USPX vs XDIV

USPXAFranklin U.S. Equity Index ETF

XDIVCRoundhill S&P 500 No Dividend Target ETF

In short

USPX The odd one out in the S&P 500 aisle. Franklin's fund tracks a Morningstar large-cap benchmark instead, for three basis points. Same big-US-stocks job, different scorecard, and a fee that undercuts most of the peer group.

XDIV An S&P 500 fund designed to pay you nothing. It holds the big index ETFs and sells each before its ex-dividend date, chasing the index's total return with no cash distributions.

Stated mandate

USPX The fund seeks to provide U.S. equity exposure through an index-based strategy.

XDIV The fund seeks to deliver the S&P 500 Index’s total return before fees and expenses while avoiding dividend or other distribution payments.

Why people hold it

• USPX 0.03% a year, a fraction of the roughly 0.15% typical in its peer group and level with the fee on VOO and IVV.
• Sticks close to its Morningstar US Target Market Exposure Index, one of the tighter index-following records among the S&P 500 wrappers it sits beside.
• Rules-based cap-weighted US equity, roughly 190 names, no factor tilts or manager picks. Pays quarterly.
• Running since 2016 and now a multi-billion-dollar fund, with Franklin Templeton behind it.

• XDIV Targets the S&P 500's total return before fees while aiming to pay no dividends or distributions, so gains ride in the share price instead of landing as income.roundhillinvestments.com
• No swaps or options. It just owns big S&P 500 trackers like IVV, VOO and SPY, stepping out of each one before its ex-dividend date.roundhillinvestments.com
• Costs 0.08% net of a waiver through May 1, 2027 (0.20% gross), near the category median and above core trackers IVV and VOO at 0.03%.

Worth knowing

• USPX Different index, different constituent rules. Holdings and returns can drift from the S&P 500 trackers most people compare it to.
• Moderately traded rather than a volume monster like SPY, which can mean wider bid-ask spreads than the biggest names in the category.
• Fewer names than the 500-stock benchmarks next door, and cap weighting keeps the largest US companies in the driver's seat.

• XDIV The prospectus is blunt: no guarantee it matches the index's total return or avoids every distribution. Rotating around ex-dividend dates can open tracking gaps.roundhillinvestments.com
• Filings flag ex-dividend tax risk: if the IRS deems the fund owed dividend income it skipped, it may owe a deficiency dividend plus interest to keep its fund tax status.roundhillinvestments.com
• Launched in 2025 and still small, it trades less actively than the giant core S&P 500 ETFs, which usually means wider spreads.

Full USPX profile⁠

Full XDIV profile⁠