A New Half Begins
With the first half of 2025 now in the books, investors are taking stock of the winners, losers, and missed opportunities in their portfolios. Year-to date, the Industrials sector led the S&P 500 with a 12% return, while Consumer Discretionary lagged, down 4.25%. On the individual stock front, Palantir Technologies (PLTR) soared 80.3%, making it the index’s top performer, while Deckers Outdoor Corp (DECK) fell 49.3%, the steepest decline among S&P 500 constituents (Bloomberg).
As we turn the corner into the second half, it’s also an opportune moment to examine how Roundhill’s thematic ETFs have fared in a market shaped by shifting inflation expectations, an evolving trade landscape, and destabilizing geopolitical environment. Let’s explore how some of our under-the-radar thematics—video games, sports betting, the metaverse, weight loss, and uranium—have performed so far this year.
NERD - A Healthy Breather
The Roundhill Video Games ETF (NERD) has traded in an uptrend since an impressive response off the August 5, 2024 price lows. Since then, the fund has reliably keyed off long-term support at the 200-day moving average and been able to consistently respond from oversold conditions near these levels.
Recently, NERD registered a robust 35.1% return for 1H’25, outperforming the S&P 500 by almost 29%. To begin 2H, NERD has been healthily consolidating a ~50% run off the April 9, 2025 intraday lows, and is now trading 3.2% above its 50-day moving average.
BETZ - Strong Trend & Sector Leadership
As noted in our 2024 year-end themes blog, the regulatory backdrop for sports betting remains favorable, with state-level legalization continuing to gain ground, though Illinois recently became the first state to introduce a new tax levy on operators. In our view, the price action of the Roundhill Sports Betting & iGaming ETF (BETZ) reflects this growing adoption. The fund returned 25.3% in the first half of 2025—outpacing the S&P 500’s 6.2% return by nearly 19 percentage points.
From a technical standpoint, BETZ is in a clear uptrend, trading at fresh absolute and relative highs. While a pause in momentum wouldn’t be surprising after such a strong move, we believe it would represent healthy consolidation within a broader leadership trend.
Source: Bloomberg; Data as of July 15, 2025. Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call (855) 561-5728. For more information, including current holdings and standardized performance: https://www.roundhillinvestments.com/etf/betz/
METV - Ignored & Flourishing
Recent developments—like Meta’s AI-powered Ray-Ban smart glasses—serve as a reminder that the metaverse is evolving beyond just virtual worlds, expanding into wearables and real-world integration. We believe that the Roundhill Ball Metaverse ETF (METV) remains an underappreciated and ignored pocket of the equity market. To that end, sentiment has actually been an asset for METV, which recently surpassed its 2021 record to trade at all-time price highs.
Despite an almost 20% drawdown in the first four months of 2025, METV finished the first half of 2025 with a 18.4% return, outperforming the broader market. With short-term support at $16 and longer-term support in the $15.50-15.75 zone, we see METV in a decisive uptrend with an attractive risk/reward profile going forward.
Source: Bloomberg; Data as of July 15, 2025. Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call (855) 561-5728. For more information, including current holdings and standardized performance: https://www.roundhillinvestments.com/etf/metv/
OZEM - Primed to Rally?
Within the traditionally defensive Health Care sector, the Roundhill GLP-1 & Weight Loss ETF (OZEM) offers a more growth-oriented profile than its peers. The broader sector continues to struggle with consistent outperformance relative to the S&P 500, and OZEM has yet to spark a durable rally across Health Care. That said, OZEM rose 3.5% in the first half of 2025, outperforming the flat performance of the average Health Care stock.
While GLP-1 stocks have cooled recently, OZEM is responding off support at its 50-day moving average and is beginning to quietly outperform the Equal Weight Health Care Index. Technically, OZEM’s rally could have room to run on an absolute and relative basis.
Source: Bloomberg; Data as of July 15, 2025. Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call (855) 561-5728. For more information, including current holdings and standardized performance: https://www.roundhillinvestments.com/etf/ozem/
UX - Digesting a Meteoric Rally
After a meteoric 45% rally off its April 7 lows, the Roundhill Uranium ETF (UX) appears to be taking a breather. The fund is now in the midst of a healthy technical correction, with its Relative Strength Index (RSI) cooling to 47.6—down from overbought territory above 70. UX is approaching key support levels, including its rising 200-day moving average near $26 and the previous breakout zone around $26.60, which may now serve as support. Recent policy signals from the Trump campaign favoring domestic nuclear development may offer a longer-term tailwind.
Glossary:
S&P 500: The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities and serves as the foundation for a wide range of investment products. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.
S&P 500 GICS Consumer Discretionary Sector Index is a capitalization-weighted index that includes auto, household durables, textiles & apparel, leisure equipment, hotels, restaurants, other leisure facilities, media production & services and consumer retailing.
S&P 500 Industrials Index is a capitalization-weighted index. This sector includes companies involved in aerospace and defense, construction, machinery, and transportation.
The S&P 500 Equal Weight Index Health Care Index imposes equal weights on the index constituents included in the S&P 500 that are classified in the GICS® health care sector.
50-Day Moving Average: A simple moving average is constructed by taking a mean average of a time series (50-day) over a given period of time. Moving average often provides a better indicator of trends.
200-Day Moving Average: A simple moving average is constructed by taking a mean average of a time series (200-day) over a given period of time. Moving average often provides a better indicator of trends.
The relative strength index (RSI) is a momentum indicator used in technical analysis. RSI measures the speed and magnitude of a security's recent price changes to detect overbought or oversold conditions in the price of that security. In addition to identifying overbought and oversold securities, the RSI can also indicate securities that may be primed for a trend reversal or a corrective pullback in price. It can signal when to buy and sell. Traditionally, an RSI reading of 70 or above indicates an overbought condition. A reading of 30 or below indicates an oversold condition.
NERD Disclosures
Investors should consider the investment objectives, risk, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the NERD ETF please call 1-855-561-5728 or visit the website at https:// www.roundhillinvestments.com/etf/NERD/. Read the prospectus or summary prospectus carefully before investing.
Investing involves risk, including possible loss of principal. Video game companies face intense competition, both domestically and internationally, 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. Fund investments will be concentrated in an industry or group of industries, and the value of Fund shares may risk and fall more than diversified funds. Foreign investing involves social and political instability, market illiquidity, exchange-rate fluctuation, high volatility and limited regulation risks. Depository Receipts involve risks similar to those associated investments in foreign securities, but may not provide a return that corresponds precisely with that of the underlying shares. Please see the prospectus for details of these and other risks.
Roundhill Financial Inc. serves as the investment advisor. The Funds are distributed by Foreside Fund Services, LLC which is not affiliated with Roundhill Financial Inc., U.S. Bank, or any of their affiliates.
BETZ Disclosures
Investors should consider the investment objectives, risk, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about Roundhill ETFs please call 1-855-561-5728 or visit the website at https://www.roundhillinvestments.com/etf/BETZ/. Read the prospectus or summary prospectus carefully before investing.
Investing involves risk, including possible loss of principal. 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. Fund investments are concentrated in an industry or group of industries, and the value of Fund shares may rise and fall more than more diversified funds. Investments in foreign securities involve social and political instability, market illiquidity, exchange-rate fluctuation, high volatility and limited regulation risks. Depositary Receipts involve risks similar to those associated with investments in foreign securities, but may not provide a return that corresponds precisely with that of the underlying shares. Please see the prospectus for details of these and other risks.
Roundhill Financial Inc. serves as the investment advisor. The Funds are distributed by Foreside Fund Services, LLC which is not affiliated with Roundhill Financial Inc., U.S. Bank, or any of their affiliates.
METV Disclosures
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the METV ETF please call 1-855-561-5728 or visit the website at https://www.roundhillinvestments.com/etf/METV. Read the prospectus or summary prospectus carefully before investing.
Investing involves risk, including possible loss of principal. 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. Fund investments will be concentrated in an industry or group of industries, and the value of Fund shares may rise and fall more than more diversified funds. Foreign investing involves social and political instability, market illiquidity, exchange-rate fluctuation, high volatility and limited regulation risks. Emerging markets involve different and greater risks, as they are smaller, less liquid and more volatile than more developed countries. Depositary Receipts involve risks similar to those associated with investments in foreign securities, but may not provide a return that corresponds precisely with that of the underlying shares. Please see the prospectus for details of these and other risks.
As an ETF, the fund may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. The Fund may invest in securities issued in initial public offerings. The market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. The Fund is a recently organized investment company with no operating history. The Fund invests 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. There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable. Public stockholders of SPACs may not be afforded a meaningful opportunity to vote on a proposed initial business combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a result, a SPAC may complete a business combination even though a majority of its public stockholders do not support such a combination. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices.
Foreside Fund Services, LLC: Distributor.
*Neither Roundhill Investments nor METV ETF are affiliated with these financial services firms. Their listing should not be viewed as a recommendation or endorsement.
OZEM Disclosures
Investors should consider the investment objectives, risk, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about Roundhill ETFs please call 1-855-561-5728 or visit the website at www.roundhillinvestments.com/etf/OZEM. Read the prospectus or summary prospectus carefully before investing.
Health Care Companies Risk. Health care companies, such as companies providing medical and healthcare goods and services, companies engaged in manufacturing medical equipment, supplies and pharmaceuticals, as well as operating health care facilities and the provision of managed health care, may be affected by government regulations and government health care programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many health care companies are heavily dependent on patent protection, and the expiration of a company’s patent may adversely affect that company’s profitability. Health care companies are also subject to competitive forces that may result in price discounting, may be thinly capitalized and susceptible to product obsolescence.
Pharmaceutical Companies Risk. The Fund may have significant exposure to pharmaceutical companies in connection with its investments in GLP-1 & Weight Loss Companies. Pharmaceuticals companies may be affected by industry competition, dependency on a limited number of products, obsolescence of products, government approvals and regulations, loss or impairment of intellectual property rights and litigation regarding product liability. Pharmaceutical are subject to competitive forces that may make it difficult to raise prices of their products and may result in price discounting. The profitability of some pharmaceuticals companies may be dependent on a relatively limited number of products. The research and development costs required to bring a new product to market are substantial with no guarantee that the product will ever become profitable. Many new products are subject to gaining the approval of the U.S. Food and Drug Administration (“FDA”), which can be long and costly. Many pharmaceutical companies are heavily dependent on patents and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Pharmaceuticals companies may also be subject to extensive litigation based on product liability and similar claims.
Biotechnology Companies Risk. The Fund may have significant exposure to biotechnology companies in connection with its investments in GLP-1 & Weight Loss Companies. Biotechnology companies invest heavily in research and development which may not necessarily lead to commercially successful products. Biotechnology companies are subject to increased governmental regulation which may delay or inhibit the release of new products. The effects of high development costs and increased regulation may be exacerbated by a company’s inability to raise prices to cover costs because of managed care pressure or price controls. Many biotechnology companies are dependent upon their ability to use and enforce intellectual property rights and patents. Any impairment of such rights may have adverse financial consequences. Biotechnology stocks, especially those issued by smaller, less-seasoned companies, tend to be more volatile than the overall market. Biotechnology companies can also be significantly affected by technological change and obsolescence, product liability lawsuits and consequential high insurance costs.
Concentration Risk. The Fund is concentrated in the industry or group of industries comprising the health care sector. The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector, market segment or asset class.
New Fund Risk. The Fund is a recently organized investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision.
Roundhill Financial Inc. serves as the investment advisor. The Funds are distributed by Foreside Fund Services, LLC which is not affiliated with Roundhill Financial Inc., U.S. Bank, or any of their affiliates.
UX Disclosures
Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about Roundhill ETFs, please call 1-855-561-5728 or visit the website at www.roundhillinvestments.com/etf/UX. Read the prospectus or summary prospectus carefully before investing.
Uranium Market Risk. While the Fund does not invest directly in uranium, it will have significant exposure to uranium as a result of derivatives (such as swap agreements) that utilize Spot Uranium, Uranium Companies or Uranium Trusts as the reference asset. Uranium prices are highly volatile due to the interplay of supply and demand dynamics, geopolitical developments, and regulatory changes.
Swap Agreements Risk. The Fund will utilize swap agreements to derive its exposure to the price of uranium. Swap agreements may involve greater risks than direct investment in securities as they may be leveraged and are subject to credit risk, counterparty risk and valuation risk. A swap agreement could result in losses if the underlying reference or asset does not perform as anticipated. In addition, many swaps trade over-the-counter and may be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.
Regulatory and Political Risk. Uranium is a heavily regulated commodity due to its use in nuclear energy and potential for nuclear proliferation. Changes in government regulations, international treaties, or geopolitical tensions can significantly impact uranium production, distribution, and consumption.
Environmental and Operational Risk. Uranium mining and processing involve significant environmental and social challenges, including radioactive contamination, water usage, land use conflicts and waste management.
Supply Chain Risk. The uranium supply chain is geographically concentrated, with major production coming from a few countries such as Kazakhstan, Canada and Australia.
Counterparty Risk. Any swap agreements utilized by the Fund will be subject to counterparty risk between the Fund and its swap counterparties. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund.
Concentration Risk. The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in investments that provide exposure to uranium.
New Fund Risk. The Fund is a recently organized investment company with a limited operating history.
Non-Diversification Risk. As a "non-diversified" fund, the Fund may hold a smaller number of portfolio securities than many other funds.
Roundhill Financial Inc. serves as the investment advisor. The Fund is distributed by Foreside Fund Services, LLC, which is not affiliated with Roundhill Financial Inc., U.S. Bank, or any of their affiliates.
