Roundhill files for an active cybersecurity ETF, and the fee is still blank

Roundhill ETF Trust filed on Oct. 30 for an actively managed cybersecurity fund, the Roundhill Cybersecurity ETF, CYBE. Roundhill, the New York adviser named in the filing, says it was founded in 2018 and that its funds cover thematic stocks and options income.

The filing is a post-effective amendment, not a first registration. The trust is already on file with the Securities and Exchange Commission, so a new fund arrives by amending that registration. The preliminary prospectus says the information is not complete and may be changed, and that the shares cannot be sold until the registration is effective. The trust checked the box for that to happen 75 days after the Oct. 30 filing, under Rule 485(a)(2). That date is Jan. 13, 2027.

What the prospectus proposes

The fund would seek capital appreciation. It would not try to track an index.

Under normal circumstances it would put at least 80% of its net assets, plus any money borrowed to invest, into stocks of cybersecurity companies, or into swaps, contracts that provide that exposure. Roundhill would start with companies that get at least 50% of revenue from cybersecurity products or services, then pick the ones it considers leaders, weighing market share, how much revenue comes from those products, and how broad the security platform is. It would seek to buy only companies worth at least $5 billion at the time of purchase.

It could hold U.S. and foreign stocks and would rebalance at least quarterly. It would put more than 25% of its assets in information technology. It would also be non-diversified, which means it could put more in one company than a diversified fund can.

The price of the fund is the blank. Management fees and total annual operating expenses are both printed as "0.__%".

Other expenses are listed at 0.00% and marked as estimates. Under the proposed unitary fee, Roundhill would pay the fund's ordinary operating costs, apart from items the prospectus excludes, including interest, taxes and brokerage. If those estimates hold, the missing management fee is the expense ratio.

The prospectus says the fund does not pay distribution fees and has no current intention of paying them. The listing exchange is left blank. The fund has not started investing, so the filing has no performance and no financial statements.

On Sept. 14, 2026, the trust asked the SEC to withdraw the registration for a Daily 2X Long Software ETF that had never started. The letter said the trust no longer intended to seek effectiveness, and that no securities of that fund had been sold or would be sold.

The fee a buyer would set beside it

The fees below run from 0.35% to 0.60%. Under the proposed unitary fee, the missing management fee would be the expense ratio, so that blank is the number a buyer would set next to these.

Five of these funds track indexes. XA, which began on May 5, 2026, is actively managed. It picks companies that use artificial intelligence in security, a narrower cut than the cybersecurity business Roundhill has described.

Until the blank is filled in, a buyer cannot tell whether the new fund would cost less than those index funds, or more than the active fund in this group.