Robinhood Markets, Inc.: Rothera Check In

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Robinhood Markets, Inc.: Rothera Check In

Equity Research

U.S. Brokers, Asset Managers & Exchanges

12 June 2026

Robinhood Markets, Inc.

Rothera Check In

With HOOD's PM exchange now live, we track volumes to

gauge progress. In the first few weeks, contracts offered were

limited to a handful of events (MLB, World Cup, core PCE, HOOD OVERWEIGHT U.S. Brokers, Asset

Managers & Exchangesetc.), which we expect to expand over time. June volumes POSITIVE

Price Target USD 82.00

have averaged ~$6M/day representing a ~LSD % of total, we Price (11-Jun-26) USD 92.23

believe. Potential Upside/Downside -11.1%

Source: Bloomberg, Barclays Research

U.S. Brokers, Asset Managers &

Exchanges

Benjamin Budish, CFA THE EXTEL SURVEY IS CLOSING SOON

+1 212 526 2418

Support our industry-leading benjamin.budish@barclays.comBCI, US

Chris O'Brien analysts with 5-Star votes in

+1 212 526 9284

the 2026 Extel All-America chris.obrien@barclays.com

Research Survey. BCI, US

Mason Fleming

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Vote Now View Analysts mason.fleming@barclays.com

BCI, US

Mark McLaughlin, CFA

+1 212 526 9320

Overview: With Robinhood's Rothera now live, we track volumes to gauge progress. To mark.mclaughlin@barclays.com

date, contracts have been limited to MLB, World Cup, PCE, and jobless claims, though expect BCI, US

the company will roll out a broader set of contracts over the coming months. Since the

beginning of June, Rothera volumes (which currently are only offered to Robinhood brokerage

customers) have averaged ~6M daily contracts (Figure 1), quite small relative to total Robinhood

PM volumes (~130M total ADV in May) but we expect Robinhood will migrate more volumes over

time. So far, Rothera has listed contract for 2 economic metrics (weekly jobless claims and core

PCE), as well as MLB and World Cup contracts.