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<div style="padding-left:18pt;padding-right:18pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Roundhill Video Games ETF (NERD)</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Roundhill Ball Metaverse ETF (METV)</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Roundhill Cannabis ETF (WEED)</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Roundhill Sports Betting & iGaming ETF (BETZ) </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">(each, a “Fund” and together, the “Funds”)</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">each, a series of Listed Funds Trust</span></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">June 12, 2026</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Supplement to each Fund’s Prospectus and </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Statement of Additional Information (“SAI”), </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">each dated April 30, 2026, as supplemented</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:12pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%;text-decoration:underline">Changes to the Roundhill Video Games ETF, Roundhill Ball Metaverse ETF, and Roundhill Cannabis ETF</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Effective June 22, 2026, the following sentence is added to the “Principal Investment Strategies” section in the “Fund Summary” of the Prospectus for each Fund:</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in shares of companies through initial public offerings (“IPOs”) or in shares of companies that have recently gone through an IPO and are now publicly traded on a stock exchange.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Accordingly, the following risk is hereby added, in alphabetical order, to the “Principal Investment Risks” section in the “Fund Summary” of the Prospectus for each Fund:</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">IPO Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may at times have the opportunity to invest in IPO shares or in shares of companies that have recently undergone an IPO. The market value of such shares can have significant volatility due to factors such as the absence of a prior public market, unseasoned trading, a small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs and the Fund may lose money on an investment in such securities.</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Moreover, the risk chart in the “Additional Information about the Funds – Principal Investment Risks” section of the Prospectus is updated to reflect that “IPO Risk” is a principal risk of each Fund and the following risk is added, in alphabetical order, beneath the risk chart:</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">IPO Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> IPO shares, and the securities of companies that have recently undergone an IPO, are unseasoned equities lacking a trading history, a track record of reporting to investors, and widely available research coverage. IPO shares are thus often subject to extreme price volatility and speculative trading. These stocks may have above-average price appreciation in connection with the IPO. In addition, IPOs share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in an IPO are typically a small percentage of the market capitalization. The ownership of many IPOs often include large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released. Furthermore, holders of IPO shares may be affected by substantial dilution in the value of their shares.</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%;text-decoration:underline">Changes to the Roundhill Sports Betting & iGaming ETF</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Effective June 22, 2026 (the “Effective Date”), the Fund’s investment objective, principal investment strategies, and principal investment risks will change, as discussed in more detail below. On the Effective </span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Date, the Fund will convert from a passively managed index fund that seeks to track the performance, before fees and expenses, of the Morningstar</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.47pt;font-weight:400;line-height:120%;position:relative;top:-3.48pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Sports Betting & iGaming Select</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> Index </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(the “Index”) into an actively managed fund. The Fund’s new actively managed investment strategy will apply substantially similar screens and investment criteria as the Index to provide exposure to equity securities of Sports Betting and iGaming Companies (as defined by the Fund). Accordingly, as of the Effective Date:</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The “Investment Objective” section in the Fund’s Prospectus is deleted and replaced with the following:</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Roundhill Sports Betting & iGaming ETF (“Sports Betting ETF” or the “Fund”) seeks total return. </span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The “Principal Investment Strategies” section in the Fund’s Prospectus is deleted and replaced with the following:</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Principal Investment Strategies </span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in the equity securities of Sports Betting and iGaming Companies. The Fund will generally invest primarily in the equity securities of Sports Betting and iGaming Companies, but may also seek exposure through derivative instruments, such as swap agreements and forward contracts. The Adviser defines such companies as follows:</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:13.8pt">Sports Betting Companies are those engaged, directly or indirectly, in analyzing sports events and wagering on their outcomes, such as online bookmakers or prediction market exchanges. </span></div><div style="margin-bottom:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:13.8pt">iGaming Companies are those engaged, directly or indirectly, in online betting on games of chance, such as poker, slots, blackjack, or the lottery.</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities (which may include depositary receipts) or instruments (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, swap agreements or forward contracts) that provide exposure to Sports Betting and iGaming Companies. For purposes of compliance with this investment policy, derivative contracts (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, swap agreements and forward contracts) will be valued at their notional value.</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Adviser identifies Sports Betting and iGaming Companies as those </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">with at least a majority of their revenues or profits attributable to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: </span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:13.8pt">Online bookmaking; </span></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:13.8pt">Media production connected to sports betting and/or iGaming, such as the producers of podcasts, videos, and blogs; </span></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:13.8pt">Developing and/or providing technology solutions and services for other Sports Betting and/or iGaming Companies; </span></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:13.8pt">Providing marketing solutions and services for other Sports Betting and/or iGaming Companies; </span></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:13.8pt">Prediction markets; and </span></div><div style="margin-bottom:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:13.8pt">Investing in Sports Betting and/or iGaming Companies, such as owners of investment portfolios comprising companies exposed to sports betting activities, iGaming activities, or the underlying assets of such companies, such as casino developers and bingo and lottery game developers.</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will concentrate its investments in the Casino & Gaming Industry, a segment of the Consumer Discretionary Sector as defined by the Bloomberg Industry Classification System (“BICS”). Under BICS, the Consumer Discretionary Sector includes companies whose products and services are typically purchased by consumers with discretionary income and whose revenues are therefore highly sensitive to economic cycles. The Casino and Gaming Industry segment more broadly encompasses casino owners and operators, gaming facility operators, lottery and betting services providers, gaming machine operators, and other companies providing ancillary services directly tied to casino and gaming operations.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund rebalances its portfolio at least quarterly using the Adviser’s proprietary weighting methodology. Portfolio weights are subject to a 25% cap on any single company. In determining weights, the Adviser considers each company’s market share and revenue share from the sale or production of semiconductor memory products and related technologies.</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Generally, the Fund will invest in those companies with a minimum market capitalization of $250 million, but the Fund may invest in companies with any market capitalization. The Fund may invest in U.S. and non-U.S. companies (including those operating in developed or emerging market countries) through investments in depositary receipts, American Depositary Receipts (“ADRs”) or Global Depositary 2 Receipts (“GDRs”), including depositary receipts whose underlying securities are non-voting preferred securities. The Fund may invest in shares of companies through initial public offerings (“IPOs”) or in shares of companies that have recently gone through an IPO and are now publicly traded on a stock exchange.</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in U.S. Treasury securities and cash and cash equivalents to serve as collateral or margin for the Fund’s investments in swap agreements, forward contracts, and other derivatives.</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940 (the “1940 Act”).</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The “Concentration Risk” (and the “Casinos & Gaming Industry” sub-risk), “Index Provider Risk,” “Passive Investment Risk,” and “Tracking Error Risk” discussions in the “Principal Investment Risks” section in the “Fund Summary” of the Prospectus are deleted in their entirety and the following risks are hereby added to the same section in alphabetical order:</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Industry Exposure Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund expects to have significant exposure to the Casinos & Gaming Industry. As a result, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting this industry than a fund that invests its assets in a more diversified manner.</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Casinos & Gaming Industry Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. The Casinos & Gaming Industry includes owners and operators of casinos and gaming facilities, and companies providing lottery and betting services. The Casinos & Gaming Industry is highly competitive and companies operating in the Casinos & Gaming Industry rely heavily on consumer spending and the availability of disposable income for success. In addition, the Casinos & Gaming Industry may be negatively affected by changes in economic conditions, consumer tastes and discretionary income levels, technological developments, limited financial resources, competition from competing entertainment options, and competition for key personnel. Casinos are closely tied to the travel and tourism industry and are particularly sensitive to economic shutdowns and mitigation strategies, such as the COVID-19 pandemic. In addition, Casinos & Gaming Industry companies are highly regulated, and state and federal </span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:72pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">legislative or regulatory changes and licensing issues (as well as the laws of other countries) can significantly impact their ability to operate in certain jurisdictions. The Casinos & Gaming Industry is a sub-industry of the Hotels, Restaurants & Leisure Industry within the Consumer Discretionary Sector.</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">IPO Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may at times have the opportunity to invest in IPO shares or in shares of companies that have recently undergone an IPO. The market value of such shares can have significant volatility due to factors such as the absence of a prior public market, unseasoned trading, a small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs and the Fund may lose money on an investment in such securities.</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Management Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is actively-managed and may not meet its investment objective based on the Adviser’s and Sub-Adviser’s success or failure to implement investment strategies for the Fund. The Sub-Adviser’s evaluations and assumptions regarding issuers, securities, and other factors may not successfully achieve the Fund’s investment objective given actual market conditions.</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The “Additional Information about the Indexes -</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Morningstar</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.47pt;font-weight:400;line-height:120%;position:relative;top:-3.48pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Sports Betting & iGaming Select Index” discussion is deleted in its entirety. </span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The fourth paragraph in the “Additional Information About the Funds - Principal Investment Strategies” section of the Prospectus is hereby deleted and replaced with the following:</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Sports Betting ETF invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in equity securities (which may include depositary receipts) or instruments (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, swap agreements or forward contracts) that provide exposure to Sports Betting and iGaming Companies, as described in the Fund’s summary section.</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The “Additional Information About the Funds - Principal Investment Strategies - Additional Information About the Funds’ Investment Strategies - Sports Betting ETF” section of the Prospectus is deleted and replaced with the following:</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">For temporary defensive purposes, the Fund also may invest in short-term instruments such as commercial paper and/or repurchase agreements collateralized by U.S. government securities. Taking a temporary defensive position may result in the Fund not achieving its investment objective. </span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The risk chart in the “Additional Information about the Funds – Principal Investment Risks” section of the Prospectus is updated to reflect that “Concentration Risk,” (and the “Casinos & Gaming Industry” sub-risk), “Index Provider Risk,” “Passive Investment Risk,” and “Tracking Error Risk” are no longer principal risks of the Fund. The chart is also revised to reflect that “Industry Exposure Risk” (and the “Casinos & Gaming Industry” sub-risk), “IPO Risk,” and “Management Risk” are principal risks of the Fund and the following risks are added beneath the risk chart in alphabetical order:</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Industry Exposure Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund expects to have significant exposure to the Casinos & Gaming Industry. As a result, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting this industry than a fund that invests its assets in a more diversified manner.</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Casinos & Gaming Industry Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Casinos & Gaming Industry includes owners and operators of casinos and gaming facilities, and companies providing lottery and betting </span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:72pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">services. The Casinos & Gaming Industry is highly competitive and companies operating in the Casinos & Gaming Industry rely heavily on consumer spending and the availability of disposable income for success. In addition, the Casinos & Gaming Industry may be negatively affected by changes in economic conditions, consumer tastes and discretionary income levels, technological developments, limited financial resources, competition from competing entertainment options, and competition for key personnel. Casinos are closely tied to the travel and tourism industry and are particularly sensitive to economic shutdowns and mitigation strategies, such as the COVID-19 pandemic. In addition, Casinos & Gaming Industry companies are highly regulated, and state and federal legislative or regulatory changes and licensing issues (as well as the laws of other countries) can significantly impact their ability to operate in certain jurisdictions. The Casinos & Gaming Industry is a sub-industry of the Hotels, Restaurants & Leisure Industry within the Consumer Discretionary Sector.</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">IPO Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> IPO shares, and the securities of companies that have recently undergone an IPO, are unseasoned equities lacking a trading history, a track record of reporting to investors, and widely available research coverage. IPO shares are thus often subject to extreme price volatility and speculative trading. These stocks may have above-average price appreciation in connection with the IPO. In addition, IPOs share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in an IPO are typically a small percentage of the market capitalization. The ownership of many IPOs often include large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released. Furthermore, holders of IPO shares may be affected by substantial dilution in the value of their shares.</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following is added as paragraph #11 in the “Investment Restrictions” section of the SAI:</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Prior to June 22, 2026, the Sports Betting ETF sought to track the total return performance, before fees and expenses, of the Morningstar</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.47pt;font-weight:400;line-height:120%;position:relative;top:-3.48pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Sports Betting & iGaming Select Index. As such, the Fund’s holdings, similar to the Index constituents, were concentrated in securities issued by companies in the Casinos & Gaming Industry, a sub-industry of the Hotels, Restaurants & Leisure Industry within the Consumer Discretionary Sector. On June 22, 2026, the Fund revised its investment objective and investment strategy to reflect that the Fund no longer seeks to track the performance of the Morningstar</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.47pt;font-weight:400;line-height:120%;position:relative;top:-3.48pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Sports Betting & iGaming Select Index or pursues a passive investment strategy. The Fund, however, expects to continue to have significant exposure (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, more than 25% of the Fund’s assets) to securities issued by companies in the Casinos & Gaming Industry. The extent of the Fund’s exposure to the Casinos & Gaming Industry may vary over time. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In addition, all other references in the Prospectus or SAI to the Fund pursuing a passively managed index strategy, the Index, or the Index Provider for the Fund are deleted. </span></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The changes to the Fund’s investment objective, principal investment strategies, and principal investment risks are not expected to affect the Fund’s fees and expenses.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Please retain this Supplement with your Prospectus and SAI for future reference.</span></div>
Roundhill Video Games ETF
Roundhill Ball Metaverse ETF
Roundhill Cannabis ETF
Roundhill Sports Betting & iGaming ETF
2026-06-12
2026-04-30
Principal Investment Strategies
Principal Investment Strategies
Principal Investment Strategies
<span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in shares of companies through initial public offerings (“IPOs”) or in shares of companies that have recently gone through an IPO and are now publicly traded on a stock exchange.</span>
<span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in shares of companies through initial public offerings (“IPOs”) or in shares of companies that have recently gone through an IPO and are now publicly traded on a stock exchange.</span>
<span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in shares of companies through initial public offerings (“IPOs”) or in shares of companies that have recently gone through an IPO and are now publicly traded on a stock exchange.</span>
<div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">IPO Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may at times have the opportunity to invest in IPO shares or in shares of companies that have recently undergone an IPO. The market value of such shares can have significant volatility due to factors such as the absence of a prior public market, unseasoned trading, a small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs and the Fund may lose money on an investment in such securities.</span></div>
<div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">IPO Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may at times have the opportunity to invest in IPO shares or in shares of companies that have recently undergone an IPO. The market value of such shares can have significant volatility due to factors such as the absence of a prior public market, unseasoned trading, a small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs and the Fund may lose money on an investment in such securities.</span></div>
<div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">IPO Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may at times have the opportunity to invest in IPO shares or in shares of companies that have recently undergone an IPO. The market value of such shares can have significant volatility due to factors such as the absence of a prior public market, unseasoned trading, a small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs and the Fund may lose money on an investment in such securities.</span></div>
Investment Objective
The Roundhill Sports Betting & iGaming ETF (“Sports Betting ETF” or the “Fund”) seeks total return.
Principal Investment Strategies
<div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in the equity securities of Sports Betting and iGaming Companies. The Fund will generally invest primarily in the equity securities of Sports Betting and iGaming Companies, but may also seek exposure through derivative instruments, such as swap agreements and forward contracts. The Adviser defines such companies as follows:</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:13.8pt">Sports Betting Companies are those engaged, directly or indirectly, in analyzing sports events and wagering on their outcomes, such as online bookmakers or prediction market exchanges. </span></div><div style="margin-bottom:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:13.8pt">iGaming Companies are those engaged, directly or indirectly, in online betting on games of chance, such as poker, slots, blackjack, or the lottery.</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities (which may include depositary receipts) or instruments (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, swap agreements or forward contracts) that provide exposure to Sports Betting and iGaming Companies. For purposes of compliance with this investment policy, derivative contracts (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, swap agreements and forward contracts) will be valued at their notional value.</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Adviser identifies Sports Betting and iGaming Companies as those </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">with at least a majority of their revenues or profits attributable to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: </span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:13.8pt">Online bookmaking; </span></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:13.8pt">Media production connected to sports betting and/or iGaming, such as the producers of podcasts, videos, and blogs; </span></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:13.8pt">Developing and/or providing technology solutions and services for other Sports Betting and/or iGaming Companies; </span></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:13.8pt">Providing marketing solutions and services for other Sports Betting and/or iGaming Companies; </span></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:13.8pt">Prediction markets; and </span></div><div style="margin-bottom:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:13.8pt">Investing in Sports Betting and/or iGaming Companies, such as owners of investment portfolios comprising companies exposed to sports betting activities, iGaming activities, or the underlying assets of such companies, such as casino developers and bingo and lottery game developers.</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will concentrate its investments in the Casino & Gaming Industry, a segment of the Consumer Discretionary Sector as defined by the Bloomberg Industry Classification System (“BICS”). Under BICS, the Consumer Discretionary Sector includes companies whose products and services are typically purchased by consumers with discretionary income and whose revenues are therefore highly sensitive to economic cycles. The Casino and Gaming Industry segment more broadly encompasses casino owners and operators, gaming facility operators, lottery and betting services providers, gaming machine operators, and other companies providing ancillary services directly tied to casino and gaming operations.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund rebalances its portfolio at least quarterly using the Adviser’s proprietary weighting methodology. Portfolio weights are subject to a 25% cap on any single company. In determining weights, the Adviser considers each company’s market share and revenue share from the sale or production of semiconductor memory products and related technologies.</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Generally, the Fund will invest in those companies with a minimum market capitalization of $250 million, but the Fund may invest in companies with any market capitalization. The Fund may invest in U.S. and non-U.S. companies (including those operating in developed or emerging market countries) through investments in depositary receipts, American Depositary Receipts (“ADRs”) or Global Depositary 2 Receipts (“GDRs”), including depositary receipts whose underlying securities are non-voting preferred securities. The Fund may invest in shares of companies through initial public offerings (“IPOs”) or in shares of companies that have recently gone through an IPO and are now publicly traded on a stock exchange.</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in U.S. Treasury securities and cash and cash equivalents to serve as collateral or margin for the Fund’s investments in swap agreements, forward contracts, and other derivatives.</span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940 (the “1940 Act”).</span>
Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities (which may include depositary receipts) or instruments (i.e., swap agreements or forward contracts) that provide exposure to Sports Betting and iGaming Companies.
<div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Industry Exposure Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund expects to have significant exposure to the Casinos & Gaming Industry. As a result, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting this industry than a fund that invests its assets in a more diversified manner.</span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Casinos & Gaming Industry Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. The Casinos & Gaming Industry includes owners and operators of casinos and gaming facilities, and companies providing lottery and betting services. The Casinos & Gaming Industry is highly competitive and companies operating in the Casinos & Gaming Industry rely heavily on consumer spending and the availability of disposable income for success. In addition, the Casinos & Gaming Industry may be negatively affected by changes in economic conditions, consumer tastes and discretionary income levels, technological developments, limited financial resources, competition from competing entertainment options, and competition for key personnel. Casinos are closely tied to the travel and tourism industry and are particularly sensitive to economic shutdowns and mitigation strategies, such as the COVID-19 pandemic. In addition, Casinos & Gaming Industry companies are highly regulated, and state and federal </span></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:72pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">legislative or regulatory changes and licensing issues (as well as the laws of other countries) can significantly impact their ability to operate in certain jurisdictions. The Casinos & Gaming Industry is a sub-industry of the Hotels, Restaurants & Leisure Industry within the Consumer Discretionary Sector.</span></div>
<span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Casinos & Gaming Industry Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. The Casinos & Gaming Industry includes owners and operators of casinos and gaming facilities, and companies providing lottery and betting services. The Casinos & Gaming Industry is highly competitive and companies operating in the Casinos & Gaming Industry rely heavily on consumer spending and the availability of disposable income for success. In addition, the Casinos & Gaming Industry may be negatively affected by changes in economic conditions, consumer tastes and discretionary income levels, technological developments, limited financial resources, competition from competing entertainment options, and competition for key personnel. Casinos are closely tied to the travel and tourism industry and are particularly sensitive to economic shutdowns and mitigation strategies, such as the COVID-19 pandemic. In addition, Casinos & Gaming Industry companies are highly regulated, and state and federal </span><div style="margin-bottom:12pt;margin-top:12pt;padding-left:72pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">legislative or regulatory changes and licensing issues (as well as the laws of other countries) can significantly impact their ability to operate in certain jurisdictions. The Casinos & Gaming Industry is a sub-industry of the Hotels, Restaurants & Leisure Industry within the Consumer Discretionary Sector.</span></div>
<div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">IPO Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may at times have the opportunity to invest in IPO shares or in shares of companies that have recently undergone an IPO. The market value of such shares can have significant volatility due to factors such as the absence of a prior public market, unseasoned trading, a small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs and the Fund may lose money on an investment in such securities.</span></div>
<div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Management Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is actively-managed and may not meet its investment objective based on the Adviser’s and Sub-Adviser’s success or failure to implement investment strategies for the Fund. The Sub-Adviser’s evaluations and assumptions regarding issuers, securities, and other factors may not successfully achieve the Fund’s investment objective given actual market conditions.</span></div>