Roundhill Investments - S&P 500 Target 20 Managed Distribution ETF
$52.94+0.02 (+0.04%)
- 0.49%
- $188M
- +19.5%
- 18.90%
- 0.1M sh
- $52.93
- low $47.35high $56.51
The ETF.net XPAY Grade
B
Score 66 out of 100
- 17 of 52
Score 66 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.B66 out of 100Rank 18 of 52Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 35Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D28 out of 100Rank 43 of 52Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B62 out of 100Rank 13 of 52Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C53 out of 100Rank 22 of 41Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B55 out of 100Rank 27 of 52
Our read on XPAY
BMost S&P 500 income funds sell upside to fund the check. XPAY skips that: it holds index exposure through FLEX options and pays out 20% of its year-end NAV in twelve monthly slices, mostly as return of capital.
The fund seeks current income while also seeking exposure to the performance of the S&P 500 Index.
Why people hold it
- The payout is a formula, not a forecast: 20% of the December closing NAV, divided by twelve. The per-share monthly amount is set for the full calendar year and published up front.roundhillinvestments.comroundhillinvestments.com
- Distributions are designed to arrive as return of capital, which is not taxed in the year received and instead reduces your cost basis.prnewswire.com
- At 0.49% it costs less than the typical fund in its S&P 500 income cohort, and unlike buy-write peers such as IVVW it is not selling index upside to raise the cash.roundhillinvestments.com
- Roundhill states the mechanism plainly (SPY FLEX options, an annual December reset, return-of-capital payouts) and the fund runs to that script. Upper half of a crowded cohort.roundhillinvestments.com
Worth knowing
- The distribution is paid from fund assets whatever the market does. In a year the index returns less than the payout, NAV falls, and next year's per-share amount resets lower.roundhillinvestments.comprnewswire.com
- Return of capital is not free money. It trims your cost basis, so a later sale can carry a larger gain (or a smaller loss).prnewswire.com
- Full S&P 500 downside, no buffer, plus a 2024 launch and moderate trading. Shorter record and thinner liquidity than the category's biggest names.roundhillinvestments.com
XPAY Holdings
- Stocks
- 15
- 86%
- 4SPY 270212C00033470
Sectors
- Technology41.0%
- Financials11.1%
- Communication9.7%
- Health Care9.1%
- Consumer Discretionary8.8%
- Industrials7.4%
- Consumer Staples4.3%
- Energy3.4%
- Utilities1.9%
- Real Estate1.6%
- Materials1.5%
XPAY Performance
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.
XPAY$11,948
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.
| Period | XPAY |
|---|---|
| Year to date | +14.5% |
| 1 month | +1.9% |
| 3 months | +3.2% |
| 1 year | +19.5% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | XPAY |
|---|---|---|
| 2026 YTD | +14.5% | |
| 2025 | +16.5% | |
| 2024 | +3.1% |
XPAY in the news
XPAY Dividends
- 18.90%
- $10.00
- $0.90 per share
- Monthly
Distribution history
XPAY Risk
- 13.1%
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.
- 0.95
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.
- −18.2%
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.
- 1.01
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
XPAY Cost
0.49%
XPAY0.49%
- 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.
Other funds in S&P 500 Option Income
- BNBOSNeuberger Berman Option Strategy ETFExpense ratio 0.59%1 year return +18.1%
- BWTPIWisdomTree Equity Premium Income FundExpense ratio 0.44%1 year return +14.5%
- BISPYProShares - S&P 500 High Income ETFExpense ratio 0.56%1 year return +16.4%
- BFTHIFirst Trust BuyWrite Income ETFExpense ratio 0.75%1 year return +12.5%
- BPEPSParametric Equity Plus ETFExpense ratio 0.10%1 year return +22.1%