse ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Roundhill Cannabis ETF](#soi2) | [3](#soi2) |
| &nbsp;&nbsp;&nbsp; [Roundhill Magnificent Seven ETF](#soi3) | [5](#soi3) |
| &nbsp;&nbsp;&nbsp; [Roundhill Sports Betting & iGaming ETF](#soi4) | [7](#soi4) |
| &nbsp;&nbsp;&nbsp; [Roundhill Video Games ETF](#soi5) | [9](#soi5) |
| [Statements of Assets and Liabilities](#sal) | [11](#sal) |
| [Statements of Operations](#sop) | [12](#sop) |
| [Statements of Changes in Net Assets](#scna) | [13](#scna) |
| [Financial Highlights](#fihi) | [16](#fihi) |
| [Notes to Financial Statements](#notes) | [21](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [33](#report) |
| [Additional Information (Unaudited)](#addinf) | [35](#addinf) |

---

------

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

**ROUNDHILL BALL METAVERSE ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 84.1%**<br>|  |  |
| **Apparel - 0.5%**<br>|  |  |
| NIKE, Inc. - Class B | 19478 | $1240943  |
| **Commercial Services - 0.9%**<br>|  |  |
| Block, Inc.<sup>(a)</sup> | 36090 | 2349098  |
| **Computers - 6.1%**<br>|  |  |
| Apple, Inc. | 62592 | 17016261  |
| **Diversified Financial Services - 3.1%**<br>|  |  |
| Circle Internet Group, Inc.<sup>(a)(b)</sup> | 30628 | 2428801  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 27029 | 6112338  |
|  |  | 8541139  |
| **Household Electronics - 1.5%**<br>|  |  |
| Sony Group Corp. | 166000 | 4261597  |
| **Internet - 24.1%**<br>|  |  |
| Alibaba Group Holding Ltd. | 250600 | 4597633  |
| Alphabet, Inc. - Class A | 38809 | 12147217  |
| Amazon.com, Inc.<sup>(a)</sup> | 33717 | 7782558  |
| Baidu, Inc. - ADR<sup>(a)(b)</sup> | 54806 | 7160952  |
| Meta Platforms, Inc. - Class A | 14704 | 9705963  |
| NAVER Corp. | 23219 | 3908651  |
| Sea Ltd. - ADR<sup>(a)</sup> | 69240 | 8832947  |
| Snap, Inc. - Class A<sup>(a)</sup> | 518783 | 4186579  |
| Tencent Holdings Ltd. | 111100 | 8549997  |
|  |  | 66872497  |
| **Media - 2.3%**<br>|  |  |
| Walt Disney Co. | 55001 | 6257464  |
| **Semiconductors - 19.2%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 23028 | 4931676  |
| ARM Holdings PLC - ADR<sup>(a)(b)</sup> | 38436 | 4201439  |
| ASML Holding NV | 3795 | 4060119  |
| Intel Corp.<sup>(a)</sup> | 127433 | 4702278  |
| NVIDIA Corp. | 65029 | 12127908  |
| QUALCOMM, Inc. | 51525 | 8813351  |
| Samsung Electronics Co. Ltd. | 27797 | 2313603  |
| Skyworks Solutions, Inc. | 52221 | 3311334  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 28663 | 8710399  |
|  |  | 53172107  |
| **Software - 25.3%<sup>(c)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 10346 | 3620997  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 40061 | 3495322  |
| Autodesk, Inc.<sup>(a)</sup> | 11214 | 3319456  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 17629 | 3475557  |
| Electronic Arts, Inc. | 18448 | 3769480  |
| Krafton, Inc.<sup>(a)</sup> | 22904 | 3911273  |
| Microsoft Corp. | 20085 | 9713508  |
| NetEase, Inc. - ADR | 19110 | 2629918  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 253442 | 20536405  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 25404 | 6504186  |
| Unity Software, Inc.<sup>(a)</sup> | 206182 | 9107059  |
|  |  | 70083161  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Toys/Games/Hobbies - 1.1%**<br>|  |  |
| Nintendo Co. Ltd. | 45500 | $3075521  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $175,060,776)** |  | 232869788  |
| **EXCHANGE TRADED FUNDS - 15.6%** | **EXCHANGE TRADED FUNDS - 15.6%** | **EXCHANGE TRADED FUNDS - 15.6%** |
| 3iQ Bitcoin ETF<sup>(a)</sup> | 429742 | 5870276  |
| 3iQ Ether Staking ETF<sup>(a)</sup> | 1628065 | 18848094  |
| 3iQ Solana Staking ETF<sup>(a)</sup> | 1865999 | 18489370  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $58,274,092)** |  | 43207740 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES LENDING - 3.3%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(d)</sup> | 9347006 | 9347006  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $9,347,006)** |  | 9347006 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.5%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> | 1317628 | 1317628  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,317,628)** |  | 1317628  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.5%**<br>**(Cost $243,999,502)** |  | $286742162  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.5)% |  | (9575503)  |
| **TOTAL NET ASSETS - 100.0%** |  | $277166659 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited 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 $9,037,948.

<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> 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 BALL METAVERSE ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $232869788 | $— | $— | $232869788  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 43207740 |  |  | 43207740  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 9347006  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1317628 |  |  | 1317628  |
| **Total Investments** | $277395156 | $— | $— | $286742162 |

---

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 $9,347,006 presented in the table is 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 | $177320373 | 64.2% |
| Canada | 43207740 | 15.6  |
| China | 18340867 | 6.6  |
| South Korea | 10133527 | 3.6  |
| Singapore | 8832947 | 3.2  |
| Taiwan | 8710399 | 3.1  |
| Japan | 7337118 | 2.6  |
| Hong Kong | 4597633 | 1.6  |
| United Kingdom | 4201439 | 1.5  |
| Netherlands | 4060119 | 1.5  |
| Liabilities in Excess of Other Assets | (9575503) | (3.5)  |
|  | $277166659 | 100.0% |

---

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

2<br>

------

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

**ROUNDHILL CANNABIS ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 21.3%**<br>|  |  |
| **Pharmaceuticals - 21.3%**<br>|  |  |
| Curaleaf Holdings, Inc.<sup>(a)</sup> | 811954 | $2019889  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,095,079)** |  | 2019889 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 52.5%**<br>|  |  |
| 3.81%, 01/27/2026<sup>(b)</sup> | $5000000 | 4986321  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $4,986,321)** |  | 4986321 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 1.9%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 177730 | 177730  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $177,730)** |  | 177730  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 75.7%** <br>**(Cost $6,259,130)** |  | $7183940  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 24.3% |  | 2301418  |
| **TOTAL NET ASSETS - 100.0%** |  | $9485358 |

---

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> 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 CANNABIS 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)**  |
| Cresco Labs, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 2.00% | &nbsp;&nbsp; Monthly | 09/01/2026 | $996999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0  |
| Curaleaf Holdings, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 2.00% | &nbsp;&nbsp; Monthly | 09/01/2026 | 425454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  |
|  Green Thumb Industries, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 2.00% | &nbsp;&nbsp; Monthly | 09/01/2026 | 2733958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  |
| Trulieve Cannabis Corp. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 2.00% | &nbsp;&nbsp; Monthly | 09/01/2026 | 2675634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  |
| Verano Holdings Corp. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 2.00% | &nbsp;&nbsp; Monthly | 09/01/2026 | 648371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  |
| **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;&nbsp;&nbsp; $0 |

---

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**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $2019889 | $— | $— | $2019889  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 4986321 |  | 4986321  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 177730 |  |  | 177730  |
| **Total Investments** | $2197619 | $4986321 | $— | $7183940  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $0 | $— | $0  |
| **Total Other Financial Instruments** | $— | $0 | $— | $0 |

---

\* 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 MAGNIFICENT SEVEN ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 35.3%**<br>|  |  |
| **Auto Manufacturers - 5.1%**<br>|  |  |
| Tesla, Inc.<sup>(a)</sup> | 449740 | $202257073  |
| **Computers - 5.0%**<br>|  |  |
| Apple, Inc. | 730676 | 198641577  |
| **Internet - 14.4%**<br>|  |  |
| Alphabet, Inc. - Class A | 446079 | 139622727  |
| Amazon.com, Inc.<sup>(a)</sup> | 898807 | 207462632  |
| Meta Platforms, Inc. - Class A | 340633 | 224848437  |
|  |  | 571933796  |
| **Semiconductors - 5.1%**<br>|  |  |
| NVIDIA Corp. | 1096840 | 204560660  |
| **Software - 5.7%**<br>|  |  |
| Microsoft Corp. | 465201 | 224980508  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,418,817,672)** |  | 1402373614 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 51.3%**<br>|  |  |
| 3.78%, 01/27/2026<sup>(b)</sup> | $2040000000 | 2034455789  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $2,034,455,789)** |  | 2034455789 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 4.2%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 166428716 | 166428716  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $166,428,716)** |  | 166428716  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 90.8%** <br>**(Cost $3,619,702,177)** |  | $3603258119  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 9.2% |  | 363157012  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  | $3966415131 |

---

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> 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 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)**  |
| Alphabet, Inc. | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 0.90% | Termination | 02/17/2026 | $223445692 | &nbsp;&nbsp; $66587421  |
| Alphabet, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 0.75% | Termination | 07/14/2026 | 202603648 | &nbsp;&nbsp; 55588331  |
| Amazon.com, Inc. | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 0.90%  | Termination | 02/17/2026 | 133411652 | &nbsp;&nbsp; 3568688  |
| Amazon.com, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 0.75% | Termination | 07/14/2026 | 224802984 | &nbsp;&nbsp; 7860396  |
| Apple, Inc. | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 0.90% | Termination | 02/17/2026 | 176023097 | &nbsp;&nbsp; 25642665  |
| Apple, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 0.75% | Termination | 07/14/2026 | 190003226 | &nbsp;&nbsp; 10764626  |
| Meta Platforms, Inc. | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 0.90% | Termination | 02/17/2026 | 131561878 | &nbsp;&nbsp; (10176134)  |
| Meta Platforms, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 0.75% | Termination | 07/14/2026 | 208726399 | &nbsp;&nbsp; 10651859  |
| Microsoft Corp. | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 0.90% | Termination | 02/17/2026 | 128616805 | &nbsp;&nbsp; (2184289)  |
| Microsoft Corp. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 0.75% | Termination | 07/14/2026 | 211017431 | &nbsp;&nbsp; 4847643  |
| NVIDIA Corp. | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 1.00% | Termination | 02/17/2026 | 163364489 | &nbsp;&nbsp; 19882528  |
| NVIDIA Corp. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 0.75% | Termination | 07/14/2026 | 194656578 | &nbsp;&nbsp; 48488008  |
| Tesla, Inc. | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 0.90% | Termination | 02/17/2026 | 175397546 | &nbsp;&nbsp; 30512553  |
| Tesla, Inc. | Nomura Securities International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive | OBFR + 0.75% | Termination | 07/14/2026 | 186312700 | &nbsp;&nbsp; 37023981  |
| **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; $309058276 |

---

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 | $1402373614 | $— | $— | $1402373614  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 2034455789 |  | 2034455789  |
| Money Market Funds | 166428716 |  |  | 166428716  |
| **Total Investments** | $1568802330 | $2034455789 | $— | $3603258119  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $321418699 | $— | $321418699  |
| **Total Other Financial Instruments** | $— | $321418699 | $— | $321418699  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $(12360423) | $— | $(12360423)  |
| **Total Other Financial Instruments** | $— | $(12360423) | $— | $(12360423) |

---

\* 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 SPORTS BETTING & IGAMING ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.6%**<br>|  |  |
| **Entertainment - 92.2%<sup>(a)</sup>**<br>|  |  |
| Aristocrat Leisure Ltd. | 78558 | $3047836  |
| Betsson AB | 199192 | 3191376  |
| Caesars Entertainment, Inc.<sup>(b)(c)</sup> | 41069 | 960604  |
| Churchill Downs, Inc.<sup>(c)</sup> | 29978 | 3410897  |
| Codere Online Luxembourg SA<sup>(b)(c)</sup> | 47805 | 383874  |
| DraftKings, Inc. - Class A<sup>(b)(c)</sup> | 122822 | 4232446  |
| Entain PLC | 339555 | 3501189  |
| Evoke PLC<sup>(b)</sup> | 1107544 | 330712  |
| Evolution AB<sup>(d)</sup> | 56430 | 3855124  |
| FDJ UNITED | 115310 | 3198767  |
| Flutter Entertainment PLC<sup>(b)(c)</sup> | 28587 | 6147348  |
|  Intralot SA-Integrated Information Systems & Gaming Services<sup>(b)</sup> | 368887 | 458368  |
| Kambi Group PLC<sup>(b)(c)</sup> | 23774 | 350725  |
| Lottery Corp. Ltd. | 850557 | 2926716  |
| Lottomatica Group SpA | 127227 | 3347057  |
| OPAP SA | 138454 | 3105808  |
| Penn Entertainment, Inc.<sup>(b)</sup> | 78761 | 1161725  |
| Playtech PLC | 506034 | 1929609  |
| Rush Street Interactive, Inc.<sup>(b)(c)</sup> | 160457 | 3117679  |
| Sportradar Group AG - Class A<sup>(b)(c)</sup> | 102257 | 2430649  |
| Super Group SGHC Ltd. | 263906 | 3153677  |
| Tabcorp Holdings Ltd. | 4757387 | 3140734  |
| Tokyotokeiba Co. Ltd. | 27900 | 1011018  |
|  |  | 58393938  |
| **Internet - 1.6%**<br>|  |  |
| Better Collective AS<sup>(b)</sup> | 18158 | 225921  |
| Jumbo Interactive Ltd. | 106527 | 817641  |
|  |  | 1043562  |
| **Lodging - 4.0%**<br>|  |  |
| Boyd Gaming Corp. | 12059 | 1027909  |
| MGM Resorts International<sup>(b)</sup> | 40871 | 1491383  |
|  |  | 2519292  |
| **Software - 1.8%**<br>|  |  |
| Genius Sports, Ltd.<sup>(b)</sup> | 106377 | 1172275  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $62,394,275)** |  | 63129067 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Values** |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 21.0%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(e)</sup> | 13287551 | $13287551  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $13,287,551)** |  | 13287551  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 120.6%** <br>**(Cost $75,681,826)** |  | $76416618  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (20.6)% |  | (13053843)  |
| **TOTAL NET ASSETS - 100.0%** |  | $63362775 |

---

Percentages are stated as a percent of net assets.

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 $12,745,115.

<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 $3,855,124 or 6.1% 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.

7<br>

------

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

**ROUNDHILL SPORTS BETTING & IGAMING ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $63129067 | $— | $— | $63129067  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 13287551  |
| **Total Investments** | $63129067 | $— | $— | $76416618 |

---

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 $13,287,551 presented in the table is 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)** 

---

| | | |
|:---|:---|:---|
| Australia | $9932927 | 15.7%  |
| Sweden | 7046500 | 11.1  |
| United Kingdom | 4673464 | 7.3  |
| Greece | 3564176 | 5.6  |
| Italy | 3347057 | 5.3  |
| France | 3198767 | 5.1  |
| Guernsey | 3153677 | 5.0  |
| Switzerland | 2430649 | 3.8  |
| IM | 1929609 | 3.1  |
| Japan | 1011018 | 1.6  |
| Luxembourg | 383874 | 0.6  |
| Malta | 350725 | 0.6  |
| Gibraltar | 330712 | 0.5  |
| Denmark | 225921 | 0.3  |
| United States | 34837542 | 55.0  |
| Liabilities in Excess of Other Assets | (13053843) | (20.6)  |
|  | $63362775 | 100.0% |

---

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

8<br>

------

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

**ROUNDHILL VIDEO GAMES ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Internet - 2.6%**<br>|  |  |
| NCSoft Corp. | 1991 | $278495  |
| NHN Corp. | 5777 | 116499  |
| Wemade Co. Ltd.<sup>(a)</sup> | 6113 | 105876  |
|  |  | 500870  |
| **Software - 82.6%<sup>(b)</sup>**<br>|  |  |
| Boyaa Interactive International Ltd. | 169000 | 74257  |
| Capcom Co. Ltd. | 28100 | 654522  |
| CD Projekt SA | 6616 | 443496  |
| Coffee Stain Group AB - Class B<sup>(a)</sup> | 38757 | 97326  |
| Com2uS Corp. | 3155 | 63623  |
| DeNA Co. Ltd. | 12800 | 207256  |
| Electronic Arts, Inc. | 7311 | 1493857  |
| Embracer Group AB<sup>(a)</sup> | 27019 | 177845  |
| Everplay Group PLC | 24628 | 110640  |
| GungHo Online Entertainment, Inc. | 9600 | 154156  |
| HUYA, Inc. - ADR | 38028 | 109521  |
| IGG, Inc. | 207000 | 101326  |
| International Games System Co. Ltd. | 19308 | 443057  |
| Kakao Games Corp.<sup>(a)</sup> | 13281 | 137369  |
| Kingsoft Corp. Ltd. | 103600 | 378542  |
| Koei Tecmo Holdings Co. Ltd. | 26800 | 325799  |
| Konami Group Corp. | 6200 | 843702  |
| Krafton, Inc.<sup>(a)</sup> | 2944 | 502741  |
| MIXI, Inc. | 9300 | 161798  |
|  Modern Times Group MTG AB - Class B<sup>(a)</sup> | 14532 | 180807  |
| NetDragon Websoft Holdings Ltd. | 86500 | 116133  |
| NetEase, Inc. - ADR | 15225 | 2095264  |
| Netmarble Corp.<sup>(c)</sup> | 8150 | 272977  |
| Nexon Co. Ltd. | 35700 | 871632  |
| Paradox Interactive AB | 11744 | 207139  |
| Pearl Abyss Corp.<sup>(a)</sup> | 7694 | 199754  |
| Playtika Holding Corp. | 44627 | 176277  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 19799 | 1604313  |
| Sega Sammy Holdings, Inc. | 19000 | 296737  |
| SHIFT UP Corp.<sup>(a)</sup> | 7472 | 184135  |
| Square Enix Holdings Co. Ltd. | 24000 | 437832  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 5620 | 1438889  |
| Tanwan, Inc.<sup>(a)</sup> | 68800 | 152476  |
| Ubisoft Entertainment SA<sup>(a)</sup> | 19067 | 144258  |
| Unity Software, Inc.<sup>(a)</sup> | 18715 | 826642  |
| XD, Inc. | 40800 | 339934  |
|  |  | 16026032  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Toys/Games/Hobbies - 14.7%**<br>|  |  |
| Bandai Namco Holdings, Inc. | 29100 | $774540  |
| Nintendo Co. Ltd. | 30900 | 2088650  |
|  |  | 2863190  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $17,272,803)** |  | 19390092  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $17,272,803)** |  | $19390092  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 16767  |
| **TOTAL NET ASSETS - 100.0%** |  | $19406859 |

---

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> 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>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $272,977 or 1.4% of the Fund's net assets.

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

9<br>

------

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

**ROUNDHILL VIDEO GAMES ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $19390092 | $— | $— | $19390092  |
| **Total Investments** | $19390092 | $— | $— | $19390092 |

---

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

**Allocation of Portfolio Holdings by Country as of December 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Japan | $6816624 | 35.1% |
| United States | 5363701 | 27.7  |
| China | 3266127 | 16.9  |
| South Korea | 1861469 | 9.5  |
| Sweden | 663117 | 3.4  |
| Poland | 443496 | 2.3  |
| Taiwan | 443057 | 2.3  |
| Israel | 176277 | 0.9  |
| France | 144258 | 0.7  |
| United Kingdom | 110640 | 0.6  |
| Singapore | 101326 | 0.5  |
| Other Assets in Excess of Liabilities | 16767 | 0.1  |
|  | $19406859 | 100.0% |

---

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

10<br>

------

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

**ROUNDHILL ETFs** 

**Statements of Assets and Liabilities** 

**December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill Ball** <br>**Metaverse** <br>**ETF** | **Roundhill** <br>**Cannabis** <br>**ETF** | **Roundhill** <br>**Magnificent** <br>**Seven ETF** | **Roundhill** <br>**Sports** <br>**Betting &** <br>**iGaming ETF** | **Roundhill** <br>**Video Games** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $286742162 | $7183940 | $3603258119 | $76416618 | $19390092  |
| Dividends receivable | 85773 | 564 | 785879 | 25593 | 14280  |
| Security lending income receivable | 1566 |  | 485 | 3042 | 115  |
| Foreign currency, at value | 153 |  |  |  | —  |
| Receivable for swap contracts |  | 2299628 |  |  | —  |
|  Unrealized appreciation on swap contracts |  |  | 321418699 |  | —  |
| Receivable for investments sold |  |  | 175285636 | 1708447 | 275458  |
| Receivable for fund creations |  |  | 15177079 |  | —  |
| Dividend tax reclaims receivable |  |  |  | 18504 | 595  |
| Receivable from Adviser, net |  | 1226 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 286829654 | 9485358 | 4115925897 | 78172204 | 19680540  |
| **LIABILITIES:**<br>|  |  |  |  |  |
|  Payable upon return of securities loaned | 9347006 |  |  | 13287551 | —  |
| Payable to custodian | 183562 |  |  | 1479219 | 264631  |
| Payable to Adviser, net | 132427 |  | 1008586 | 41592 | 9050  |
|  Unrealized depreciation on swap contracts |  |  | 12360423 |  | —  |
| Payable for investments purchased |  |  | 73453822 |  | —  |
| Payable for capital redemptions |  |  | 62687935 |  | —  |
|  Payable to custodian foreign currency, at value |  |  |  | 1067 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 9662995 |  | 149510766 | 14809429 | 273681  |
| **NET ASSETS** | $277166659 | $9485358 | $3966415131 | $63362775 | $19406859  |
| **NET ASSETS CONSISTS OF:**<br>|  |  |  |  |  |
| Paid-in capital | $517805957 | $9564048 | $3714532875 | $217842120 | $59182536  |
|  Total distributable earnings/(accumulated losses) | (240639298) | (78690) | 251882256 | (154479345) | (39775677)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $277166659 | $9485358 | $3966415131 | $63362775 | $19406859  |
| Net assets | $277166659 | $9485358 | $3966415131 | $63362775 | $19406859  |
| Shares issued and outstanding<sup>(a)</sup> | 14725000 | 475000 | 60110000 | 3000000 | 800000  |
| Net asset value per share | $18.82 | $19.97 | $65.99 | $21.12 | $24.26  |
| **COST:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $243999502 | $6259130 | $3619702177 | $75681826 | $17272803  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $149 | $— | $— | $— | $—  |
| **PROCEEDS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency proceeds | $— | $— | $— | $1067 | $—  |
| **LOANED SECURITIES:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $9037948 | $— | $— | $12745115 | $— |

---

<sup>(a)</sup> Unlimited shares authorized.

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

11<br>

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

**ROUNDHILL ETFs** 

**Statements of Operations** 

**For the Year Ended December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Roundhill Ball** <br>**Metaverse** <br>**ETF** | **Roundhill** <br>**Cannabis** <br>**ETF** | **Roundhill** <br>**Magnificent** <br>**Seven ETF** | **Roundhill** <br>**Sports** <br>**Betting &** <br>**iGaming ETF** | **Roundhill** <br>**Video Games** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $2219905 | $30151 | $7817745 | $3511501 | $222570  |
| Less: issuance fees | (3305) |  |  |  | (43)  |
| Less: dividend withholding taxes | (243023) |  |  | (119302) | (18310)  |
| Interest income |  | 173913 | 57785597 |  | —  |
| Securities lending income, net | 63098 |  | 43284 | 17771 | 2048  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2036675 | 204064 | 65646626 | 3409970 | 206265  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 1792354 | 24782 | 7501117 | 558208 | 114966  |
| Tax expense | 185 | 185 |  | 185 | 185  |
| Interest expense |  |  | 45831 |  |  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1792539 | 24967 | 7546948 | 558393 | 115151  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (37363) | (25768) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1755176 | (801) | 7546948 | 558393 | 115151  |
| **NET INVESTMENT INCOME** | 281499 | 204865 | 58099678 | 2851577 | 91114  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 76525122 | (286104) | 437018350 | 5096286 | 4071177  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  | 487433 | (35801443) |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 49293 | (1843) |  | 19436 | (27698)  |
| &nbsp;&nbsp;&nbsp; Payments by the Sub-adviser due to trade error reimbursements (See Note 3) |  | 25421 |  |  |  |
| Net realized gain (loss) | 76574415 | 224907 | 401216907 | 5115722 | 4043479  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 3823584 | 1195791 | (27484639) | 3311540 | 456783  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  |  | 191103245 |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 572 |  |  | (3090) | (644)  |
|  Net change in unrealized appreciation (depreciation) | 3824156 | 1195791 | 163618606 | 3308450 | 456139  |
| **Net realized and unrealized gain** | 80398571 | 1420698 | 564835513 | 8424172 | 4499618  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $80680070 | $1625563 | $622935191 | $11275749 | $4590732 |

---

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

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**ROUNDHILL ETFs** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Roundhill Ball Metaverse ETF** | **Roundhill Ball Metaverse ETF** | **Roundhill Cannabis ETF**  | **Roundhill Cannabis ETF**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $281499 | $(92367) | $204865 | $276478  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 76574415 | 27079146 | 224907 | (3323405)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 3824156 | 58834272 | 1195791 | (270981)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from** <br>**operations** | 80680070 | 85821051 | 1625563 | (3317908)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (495923) |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (495923) |  |  | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations |  |  | 4960094 | 8167261  |
| &nbsp;&nbsp;&nbsp; Redemptions | (133813637) | (218689045) | (2079379) | (3067929)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 29199 | 79148 | 12819 | 20001  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (133784438) | (218609897) | 2893534 | 5119333  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (53600291) | (132788846) | 4519097 | 1801425  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 330766950 | 463555796 | 4966261 | 3164836  |
| &nbsp;&nbsp;&nbsp; End of the year | $277166659 | $330766950 | $9485358 | $4966261  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations |  |  | 320000 | 280000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (8200000) | (17250000) | (150000) | (80000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | (8200000) | (17250000) | 170000 | 200000 |

---

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

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

**ROUNDHILL ETFs** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Roundhill Magnificent** <br>**Seven ETF** | **Roundhill Magnificent** <br>**Seven ETF** | **Roundhill Sports** <br>**Betting & iGaming ETF** | **Roundhill Sports** <br>**Betting & iGaming ETF** |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $58099678 | $14192480 | $2851577 | $255482  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 401216907 | 69732413 | 5115722 | 3707539  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 163618606 | 127552008 | 3308450 | 3783600  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 622935191 | 211476901 | 11275749 | 7746621  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (58385266) | (14386330) | (2878158) | (624278)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (58385266) | (14386330) | (2878158) | (624278)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 4552824620 | 1950485723 | 2656170 | —  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2919549039) | (416335681) | (20942945) | (34393835)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 1633275581 | 1534150042 | (18286775) | (34393835)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 2197825506 | 1731240613 | (9889184) | (27271492)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 1768589625 | 37349012 | 73251959 | 100523451  |
| &nbsp;&nbsp;&nbsp; End of the year | $3966415131 | $1768589625 | $63362775 | $73251959  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Creations | 76670000 | 39970000 | 125000 | —  |
| &nbsp;&nbsp;&nbsp; Redemptions | (49040000) | (8610000) | (975000) | (1925000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 27630000 | 31360000 | (850000) | (1925000) |

---

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

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

**ROUNDHILL ETFs** 

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

---

| | | |
|:---|:---|:---|
|  | **Roundhill Video Games ETF**  | **Roundhill Video Games ETF**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $91114 | $75994  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 4043479 | 2266485  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 456139 | 2460551  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 4590732 | 4803030  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (121822) | (343050)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (121822) | (343050)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Creations | 6318099 | 1150133  |
| &nbsp;&nbsp;&nbsp; Redemptions | (11313737) | (6528435)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 4) | 2849 | 5293  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets from capital transactions** | (4992789) | (5373009)  |
| **NET DECREASE IN NET ASSETS** | (523879) | (913029)  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 19930738 | 20843767  |
| &nbsp;&nbsp;&nbsp; End of the year | $19406859 | $19930738  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Creations | 225000 | 75000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (425000) | (400000)  |
| &nbsp;&nbsp;&nbsp; **Total decrease in shares outstanding** | (200000) | (325000) |

---

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

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

**Roundhill Ball Metaverse ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended** <br>**December 31,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**December 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $14.43 | $11.54 | $7.21 | $15.17 | &nbsp;&nbsp; $15.07  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.02 | (0.00)<sup>(c)</sup> | 0.02 | 0.01 | &nbsp;&nbsp; (0.01)  |
|  Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 4.40 | 2.89 | 4.33 | (7.96) | 0.10  |
| **Total from investment operations** | 4.42 | 2.89 | 4.35 | (7.95) | 0.09  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.03) |  | (0.02) | (0.01) | &nbsp;&nbsp; —  |
| **Total distributions** | (0.03) |  | (0.02) | (0.01) | &nbsp;&nbsp; —  |
| ETF transaction fees per share<sup>(b)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.01  |
| **Net asset value, end of period** | $18.82 | $14.43 | $11.54 | $7.21 | &nbsp;&nbsp; $15.17  |
| Total return<sup>(e)</sup> | 30.69% | 25.05% | 60.37% | -52.44% | &nbsp;&nbsp; 0.63%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>** |
| Net assets, end of period (in thousands) | $277167 | $330767 | $463556 | $370242 | &nbsp;&nbsp; $933059  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement<sup>(g)</sup> | 0.59% | 0.59% | 0.59% | 0.60% | &nbsp;&nbsp; 0.75%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(g)</sup> | 0.58% | 0.59% | 0.59% | 0.60% | &nbsp;&nbsp; 0.75%  |
| &nbsp;&nbsp;&nbsp; Ratio of tax expenses to average net <br>assets<sup>(g)</sup>  | 0.00%<sup>(h)</sup> | 0.00%<sup>(h)</sup> | —% | —% | &nbsp;&nbsp; —%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | 0.09% | (0.02)% | 0.19% | 0.06% | &nbsp;&nbsp; (0.13)%  |
| Portfolio turnover rate<sup>(e)(i)</sup> | 55% | 46% | 30% | 47% | &nbsp;&nbsp; 41% |

---

<sup>(a)</sup> Inception date of the Fund was June 29, 2021.

<sup>(b)</sup> Calculated based on average shares outstanding during the periods.

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

<sup>(d)</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>(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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**[**TABLE OF CONTENTS**](#TOC)**

**Roundhill Cannabis ETF** 

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended** <br>**December 31,** <br>**2022<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023**  | **Period Ended** <br>**December 31,** <br>**2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | $16.28 | $30.14 | $29.95 | &nbsp;&nbsp; $76.60  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.50 | 1.61 | 1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.45  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 3.16 | (15.59) | (0.99) | &nbsp;&nbsp; (47.15)  |
| **Total from investment operations** | 3.66 | (13.98) | 0.19 | &nbsp;&nbsp; (46.70)  |
| ETF transaction fees per share<sup>(b)</sup> | 0.03 | 0.12 |  | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| **Net asset value, end of period** | $19.97 | $16.28 | $30.14 | &nbsp;&nbsp; $29.95  |
| Total return<sup>(d)(h)</sup> | 22.64% | -45.98% | 0.71% | &nbsp;&nbsp; -60.93%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | $9485 | $4966 | $3165 | &nbsp;&nbsp; $1496  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement<sup>(e)</sup> | 0.39% | 0.39% | 0.48% | &nbsp;&nbsp; 0.75%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(e)</sup> | (0.01)% | 0.22% | 0.39% | &nbsp;&nbsp; 0.52%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup>  | 0.00%<sup>(f)</sup> | —% | —% | &nbsp;&nbsp; —%  |
| Ratio of net investment income to average net assets<sup>(e)</sup> | 3.19% | 5.06% | 4.58% | &nbsp;&nbsp; 1.32%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | 23% | —% | —% | &nbsp;&nbsp; 65% |

---

<sup>(a)</sup> Inception date of the Fund was April 19, 2022.

<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.

<sup>(h)</sup> In 2025, 0.33% of the Fund's total return consists of voluntary reimbursements by the Sub-adviser for a realized investment loss incurred from trade errors. Excluding these items, total return would have been 22.31% (see Note 3).

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

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

**Roundhill Magnificent Seven ETF** 

**Financial Highlights** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended** <br>**December 31,** <br>**2023<sup>(a)</sup>**  |
|  | **2025** | **2024**  | **Period Ended** <br>**December 31,** <br>**2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | $54.45 | $33.35 | &nbsp;&nbsp; $24.77  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | 1.30 | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.67  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 11.22 | 20.32 | &nbsp;&nbsp;&nbsp;&nbsp;8.05  |
| **Total from investment operations** | 12.52 | 21.54 | &nbsp;&nbsp;&nbsp;&nbsp;8.72  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | (0.98) | (0.43) | &nbsp;&nbsp; (0.14)  |
| Net realized gains |  | (0.01) | &nbsp;&nbsp; (0.00)<sup>(d)</sup>  |
| **Total distributions** | (0.98) | (0.44) | &nbsp;&nbsp; (0.14)  |
| **Net asset value, end of period** | $65.99 | $54.45 | &nbsp;&nbsp; $33.35  |
| Total return<sup>(e)</sup> | 22.96% | 64.59% | &nbsp;&nbsp; 35.21%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | $3966415 | $1768590 | &nbsp;&nbsp; $37349  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.29% | 0.29% | &nbsp;&nbsp; 0.29%  |
| Ratio of interest expense to average net assets<sup>(f)</sup> | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup> | &nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 2.25% | 2.59% | &nbsp;&nbsp; 2.92%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | 27% | 40% | &nbsp;&nbsp; 81% |

---

<sup>(a)</sup> Inception date of the Fund was April 10, 2023.

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

**Roundhill Sports Betting & iGaming ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $19.03 | $17.41 | $14.35 | $24.88 | $25.86  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.83 | 0.05 | 0.08 | 0.07 | 0.08  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.22 | 1.73 | 2.98 | (10.51) | (1.06)  |
| **Total from investment operations** | 3.05 | 1.78 | 3.06 | (10.44) | (0.98)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.96) | (0.16) |  | (0.04) | —  |
| Return of capital |  |  |  | (0.05) | —  |
| **Total distributions** | (0.96) | (0.16) |  | (0.09) | —  |
| ETF transaction fees per share<sup>(a)</sup> |  |  | 0.00<sup>(c)</sup> |  | 0.00<sup>(c)</sup>  |
| **Net asset value, end of year** | $21.12 | $19.03 | $17.41 | $14.35 | $24.88  |
| Total return | 16.02% | 10.24% | 21.30% | -41.99% | -3.78%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $63363 | $73252 | $100523 | $118028 | $290507  |
| Ratio of expenses to average net assets | 0.75% | 0.75% | 0.75% | 0.75% | 0.75%  |
| Ratio of tax expenses to average net assets  | 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup> | —% | —% | —%  |
|  Ratio of net investment income to average net assets | 3.83% | 0.30% | 0.46% | 0.38% | 0.26%  |
| Portfolio turnover rate<sup>(e)</sup> | 26% | 20% | 64% | 43% | 52% |

---

<sup>(a)</sup> Calculated based on average shares outstanding during the years.

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

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

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

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

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

19<br>

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

**Roundhill Video Games ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $19.93 | $15.73 | $14.03 | $24.99 | $30.09  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.10 | 0.07 | 0.11 | 0.14 | 0.05  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 4.38 | 4.47 | 1.75 | (11.01) | (5.17)  |
| **Total from investment operations** | 4.48 | 4.54 | 1.86 | (10.87) | (5.12)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.15) | (0.34) | (0.17) | (0.10) | (0.01)  |
| **Total distributions** | (0.15) | (0.34) | (0.17) | (0.10) | (0.01)  |
| ETF transaction fees per share<sup>(a)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.01 | 0.01 | 0.03  |
| **Net asset value, end of year** | $24.26 | $19.93 | $15.73 | $14.03 | $24.99  |
| Total return | 22.47% | 28.86% | 13.35% | -43.49% | -16.93%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $19407 | $19931 | $20844 | $25250 | $62475  |
| Ratio of expenses to average net assets | 0.50% | 0.50% | 0.50% | 0.50% | 0.50%  |
| Ratio of tax expenses to average net assets  | 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup> | —% | —% | —%  |
|  Ratio of net investment income to average net assets | 0.40% | 0.39% | 0.76% | 0.78% | 0.16%  |
| Portfolio turnover rate<sup>(e)</sup> | 64% | 30% | 17% | 83% | 52% |

---

<sup>(a)</sup> Calculated based on average shares outstanding during the years.

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

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

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

<sup>(e)</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 ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025** 

1. ORGANIZATION

Roundhill Ball Metaverse ETF ("METV"), Roundhill Magnificent Seven ETF ("MAGS"), Roundhill Sports Betting & iGaming ETF ("BETZ"), Roundhill Video Games ETF ("NERD") and Roundhill Cannabis ETF ("WEED"), (each a "Fund" and collectively, the "Funds") are series of Listed Funds Trust (the "Trust"). The Trust was organized as a Delaware statutory trust on August 26, 2016, under a Declaration of Trust amended on December 21, 2018, 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").

METV is a non-diversified passively-managed exchange-traded fund ("ETF"). METV's objective is to track the performance, before fees and expenses, of the Ball Metaverse Index (the "METV Index"). The META Index tracks the performance of globally-listed equity securities of companies that engage in activities or provide products, services, technologies, or technological capabilities to enable the Metaverse, and benefit from its generated revenues ("Metaverse Companies"). "Metaverse" is a term used to refer to a future iteration of the Internet. Users will primarily engage with the Metaverse through persistent, simultaneous, and shared three-dimensional virtual simulations and spaces. The Metaverse will also connect to physical spaces, two-dimensional Internet experiences (e.g., standard apps, webpages), and finite simulations (e.g., a game). The Metaverse will be supported by a wide range of technologies, tools, and standards that enable high volumes of concurrent users, a rich virtual-only economy of labor, goods, and services, and wide-ranging interoperability of data, digital assets, and content.

WEED is a diversified actively managed ETF. WEED seeks to achieve its investment objective by investing primarily in exchange-listed equity securities and total return swaps intended to provide exposure to the cannabis and hemp ecosystem. The cannabis and hemp ecosystem encompasses businesses involved in the production, distribution and marketing of cannabis and hemp and products derived there from.

MAGS is a non-diversified actively managed ETF. MAGS pursues its investment objective by seeking investment exposure to the companies comprising the "Magnificent Seven," a group of seven companies commonly recognized for their market dominance in technological innovation. The seven companies comprising the Magnificent Seven are: Alphabet Inc., Amazon.com, Inc., Apple Inc., Meta Platforms, Inc., Microsoft Corporation, NVIDIA Corporation, and Tesla Inc. MAGS offers exposure to the "Magnificent Seven" companies through its investment in swap agreements and/or forward contracts. However, MAGS will also invest directly in the equity securities issued by such companies.

BETZ is a non-diversified passively-managed ETF. BETZ's objective is to track the total return performance, before fees and expenses, of the Morningstar Sports Betting & iGaming Select Index (the "Index"). The Index tracks the performance of the common stock (or corresponding ADRs or GDRs) of domestic and foreign sports and online betting (a/k/a iGaming) companies. Sports betting and iGaming companies are broadly defined as companies engaged, directly or indirectly, in analyzing sports events and wagering on the outcome and/or in betting online in games of chance.

NERD is a non-diversified actively managed ETF. NERD seeks to achieve its investment objective by investing in the equity securities of Video Game Companies. Video Game Companies are companies that are economically tied to the Video Games industry, and generally include publishers, developers and distributors of interactive gaming software for console, PC, mobile and cloud platforms, as well as providers of related online gaming services and esports.

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.** 

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

**ROUNDHILL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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. 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 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 Roundhill Financial Inc. ("Roundhill" or 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 based on prices supplied by independent pricing services using techniques that include the value of the underlying security or benchmark that the contract is tracking.

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.

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

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**ROUNDHILL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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|:---|:---|
| 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.  |

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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 and 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.

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.

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.

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

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

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

**Investment Income. Dividend income is recognized on the ex-dividend date. Interest income is accrued daily. Discounts/premiums on debt securities are accreted/amortized over the life of the respective securities using the effective interest method. Distributions received from REITs may be classified as dividends, capital gains, or return of capital.** 

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 Statements of Operations.

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**ROUNDHILL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**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 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 Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their Federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions which exceed earnings and profit for tax purposes are reported as a tax return of capital.

Management evaluates the Funds' tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as income tax expense. The Funds' Federal income tax returns are subject to examination by the Internal Revenue Service (the "IRS") for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. As of December 31, 2025, the Funds' fiscal year end, 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' fiscal year end, the Funds had no examination in progress and management is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. The Funds recognized no interest or penalties related to uncertain tax benefits in the 2025 fiscal year. At December 31, 2025, the Funds' fiscal year end, the tax periods from previous three fiscal years remained open to examination in the Funds' major tax jurisdictions.

**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. WEED and MAGS 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 done on a net basis, i.e., where the two parties make net payments with a Fund receiving or paying, as the case may be, only the net amount of the two payments. The net amount 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. For WEED, the amount of receivable/payable for open swap contracts represents the gain/loss amount accrued on swaps held at December 31, 2025, monthly reset date that will be received/paid from/to the broker. For MAGS, the amount of appreciation/(depreciation) for open swap contracts represents the gain/loss amount accrued on swaps held at December 31, 2025, that will be received/paid from/to the broker. These investments may incur interest expense as presented on the Statements of Operations.** 

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**ROUNDHILL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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

The following table presents the Funds' gross derivative assets and liabilities by counterparty and contract type, net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of December 31, 2025.

**Roundhill Cannabis ETF** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty**  | **Investment** <br>**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** <br>**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 | $2299628 | $— | $2299628 | &nbsp;&nbsp; $— | $— | $2299628  |
|  | Total Financial <br>Instruments Subject <br>to a Master Netting <br>Arrangement |  | $2299628 | $— | $2299628 | &nbsp;&nbsp; $— | $— | $2299628 |

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**Roundhill Magnificent Seven ETF** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty**  | **Investment** <br>**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** <br>**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 | $175224844 | $— | $175224844 | $(12360423) | $— | $162864421  |
| **Assets** | Goldman Sachs & <br>Co. LLC | Total Return <br>Swap Contracts | $146193855 | $— | $146193855 | $— | $— | $146193855  |
| **Total Assets** |  |  | $321418699 | $— | $321418699 | $(12360423) | $— | $309058276  |
| **Liabilities** | Nomura Securities <br>International, Inc. | Total Return <br>Swap Contracts | $(12360423) | $— | $(12360423) | $12360423 | $— | $—  |
|  | Total Financial <br>Instruments Subject <br>to a Master Netting <br>Arrangement |  | $309058276 | $— | $309058276 | $— | $— | $309058276 |

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**ROUNDHILL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

The average monthly notional amount of the swap contracts during the year ended December 31, 2025, was as follows:

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|:---|:---|
|  | **Average Monthly** <br>**Notional Amount** <br>**of Swap Contracts**  |
| Roundhill Cannabis ETF  | $5106357 |
| Roundhill Magnificent Seven ETF  | 1746572184 |

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The following is a summary of the effect of swap contracts on the Funds' Statements of Assets and Liabilities as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Derivative**  | **Statements of Assets and**<br>**Liabilities**  | **Assets**  | **Liabilities**  |
| Roundhill Cannabis ETF  | Equity Risk Swap Contracts  | Receivable for swap<br>contracts  | $2299628  | $—  |
|  Roundhill Magnificent Seven ETF  | Equity Risk Swap Contracts  | Unrealized appreciation/<br>(depreciation) <br>on swap contracts  | 321418699  | (12360423) |

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The following is a summary of the effect of swap contracts on the Funds' Statements of Operations for the year ended December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Derivative**  | **Statements of** <br>**Operations**  | **Net Realized** <br>**Gain (Loss)**  | **Net Change in** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation**  |
| Roundhill Cannabis ETF  | Equity Risk Swap Contracts  | Swap Contracts  | $487433  | $—  |
| Roundhill Magnificent Seven ETF  | Equity Risk Swap Contracts  | Swap Contracts  | $(35801443)  | $191103245 |

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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.** 

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 and paid monthly, at the following annual rates:

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| | |
|:---|:---|
| METV | 0.59%  |
| WEED | 0.39%  |
| MAGS | 0.29%  |
| BETZ | 0.75%  |
| NERD | 0.50% |

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Roundhill has agreed to pay all expenses of the Funds except the fee paid to Roundhill under the Advisory Agreement, 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 (12b-1) fees and expenses (if any). Roundhill, in turn, compensates Exchange Traded Concepts, LLC as the Sub- Adviser from the management fee it receives.

**Fee Waiver Agreement. Effective July 1, 2024, the Adviser agreed to waive WEED's unitary management fee and/or limit the Fund's current expenses such that the Fund's total annual fund operating expenses, inclusive of Acquired Fund Fees and Expenses, will not exceed 0.00% until at least May 1, 2026. The Adviser waived $25,768** 

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**ROUNDHILL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

during the year ended December 31, 2025, for a total of 0.41%. The Adviser agreed to waive Pursuant to the Fee Waiver Agreement, waived fees are not subject to recoupment by the Adviser.

Ball Metaverse Research Partners, serving as the index provider for METV, and 3iQ Corp. have established a partnership arrangement whereby METV receives fee rebates attributable to its investments in certain 3iQ exchange traded products. In accordance with this arrangement, the Adviser applied a waiver totaling $37,363, which corresponds to the daily accrual of the rebate for the year ended December 31, 2025, for a total of 0.01%.

For the year ended December 31, 2025, the Roundhill Cannabis ETF had portfolio trade errors relating to swap contracts on January 23, 2025, causing losses of $25,421 to the Fund. This loss was reimbursed by Exchange Traded Concepts, LLC.

**Sub-Adviser Agreement. Exchange Traded Concepts, LLC (the "Sub-Adviser"), an Oklahoma limited liability company serves as the sub-adviser to the Funds. The Sub-Adviser is majority owned by Cottonwood ETF Holdings LLC. Pursuant to a Sub-Advisory Agreement between the Adviser and the Sub-Adviser (the "Sub-Advisory Agreement"), the Sub-Adviser is responsible for trading portfolio securities on behalf of the Funds, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of a Fund's Index, subject to the supervision of the Adviser and the Board, including the independent Trustees. For its services, the Sub-Adviser is entitled to a sub-advisory fee paid by the Adviser, which is calculated daily and paid monthly, at an annual rate based on the average daily net assets of each Fund, and subject to a minimum annual fee as follows:** 

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

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\* The minimum annual fee for MAGS is $20,000. 

**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 Rule 12b-1 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 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, accountant, custody and transfer agency fees.** 

All officers of the Trust are affiliated with the Administrator and Custodian.

4. CREATION AND REDEMPTION TRANSACTIONS

Shares of BETZ and METV are listed and traded on the NYSE Arca, Inc. Shares of WEED, MAGS and NERD are listed 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

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**ROUNDHILL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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 each Fund for each creation order is as follows:** 

---

| | |
|:---|:---|
| METV | $500  |
| WEED | $300  |
| MAGS | $300  |
| BETZ | $500  |
| NERD | $500 |

---

The fixed creation unit transaction fee may be waived on certain orders if the applicable Fund's custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

An additional variable fee of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for (i) creations effected outside the Clearing Process and (ii) creations made in an all cash amount (to offset the Trust's brokerage and other transaction costs associated with using cash to purchase or redeem the requisite Deposit Securities). Investors are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the Trust. Each Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders. Variable fees, if any, received by the Funds are displayed in the Capital Share Transactions section on the Statements of Changes in Net Assets.

Only "Authorized Participants" may purchase or redeem shares directly from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net 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.

28<br>

------

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

**ROUNDHILL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

5. FEDERAL INCOME TAX

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended December 31, 2025**  | **Fiscal Year Ended December 31, 2025**  | **Fiscal Year Ended December 31, 2025**  |
|  | **Ordinary**<br>**Income<sup>(1)</sup>** | **Long-Term**<br>**Capital Gain** | **Return of**<br>**Capital**  |
| METV | $495923 | $— | $—  |
| WEED |  |  | —  |
| MAGS | 58385266 |  | —  |
| BETZ | 2878158 |  | —  |
| NERD | 121822 |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended December 31, 2024**  | **Fiscal Year Ended December 31, 2024**  | **Fiscal Year Ended December 31, 2024**  |
|  | **Ordinary** <br>**Income<sup>(1)</sup>** | **Long-Term** <br>**Capital Gain** | **Return of** <br>**Capital**  |
| METV  | $— | &nbsp;&nbsp; $— | $—  |
| WEED  |  | &nbsp;&nbsp; — | —  |
| MAGS  | 14386330 | &nbsp;&nbsp; — | —  |
| BETZ  | 624278 | &nbsp;&nbsp; — | —  |
| NERD | 343050 | &nbsp;&nbsp; — |  |

---

<sup>(1)</sup> Ordinary income may include short-term capital gains.

At December 31, 2025, the Funds' fiscal year end, the unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **METV** | **WEED** | **MAGS** | **BETZ** | **NERD**  |
| Federal Tax Cost of Investments  | $250826483 | $6420073 | $3639226337 | $78043691 | $19000975  |
| Gross Tax Unrealized Appreciation | $71599892 | $924810 | $19608892 | $12068646  | $3487915  |
| Gross Tax Unrealized Depreciation | (35684213) | (160943) | (55577110) | (13695719) | (3098798)  |
|  Net Tax Unrealized Appreciation (Depreciation)  | 35915679 | 763867 | (35968218) | (1627073) | 389117  |
| Undistributed Ordinary Income  | 1223130 |  |  | 115802 | —  |
| Other Accumulated Gain (Loss)  | (277778107) | (842557) | 287850474 | (152968074) | (40164794)  |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings/<br>(Accumulated Losses)  | $(240639298)  | $(78690)  | $251882256 | $(154479345)  | $(39775677) |

---

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 passive foreign investment company adjustments.

Under current tax law, net capital losses realized after October 31 and net ordinary losses incurred after December 31 may be deferred and treated as occurring on the first day of the following fiscal year. The Funds' carryforward losses, post-October losses and late year losses are determined only at the end of each fiscal year.

29<br>

------

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

**ROUNDHILL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

At December 31, 2025, the Funds' fiscal year end, the Funds deferred the following post-October losses and late-year ordinary losses:

---

| | | |
|:---|:---|:---|
|  | **Post-October** <br>**Losses** | **Late-Year** <br>**Losses**  |
| Roundhill Ball Metaverse ETF  | &nbsp;&nbsp; $— | $—  |
| Roundhill Cannabis ETF  | &nbsp;&nbsp; — | 842557  |
| Roundhill Magnificent Seven ETF  | &nbsp;&nbsp; — | —  |
| Roundhill Sports Betting & iGaming ETF  | &nbsp;&nbsp; — | —  |
| Roundhill Video Games ETF  | &nbsp;&nbsp; — | 74198 |

---

At December 31, 2025, the Fund had the following capital loss carryforwards:

---

| | | | |
|:---|:---|:---|:---|
|  | **Indefinite** <br>**Long-Term** <br>**Capital Loss** <br>**Carryover** | **Indefinite** <br>**Short-Term** <br>**Capital Loss** <br>**Carryover** | **Capital Loss** <br>**Carryover** <br>**Utilized**  |
| Roundhill Ball Metaverse ETF  | $117057157 | $160720914 | $37073523  |
| Roundhill Cannabis ETF  |  |  | 345198  |
| Roundhill Magnificent Seven ETF  |  | 21151617 | —  |
| Roundhill Sports Betting & iGaming ETF  | 111516693 | 41445821 | 1374653  |
| Roundhill Video Games ETF  | 33200005 | 6890002 |  |

---

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 taxable over distributions. For the fiscal year ended December 31, 2025, the following reclassifications were made for permanent tax differences on the Statement of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  | **Total Distributable** <br>**Earnings** <br>**(Accumulated Losses)** | **Paid-in** <br>**Capital**  |
| Roundhill Ball Metaverse ETF  | &nbsp;&nbsp;&nbsp; $(34145319) | $34145319  |
| Roundhill Cannabis ETF  | &nbsp;&nbsp;&nbsp; 974264  | (974264)  |
| Roundhill Magnificent Seven ETF  | &nbsp;&nbsp;&nbsp; (437320698) | 437320698  |
| Roundhill Sports Betting & iGaming ETF  | &nbsp;&nbsp;&nbsp; (4309243) | 4309243  |
| Roundhill Video Games ETF  | &nbsp;&nbsp;&nbsp; (5879078) | 5879078 |

---

6. INVESTMENT TRANSACTIONS

During the year 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. 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 Gains** | **Realized Losses**  |
| METV  | $37140110 | $(2754331)  |
| WEED  |  | —  |
| MAGS  | 461075653 | (15230825)  |
| BETZ  | 5988523 | (1442339)  |
| NERD  | 6442492 | (179820) |

---

30<br>

------

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

**ROUNDHILL ETFs** 

**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**  |
| METV  | $166607288 | $194207989 | $— | $107232343  |
| WEED  | 834499 | 335836 |  | —  |
| MAGS  | 3149371427 | 24907239 |  | 2913928125  |
| BETZ  | 18708236 | 19060904 | 2563057 | 20596802  |
| NERD  | 14553096 | 14912735 | 5275075 | 9947142 |

---

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 upon return of 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 and pays a fee to the Custodian for administering the securities lending program. 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, net." The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period.

31<br>

------

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

**ROUNDHILL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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 on Loan** | **Fund Collateral** <br>**Received\***  |
| METV  | &nbsp;&nbsp; $9037948 | $9347006  |
| WEED  | &nbsp;&nbsp; — | —  |
| MAGS  | &nbsp;&nbsp; — | —  |
| BETZ  | &nbsp;&nbsp; 12745115 | 13287551  |
| NERD  | &nbsp;&nbsp; — |  |

---

\* 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 the 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 Fund's related events and transactions that occurred subsequent to December 31, 2025, through the date of issuance of the Funds' financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

32<br>

------

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

**ROUNDHILL ETFs** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**December 31, 2025** 

To the Shareholders of Roundhill ETFs and

Board of Trustees of Listed Funds Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and total return swap contracts (as applicable), of Roundhill Ball Metaverse ETF, Roundhill Cannabis ETF, Roundhill Magnificent Seven ETF, Roundhill Sports Betting & iGaming ETF, and Roundhill Video Games ETF (the "Funds"), each a series of Listed Funds Trust, as of December 31, 2025, the related statements of operations and changes in net assets, and the 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 Ball Metaverse ETF | For the year ended <br>December 31, 2025 | For the years ended <br>December 31, 2025 <br>and 2024 | For the years ended December 31, <br>2025, 2024, 2023, and 2022 and <br>for the period from June 29, 2021 <br>(commencement of operations) <br>through December 31, 2021 |
| Roundhill Cannabis ETF | For the year ended <br>December 31, 2025 | For the years ended <br>December 31, 2025 <br>and 2024 | For the years ended December 31, <br>2025, 2024, and 2023 and for <br>the period from April 19, 2022 <br>(commencement of operations) <br>through December 31, 2022 |
| Roundhill Magnificent <br>Seven ETF | For the year ended <br>December 31, 2025 | For the years ended <br>December 31, 2025 <br>and 2024 | For the years ended December 31, <br>2025 and 2024 and for <br>the period from April 10, 2023 <br>(commencement of operations) <br>through December 31, 2023 |
| Roundhill Sports Betting & iGaming ETF and Roundhill <br>Video Games ETF | For the year ended <br>December 31, 2025 | For the years ended <br>December 31, 2025 <br>and 2024 | For the years ended December 31, <br>2025, 2024, 2023, 2022 and 2021 |

---

<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.

33<br>

------

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

**ROUNDHILL ETFs** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**December 31, 2025(Continued)** 

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 custodian 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 Funds' auditor since 2019.

![](22782.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 27, 2026

34<br>

------

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

**ROUNDHILL ETFs** 

**ADDITIONAL INFORMATION** 

**December 31, 2025 (Unaudited)** 

**THE BELOW INFORMATION IS REQUIRED DISCLOSURE FROM FORM N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

Not applicable.

**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 Sub-Advisory Agreements included in the June 30, 2025, Semi-annual Financial Statement and Additional Information.

**TAX INFORMATION** 

For the fiscal year 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:

---

| | |
|:---|:---|
| Roundhill Ball Metaverse ETF  | 100.00%  |
| Roundhill Cannabis ETF  | 0.00%  |
| Roundhill Magnificent Seven ETF  | 4.21%  |
| Roundhill Sports Betting & iGaming ETF  | 35.30%  |
| Roundhill Video Games ETF  | 100.00% |

---

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 Ball Metaverse ETF  | 85.50%  |
| Roundhill Cannabis ETF  | 0.00%  |
| Roundhill Magnificent Seven ETF  | 0.00%  |
| Roundhill Sports Betting & iGaming ETF  | 19.50%  |
| Roundhill Video Games ETF  | 80.50% |

---

For the fiscal year ended December 31, 2024, the Funds earned foreign source income and paid foreign taxes, which the Funds intend to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code as follows:

---

| | | |
|:---|:---|:---|
|  | **Foreign Source** <br>**Income Earned** | **Foreign** <br>**Taxes Paid**  |
| Roundhill Sports Betting & iGaming ETF | $3473663 | $45379  |
| Roundhill Video Games ETF | $209649 | $18040 |

---

35<br>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

All Fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Funds' Statement of Additional Information.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<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.](rl-efp22782_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.](rl-efp22782_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.](rl-efp22782_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) Listed
 Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kacie G. Briody |
|  | Kacie G. Briody, President/Principal Executive Officer |

---

Date <u>3/5/26</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/ Kacie G. Briody |
|  | Kacie G. Briody, President/Principal Executive Officer |

---

Date <u>3/5/26</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Travis G. Babich |
|  | Travis G. Babich, Treasurer/Principal Financial Officer |

---

Date <u>3/5/26</u>

*\* Print the name and title of each signing officer under his or her signature*

## Ex-99.Code

**EX.99.CODE ETH**

**Listed Funds Trust**

**Code of Ethics**

**For Principal Executive Officer & Principal Financial Officer**

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction/Covered Persons** 

Listed Funds Trust (the "Trust") has been successful in large part by managing its business with honesty and integrity. The principal officers of the Trust have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among its officers, the Audit Committee of the Board of Trustees of the Trust has adopted this Code of Ethics. This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics applies to the principal executive officer, principal financial officer, controller and other senior financial officers of the Trust, as may be identified from time to time by the Audit Committee (collectively, the "Covered Persons").

The Audit Committee shall be responsible for the overall administration of this Code of Ethics, but has delegated to the Trust's Chief Compliance Officer (the "Chief Compliance Officer") the responsibility to oversee the day-to-day operation of this Code of Ethics. This Code of Ethics is in addition to, not in replacement of, the Trust's Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Covered Persons may also be subject to the Investment Company Code of Ethics.

**II. Code of Ethics Requirements**

This Code of Ethics requires each Covered Person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide full, fair, accurate, timely and understandable disclosure in reports submitted to or filed with the SEC and in all other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Comply with laws, rules and regulations of the federal government, state governments and other regulatory agencies as they apply to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclose promptly to the Chief Compliance Officer any violations of this Code of Ethics of which the Covered Person may become aware; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not retaliate against any other Covered Person or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith.

**III. Conflicts of Interest**

A conflict of interest occurs when a Covered Person's private interest interferes in any way—or even appears to interfere—with the interests of the Trust as a whole or with his or her service to the Trust. For example, a conflict of interest would arise if a Covered Person, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Trust and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Persons may not individually engage in certain transactions with the Trust (such as the purchase or sale of securities or other property, except the Trust's own fund shares) because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser and/or administrator of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for the Trust or for the adviser and/or administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and/or administrator and the Trust. The participation of the Covered Persons in such activities is inherent in the contractual relationship between the Trust and its investment adviser and/or administrator and is consistent with the performance by the Covered Persons of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the Trust.

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Person would benefit personally to the detriment of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than for the benefit of the Trust.

There are some conflict of interest situations that should be discussed with the Chief Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person's employment, such as compensation or equity ownership.

**IV. Accurate, Complete, Timely and Understandable Information**

The Covered Persons are responsible for ensuring that Trust's shareholders and the public receive financial and other information that is accurate, complete, timely and understandable. Covered Persons are obligated to comply with all laws and regulations governing the public disclosure of Trust information. All public statements, whether oral or written, must be understandable and accurate, with no material omissions.

The books and records of the Trust must be kept accurate and current to ensure that the public receives information that is full, fair, accurate, complete and timely. The Covered Persons must ensure that transactions are completely and accurately recorded on the Trust's books and records in accordance with generally accepted accounting principles. Economic evaluations must fairly represent all information relevant to the evaluation being made. No secret or unrecorded cash funds or other assets may be established or maintained for any purpose. Each Covered Person shall also comply with the Trust's disclosure controls and procedures and the Trust's internal controls and procedures for financial reporting.

**V. Waivers**

The Audit Committee may grant a waiver from one or more provisions of this Code of Ethics upon the request of a Covered Person and after a review of the relevant facts and circumstances. The decision by the Audit Committee whether to grant a waiver from this Code of Ethics shall be final.

"Waiver" shall mean the approval of a material departure from a provision of this Code of Ethics. If an executive officer becomes aware of a material departure from a provision of this Code of Ethics by any Covered Person, he or she shall immediately report such violation to the Chief Compliance Officer or the Audit Committee, as appropriate. The Chief Compliance Officer shall promptly report the violation to the Audit Committee. If the Audit Committee fails to take action with respect to the violation within ten business days, the Trust shall be deemed to have made an "implicit waiver" from this Code of Ethics.

If a waiver from one or more provisions of Section II of this Code of Ethics is granted by the Audit Committee to any Covered Person, including an implicit waiver, the Audit Committee shall direct the Trust to (a) post a notice and description of the waiver on the each applicable Fund's website within five business days following the waiver, including the name of the person to whom the Trust granted the waiver and the date of the waiver, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the waiver occurred; or (b) include a description of the waiver in the Trust's next report on Form N-CSR relating to the applicable Fund. If the waiver will be disclosed via a Fund's website, the Trust must have first disclosed in its most recent Form N-CSR relating to the applicable Fund that it intends to disclose these events on the Fund's website and website's address.

**VI. Amendments**

This Code of Ethics may be amended by the Audit Committee as it deems appropriate. If a provision of the Code of Ethics that applies to any Covered Person and that relates to one or more provisions of Section II of this Code is amended, the Audit Committee shall direct the applicable Fund to (a) post a notice and description of the amendment on the Fund's website within five business days following the amendment, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the amendment occurred; or (b) include a description of the amendment in the Trust's next report on Form N-CSR relating to the applicable Fund. If the amendment will be disclosed via a Fund's website, the rules applicable to website postings of waivers, discussed in Section V above, apply. Technical, administrative or other non-substantive amendments to the Code of Ethics need not be disclosed.

**VII. Violations**

If the Audit Committee becomes aware of an actual or potential violation of this Code of Ethics, it shall direct an investigation into the facts and circumstances surrounding the violation. If a violation is found, the Audit Committee may impose on the Covered Person found to be in violation of this Code of Ethics any of a wide range of consequences as it deems appropriate, including warnings or letters of reprimand for less significant, first-time offenses, fines, reduced professional duties, suspension without pay and, in the most serious cases, termination.

**VIII. Disclosure**

The Audit Committee shall direct the Trust to make this Code of Ethics publicly available through one of the following three methods: (1) filing the Code as an exhibit to the Trust's annual report on Form N-CSR relating to each Fund; (2) posting the text of the Code on the applicable Fund's website, provided that the Fund has first disclosed the website's address and intent to provide disclosure in this manner in its most report on Form N-CSR and provided further that the text of the Code remains on the applicable Fund's website for as long as the Trust remains subject to the SEC's rules promulgated under Section 406 of Sarbanes-Oxley ; or (3) providing an undertaking in its most recent report on Form N-CSR relating to each applicable Fund to provide a copy of the Code of Ethics to any person without charge upon request.

**IX. Acknowledgement**

Each Covered Person shall, in the form attached hereto as Appendix A, acknowledge receipt of and compliance with the Code of Ethics upon adoption of this Code of Ethics or when initially hired, whichever occurs later. Each Covered Person shall annually, in the form attached hereto as Appendix B, acknowledge receipt of and compliance with this Code of Ethics.

**X. Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or in the course of investigating any alleged violation of this Code, such matters shall not be disclosed to anyone other than the Board, its counsel, the Trust, its counsel, the investment adviser, and its counsel.

**XI. Internal Use**

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**Adopted: March 19, 2019**

**Amended: June 16, 2022**

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Kacie Briody, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Listed Funds 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: | 3/5/26 | /s/ Kacie G. Briody |
|  |  | Kacie G. Briody |
|  |  | President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Travis G. Babich, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Listed Funds 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: | 3/5/26 | /s/ Travis G. Babich |
|  |  | Travis G. Babich |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Listed Funds Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Listed Funds 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 Listed Funds Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Kacie G. Briody | /s/ Travis G. Babich |
| Kacie G. Briody | Travis G. Babich |
| President/Principal Executive Officer | Treasurer/Principal Financial Officer |
| Listed Funds Trust | Listed Funds Trust |

---

Dated: <u>3/5/26</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 Listed Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.