Given a graphon  $W$ and a finite simple graph
$W$ and a finite simple graph  $H$, with vertex set
$H$, with vertex set  $V(H)$, denote by
$V(H)$, denote by  $X_n(H, W)$ the number of copies of
$X_n(H, W)$ the number of copies of  $H$ in a
$H$ in a  $W$-random graph on
$W$-random graph on  $n$ vertices. The asymptotic distribution of
$n$ vertices. The asymptotic distribution of  $X_n(H, W)$ was recently obtained by Hladký, Pelekis, and Šileikis [17] in the case where
$X_n(H, W)$ was recently obtained by Hladký, Pelekis, and Šileikis [17] in the case where  $H$ is a clique. In this paper, we extend this result to any fixed graph
$H$ is a clique. In this paper, we extend this result to any fixed graph  $H$. Towards this we introduce a notion of
$H$. Towards this we introduce a notion of  $H$-regularity of graphons and show that if the graphon
$H$-regularity of graphons and show that if the graphon  $W$ is not
$W$ is not  $H$-regular, then
$H$-regular, then  $X_n(H, W)$ has Gaussian fluctuations with scaling
$X_n(H, W)$ has Gaussian fluctuations with scaling  $n^{|V(H)|-\frac{1}{2}}$. On the other hand, if
$n^{|V(H)|-\frac{1}{2}}$. On the other hand, if  $W$ is
$W$ is  $H$-regular, then the fluctuations are of order
$H$-regular, then the fluctuations are of order  $n^{|V(H)|-1}$ and the limiting distribution of
$n^{|V(H)|-1}$ and the limiting distribution of  $X_n(H, W)$ can have both Gaussian and non-Gaussian components, where the non-Gaussian component is a (possibly) infinite weighted sum of centred chi-squared random variables with the weights determined by the spectral properties of a graphon derived from
$X_n(H, W)$ can have both Gaussian and non-Gaussian components, where the non-Gaussian component is a (possibly) infinite weighted sum of centred chi-squared random variables with the weights determined by the spectral properties of a graphon derived from  $W$. Our proofs use the asymptotic theory of generalised
$W$. Our proofs use the asymptotic theory of generalised  $U$-statistics developed by Janson and Nowicki [22]. We also investigate the structure of
$U$-statistics developed by Janson and Nowicki [22]. We also investigate the structure of  $H$-regular graphons for which either the Gaussian or the non-Gaussian component of the limiting distribution (but not both) is degenerate. Interestingly, there are also
$H$-regular graphons for which either the Gaussian or the non-Gaussian component of the limiting distribution (but not both) is degenerate. Interestingly, there are also  $H$-regular graphons
$H$-regular graphons  $W$ for which both the Gaussian or the non-Gaussian components are degenerate, that is,
$W$ for which both the Gaussian or the non-Gaussian components are degenerate, that is,  $X_n(H, W)$ has a degenerate limit even under the scaling
$X_n(H, W)$ has a degenerate limit even under the scaling  $n^{|V(H)|-1}$. We give an example of this degeneracy with
$n^{|V(H)|-1}$. We give an example of this degeneracy with  $H=K_{1, 3}$ (the 3-star) and also establish non-degeneracy in a few examples. This naturally leads to interesting open questions on higher order degeneracies.
$H=K_{1, 3}$ (the 3-star) and also establish non-degeneracy in a few examples. This naturally leads to interesting open questions on higher order degeneracies.