Roundhill GLP-1 & Weight Loss ETF
  
Schedule of Investments
  
March 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.5%
  
Shares
    
Value
 
Biotechnology - 28.3%(a)
        
Altimmune, Inc. (b)
    
153,606
    
$
768,030
  
Amgen, Inc.
    
5,673
      
1,767,423
  
Biohaven Ltd. (b)
    
15,569
      
374,279
  
Caliway Biopharmaceuticals Co. Ltd. (b)
    
31,614
      
750,300
  
Gilead Sciences, Inc.
    
8,811
      
987,272
  
Gubra AS (b)
    
9,965
      
597,320
  
Innovent Biologics, Inc. (b)(c)
    
306,000
      
1,832,783
  
Keros Therapeutics, Inc. (b)
    
6,014
      
61,283
  
Regeneron Pharmaceuticals, Inc.
    
1,411
      
894,898
  
Scholar Rock Holding Corp. (b)
    
18,181
      
584,519
  
Structure Therapeutics, Inc. - ADR (b)
    
38,923
      
673,757
  
Terns Pharmaceuticals, Inc. (b)
    
137,663
      
379,950
  
Viking Therapeutics, Inc. (b)
    
33,218
      
802,215
  
             
10,474,029
  
                 
Healthcare - Services - 1.5%
          
OPKO Health, Inc. (b)
    
338,948
      
562,654
  
                 
Pharmaceuticals - 69.7%(a)
          
AstraZeneca PLC - ADR
    
25,970
      
1,908,795
  
Chugai Pharmaceutical Co. Ltd.
    
37,800
      
1,718,618
  
Corcept Therapeutics, Inc. (b)
    
8,985
      
1,026,267
  
CSPC Pharmaceutical Group Ltd.
    
812,000
      
515,569
  
Eli Lilly & Co.
    
7,973
      
6,584,980
  
Hanmi Pharm Co. Ltd.
    
6,694
      
1,025,125
  
Novo Nordisk AS - ADR
    
67,869
      
4,712,823
  
Pfizer, Inc.
    
54,290
      
1,375,709
  
Rhythm Pharmaceuticals, Inc. (b)
    
11,912
      
630,979
  
Roche Holding AG
    
7,148
      
2,346,984
  
Shionogi & Co. Ltd.
    
50,300
      
755,475
  
Takeda Pharmaceutical Co. Ltd. - ADR
    
59,201
      
880,319
  
United Laboratories International Holdings Ltd.
    
544,000
      
1,022,233
  
Zealand Pharma AS (b)
    
17,942
      
1,343,046
  
             
25,846,922
  
TOTAL COMMON STOCKS (Cost $44,006,250)
      
36,883,605
  
                 
SHORT-TERM INVESTMENTS - 0.2%
          
Value
 
Money Market Funds - 0.2%
  
Shares
          
First American Government Obligations Fund - Class X, 4.27% (d)
    
90,576
      
90,576
  
TOTAL SHORT-TERM INVESTMENTS (Cost $90,576)
      
90,576
  
                 
TOTAL INVESTMENTS - 99.7% (Cost $44,096,826)
      
36,974,181
  
Other Assets in Excess of Liabilities - 0.3%
      
128,929
  
TOTAL NET ASSETS - 100.0%
          
$
37,103,110
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt
PLC - Public Limited Company

(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)
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 March 31, 2025, the value of these securities total $1,832,783 or 4.9% of the Fund’s net assets.
(d)
The rate shown represents the 7-day annualized effective yield as of March 31, 2025.
Summary of Fair Value Disclosure as of March 31, 2025 (Unaudited)
 
Roundhill GLP-1 & Weight Loss 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
  
Investments:
                        
  Common Stocks
  
$
36,883,605
    
$
–
    
$
–
    
$
36,883,605
  
  Money Market Funds
    
90,576
      
–
      
–
      
90,576
  
Total Investments
  
$
36,974,181
    
$
–
    
$
–
    
$
36,974,181
  
   
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)
        
United States
  
$
17,564,791
      
47.5
%
Denmark
    
6,653,189
      
17.9
  
Japan
    
3,354,412
      
9.0
  
China
    
2,348,352
      
6.3
  
Switzerland
    
2,346,984
      
6.3
  
United Kingdom
    
1,908,795
      
5.1
  
South Korea
    
1,025,125
      
2.8
  
Hong Kong
    
1,022,233
      
2.8
  
Taiwan
    
750,300
      
2.0
  
Other Assets in Excess of Liabilities
    
128,929
      
0.3
  
   
$
37,103,110
      
100.0
%