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Launched · SEC filings

Roundhill S&P 500 Target 10 Managed Distribution ETF

TPAYCboeRoundhill InvestmentsC

$51.55−0.28 (−0.55%)

As of Nov 10, 2026, 9:58 AM ET

C40/ 100

Rank 42 of 51 in S&P 500 Option Income

C40/100Rank 42 of 51inS&P 500 Option Income
Intraday session: down, 7 prints from 51.83 to 51.55. Range 51.55 to 52.25. Use the arrow keys to read each point.51.7052.0052.1052.2010 AM12 PM2 PM4 PM
Expense ratio
0.49%
Fund size
$2M
1Y total return
No data
Yield · Last 12 months
6.46%
Holdings
4
Avg volume · 30D
1.21K sh
52W range
low $46.50high $55.19
Launched
Filings
SEC EDGAR

The ETF.net TPAY Grade

C

Score 40 out of 100

Category
S&P 500 Option Income⁠
Rank
42 of 51
Six-pillar profile for TPAY. Scores out of 100: Cost 66, Risk 35, Mission 100, Tradability 31, Holdings 24, Durability 30. Strongest: Mission (100). Weakest: Holdings (24). Leans toward Mission.

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
59
This cap took
−19
Published Score
40 Grade C

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B66 out of 100
    Rank 17 of 51

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 37

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D35 out of 100
    Rank 36 of 51

  • 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 41 of 51

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    F24 out of 100
    Rank 40 of 40

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D30 out of 100
    Rank 48 of 51

Our read on TPAY

ETF.net Research

In short

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

  • The 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
  • Fee of 0.49% a year, below the median for S&P 500 options-income funds.
  • Actively managed around roughly 60 US positions rather than a fixed buy-write recipe, aiming at S&P 500 return plus tax-aware monthly cash.
  • The tax angle is the point: the fund is built to make distributions tax-efficient, not just large.roundhillinvestments.com

Worth knowing

  • A 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.
  • The 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.
  • A 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 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$9,715
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$9,758
Aug 7, 2026 to Nov 9, 2026. TPAY $9,715. SPY $9,758. Use the arrow keys to read each point.$9,600$9,800$10,000Aug 2026Sep 2026Nov 2026

Aug 7, 2026 – Nov 9, 2026

Returns run to the Nov 9, 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 yearNo data
1 month−3.3%
3 months−2.9%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+9.6%

Since listing, Feb 18, 2026

TPAY in the news

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 Nov 9, 2026.
6.46%Last 12 months
Payout per share
$3.37Last 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. 9 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; Oct 14, 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, 2026Oct 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

Risk pillarD35 out of 100Rank 36 of 51 in S&P 500 Option Income
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.

FMP measures it over up to five years of monthly returns.

TPAY Cost

Compare TPAY and PEPS

Overpaying vs PEPS, cheapest in S&P 500 Option Income

$7,686

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • TPAY 0.49%

    $9,792

  • PEPS 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • TPAY 0.49%
  • PEPS 0.10%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530TPAY $9,792PEPS $2,106

Year by year

YearTPAYPEPSOverpaying
10$883$183$700
20$3,394$717$2,677
30$9,792$2,106$7,686

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