Roundhill Investments - S&P 500 Target 20 Managed Distribution ETF
$52.27−0.41 (−0.77%)
- Expense ratio
- 0.49%
- Fund size
- $182M
- 1Y return
- +16.4%
- Yield · Last 12 months
- 20.80%
- Volume · 30D
- 0.1M sh
- NAV per share
- $52.62
- 52W range
The ETF.net XPAY Grade
Score 65 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.BScore 66Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 100Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.DScore 27Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.BScore 60Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.CScore 53Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 55Category rank
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
- —
- 88%
- 4SPY 270212C00033470
Sectors
- Technology38.7%
- Financials12.1%
- Communication9.5%
- Consumer Discr.9.3%
- Health Care9.3%
- Industrials7.8%
- Cons. Staples4.5%
- Energy3.5%
- Utilities2.0%
- Real Estate1.8%
- Materials1.7%
XPAY Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 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 | +13.9% |
| 1 month | +1.2% |
| 3 months | +3.8% |
| 1 year | +16.4% |
| 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 | +13.9% | |
| 2025 | +16.5% | |
| 2024 | +3.1% |
XPAY in the news
ETF.net Research hasn’t filed on XPAY yet — coverage lands here as it’s written.
XPAY Dividends
- 20.80%
- $10.95
- $0.90 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 9, 2026 | Sep 10, 2026 | $0.90 |
| Aug 12, 2026 | Aug 13, 2026 | $0.90 |
| Jul 8, 2026 | Jul 9, 2026 | $0.90 |
| Jun 10, 2026 | Jun 11, 2026 | $0.90 |
| May 13, 2026 | May 14, 2026 | $0.90 |
| Apr 8, 2026 | Apr 9, 2026 | $0.90 |
| Mar 11, 2026 | Mar 12, 2026 | $0.90 |
| Feb 11, 2026 | Feb 12, 2026 | $0.90 |
| Jan 14, 2026 | Jan 15, 2026 | $0.90 |
| Dec 10, 2025 | Dec 11, 2025 | $0.95 |
| Nov 12, 2025 | Nov 13, 2025 | $0.95 |
| Oct 8, 2025 | Oct 9, 2025 | $0.95 |
XPAY Risk
- 13.3%
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.
- 1.01
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
- The middle half of S&P 500 Option Income funds
- Median 0.60%
17 of the 51 S&P 500 Option Income funds charge less.