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TPAY

GradeCChicago Board Options Exchange

Roundhill Investments - S&P 500 Target 10 Managed Distribution ETF

Roundhill Investments · Inception 2026-02-18

$53.75−0.46 (−0.85%)

As of Sep 23, 2026, 1:12 PM EDT

History starts Feb 18, 2026.History starts Feb 18, 2026.History starts Feb 18, 2026.
Intraday session: down, 3 prints from 54.21 to 53.75. Range 53.75 to 54.21. Use the arrow keys to read each point.$54.00$54.2010 AM12 PM2 PM4 PM
Expense ratio
0.49%
Fund size
$2M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
55
Volume · 30D
0M sh
NAV per share
$54.62
52W range
low $46.50high $55.19

The ETF.net TPAY Grade

C

40/ 100

Confidence Medium

Six-pillar profile for TPAY. Scores out of 100: Cost 70, Risk 47, Mission not scored, Tradability 13, Holdings 41, Durability 30. Strongest: Cost (70). Weakest: Tradability (13). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 40 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned47This cap took−7Published score40 Grade C

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 70
    —

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 47
    —

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 13
    —

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 41
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 30
    —

Graded as of Aug 18, 2026 · Based on 5 of 6 pillars

Our read on TPAY

ETF.net Research

CMost S&P 500 income funds pay out whatever the options market hands them. TPAY works backwards: set the number first (a 10% annualized distribution rate, paid monthly), then run the S&P 500 sleeve to fund it.

Stated mandate

The Fund seeks exposure to the return of the S&P 500® Index while pursuing tax-efficient monthly distributions.

Why people hold it

  1. 01The payout is a stated formula, not a leftover: a 10% annualized distribution rate on a monthly schedule, written into the fund's own income policy.roundhillinvestments.com
  2. 02Fee of 0.49% a year, below the median for S&P 500 options-income funds.
  3. 03Actively managed around roughly 60 US positions rather than a fixed buy-write recipe, aiming at S&P 500 return plus tax-aware monthly cash.
  4. 04The tax angle is the point: the fund is built to make distributions tax-efficient, not just large.roundhillinvestments.com

Worth knowing

  1. 01A target rate is a payment schedule, not a return engine. When the portfolio earns less than it pays, the distribution comes partly out of the fund's own capital.
  2. 02The fund discloses that payouts can include return of capital, which trims your cost basis instead of arriving as income. Your year-end tax form is the real scorecard.
  3. 03A 2026 launch in a crowded cohort: small and thinly traded so far, which can mean wider bid-ask spreads than the category's giants.

TPAY Holdings

As of Aug 19, 2026, 3:00 AM
Asset class
Stocks
Holdings
55
Top-10 weight
100%
Largest holding
4SPY 270312C0003367058.5%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
0014SPY 270312C00033670SPY 03/12/2027 33.67 C58.46%—$951K2
0024SPY 270416C00033180SPY 04/16/2027 33.18 C31.43%—$511K1
0034SPYM 270312C00003330SPYM 03/12/2027 3.33 C6.92%—$113K1
004—Cash & Other3.19%—$52K—

Showing 1–4 of 4 holdings

TPAY Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Performance data is unavailable.

Returns run to the last market close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for TPAY. Periods over one year show the average yearly return.
PeriodTPAY
Year to dateHistory unavailable—
1 monthHistory unavailable—
3 monthsHistory unavailable—
1 yearHistory unavailable—
3 yearsHistory unavailable—per year
5 yearsHistory unavailable—per year
10 yearsHistory unavailable—per year

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual return data is unavailable.

TPAY in the news

ETF.net Research hasn’t filed on TPAY yet — coverage lands here as it’s written.

TPAY Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months

Distribution data unavailable.

TPAY Risk

How much the fund’s monthly returns vary, scaled to a year.
—
No data available
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
No data available
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
No data available
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.99
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

TPAY Cost

Expense Ratio
0.49%