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Launched · SEC filings

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

TPAYCboeC

$54.45−0.02 (−0.03%)

As of Oct 13, 2026, 1:24 PM

C40/ 100

Rank 40 of 52 in S&P 500 Option Income

C40/100Rank 40 of 52inS&P 500 Option Income
Intraday session: down, 9 prints from 54.47 to 54.45. Range 54.43 to 54.62. Use the arrow keys to read each point.54.5054.5554.6010 AM12 PM2 PM4 PM
Expense ratio
0.49%
Fund size
$2M
1Y total return
—
Yield · Last 12 months
5.42%
Holdings
4
Avg volume · 30D
0M sh
NAV per share
$54.49
52W range
low $46.50high $55.19
Launched
Filings
SEC EDGAR

The ETF.net TPAY Grade

Based on 5 of 6 pillars

C

Score 40 out of 100

Category
S&P 500 Option Income⁠
Rank
40 of 52
Six-pillar profile for TPAY. Scores out of 100: Cost 66, Risk 46, Mission not scored, Tradability 31, Holdings 44, Durability 31. Strongest: Cost (66). Weakest: Durability (31). Based on 5 of 6 pillars.

Score 40 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
50
This cap took
−10
Published Score
40 Grade C

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B66 out of 100
    Rank 18 of 52

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C46 out of 100
    Rank 28 of 52

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D31 out of 100
    Rank 42 of 52

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C44 out of 100
    Rank 26 of 41

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D31 out of 100
    Rank 48 of 52

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 Oct 13, 2026
Asset class
Stocks
Holdings
4
Top-10 weight
100%
Largest holding
4SPY 270312C0003367059.1%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
0014SPY 270312C00033670Spy 03/12/2027 33.67 C59.14%13$966K2
0024SPY 270416C00033180Spy 04/16/2027 33.18 C31.80%7$519K1
0034SPYM 270312C00003330Spym 03/12/2027 3.33 C4.85%9$79K1
004—Cash & Other4.21%68,800$69K672

Showing 1–4 of 4 holdings

TPAY Performance

Launched Feb 18, 2026

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

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
TPAY$10,283
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,332
Jul 10, 2026 to Oct 12, 2026. TPAY $10,283. SPY $10,332. Use the arrow keys to read each point.$9,605$10,003$10,400Jul 2026Aug 2026Oct 2026

Jul 10, 2026 – Oct 12, 2026

Returns run to the Oct 12, 2026 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 dateFund launched this year—
1 month+2.0%
3 months+2.8%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper year—

As of the close, with distributions reinvested.

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 total returns for TPAY
YearReturn barTPAY
2026 YTD+13.4%

Since listing, Feb 18, 2026

TPAY in the news

Filtered to TPAY · S&P 500 Option Income

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 through Oct 12, 2026.
5.42%Last 12 months
Payout per share
$2.95Last 12 months
Last payment
$0.42 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2024–2026

One bar per payment. 8 payments from 2024 to 2026 YTD. Sep 27, 2024 $3.85; Mar 11, 2026 $0.42; Apr 8, 2026 $0.42; May 13, 2026 $0.42; Jun 10, 2026 $0.42; Jul 8, 2026 $0.42; Aug 12, 2026 $0.42; Sep 9, 2026 $0.42. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Dec 9, 2026Pays Dec 10, 2026$0.42
Nov 10, 2026Pays Nov 12, 2026$0.42
Oct 14, 2026Pays Oct 15, 2026$0.42
Sep 9, 2026Sep 10, 2026$0.42
Aug 12, 2026Aug 13, 2026$0.42
Jul 8, 2026Jul 9, 2026$0.42
Jun 10, 2026Jun 11, 2026$0.42
May 13, 2026May 14, 2026$0.42
Apr 8, 2026Apr 9, 2026$0.42
Mar 11, 2026Mar 12, 2026$0.42
Sep 27, 2024Sep 30, 2024$3.85

TPAY Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Feb 2026; fills in after 12 months
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.
—
Launched Feb 2026; fills in after 12 months
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.
—
Launched Feb 2026; fills in after 12 months
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 ratio0.49%
  • The middle half of S&P 500 Option Income funds
  • Median 0.60%

16 of the 51 S&P 500 Option Income funds charge less.

TPAY costs $49.00 a year on $10,000. The median S&P 500 Option Income fund costs $60.00.

Other funds in S&P 500 Option Income

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