Roundhill ETFs

Roundhill Video Games ETF (NERD)

Roundhill Sports Betting & iGaming ETF (BETZ)

Roundhill Ball Metaverse ETF (METV)

Roundhill IO Digital Infrastructure ETF (BYTE)

Roundhill MEME ETF (MEME)

Roundhill Cannabis ETF (WEED)

ANNUAL REPORT

December 31, 2022

Roundhill ETFs

Table of Contents

Shareholder Letter (Unaudited)	2
Performance Overview (Unaudited)	9
Schedules of Investments and Total Return Swaps	15
Statements of Assets and Liabilities	27
Statements of Operations	29
Statements of Changes in Net Assets	31
Financial Highlights	38
Notes to Financial Statements	40
Report of Independent Registered Public Accounting Firm	53
Shareholder Expense Example (Unaudited)	55
Trustees and Officers of the Trust (Unaudited)	57
Supplemental Information (Unaudited)	59
Privacy Policy (Unaudited)	61

Roundhill Video Games ETF

Shareholder Letter

December 31, 2022 (Unaudited)

Dear Shareholders,

The Roundhill Video Games ETF (“NERD” or the “Fund”) seeks to track the total return performance, before fees and expenses, of the Nasdaq CTA Global Video Games Software Index (the “Index”). The Index is a rules-based index that tracks the performance of a group of globally-listed stocks that are involved in the video games industry. Effective at close of business on September 26, 2022, the NERD ETF’s name changed to the Roundhill Video Games ETF, reflecting its revised focus on pure-play gaming software. Meanwhile, the fund’s underlying index transitioned to the Nasdaq CTA Global Video Games Software Index, which offers targeted exposure for investors looking to invest in the potential growth of video games globally. The Index, which was developed and is maintained by both Nasdaq and the Consumer Technology Association (the “CTA”), is a modified theme-adjusted free float market capitalization index designed to track the performance of the common stock (or corresponding depositary receipts) of exchange-listed companies engaged in video game publishing and/or video game development (the “Video Games Industry”). The companies are selected for inclusion in the Index based on a classification scheme developed by the CTA. Specifically, the companies are selected for inclusion in the Index based on (1) their classification within the Developer/Publisher Sector developed by the CTA, which includes companies that design and execute the creation of video games (game developer companies) and companies that finance the development and distribution of video games (game publisher companies), and (2) the fact that they derive at least 50% of their revenue (at least 40% for companies already included in the Index) from such activities. Such companies also must not be classified by the CTA as a Social Casino Gaming company.

The following information pertains to the fiscal period of January 1, 2022 through December 31, 2022 (the “current fiscal period”).

The Fund had negative performance during the current fiscal period. The market price and NAV for NERD decreased by -43.28% and -43.49%, respectively, while the Fund’s Index decreased by -43.25%*. The Solactive GBS Developed Markets Large & Mid Cap USD Index decreased by -17.87% over the same period.

For the current fiscal period, the largest positive contributors to returns were Modern Times Group, Capcom Co. Ltd., and Nexon Co. Ltd., which added 1.87%, 0.65%, and 0.52% to the return of the Fund, respectively.

For the current fiscal period, the largest negative contributors to returns were Skillz Inc., DouYu International Holdings, and Huya Inc., which detracted 4.32%, 4.29%, and 3.68% from the return of the Fund, respectively.

Regards,

Will Hershey, CFA
Roundhill Financial Inc.

The Fund’s objective and strategies changed effective at the close on September 26, 2022. Prior to September 26, Fund performance reflects the investment objective of the Fund when it was the Roundhill BITKRAFT Esports & Digital Entertainment ETF and tracked the performance, before fees and expenses, of the Roundhill BITKRAFT Esports Index. Since September 27, the Fund tracks the performance, before fees and expenses, of the Nasdaq CTA Global Video Games Software Index.

Roundhill Sports Betting & iGaming ETF

Shareholder Letter

December 31, 2022 (Unaudited)

Dear Shareholders,

The Roundhill Sports Betting & iGaming ETF (“BETZ” or the “Fund”) seeks to track the total return performance, before fees and expenses, of the Roundhill Sports Betting & iGaming Index (the “Index”). The Index is a rules-based index that tracks the performance of a group of globally-listed stocks that are involved in the sports betting and iGaming industries. This classification includes, but is not limited to: (i) companies that operate in-person and/or online sports books (ii) companies that operate online/internet gambling platforms and (iii) companies that provide infrastructure or technology to such companies in (i) or (ii).

The following information pertains to the fiscal period of January 1, 2022 through December 31, 2022 (the “current fiscal period”).

The Fund had negative performance during the current fiscal period. The market price and NAV for BETZ decreased by -42.00% and -41.99%, respectively, while the Fund’s Index decreased by -41.69%. The Solactive GBS Developed Markets Large & Mid Cap USD Index decreased by -17.87% over the same period.

For the current fiscal period, the largest positive contributors to returns were Betsson AB, Tabcorp, and LeoVegas AB, which added 0.95%, 0.65%, and 0.49% to the return of the Fund, respectively.

For the current fiscal period, the largest negative contributors to returns were PointsBet, Rush Street Interactive, and GAN Ltd., which detracted 4.86%, 4.61%, and 3.11% from the return of the Fund, respectively.

Regards,

Will Hershey, CFA
Roundhill Financial Inc.

Roundhill Ball Metaverse ETF

Shareholder Letter

December 31, 2022 (Unaudited)

Dear Shareholders,

The Roundhill Ball Metaverse ETF (“METV” or the “Fund”) seeks to track the total return performance, before fees and expenses, of the Ball Metaverse Index (the “Index”). The Index is a rules-based index that tracks the performance of a group of globally-listed stocks that are involved in the metaverse. The “Metaverse” may be defined as a successor to the current internet that will be interoperable, persistent, synchronous, open to unlimited participants with a fully functioning economy, and an experience that spans the virtual and ‘real’ world. The Index includes companies involved in the following seven categories: (i) compute, (ii) networking, (iii) virtual platforms, (iv) interchange standards, (v) payments, (vi) content, assets, and identity services, and (vii) hardware.

The following information pertains to the fiscal period of January 1, 2022 through December 31, 2022 (the “current fiscal period”).

The Fund had negative performance during the current fiscal period. The market price and NAV for METV decreased by -52.66% and -52.44%, respectively, while the Fund’s Index decreased by -52.20%. The Solactive GBS Developed Markets Large & Mid Cap USD Index decreased by -17.87% over the same period.

For the current fiscal period, the largest positive contributors to returns were Activision Blizzard Inc., Broadcom Inc., and PTC Inc., which added 0.07%, 0.01%, and 0.00% to the return of the Fund, respectively.

For the current fiscal period, the largest negative contributors to returns were Unity Software Inc., Meta Platforms Inc., and Roblox Corp., which detracted 5.98%, 5.61%, and 5.14% from the return of the Fund, respectively.

Regards,

Will Hershey, CFA
Roundhill Financial Inc.

Roundhill IO Digital Infrastructure ETF

Shareholder Letter

December 31, 2022 (Unaudited)

Dear Shareholders,

The Roundhill IO Digital Infrastructure ETF (“BYTE” or the “Fund”) seeks to track the total return performance, before fees and expenses, of the IO Digital Infrastructure Index (the “Index”). The Index is a rules-based index that tracks the performance of a group of globally-listed stocks that are involved in digital infrastructure. This classification includes, but is not limited to companies involved in: fixed-line, high-speed data transmission technology (such as fiber optic cable and certain “last-mile” technologies that bring data to and from the end-user), data centers, mobile towers and related infrastructure, and other long-lived physical infrastructure assets.

The following information pertains to the fiscal period of January 1, 2022 through December 31, 2022 (the “current fiscal period”).

The Fund had negative performance during the current fiscal period. The market price and NAV for BYTE decreased by -36.30% and -36.22%, respectively, while the Fund’s Index decreased by -35.60%. The Solactive GBS Global Markets Large & Mid Cap USD Index decreased by -17.96% over the same period.

For the current fiscal period, the largest positive contributors to returns were Uniti Group Ltd., Switch Inc., and Chindata Group Holdings, which added 0.55%, 0.43%, and 0.20% to the return of the Fund, respectively.

For the current fiscal period, the largest negative contributors to returns were Altice USA Inc., Cable One Inc., and Charter Communications Inc., which detracted 4.90%, 3.26%, and 3.17% from the return of the Fund, respectively.

Regards,

Will Hershey, CFA
Roundhill Financial Inc.

Roundhill MEME ETF

Shareholder Letter

December 31, 2022 (Unaudited)

Dear Shareholders,

The Roundhill MEME ETF (“MEME” or the “Fund”) seeks to track the total return performance, before fees and expenses, of the Solactive Roundhill MEME Stock Index (the “Index”). The Index is a rules-based index that tracks the performance of 25 equally-weighted U.S. listed equity securities that exhibit a combination of elevated social media activity and high short interest. Due to the MEME Index’s focus on stocks that are both highly shorted and subject to increased retail sentiment, as well as the fund’s high turnover, MEME may experience significantly greater volatility than conventional equity ETFs or mutual funds.

The following information pertains to the fiscal period of January 1, 2022 through December 31, 2022 (the “current fiscal period”).

The Fund had negative performance during the current fiscal period. The market price and NAV for MEME decreased by -63.06% and -62.94%, respectively, while the Fund’s Index decreased by -62.37%. The Solactive GBS United States All Cap Index decreased by -19.70% over the same period.

For the current fiscal period, the largest positive contributors to returns were Microstrategy Inc., Cleveland-Cliffs Inc., and Occidental Petroleum, which added 1.82%, 1.50%, and 1.00% to the return of the Fund, respectively.

For the current fiscal period, the largest negative contributors to returns were Upstart Holdings Inc., Tilray Brands Inc., and Blackberry Ltd., which detracted 3.71%, 3.29%, and 3.02% from the return of the Fund, respectively.

Regards,

Will Hershey, CFA
Roundhill Financial Inc.

Roundhill Cannabis ETF

Shareholder Letter

December 31, 2022 (Unaudited)

Dear Shareholders,

The Roundhill Cannabis ETF (“WEED” or the “Fund”) 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, this classification includes, but is not limited to: cannabis and hemp ecosystem encompasses businesses involved in the production, distribution and marketing of cannabis and hemp and products derived therefrom. As of October 11, 2022, the sponsor has re-focused the exposure of WEED to exclusively target the largest and most-liquid U.S. multi-state operators (“MSOs”). Due to current macroeconomic conditions, including high interest rates and persistent inflation, Roundhill believes that the cannabis companies with the lowest costs of capital and strongest relative balance sheets are best positioned to survive a downturn and increase market share.

The following information pertains to the period from inception on April 20, 2022 through December 31, 2022 (the “current fiscal period”).

The Fund had negative performance during the current fiscal period. The market price and NAV for WEED decreased by -60.94% and -60.93%, respectively. The North American Cannabis Net Total Return Index decreased by -51.46% over the same period.

During the current fiscal period, the cannabis industry underperformed broader equity markets due to a lack of meaningful regulatory reform and continued challenges regarding access to capital markets.

Regards,

Will Hershey, CFA
Roundhill Financial Inc.

Roundhill ETFs

Shareholder Letter

December 31, 2022 (Unaudited)

NERD Risks Esports gaming companies face intense competition, both domestically and internationally, may have limited product lines, markets, financial resources, or personnel, may have products that face rapid obsolescence, and are heavily dependent on the protection of patent and intellectual property rights. Such factors may adversely affect the profitability and value of video gaming companies. Investments made in small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. For a complete list of risks see the prospectus.

BETZ Risks include those related to investments in the highly-competitive sports betting industry, including from illegal or unregulated companies. Expansion of sports betting (both regulated and unregulated), including the award of additional licenses or expansion or relocation of existing sports betting companies, and competition from other leisure and entertainment activities, could impact these companies’ finances. Small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. For a complete list of risks see the prospectus.

METV Risks Metaverse Companies and other companies that rely heavily on technology are particularly vulnerable to research and development costs, substantial capital requirements, product and services obsolescence, government regulation, and domestic and international competition, including competition from foreign competitors with lower production costs. Stocks of such companies, especially smaller, less-seasoned companies, may be more volatile than the overall market. Metaverse Companies may face dramatic and unpredictable changes in growth rates. Metaverse Companies may be targets of hacking and theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses. For a complete list of risks see the prospectus.

BYTE Risks Digital Infrastructure Companies are exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which Digital Infrastructure Companies are utilized and operated. Digital Infrastructure Companies may be affected by unique supply and demand factors that do not apply to other real estate sectors, such as changes in demand for communications infrastructure, consolidation of tower sites, and new technologies that may affect demand for data centers. Digital Infrastructure Companies are also subject to a variety of factors that may adversely affect their business or operations including high interest costs, costs associated with compliance with and changes in environmental and other regulations, difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled markets, the effects of surplus capacity, increased competition from other providers of services, the effects of energy conservation policies, and other factors. Investments made in small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. For a complete list of risks see the prospectus.

MEME Risks Meme stocks are stocks whose trading volume increases because of social media attention. Social media attention may result from a variety of factors, including the reputation of the issuer, marketing efforts, and the timing of the release of publicly available information, which may be unrelated to the company’s performance, financial position, or other business fundamentals. As a result, meme stocks are prone to high volatility, which may be a result of panic selling or loss of general interest or popularity. The Fund may invest in equity securities of SPACs, which raise assets to seek potential acquisition opportunities. Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. government securities, money market securities, and cash. Because SPACs have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition and involve greater risks. For a complete list of risks see the prospectus.

WEED Risks Cannabis Companies may face litigation, formal or informal complaints, enforcement actions, and inquiries by various federal, state, or local governmental authorities. Litigation, complaints, and enforcement actions could consume considerable amounts of financial and other corporate resources, which could have a negative impact on sales, revenue, profitability, and growth prospects. Similarly, certain companies may not be able to obtain or maintain the necessary licenses, permits, authorizations, or accreditations, or may only be able to do so at great cost, to engage in medical marijuana research or to otherwise cultivate, possess or distribute marijuana. Small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. For a complete list of risks see the prospectus.

Roundhill ETFs

Performance Overview

December 31, 2022 (Unaudited)

Hypothetical Growth of $10,000 Investment
(Since Commencement through 12/31/2022)

Roundhill ETFs

Performance Overview

December 31, 2022 (Unaudited) (Continued)

Roundhill ETFs

Performance Overview

December 31, 2022 (Unaudited) (Continued)

Roundhill ETFs

Performance Overview

December 31, 2022 (Unaudited) (Continued)

	ANNUALIZED TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2022
Total Returns	1 Year	Since Commencement¹
Roundhill Video Games ETF—NAV	-43.49%	-1.03%
Roundhill Video Games ETF—Market	-43.28%	-1.10%
Roundhill Video Game Blended Index*	-43.25%	-0.44%
Solactive GBS Developed Markets Large & Mid Cap USD Index	-17.87%	9.04%

¹	The Fund commenced operations on June 3, 2019.

	ANNUALIZED TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2022
Total Returns	1 Year	Since Commencement²
Roundhill Sports Betting & iGaming ETF—NAV	-41.99%	-2.40%
Roundhill Sports Betting & iGaming ETF—Market	-42.00%	-2.49%
Roundhill Sports Betting & iGaming Index	-41.69%	-2.27%
Solactive GBS Developed Markets Large & Mid Cap USD Index	-17.87%	8.27%

²	The Fund commenced operations on June 3, 2020.

	ANNUALIZED TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2022
Total Returns	1 Year	Since Commencement³
Roundhill Ball Metaverse ETF—NAV	-52.44%	-38.68%
Roundhill Ball Metaverse ETF—Market	-52.66%	-38.83%
Ball Metaverse Index	-52.20%	-38.35%
Solactive GBS Developed Markets Large & Mid Cap USD Index	-17.87%	-7.92%

³	The Fund commenced operations on June 29, 2021.

Roundhill ETFs

Performance Overview

December 31, 2022 (Unaudited) (Continued)

	ANNUALIZED TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2022
Total Returns	1 Year	Since Commencement⁴
Roundhill IO Digital Infrastructure ETF—NAV	-36.22%	-30.71%
Roundhill IO Digital Infrastructure ETF—Market	-36.30%	-30.65%
IO Digital Infrastructure Index	-35.60%	-30.10%
Solactive GBS Global Markets Large & Mid Cap USD Index	-17.96%	-14.07%

⁴	The Fund commenced operations on October 27, 2021.

	ANNUALIZED TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2022
Total Returns	1 Year	Since Commencement⁵
Roundhill MEME ETF—NAV	-62.94%	-64.34%
Roundhill MEME ETF—Market	-63.06%	-64.45%
Solactive Roundhill Meme Stock Index	-62.37%	-63.82%
Solactive GBS United States All Cap Index	-19.70%	-17.56%

⁵	The Fund commenced operations on December 7, 2021.

	CUMULATIVE TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 2022
Total Returns	Since Commencement⁶
Roundhill Cannabis ETF—NAV	-60.93%
Roundhill Cannabis ETF—Market	-60.94%
North American Cannabis Net Total Return Index	-51.46%

⁶	The Fund commenced operations on April 20, 2022.

The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. For the most recent month-end performance, please call (855) 561-5728. You cannot invest directly in an index. Shares are bought and sold at market price (closing price), not net asset value (NAV), and are individually redeemed from the Fund. Market performance is determined using the bid/ask midpoint at 4:00pm Eastern time when the NAV is typically calculated. Brokerage commissions will reduce returns. Returns shown include the reinvestment of all dividends and distribution. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. In the absence of fee waivers and reimbursements, total returns would be reduced.

The Roundhill Video Games ETF is designed to offer retail and institutional investors exposure to the video game sector by providing investment results that closely correspond, before fees and expenses, to the performance of the Nasdaq CTA Global Video Games Software Index. The Nasdaq CTA Global Video Games Software Index is a modified theme-adjusted free float market capitalization index designed to track the performance of the common stock (or corresponding depositary receipts) of exchange-listed companies engaged in video game publishing and/or video game development. The companies are selected for inclusion in the Index based on a classification scheme developed by the Consumer Technology Association. The index excludes companies domiciled in China or Russia. An index is unmanaged and is not available for direct investment.

Roundhill ETFs

Performance Overview

December 31, 2022 (Unaudited) (Continued)

The Roundhill Sports Betting & iGaming ETF is designed to offer retail and institutional investors exposure to sports betting and gaming industries by providing investment results that closely correspond, before fees and expenses, to the performance of the Roundhill Sports Betting & iGaming Index. The Roundhill Sports Betting & iGaming Index is the first rules-based index designed to track the performance of the growing market of online sports betting and gaming, or “iGaming”. The Index consists of a tiered weight portfolio of globally-listed companies who are actively involved in the sports betting & iGaming industry. This classification includes, but is not limited to: companies that operate in-person and/or online/internet sports books; companies that operate online/internet gambling platforms; and companies that provide infrastructure or technology to such companies. An index is unmanaged and is not available for direct investment.

The Roundhill Ball Metaverse ETF is designed to offer retail and institutional investors exposure to the Metaverse by providing investment results that closely correspond, before fees and expenses, to the performance of the Ball Metaverse Index. The “Metaverse” may be defined as a successor to the current internet that will be interoperable, persistent, synchronous, open to unlimited participants with a fully functioning economy, and an experience that spans the virtual and ‘real’ world. An index is unmanaged and is not available for direct investment.

The Roundhill IO Digital Infrastructure ETF is designed to offer retail and institutional investors exposure to digital infrastructure by seeking to provide investment results that track, before fees and expenses, the performance of the IO Digital Infrastructure Index. Digital infrastructure is comprised of the high-tech physical assets that support the efficient storage and transmission of data, powering the internet. These assets include fixed-line, high-speed data transmission technology (such as fiber optic cable and certain “last-mile” technologies that bring data to and from the end-user); data centers; mobile towers and related infrastructure; and other long-lived physical infrastructure assets. An index is unmanaged and is not available for direct investment.

The Roundhill MEME ETF is designed to offer retail and institutional investors exposure to “meme stocks” by providing investment results that closely track the performance, before fees and expenses, of the Solactive Roundhill Meme Stock Index (“MEME Index”). The MEME ETF is the first ETF globally explicitly designed to track the performance of meme stocks. The MEME Index consists of 25 equal-weighted U.S. listed equity securities that exhibit a combination of elevated social media activity and high short interest. Short interest is calculated by the percentage of a security’s float which are currently sold short. Social media activity and short interest data are supplied by third-party data providers. The index is rebalanced every two weeks, in order to best attempt to capture trending stocks as they emerge. Due to the MEME Index’s focus on stocks that are both highly shorted and subject to increased retail sentiment, as well as the fund’s high turnover given bi-weekly rebalances, MEME may experience significantly greater volatility than conventional equity ETFs or mutual funds. An index is unmanaged and is not available for direct investment.

The Roundhill Cannabis ETF is designed to offer retail and institutional investors exposure to the cannabis and hemp ecosystem by providing investment results that reflect capital growth. The cannabis and hemp ecosystem encompasses businesses involved in the production, distribution and marketing of cannabis and hemp and products derived therefrom. The cannabis and hemp ecosystem spans a wide variety of sectors and industries including the agriculture, biotechnology, pharmaceuticals, real estate, retail, and finance sectors and industries.

The Solactive GBS Developed Markets Large & Mid Cap USD and the Solactive GBS Global Markets Large & Mid Cap USD Index are part of the Solactive Global Benchmark Series which includes benchmark indices for developed and emerging market countries. The index intends to track the performance of the large and mid cap segment covering approximately the largest 85% of the free-float market capitalization in the Developed Markets and Global Markets, respectively. It is calculated as a Total Return index in USD and weighted by free-float market capitalization.

The Solactive GBS United States All Cap Index is part of the Solactive Global Benchmark Series which includes benchmark indices for developed and emerging market countries. The index intends to track the performance of the all cap covering approximately the largest 100% of the free-float market capitalization in the United States. It is calculated as a total return index in USD and weighted by free-float market capitalization.

The North American Cannabis Net Total Return Index tracks the performance of a basket of North American publicly listed companies with significant business activities in the marijuana industry. A company is deemed to be eligible for inclusion in the index by the Index Provider if the company is a producer and/or supplier of marijuana and/or cannabis, biotechnology companies that are engaged in research and development of cannabinoids, companies that offer hydroponics supplies and equipment clearly aiming to increase efficiency in marijuana cultivation and companies mainly engaged in leasing property to cannabis growers. The index is calculated as a net total return index in US Dollar and adjusted quarterly.

Roundhill Video Games ETF

Schedule of Investments

December 31, 2022

Description	Shares		Value
COMMON STOCKS — 99.8%
Computers — 1.8%
Keywords Studios PLC ^(b)		14,101	$	462,050

Internet — 5.4%
NCSoft Corp. ^(b)		2,395		848,525
Webzen, Inc. ^(a)(b)		24,885		300,116
Wemade Co., Ltd. ^(b)		8,495		211,955
				1,360,596
Software — 71.5% ^(d)
AppLovin Corp. - Class A ^(a)(e)		31,154		328,052
Capcom Co., Ltd. ^(b)		24,200		772,155
CD Projekt SA ^(b)		14,452		427,143
COLOPL, Inc. ^(b)		59,800		284,622
Com2uS Corp. ^(b)		6,653		313,577
DeNA Co., Ltd. ^(b)		26,800		358,701
Electronic Arts, Inc.		21,832		2,667,434
Embracer Group AB ^(a)(b)(e)		125,280		568,597
Frontier Developments PLC ^(a)(b)		20,286		234,505
Gree, Inc. ^(b)		51,500		271,659
GungHo Online Entertainment, Inc. ^(b)		24,200		391,030
IGG, Inc. ^(a)(b)		890,000		330,687
International Games System Co., Ltd. ^(b)		33,101		466,863
Kakao Games Corp. ^(a)(b)		12,565		443,675
Koei Tecmo Holdings Co., Ltd. ^(b)		25,400		460,471
Konami Group Corp. ^(b)		12,100		547,478
Krafton, Inc. ^(a)(b)		4,212		559,601
MIXI, Inc. ^(b)		18,300		342,020
Netmarble Corp. ^(b)(f)		9,012		430,466
Nexon Co., Ltd. ^(b)		43,300		972,031
Paradox Interactive AB ^(b)		18,469		376,133
Pearl Abyss Corp. ^(a)(b)		11,604		384,965
ROBLOX Corp. - Class A ^(a)		47,091		1,340,210
Rovio Entertainment Oyj ^(b)(f)		49,275		319,476
Sega Sammy Holdings, Inc. ^(b)		30,000		454,053
Square Enix Holdings Co., Ltd. ^(b)		11,300		524,984
Stillfront Group AB ^(a)(b)		211,622		355,834
Software (Continued)
Take-Two Interactive Software, Inc. ^(a)		14,793	$	1,540,395
Team17 Group PLC ^(a)(b)		54,975		290,971
Ubisoft Entertainment SA ^(a)(b)		17,868		503,627
Unity Software, Inc. ^(a)(e)		21,648		618,916
Wemade Max Co., Ltd. ^(a)(b)		22,049		167,046
				18,047,377
Toys/Games/Hobbies — 21.1%
Bandai Namco Holdings, Inc. ^(b)		13,500		850,650
Nintendo Co., Ltd. ^(b)		106,600		4,469,371
				5,320,021
TOTAL COMMON STOCKS (Cost $29,217,484)				25,190,044

SHORT-TERM INVESTMENTS — 0.1%
Money Market Fund — 0.1%
First American Government Obligations Fund, Class X, 4.08% ^(c)		14,842		14,842
TOTAL SHORT-TERM INVESTMENTS (Cost $14,842)				14,842

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.3%
Mount Vernon Liquid Assets Portfolio, LLC, 4.49% ^(c)		1,354,091		1,354,091
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,354,091)				1,354,091

TOTAL INVESTMENTS (Cost $30,586,417) — 105.2%				26,558,977
Other assets and liabilities, net — (5.2)%				(1,309,091	)
NET ASSETS — 100.0%			$	25,249,886

PLC Public Limited Company

^(a)	Non-income producing security.

^(b)	Foreign issued security, or represents a foreign issued security.

^(c)	The rate shown is the seven day yield at period end.

^(d)	To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

^(e)	All or a portion of this security is on loan as of December 31, 2022. The market value of securities out on loan is $1,288,861.

^(f)	Security exempt from registration pursuant to Rule 144a under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

Percentages are stated as a percent of net assets.

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

Roundhill Video Games ETF

Schedule of Investments

December 31, 2022 (Continued)

COUNTRY	Percentage of Net Assets
Japan	42.4%
United States	25.8%
Republic of Korea	14.5%
Sweden	5.1%
United Kingdom	3.9%
France	2.0%
Taiwan	1.8%
Poland	1.7%
Cayman Islands	1.3%
Finland	1.3%
Total Country	99.8%
SHORT-TERM INVESTMENTS	0.1%
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING	5.3%
TOTAL INVESTMENTS	105.2%
Other assets and liabilities, net	-5.2%
NET ASSETS	100.0%

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

Roundhill Sports Betting & iGaming ETF

Schedule of Investments

December 31, 2022

Description	Shares		Value
COMMON STOCKS — 99.8%
Entertainment — 89.5% ^(e)
888 Holdings PLC ^(a)(b)		3,432,484	$	3,590,128
Aristocrat Leisure, Ltd. ^(b)		117,314		2,428,064
Bally’s Corp. ^(a)(f)		125,211		2,426,590
Betmakers Technology Group, Ltd. ^(a)(b)(f)		11,845,157		2,209,018
Betsson AB ^(a)(b)		364,428		2,964,880
Caesars Entertainment, Inc. ^(a)		100,268		4,171,148
Churchill Downs, Inc.		18,743		3,962,832
Codere Online Luxembourg SA ^(a)(b)(f)		24,757		63,874
DraftKings, Inc. - Class A ^(a)(f)		430,620		4,904,762
Entain PLC ^(b)		422,496		6,716,168
Evolution Gaming Group AB ^(b)(c)		44,796		4,365,456
Flutter Entertainment PLC ^(a)(b)		46,210		6,275,692
Gaming Realms PLC ^(a)(b)		321,008		96,536
GAN, Ltd. ^(a)(b)		799,821		1,199,732
Genius Sports, Ltd. ^(a)(b)(f)		877,930		3,134,210
International Game Technology PLC ^(b)		136,779		3,102,148
Intralot SA-Integrated Information Systems & Gaming Services ^(a)(b)		269,459		163,920
Kambi Group PLC ^(a)(b)		178,851		3,257,064
Kindred Group PLC - SDR ^(b)		685,831		7,148,256
La Francaise des Jeux SAEM ^(b)(c)		80,445		3,226,420
Light & Wonder, Inc. ^(a)(f)		51,721		3,030,850
NEOGAMES SA ^(a)(b)		145,898		1,778,496
OPAP SA ^(b)		201,872		2,850,368
Penn National Gaming, Inc. ^(a)(f)		194,727		5,783,392
PointsBet Holdings, Ltd. ^(a)(b)		3,759,542		3,786,057
Rush Street Interactive, Inc. ^(a)		1,366,933		4,907,289
Sportradar Holding AG - Class A ^(a)(b)		359,340		3,579,026
STS Holding SA ^(b)		84,137		331,848
Super Group SGHC, Ltd. ^(a)(b)(f)		506,696		1,520,088
Tabcorp Holdings, Ltd. ^(b)		9,530,372		6,947,748
The Lottery Corp., Ltd. ^(a)(b)		1,010,797		3,070,914
Tokyotokeiba Co., Ltd. ^(b)		92,300		2,647,736
				105,640,710
Internet — 1.6%
Catena Media PLC ^(a)(b)(f)		669,242	$	1,223,898
Gambling.com Group, Ltd. ^(a)(b)(f)		58,314		533,574
Gaming Innovation Group, Inc. ^(a)		57,579		152,904
				1,910,376
Lodging — 5.5%
Boyd Gaming Corp.		47,747		2,603,644
MGM Resorts International		117,057		3,924,921
				6,528,565
Software — 3.2%
Better Collective AS ^(a)(b)		48,065		586,772
Bragg Gaming Group, Inc. ^(a)(b)(f)		83,609		323,958
Playtech PLC ^(a)(b)		464,188		2,842,127
				3,752,857
TOTAL COMMON STOCKS (Cost $220,460,862)				117,832,508

WARRANTS — 0.0% ^(h)
PointsBet Holdings, Ltd., Expiration: July 2024, Exercise Price: $10.00 ^(a)(b)(g)		151,840		—
TOTAL WARRANTS (Cost $0)				—

SHORT-TERM INVESTMENTS — 0.2%
Money Market Fund — 0.2%
First American Government Obligations Fund, Class X, 4.08% ^(d)		182,822		182,822
TOTAL SHORT-TERM INVESTMENTS (Cost $182,822)				182,822

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 8.8%
Mount Vernon Liquid Assets Portfolio, LLC, 4.49% ^(d)		10,436,821		10,436,821
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $10,436,821)				10,436,821

TOTAL INVESTMENTS (Cost $231,080,505) — 108.8%				128,452,151
Other assets and liabilities, net — (8.8)%				(10,424,068	)
NET ASSETS — 100.0%			$	118,028,083

PLC Public Limited Company

SDR Special Drawing Rights

^(a)	Non-income producing security.

^(b)	Foreign issued security, or represents a foreign issued security.

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

Roundhill Sports Betting & iGaming ETF

Schedule of Investments

December 31, 2022 (Continued)

^(c)	Security exempt from registration pursuant to Rule 144a under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	The rate shown is the seven day yield at period end.

^(e)	To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

^(f)	All or a portion of this security is on loan as of December 31, 2022. The market value of securities out on loan is $9,807,072.

^(g)	Value determined based on estimated fair value. The value of these securities total $0, which represents 0.00% of net assets. Classified as Level 3 in the fair value hierarchy.

^(h)	Amount is less than 0.05%.

Percentages are stated as a percent of net assets.

COUNTRY	Percentage of Net Assets
United States	30.4%
Australia	15.6%
Malta	9.9%
Isle of Man	8.1%
Sweden	6.2%
Ireland	5.3%
Guernsey	3.9%
Gibraltar	3.0%
Switzerland	3.0%
France	2.7%
United Kingdom	2.7%
Greece	2.6%
Japan	2.2%
Luxembourg	1.6%
Bermuda	1.0%
Denmark	0.5%
Jersey	0.5%
Poland	0.3%
Canada	0.3%
Total Country	99.8%
WARRANTS	0.0%*
SHORT-TERM INVESTMENTS	0.2%
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING	8.8%
TOTAL INVESTMENTS	108.8%
Other assets and liabilities, net	-8.8%
NET ASSETS	100.0%

*	Amount is less than 0.05%.

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

Roundhill Ball Metaverse ETF

Schedule of Investments

December 31, 2022

Description	Shares		Value
COMMON STOCKS — 99.2%
Apparel — 0.6%
NIKE, Inc. - Class B		20,276	$	2,372,495

Commercial Services — 0.3%
Block, Inc. ^(a)		8,079		507,684
PayPal Holdings, Inc. ^(a)		7,239		515,562
				1,023,246
Computers — 7.7%
Apple, Inc.		220,283		28,621,370

Diversified Financial Services — 1.6%
Coinbase Global, Inc. - Class A ^(a)(e)		108,899		3,853,936
Galaxy Digital Holdings, Ltd. ^(a)(b)(e)		755,285		2,157,240
				6,011,176
Electronic Equipment, Instruments & Components — 1.1%
HEXAGON AB ^(b)		380,028		3,975,532

Home Furnishings — 3.2%
Sony Group Corp. ^(b)		152,900		11,628,720

Internet — 25.2% ^(d)
Alibaba Group Holding, Ltd. ^(a)(b)		478,500		5,287,750
Alphabet, Inc. - Class C ^(a)		122,164		10,778,530
Amazon.com, Inc. ^(a)		132,867		11,160,828
Baidu, Inc. - ADR ^(a)(b)		84,898		9,710,633
Edgio, Inc. ^(a)		1,812,583		2,048,219
Meta Platforms, Inc. - Class A ^(a)		174,608		21,012,327
NAVER Corp. ^(b)		30,365		4,262,386
Sea, Ltd. - ADR ^(a)(b)		109,991		5,722,832
Snap, Inc. - Class A ^(a)(e)		982,134		8,790,099
Tencent Holdings, Ltd. ^(b)		340,100		14,554,020
				93,327,624
Media — 1.6%
The Walt Disney Co. ^(a)(e)		69,864	$	6,069,784

Semiconductors — 24.5%
Advanced Micro Devices, Inc. ^(a)		108,091		7,001,054
Applied Materials, Inc.		35,192		3,426,997
ASML Holding NV ^(b)		10,038		5,484,763
Broadcom, Inc.		4,169		2,331,013
Intel Corp.		134,153		3,545,664
Marvell Technology, Inc. ^(e)		54,502		2,018,754
NVIDIA Corp.		181,520		26,527,333
QUALCOMM, Inc.		117,905		12,962,476
Samsung Electronics Co., Ltd. ^(b)		188,617		8,248,731
Skyworks Solutions, Inc.		47,361		4,316,008
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR ^(b)		151,186		11,261,845
Texas Instruments, Inc.		21,699		3,585,109
				90,709,747
Software — 31.1% ^(d)
Activision Blizzard, Inc.		29,349		2,246,666
Adobe, Inc. ^(a)		12,787		4,303,209
Akamai Technologies, Inc. ^(a)		50,586		4,264,400
Autodesk, Inc. ^(a)		64,684		12,087,499
Bentley Systems, Inc. - Class B		55,069		2,035,350
Cloudflare, Inc. - Class A ^(a)		89,977		4,067,860
Electronic Arts, Inc.		46,032		5,624,190
Krafton, Inc. ^(a)(b)		16,374		2,175,431
Matterport, Inc. ^(a)(e)		2,386,833		6,683,132
Microsoft Corp.		92,148		22,098,933
NetEase, Inc. - ADR ^(b)		64,613		4,692,842
PTC, Inc. ^(a)		17,671		2,121,227
ROBLOX Corp. - Class A ^(a)		924,225		26,303,444
Take-Two Interactive Software, Inc. ^(a)(e)		69,019		7,186,948
Unity Software, Inc. ^(a)(e)		325,749		9,313,164
				115,204,295
Telecommunications — 1.7%
Lumen Technologies, Inc. ^(e)		823,876		4,300,633
Planet Labs PBC ^(a)(e)		424,287		1,845,648
				6,146,281
Toys/Games/Hobbies — 0.6%
Nintendo Co., Ltd. ^(b)		55,000		2,305,961

TOTAL COMMON STOCKS (Cost $618,951,613)				367,396,231

REAL ESTATE INVESTMENT TRUSTS — 0.6%
Equinix, Inc. ^(e)		3,427		2,244,788
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,713,291)				2,244,788

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

Roundhill Ball Metaverse ETF

Schedule of Investments

December 31, 2022 (Continued)

Description	Shares		Value
SHORT-TERM INVESTMENTS — 0.3%
Money Market Fund — 0.3%
First American Government Obligations Fund, Class X, 4.08% ^(c)		655,679	$	655,679
TOTAL SHORT-TERM INVESTMENTS (Cost $655,679)				655,679

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.6%
Mount Vernon Liquid Assets Portfolio, LLC, 4.49% ^(c)		20,899,790		20,899,790
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $20,899,790)				20,899,790

TOTAL INVESTMENTS (Cost $643,220,373) — 105.7%				391,196,488
Other assets and liabilities, net — (5.7)%				(20,954,613	)
NET ASSETS — 100.0%			$	370,241,875

ADR American Depositary Receipt

^(a)	Non-income producing security.

^(b)	Foreign issued security, or represents a foreign issued security.

^(c)	The rate shown is the seven day yield at period end.

^(d)	To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

^(e)	All or a portion of this security is on loan as of December 31, 2022. The market value of securities out on loan is $20,434,910.

Percentages are stated as a percent of net assets.

COUNTRY	Percentage of Net Assets
United States	74.4%
Cayman Islands	10.8%
Republic of Korea	4.0%
Japan	3.8%
Taiwan	3.0%
Netherlands	1.5%
Sweden	1.1%
Canada	0.6%
Total Country	99.2%
REAL ESTATE INVESTMENT TRUSTS	0.6%
SHORT-TERM INVESTMENTS	0.3%
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING	5.6%
TOTAL INVESTMENTS	105.7%
Other assets and liabilities, net	-5.7%
NET ASSETS	100.0%

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

Roundhill IO Digital Infrastructure ETF

Schedule of Investments

December 31, 2022

Description	Shares		Value
COMMON STOCKS — 79.1%
Engineering & Construction — 13.6%
Cellnex Telecom SA ^(b)(c)		5,455	$	180,011
China Tower Corp., Ltd. ^(b)(c)		1,138,000		122,476
Infrastrutture Wireless Italiane SpA ^(b)(c)		2,669		26,816
Sarana Menara Nusantara Tbk PT ^(b)		834,600		58,973
				388,276
Internet — 5.9%
ARTERIA Networks Corp. ^(b)		2,600		24,494
Cogent Communications Holdings, Inc.		1,960		111,877
Vnet Group, Inc. - ADR ^(a)(b)(f)		5,512		31,253
				167,624
Media — 36.3% ^(e)
Altice USA, Inc. - Class A ^(a)		18,135		83,421
Cable One, Inc.		143		101,796
Charter Communications, Inc. - Class A ^(a)		603		204,477
Cogeco Communications, Inc. ^(b)		4,032		228,508
Comcast Corp. - Class A		6,390		223,458
Converge Information and Communications Technology Solutions, Inc. ^(a)(b)		84,100		23,965
Liberty Global PLC - Class A ^(a)(b)		1,289		24,401
Liberty Latin America, Ltd. - Class C ^(a)(b)		3,640		27,664
NOS SGPS SA ^(b)		7,095		28,653
Quebecor, Inc. - Class B ^(b)		1,181		26,323
Telenet Group Holding NV ^(b)		1,770		28,808
WideOpenWest, Inc. ^(a)		3,773		34,372
				1,035,846
Telecommunications — 23.3%
Chindata Group Holdings, Ltd. - ADR ^(a)(b)		2,953		23,535
Chorus, Ltd. ^(b)		5,212		26,898
Consolidated Communications Holdings, Inc. ^(a)		14,874		53,249
Cyxtera Technologies, Inc. ^(a)(f)		12,699		24,382
DigitalBridge Group, Inc.		5,712		62,489
GDS Holdings, Ltd. - ADR ^(a)(b)(f)		1,084		22,352
Telecommunications (Continued)
Gogo, Inc. ^(a)		10,162	$	149,991
HKBN, Ltd. ^(b)		26,000		16,756
Lumen Technologies, Inc.		17,580		91,768
NetLink NBN Trust ^(b)		37,886		23,446
NEXTDC, Ltd. ^(a)(b)		3,854		23,784
Telekom Malaysia Berhad ^(b)		81,411		99,800
TIME dotCom Berhad ^(b)		23,969		26,662
Tower Bersama Infrastructure Tbk PT ^(b)		129,000		19,059
				664,171
TOTAL COMMON STOCKS (Cost $2,817,782)				2,255,917

REAL ESTATE INVESTMENT TRUSTS — 20.7%
American Tower Corp.		799		169,276
Crown Castle International Corp.		498		67,549
Digital Realty Trust, Inc. ^(f)		701		70,289
Equinix, Inc.		184		120,525
Keppel DC REIT ^(b)		18,544		24,473
SBA Communications Corp.		315		88,298
Uniti Group, Inc. ^(f)		9,157		50,638
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $691,841)				591,048

SHORT-TERM INVESTMENTS — 0.2%
Money Market Fund — 0.2%
First American Government Obligations Fund, Class X, 4.08% ^(d)		6,344		6,344
TOTAL SHORT-TERM INVESTMENTS (Cost $6,344)				6,344

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.3%
Mount Vernon Liquid Assets Portfolio, LLC, 4.49% ^(d)		178,993		178,993
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $178,993)				178,993

TOTAL INVESTMENTS (Cost $3,694,960) — 106.3%				3,032,302
Other assets and liabilities, net — (6.3)%				(178,433	)
NET ASSETS — 100.0%			$	2,853,869

ADR American Depositary Receipt

PLC Public Limited Company

^(a)	Non-income producing security.

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

Roundhill IO Digital Infrastructure ETF

Schedule of Investments

December 31, 2022 (Continued)

^(b)	Foreign issued security, or represents a foreign issued security.

^(c)	Security exempt from registration pursuant to Rule 144a under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	The rate shown is the seven day yield at period end.

^(e)	To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

^(f)	All or a portion of this security is on loan as of December 31, 2022. The market value of securities out on loan is $169,957.

Percentages are stated as a percent of net assets.

COUNTRY	Percentage of Net Assets
United States	40.1%
Canada	8.9%
Spain	6.3%
Malaysia	4.4%
China	4.3%
Cayman Islands	3.3%
Indonesia	2.7%
Belgium	1.0%
Portugal	1.0%
Bermuda	1.0%
New Zealand	1.0%
Italy	0.9%
Japan	0.9%
United Kingdom	0.9%
Philippines	0.8%
Australia	0.8%
Singapore	0.8%
Total Country	79.1%
REAL ESTATE INVESTMENT TRUSTS	20.7%
SHORT-TERM INVESTMENTS	0.2%
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING	6.3%
TOTAL INVESTMENTS	106.3%
Other assets and liabilities, net	-6.3%
NET ASSETS	100.0%

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

Roundhill MEME ETF

Schedule of Investments

December 31, 2022

Description	Shares		Value
COMMON STOCKS — 99.7%
Auto Manufacturers — 11.3%
NIO, Inc. - ADR ^(a)(b)		2,829	$	27,583
Tesla, Inc. ^(a)		218		26,853
XPeng, Inc. - ADR ^(a)(b)(d)		3,186		31,669
				86,105
Biotechnology — 4.0%
Moderna, Inc. ^(a)		170		30,535

Diversified Financial Services — 4.2%
Coinbase Global, Inc. - Class A ^(a)(d)		897		31,745

Energy - Alternate Sources — 3.7%
Enphase Energy, Inc. ^(a)		108		28,616

Entertainment — 7.9%
AMC Entertainment Holdings, Inc. - Class A ^(a)(d)		6,179		25,148
Manchester United PLC - Class A ^(b)		1,502		35,042
				60,190
Financial Services — 4.3%
Sofi Technologies, Inc. ^(a)		7,072		32,602

Internet — 8.4%
Alibaba Group Holding, Ltd. - ADR ^(a)(b)		378		33,298
Robinhood Markets, Inc. - Class A ^(a)		3,811		31,022
				64,320
Leisure Time — 3.2%
Peloton Interactive, Inc. - Class A ^(a)		3,064		24,328

Oil & Gas — 4.3%
Occidental Petroleum Corp.		525		33,070
Pharmaceuticals — 3.5%
Tilray Brands, Inc. ^(a)(d)		10,065	$	27,075

Retail — 8.3%
GameStop Corp. - Class A ^(a)(d)		1,578		29,130
Ulta Beauty, Inc. ^(a)		73		34,242
				63,372
Software — 28.1% ^(e)
Blackberry, Ltd. ^(a)(b)		7,775		25,346
Cloudfare, Inc. - Class A ^(a)		690		31,195
DocuSign, Inc. ^(a)		583		32,310
Gitlab, Inc. - Class A ^(a)		659		29,945
MongoDB, Inc. ^(a)		162		31,888
Palantir Technologies, Inc. - Class A ^(a)		4,755		30,527
Snowflake, Inc. - Class A ^(a)		230		33,014
				214,225
Telecommunications — 4.3%
Ubiquiti, Inc.		119		32,550

Transportation — 4.2%
ZIM Integrated Shipping Services, Ltd. ^(b)(d)		1,870		32,145

TOTAL COMMON STOCKS (Cost $855,203)				760,878

SHORT-TERM INVESTMENTS — 0.1%
Money Market Fund — 0.1%
First American Government Obligations Fund, Class X, 4.08% ^(c)		813		813
TOTAL SHORT-TERM INVESTMENTS (Cost $813)				813

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 17.4%
Mount Vernon Liquid Assets Portfolio, LLC, 4.49% ^(c)		132,687		132,687
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $132,687)				132,687

TOTAL INVESTMENTS (Cost $988,703) — 117.2%				894,378
Other assets and liabilities, net — (17.2)%				(131,579	)
NET ASSETS — 100.0%			$	762,799

ADR American Depositary Receipt

PLC Public Limited Company

^(a)	Non-income producing security.

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

Roundhill MEME ETF

Schedule of Investments

December 31, 2022 (Continued)

^(b)	Foreign issued security, or represents a foreign issued security.

^(c)	The rate shown is the seven day yield at period end.

^(d)	All or a portion of this security is on loan as of December 31, 2022. The market value of securities out on loan is $129,460.

^(e)	To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

Percentages are stated as a percent of net assets.

COUNTRY	Percentage of Net Assets
United States	75.5%
Cayman Islands	16.7%
Israel	4.2%
Canada	3.3%
Total Country	99.7%
SHORT-TERM INVESTMENTS	0.1%
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING	17.4%
TOTAL INVESTMENTS	117.2%
Other assets and liabilities, net	-17.2%
NET ASSETS	100.0%

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

Roundhill Cannabis ETF

Schedule of Investments

December 31, 2022

Description	Shares		Value
SHORT-TERM INVESTMENTS — 149.6%
Money Market Fund — 23.9%
First American Government Obligations Fund, Class X, 4.08% ^(a)		356,814	$	356,814
Total Money Market Fund (Cost $356,814)				356,814

U.S. Treasury Bills — 125.7%
4.11%, 02/02/2023 ^(b)(c)		1,888,000		1,881,254
Total U.S. Treasury Bills (Cost $1,881,254)				1,881,254
TOTAL SHORT-TERM INVESTMENTS (Cost $2,238,068)				2,238,068

TOTAL INVESTMENTS (Cost $2,238,068) — 149.6%				2,238,068
Other assets and liabilities, net — (49.6)%				(741,654	)
NET ASSETS — 100.0%			$	1,496,414

^(a)	The rate shown is the seven day yield at period end.

^(b)	The rate shown is the effective yield as of December 31, 2022.

^(c)	Held as collateral for total return swaps.

Percentages are stated as a percent of net assets.

	Percentage of Net Assets
SHORT-TERM INVESTMENTS	149.6%
TOTAL INVESTMENTS	149.6%
Other assets and liabilities, net	-49.6%
NET ASSETS	100.0%

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

Roundhill Cannabis ETF

Schedule of Total Return Swaps

December 31, 2022

Long Total Return
Equity Swaps

Fund Pays/
Receives
Reference
Entity

Counterparty

Payment
Frequency

Financing Rate

Expiration
Date

Upfront
Premiums
Paid/Received

Notional
Amount

Value/
Unrealized
Appreciation
(Depreciation)

Columbia Care, Inc. Swap

Receives

Nomura Securities International, Inc.

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 17, 2023

—

46,898

—

Cresco Labs, Inc. Swap

Receives

Nomura Securities International, Inc.

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 17, 2023

—

103,406

—

Curaleaf Holdings, Inc. Swap

Receives

Nomura Securities International, Inc.

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 17, 2023

—

552,989

—

Green Thumb Industries, Inc. Swap

Receives

Nomura Securities International, Inc.

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 17, 2023

—

346,352

—

Trulieve Cannabis Corp. Swap

Receives

Nomura Securities International, Inc.

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 17, 2023

—

257,100

—

Verano Holdings Corp. Swap

Receives

Nomura Securities International, Inc.

Monthly

Overnight Bank Funding Rate Index + 1.50%

May 17, 2023

—

188,077

—

1,494,822

—

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

Roundhill ETFs

Statements of Assets and Liabilities

December 31, 2022

	Roundhill Video Games ETF			Roundhill Sports Betting & iGaming ETF			Roundhill Ball Metaverse ETF
Assets
Investments, at value (Cost $30,586,417, $231,080,505 and $643,220,373, respectively)⁽¹⁾	$	26,558,977		$	128,452,151		$	391,196,488
Dividends and interest receivable		54,276			72,726			115,333
Securities lending income receivable		1,505			15,741			26,967
Total Assets		26,614,758			128,540,618			391,338,788

Liabilities
Payable for collateral on securities loaned (Note 7)		1,354,091			10,436,821			20,899,790
Payable to Adviser		10,781			75,714			197,123
Total Liabilities		1,364,872			10,512,535			21,096,913
Net Assets	$	25,249,886		$	118,028,083		$	370,241,875

Net Assets Consists of:
Paid-in capital	$	68,887,755		$	301,020,106		$	889,147,588
Total distributable earnings (accumulated losses)		(43,637,869	)		(182,992,023	)		(518,905,713	)
Net Assets	$	25,249,886		$	118,028,083		$	370,241,875

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		1,800,000			8,225,000			51,375,000
Net Asset Value, redemption price and offering price per share	$	14.03		$	14.35		$	7.21

⁽¹⁾ Includes loaned securities with a value of:	$	1,288,861		$	9,807,072		$	20,434,910

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

Roundhill ETFs

Statements of Assets and Liabilities

December 31, 2022 (Continued)

	Roundhill IO Digital Infrastructure ETF			Roundhill MEME ETF			Roundhill Cannabis ETF
Assets
Investments, at value (Cost $3,694,960, $988,703 and $2,238,068, respectively)⁽¹⁾	$	3,032,302		$	894,378		$	2,238,068
Deposits at broker for total return swap contracts		—			—			100,000
Dividends and interest receivable		3,741			7			874
Securities lending income receivable		66			1,610			—
Total Assets		3,036,109			895,995			2,338,942

Liabilities
Payable for collateral on securities loaned (Note 7)		178,993			132,687			—
Foreign currency payable to custodian, at value (Cost $1,387, $0, and $0, respectively)		1,401			—			—
Payable for open swap contracts		—			—			841,890
Payable for investment securities purchased		—			—			64
Payable to Adviser		1,846			509			574
Total Liabilities		182,240			133,196			842,528
Net Assets	$	2,853,869		$	762,799		$	1,496,414

Net Assets Consists of:
Paid-in capital	$	3,689,779		$	2,152,025		$	2,541,027
Total distributable earnings (accumulated losses)		(835,910	)		(1,389,226	)		(1,044,613	)
Net Assets	$	2,853,869		$	762,799		$	1,496,414

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		300,000			150,000			250,000
Net Asset Value, redemption price and offering price per share	$	9.51		$	5.09		$	5.99

⁽¹⁾ Includes loaned securities with a value of:	$	169,957		$	129,460		$	—

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

Roundhill ETFs

Statements of Operations

For the Year or Period Ended December 31, 2022

	Roundhill Video Games ETF			Roundhill Sports Betting & iGaming ETF			Roundhill Ball Metaverse ETF
Investment Income
Dividend income (net of withholding taxes and issuance fees of $93,069, $117,372 and $168,685, respectively)	$	424,031		$	1,562,259		$	3,551,501
Securities lending income, net		55,324			218,212			247,684
Interest income		538			4,573			9,109
Total investment income		479,893			1,785,044			3,808,294

Expenses
Advisory fees		187,134			1,180,405			3,454,804
Tax expense		185			185			185
Total expenses		187,319			1,180,590			3,454,989
Net investment income		292,574			604,454			353,305

Realized and Unrealized Gain (Loss) on Investments and Foreign Currency
Net realized gain (loss) from:
Investments		(37,434,720	)		(67,265,524	)		(289,899,477	)
Foreign currency transactions		(35,947	)		(242,380	)		(136,782	)
Net realized loss on investments and foreign currency transactions		(37,470,667	)		(67,507,904	)		(290,036,259	)
Net change in unrealized appreciation/depreciation on:
Investments		13,822,750			(41,814,630	)		(211,467,833	)
Foreign currency translation		(553	)		(2,302	)		2,257
Net change in unrealized appreciation/depreciation on investments and foreign currency translation		13,822,197			(41,816,932	)		(211,465,576	)
Net realized and unrealized loss on investments and foreign currency transactions		(23,648,470	)		(109,324,836	)		(501,501,835	)
Net decrease in net assets from operations	$	(23,355,896	)	$	(108,720,382	)	$	(501,148,530	)

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

Roundhill ETFs

Statements of Operations

For the Year or Period Ended December 31, 2022 (Continued)

	Roundhill IO Digital Infrastructure ETF			Roundhill MEME ETF			Roundhill Cannabis ETF⁽¹⁾
Investment Income
Dividend income (net of withholding taxes and issuance fees of $3,104, $3,306 and $0, respectively)	$	49,015		$	17,769		$	5,364
Securities lending income, net		112			5,783			56
Interest income		200			44			15,090
Total investment income		49,327			23,596			20,510

Expenses
Advisory fees		16,443			8,039			8,377
Tax expense		185			—			—
Total expenses		16,628			8,039			8,377
Less waivers and reimbursement by Adviser		—			—			(2,624	)
Net expenses		16,628			8,039			5,753
Net investment income		32,699			15,557			14,757

Realized and Unrealized Gain (Loss) on Investments, Foreign Currency and Total Return Swap Contracts
Net realized gain (loss) from:
Investments		(174,589	)		(1,511,460	)		(379,583	)
Foreign currency transactions		(3,553	)		—			—
Total return swap contracts		—			—			(926,708	)
Net realized loss on investments, foreign currency transactions and total return swap contracts		(178,142	)		(1,511,460	)		(1,306,291	)
Net change in unrealized appreciation/depreciation on:
Investments		(693,878	)		108,396			—
Foreign currency translation		41			—			—
Net change in unrealized appreciation/depreciation on investments and foreign currency translation		(693,837	)		108,396			—
Net realized and unrealized loss on investments, foreign currency transactions and total return swap contracts		(871,979	)		(1,403,064	)		(1,306,291	)
Net decrease in net assets from operations	$	(839,280	)	$	(1,387,507	)	$	(1,291,534	)

⁽¹⁾	The Fund commenced operations on April 20, 2022.

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

Roundhill Video Games ETF

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
From Operations
Net investment income	$	292,574		$	147,487
Net realized gain (loss) on investments and foreign currency transactions		(37,470,667	)		9,593,128
Net change in net unrealized appreciation/depreciation on investments and foreign currency translation		13,822,197			(31,265,305	)
Net decrease in net assets resulting from operations		(23,355,896	)		(21,524,690	)

From Distributions
Distributable earnings		(173,639	)		(13,010	)
Total distributions		(173,639	)		(13,010	)

From Capital Share Transactions
Proceeds from shares sold		2,186,870			70,936,003
Cost of shares redeemed		(15,895,572	)		(60,721,313	)
Transaction fees (Note 4)		12,714			81,181
Net increase (decrease) in net assets resulting from capital share transactions		(13,695,988	)		10,295,871

Total Decrease in Net Assets		(37,225,523	)		(11,241,829	)

Net Assets
Beginning of year		62,475,409			73,717,238
End of year	$	25,249,886		$	62,475,409

Changes in Shares Outstanding
Shares outstanding, beginning of year		2,500,000			2,450,000
Shares sold		100,000			2,150,000
Shares redeemed		(800,000	)		(2,100,000	)
Shares outstanding, end of year		1,800,000			2,500,000

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

Roundhill Sports Betting & iGaming ETF

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
From Operations
Net investment income	$	604,454		$	1,011,979
Net realized gain (loss) on investments and foreign currency transactions		(67,507,904	)		81,858,219
Net change in net unrealized appreciation/depreciation on investments and foreign currency translation		(41,816,932	)		(112,322,895	)
Net decrease in net assets resulting from operations		(108,720,382	)		(29,452,697	)

From Distributions
Distributable earnings		(309,837	)		—
Return of capital		(470,671	)		—
Total distributions		(780,508	)		—

From Capital Share Transactions
Proceeds from shares sold		53,179,428			441,244,838
Cost of shares redeemed		(116,157,365	)		(328,186,713	)
Transaction fees (Note 4)		—			10,185
Net increase (decrease) in net assets resulting from capital share transactions		(62,977,937	)		113,068,310

Total Increase (Decrease) in Net Assets		(172,478,827	)		83,615,613

Net Assets
Beginning of year		290,506,910			206,891,297
End of year	$	118,028,083		$	290,506,910

Changes in Shares Outstanding
Shares outstanding, beginning of year		11,675,000			8,000,000
Shares sold		2,950,000			14,650,000
Shares redeemed		(6,400,000	)		(10,975,000	)
Shares outstanding, end of year		8,225,000			11,675,000

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

Roundhill Ball Metaverse ETF

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Period Ended December 31, 2021⁽¹⁾
From Operations
Net investment income (loss)	$	353,305		$	(178,353	)
Net realized loss on investments and foreign currency transactions		(290,036,259	)		(6,889,591	)
Net change in net unrealized appreciation/depreciation on investments and foreign currency translation		(211,465,576	)		(40,558,298	)
Net decrease in net assets resulting from operations		(501,148,530	)		(47,626,242	)

From Distributions
Distributable earnings		(325,056	)		—
Return of capital		(7,036	)		—
Total distributions		(332,092	)		—

From Capital Share Transactions
Proceeds from shares sold		133,681,117			1,051,713,977
Cost of shares redeemed		(195,090,255	)		(71,116,640	)
Transaction fees (Note 4)		72,625			87,915
Net increase (decrease) in net assets resulting from capital share transactions		(61,336,513	)		980,685,252

Total Increase (Decrease) in Net Assets		(562,817,135	)		933,059,010

Net Assets
Beginning of period		933,059,010			—
End of period	$	370,241,875		$	933,059,010

Changes in Shares Outstanding
Shares outstanding, beginning of period		61,525,000			—
Shares sold		11,500,000			66,300,000
Shares redeemed		(21,650,000	)		(4,775,000	)
Shares outstanding, end of period		51,375,000			61,525,000

⁽¹⁾	The Fund commenced operations on June 29, 2021.

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

Roundhill IO Digital Infrastructure ETF

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Period Ended December 31, 2021⁽¹⁾
From Operations
Net investment income	$	32,699		$	3,200
Net realized gain (loss) on investments and foreign currency transactions		(178,142	)		5,408
Net change in net unrealized appreciation/depreciation on investments and foreign currency translation		(693,837	)		31,173
Net increase (decrease) in net assets resulting from operations		(839,280	)		39,781

From Distributions
Distributable earnings		(31,809	)		(4,602	)
Total distributions		(31,809	)		(4,602	)

From Capital Share Transactions
Proceeds from shares sold		1,840,133			1,849,012
Transaction fees (Note 4)		498			136
Net increase in net assets resulting from capital share transactions		1,840,631			1,849,148

Total Increase in Net Assets		969,542			1,884,327

Net Assets
Beginning of period		1,884,327			—
End of period	$	2,853,869		$	1,884,327

Changes in Shares Outstanding
Shares outstanding, beginning of period		125,000			—
Shares sold		175,000			125,000
Shares outstanding, end of period		300,000			125,000

⁽¹⁾	The Fund commenced operations on October 27, 2021.

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

Roundhill MEME ETF

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Period Ended December 31, 2021⁽¹⁾
From Operations
Net investment income (loss)	$	15,557		$	(1,038	)
Net realized loss on investments and foreign currency transactions		(1,511,460	)		(11,129	)
Net change in net unrealized appreciation/depreciation on investments and foreign currency translation		108,396			(202,721	)
Net decrease in net assets resulting from operations		(1,387,507	)		(214,888	)

From Distributions
Distributable earnings		(15,557	)		—
Return of capital		(5,264	)		—
Total distributions		(20,821	)		—

From Capital Share Transactions
Proceeds from shares sold		2,446,145			3,018,945
Cost of shares redeemed		(2,384,240	)		(694,835	)
Net increase in net assets resulting from capital share transactions		61,905			2,324,110

Total Increase (Decrease) in Net Assets		(1,346,423	)		2,109,222

Net Assets
Beginning of period		2,109,222			—
End of period	$	762,799		$	2,109,222

Changes in Shares Outstanding
Shares outstanding, beginning of period		150,000			—
Shares sold		350,000			200,000
Shares redeemed		(350,000	)		(50,000	)
Shares outstanding, end of period		150,000			150,000

⁽¹⁾	The Fund commenced operations on December 7, 2021.

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

Roundhill Cannabis ETF

Statement of Changes in Net Assets

	Period Ended December 31, 2022⁽¹⁾
From Operations
Net investment income	$	14,757
Net realized loss on investments, foreign currency transactions and swap contracts		(1,306,291	)
Net decrease in net assets resulting from operations		(1,291,534	)

From Capital Share Transactions
Proceeds from shares sold		2,786,382
Transaction fees (Note 4)		1,566
Net increase in net assets resulting from capital share transactions		2,787,948

Total Increase in Net Assets		1,496,414

Net Assets
Beginning of period		—
End of period	$	1,496,414

Changes in Shares Outstanding
Shares outstanding, beginning of period		—
Shares sold		250,000
Shares outstanding, end of period		250,000

⁽¹⁾	The Fund commenced operations on April 20, 2022.

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

THIS PAGE INTENTIONALLY LEFT BLANK

Roundhill ETFs

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)
			Income from Investment Operations:									Less Distributions Paid From:
	Net Asset Value, Beginning of Period		Net investment income (loss)⁽¹⁾			Net realized and unrealized gain (loss) on investments			Total from investment operations			Net investment income			Net realized gains			Return of capital			Total distributions paid
Roundhill Video Games ETF
For the year 01/01/2022 - 12/31/2022	$	24.99		0.14			(11.01	)		(10.87	)		(0.10	)		—			—			(0.10	)
For the year 01/01/2021 - 12/31/2021	$	30.09		0.05			(5.17	)		(5.12	)		(0.01	)		—			—			(0.01	)
For the year 01/01/2020 - 12/31/2020	$	16.01		0.04			14.34			14.38			(0.10	)		(0.22	)		—			(0.32	)
For the period 06/03/2019⁽⁷⁾ - 12/31/2019	$	14.86		0.08			1.11			1.19			(0.05	)		—			(0.00	)⁽⁸⁾		(0.05	)
Roundhill Sports Betting & iGaming ETF
For the year 01/01/2022 - 12/31/2022	$	24.88		0.07			(10.51	)		(10.44	)		(0.04	)		—			(0.05	)		(0.09	)
For the year 01/01/2021 - 12/31/2021	$	25.86		0.08			(1.06	)		(0.98	)		—			—			—			—
For the period 06/03/2020⁽⁷⁾ - 12/31/2020	$	15.41		0.11			10.41			10.52			(0.07	)		—			(0.00	)⁽⁸⁾		(0.07	)
Roundhill Ball Metaverse ETF
For the year 01/01/2022 - 12/31/2022	$	15.17		0.01			(7.96	)		(7.95	)		(0.01	)		—			(0.00	)⁽⁸⁾		(0.01	)
For the period 06/29/2021⁽⁷⁾ - 12/31/2021	$	15.07		(0.01	)		0.10	⁽⁹⁾		0.09			—			—			—			—
Roundhill IO Digital Infrastructure ETF
For the year 01/01/2022 - 12/31/2022	$	15.07		0.17			(5.62	)		(5.45	)		(0.11	)		(0.00	)⁽⁸⁾		—			(0.11	)
For the period 10/27/2021⁽⁷⁾ - 12/31/2021	$	14.85		0.03			0.23			0.26			(0.04	)		—			—			(0.04	)
Roundhill MEME ETF
For the year 01/01/2022 - 12/31/2022	$	14.06		0.11			(8.94	)		(8.83	)		(0.10	)		—			(0.04	)		(0.14	)
For the period 12/07/2021⁽⁷⁾ - 12/31/2021	$	15.64		(0.01	)		(1.57	)		(1.58	)		—			—			—			—
Roundhill Cannabis ETF
For the period 04/20/2022⁽⁷⁾ - 12/31/2022	$	15.32		0.09			(9.43	)		(9.34	)		—			—			—			—

⁽¹⁾	Per share net investment income (loss) was calculated using average shares outstanding.

⁽²⁾	Annualized for periods less than one year.

⁽³⁾	Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

⁽⁴⁾	Not annualized for periods less than one year.

⁽⁵⁾	Excludes in-kind transactions associated with creations and redemptions of the Fund.

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

Roundhill ETFs

Financial Highlights

Per Share Operating Performance (For a share outstanding throughout each period)			Ratios/Supplemental Data
Capital Share Transactions:											Ratios to Average Net Assets of: ⁽²⁾
Transaction fees (see Note 4)	Net Asset Value, End of Period		Total return, at NAV⁽³⁾⁽⁴⁾			Total return, at Market⁽³⁾⁽⁴⁾			Net assets, end of period (000’s)		Expenses, before waivers			Expenses, after waivers			Net investment income (loss), before waivers			Net investment income (loss), after waivers			Portfolio turnover rate⁽⁴⁾⁽⁵⁾

0.01	$	14.03		-43.49	%		-43.28	%	$	25,250		0.50	%		0.50	%		0.78	%		0.78	%		83	%
0.03	$	24.99		-16.93	%		-17.57	%	$	62,475		0.50	%		0.50	%		0.16	%		0.16	%		52	%
0.02	$	30.09		89.88	%⁽⁶⁾		89.62	%⁽⁶⁾	$	73,717		0.50	%		0.44	%		0.12	%		0.18	%		93	%
0.01	$	16.01		8.11	%⁽⁶⁾		8.42	%⁽⁶⁾	$	10,810		0.50	%		0.25	%		0.65	%		0.90	%		34	%

—	$	14.35		-41.99	%		-42.00	%	$	118,028		0.75	%		0.75	%		0.38	%		0.38	%		43	%
0.00⁽⁸⁾	$	24.88		-3.78	%		-3.91	%	$	290,507		0.75	%		0.75	%		0.26	%		0.26	%		52	%
0.00⁽⁸⁾	$	25.86		68.28	%		68.15	%	$	206,891		0.75	%		0.75	%		0.92	%		0.92	%		43	%

0.00⁽⁸⁾	$	7.21		-52.44	%		-52.66	%	$	370,242		0.60	%		0.60	%		0.06	%		0.06	%		47	%
0.01	$	15.17		0.63	%		0.73	%	$	933,059		0.75	%		0.75	%		-0.13	%		-0.13	%		41	%

0.00⁽⁸⁾	$	9.51		-36.22	%		-36.30	%	$	2,854		0.76	%⁽¹⁰⁾		0.76	%⁽¹⁰⁾		1.49	%		1.49	%		61	%
0.00⁽⁸⁾	$	15.07		1.76	%		2.01	%	$	1,884		0.81	%⁽¹⁰⁾		0.81	%⁽¹⁰⁾		1.16	%		1.16	%		3	%

—	$	5.09		-62.94	%		-63.06	%	$	763		0.69	%		0.69	%		1.34	%		1.34	%		1075	%
—	$	14.06		-10.09	%		-10.10	%	$	2,109		0.69	%		0.69	%		-0.69	%		-0.69	%		32	%

0.01	$	5.99		-60.93	%		-60.94	%	$	1,496		0.75	%		0.52	%		1.09	%		1.32	%		65	%

⁽⁶⁾	The returns reflect the actual performance for the period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.

⁽⁷⁾	Commencement of operations.

⁽⁸⁾	Less than $0.005.

⁽⁹⁾	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

⁽¹⁰⁾	Includes tax expense of 0.01% and 0.06% for periods ended December 31, 2022 and December 31, 2021, respectively.

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

Roundhill ETFs

Notes to Financial Statements

December 31, 2022

1.	ORGANIZATION

Roundhill Video Games ETF (“NERD”), Roundhill Sports Betting & iGaming ETF (“BETZ”), Roundhill Ball Metaverse ETF (“METV”), Roundhill IO Digital Infrastructure ETF (“BYTE”), Roundhill MEME ETF (“MEME”) and Roundhill Cannabis ETF (“WEED”) (each a “Fund” and collectively, the “Funds”) are non-diversified series of Listed Funds Trust (the “Trust”), formerly Active Weighting Funds ETF 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”).

NERD is a passively-managed exchange-traded fund (“ETF”). NERD’s objective is to track the total return performance, before fees and expenses, of the Nasdaq CTA Global Video Games Software Index (the “NERD Index”). The NERD Index, which was developed and is maintained by both Nasdaq and the Consumer Technology Association, is a modified theme-adjusted free float market capitalization index designed to track the performance of the common stock (or corresponding depositary receipts) of exchange-listed companies engaged in video game publishing and/or video game development.

BETZ is a passively-managed ETF. BETZ’s objective is to track the total return performance, before fees and expenses, of the Roundhill Sports Betting & iGaming Index (the “BETZ Index”). The BETZ Index tracks the performance of the common stock (or corresponding ADRs or GDRs) of exchange-listed companies that earn revenue from online gaming (“iGaming”). iGaming is broadly defined as the wagering of money or some other value on the outcome of an event or a game, using the internet. The BETZ Index includes: companies that operate in-person and/or online/internet sports books; companies that operate online/internet gambling platforms; and companies that provide infrastructure or technology to such companies.

METV is a passively-managed 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.

BYTE is a passively-managed ETF. BYTE’s objective seeks to track the performance, before fees and expenses, of the IO Digital Infrastructure Index (the “BYTE Index”), which tracks the performance of digital infrastructure companies. Digital infrastructure is comprised of the high-tech physical assets that support the efficient storage and transmission of data, powering the internet.

MEME is a passively-managed ETF. MEME’s objective seeks to track the performance, before fees and expenses, of the Solactive Roundhill Meme Stock Index (the “MEME Index”), which, in turn, seeks to track the performance of “meme stocks”. Meme stocks are equity securities of companies that exhibit a combination of elevated social media activity and high short interest both of which are indicators of market sentiment.

WEED is an actively managed ETF. WEED’s 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 therefrom.

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

Roundhill ETFs

Notes to Financial Statements

December 31, 2022 (Continued)

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.

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.

If market quotations are not readily available, or if it is determined that a quotation of a security does not represent fair value, then the security is valued at fair value as determined in good faith by the Adviser using procedures adopted by the Board of Trustees of the Trust (the “Board”). 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.

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:

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

Roundhill ETFs

Notes to Financial Statements

December 31, 2022 (Continued)

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Level 2 — 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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Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

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.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value the Funds’ investments at December 31, 2022 are as follows:

	Level 1		Level 2		Level 3			Total
NERD
Investments - Assets:
Common Stocks*	$	25,190,044	$	—	$	—		$	25,190,044
Money Market Fund		14,842		—		—			14,842
Investments Purchased With Proceeds From Securities Lending**		—		—		—			1,354,091
Total Investments - Assets	$	25,204,886	$	—	$	—		$	26,558,977

BETZ
Investments - Assets:
Common Stocks*	$	117,832,508	$	—	$	—		$	117,832,508
Warrants		—		—		—	^		—
Money Market Fund		182,822		—		—			182,822
Investments Purchased With Proceeds From Securities Lending**		—		—		—			10,436,821
Total Investments - Assets	$	118,015,330	$	—	$	—		$	128,452,151

Roundhill ETFs

Notes to Financial Statements

December 31, 2022 (Continued)

	Level 1		Level 2		Level 3		Total
METV
Investments - Assets:
Common Stocks*	$	367,396,231	$	—	$	—	$	367,396,231
Real Estate Investment Trusts		2,244,788		—		—		2,244,788
Money Market Fund		655,679		—		—		655,679
Investments Purchased With Proceeds From Securities Lending**		—		—		—