Roundhill China Dragons ETF
  
Schedule of Investments
  
March 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 39.8%
  
Shares
    
Value
 
Auto Manufacturers - 6.6%
        
BYD Co. Ltd. - ADR
    
24,534
    
$
2,486,030
  
                 
Internet - 26.6%(a)
          
Alibaba Group Holding Ltd. - ADR
    
19,190
      
2,537,494
  
Meituan - ADR (b)
    
61,516
      
2,481,555
  
PDD Holdings, Inc. - ADR (b)
    
20,930
      
2,477,066
  
Tencent Holdings Ltd. - ADR
    
39,144
      
2,498,953
  
             
9,995,068
  
                 
Telecommunications - 6.6%
          
Xiaomi Corp. - ADR (b)
    
78,208
      
2,473,719
  
TOTAL COMMON STOCKS (Cost $14,415,331)
      
14,954,817
  
                 
SHORT-TERM INVESTMENTS - 114.6%
          
Value
 
Money Market Funds - 5.2%
  
Shares
          
First American Government Obligations Fund - Class X, 4.27% (c)
    
1,938,477
      
1,938,477
  
                 
U.S. Treasury Bills - 109.4%
  
Par
          
4.24%, 04/01/2025 (d)
    
20,057,000
      
20,057,000
  
0.00%, 05/01/2025 (d)(e)
    
21,053,000
      
20,978,788
  
             
41,035,788
  
TOTAL SHORT-TERM INVESTMENTS (Cost $42,974,265)
      
42,974,265
  
                 
TOTAL INVESTMENTS - 154.4% (Cost $57,389,596)
      
57,929,082
  
Liabilities in Excess of Other Assets - (54.4)%
      
(20,413,378
)
TOTAL NET ASSETS - 100.0%
          
$
37,515,704
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt

(a)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(b)
Non-income producing security.
(c)
The rate shown represents the 7-day annualized effective yield as of March 31, 2025.
(d)
The rate shown is the annualized effective yield as of March 31, 2025.
(e)
Zero coupon bonds make no periodic interest payments.
Roundhill China Dragons ETF
  
Schedule of Total Return Swap Contracts
  
March 31, 2025 (Unaudited)
  
   
Reference Entity
Counterparty
Pay/ Receive
Reference Entity
Financing Rate
Payment
Frequency
Maturity
Date
  
Notional Amount
    
Value/ Unrealized Appreciation (Depreciation)
  
Alibaba Group Holding Ltd.
Nomura Securities International, Inc.
Receive
OBFR + 1.50%
Termination
11/04/2025
  
$
3,402,475
    
$
326,998
  
BYD Co. Ltd.
Nomura Securities International, Inc.
Receive
OBFR + 1.50%
Termination
11/04/2025
    
3,086,322
      
575,502
  
Meituan
Nomura Securities International, Inc.
Receive
OBFR + 1.50%
Termination
11/04/2025
    
4,560,890
      
(917,052
)
PDD Holdings, Inc.
Nomura Securities International, Inc.
Receive
OBFR + 1.50%
Termination
11/04/2025
    
4,403,571
      
(775,715
)
Tencent Holdings Ltd.
Nomura Securities International, Inc.
Receive
OBFR + 1.50%
Termination
11/04/2025
    
3,666,322
      
16,067
  
Xiaomi Corp.
Nomura Securities International, Inc.
Receive
OBFR + 1.50%
Termination
11/04/2025
    
2,413,223
      
1,241,111
  
Net Unrealized Appreciation (Depreciation)
    
$
466,911
  
   
There are no upfront payments or receipts associated with total return swaps in the Fund as of March 31, 2025.
  
   
OBFR - Overnight Bank Funding Rate was 4.33% as of March 31, 2025.
  
Summary of Fair Value Disclosure as of March 31, 2025 (Unaudited)
 
Roundhill China Dragons ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
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 instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s 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 following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
14,954,817
    
$
–
    
$
–
    
$
14,954,817
  
  Money Market Funds
    
1,938,477
      
–
      
–
      
1,938,477
  
  U.S. Treasury Bills
    
–
      
41,035,788
      
–
      
41,035,788
  
Total Investments
  
$
16,893,294
    
$
41,035,788
    
$
–
    
$
57,929,082
  
   
Other Financial Instruments:
                                
  Total Return Swaps*
    
2,159,678
      
–
      
–
      
2,159,678
  
Total Other Financial Instruments
  
$
2,159,678
    
$
–
    
$
–
    
$
2,159,678
  
                                 
Liabilities:
                                
Other Financial Instruments:
                                
  Total Return Swaps*
    
(1,692,767
)
    
–
      
–
      
(1,692,767
)
Total Other Financial Instruments
  
$
(1,692,767
)
  
$
–
    
$
–
    
$
(1,692,767
)
   
* The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of March 31, 2025.
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  

Allocation of Portfolio Holdings by Country as of March 31, 2025
        
(% of Net Assets)
        
China
  
$
12,477,751
      
33.2
%
Ireland
    
2,477,066
      
6.6
  
United States
    
42,974,265
      
114.6
  
Liabilities in Excess of Other Assets
    
(20,413,378
)
    
(54.4
)
   
$
37,515,704
      
100.0
%