---
ticker: "XPAY"
name: "Roundhill Investments - S&P 500 Target 20 Managed Distribution ETF"
url: "https://etf.net/etf/XPAY"
grade: "B"
score: 66
graded_at: "2026-10-12"
category: "S&P 500 Option Income"
category_rank: "17 of 52"
methodology: "https://etf.net/methodology"
---

# XPAY: Roundhill Investments - S&P 500 Target 20 Managed Distribution ETF

Grade **B**, Score 66 of 100. Rank 17 of 52 in S&P 500 Option Income.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 66 | 18 of 52 |
| Mission | 100 | 1 of 35 |
| Risk | 28 | 43 of 52 |
| Tradability | 62 | 13 of 52 |
| Holdings | 53 | 22 of 41 |
| Durability | 55 | 27 of 52 |

## Top holdings

The fund holds 15 positions. These are the largest 15, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | 4SPY  270212C00033470 | Spy 02/12/2027 33.47 C | 13.38% |
| 2 | 4SPY  270716C00036700 | Spy 07/16/2027 36.7 C | 11.47% |
| 3 | 4SPY  270312C00033670 | Spy 03/12/2027 33.67 C | 11.20% |
| 4 | 4SPY  270416C00033870 | Spy 04/16/2027 33.87 C | 11.17% |
| 5 | 4SPY  270611C00037110 | Spy 06/11/2027 37.11 C | 9.80% |
| 6 | 4SPY  270115C00033210 | Spy 01/15/2027 33.21 C | 6.77% |
| 7 | 4SPY  261211C00033100 | Spy 12/11/2026 33.1 C | 6.23% |
| 8 | 4SPY  270910C00037990 | Spy 09/10/2027 37.99 C | 5.42% |
| 9 | 4SPY  270514C00036080 | Spy 05/14/2027 36.08 C | 5.36% |
| 10 | 4SPY  271015C00038250 | Spy 10/15/2027 38.25 C | 5.28% |
| 11 | FGXXX | First American Government Obligations Fund 12/01/2031 | 4.62% |
| 12 | 4SPY  270810C00038510 | Spy 08/10/2027 38.51 C | 3.72% |
| 13 | 4SPY  261013C00000010 | 4SPY Us 10/13/26 C0.01 Flx | 3.19% |
| 14 | 2SPY  261211C00033100 | Spy 12/11/2026 33.1 C | 1.59% |
| 15 | 4SPY  261113C00000010 | Spy 11/13/2026 0.01 C | 0.83% |

Source: etf.net, https://etf.net/etf/XPAY. Please cite the page URL.