Roundhill S&P 500 Target 20 Managed Distribution ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 15 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About XPAY
TheFund seeks to provide exposure to the return of the S&P 500® Indexwhile making monthly distribution payments equal to an annualized rate of twenty percent (20%). The Fund intends to provide exposure tothe S&P 500® Indexthrough purchases of FLexible EXchange® calloptions (“FLEX Options”) that utilize the State Street SPDR® S&P 500® ETF Trust (NYSE ARCA:SPY) (the “SPY ETF”) as the reference asset (“SPY FLEX Options”). The SPY ETF is an exchange-traded fund thatseeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500®Index. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes)in SPY FLEX Options. For purposes of compliance with this investment policy, the SPY FLEX Options will be valued at their notional value. The Fund is designed to offer shareholdersa targeted annual distribution rate of 20%. A description of how this distribution rate is calculated is set forth below in the fourthparagraph of this section. The Adviser seeks to maximize the amount of the distribution that is categorized as “return of capital”from a tax perspective, with a target of 100% return of capital. However, insofar as the Fund has net investment income in a givenyear, such net investment income will be paid out via an additional distribution some or all of which will not be characterized as returnof capital and the Fund’s distribution rate will exceed 20%. Return of capital represents a return of a portion of a Fund shareholder’sinvested capital and is not taxable in the year it is received unless the distribution exceeds a shareholder’s basis in the Fund.However, a return of capital may result in an increase in a later gain on a sale of Fund Shares or a reduction of a loss. There isno guarantee that the Adviser will be successful in its attempt to have the Fund’s distribution payments be categorized entirelyas return of capital. The strategy targets those investorswho seek monthly income from their investment but wish to retain exposure to the return of the S&P 500® Index.Because a significant portion of the Fund’s distributions will consist of return of capital, the Fund may not be an appropriateinvestment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive returnof capital in a given period. The targeted annual distributionrate of 20% is translated into a per Fund Share amount based on the closing net asset value (“NAV”) of the Fund on the finalday of December each calendar year. Each monthly distribution is the annual per Share amount divided by twelve. During the first calendaryear of Fund operations, the Fund’s targeted annual distribution rate will be based upon the Fund’s initial NAV. Dependingupon economic conditions, the success of the Fund’s investment strategies, and certain other factors, such distributions may betaxed as ordinary income, qualified dividend income, capital gain, or some combination thereof. The Fund intends to invest substantiallyin purchased call SPY FLEX Options that are deeply “in-the-money” at the time of investment. These positions seek to providethe Fund exposure to the returns of the S&P 500® Index. For more information about FLEX Options, please see thesection of the prospectus entitled “Additional Information on the Fund’s Principal Investment Strategies.” The Adviser evaluates the Fund’snet gain or loss position in determining the means by which cash is generated to make the target monthly distribution payments. The Advisermay utilize uninvested cash or the proceeds from securities sold through the application of tax sensitive investment strategies, includingthe use of tax loss harvesting. However, there may be months when the techniques utilized by the Adviser generate tax liabilities forthe Fund. In addition, the Adviser may utilize investment strategies to generate cash that carry some degree of uncertainty as it relatesto the tax characterization of the cash produced therefrom. In the event that it is subsequently determined that such techniques producecash that is not characterized as return of capital, the Fund would incur tax liabilities that would negatively affect the Fund’sreturns and the Fund’s ability to achieve its investment objectives. Under certain circumstances, theFund may invest in FLEX Options that utilize as the reference asset an ETF that seeks to provide investment results that, before expenses,correspond generally to the price and yield performance of the S&P 500® Index that is not the SPY ETF. The Fund is classified as “non-diversified”under the Investment Company Act of 1940 (the “1940 Act”). AdditionalInformation About the S&P 500® Index TheS&P 500® Indexis a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operatingcompanies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization,financial viability and public float. It is rebalanced quarterly in March, June, September and December. TheFund will be concentrated (i.e. hold 25% or more of its total assets) in an industry or a group of industries to the extent thatthe S&P 500® Indexis so concentrated. As of March 31, 2026, the S&P 500® Indexwas concentrated in the information technology sector.
XPAY News
- Roundhill S&P 500 Target 20 Managed Distribution ETF (NYSEARCA:XPAY) Short Interest Up 90.8% in August
- Liquidity Mapping Around (XPAY) Price Events
- The $12,000 Retiree Deduction Disappears at $150K of Income. These Funds Pay You Without Moving That Number
- The $12,000 Retiree Deduction Disappears at $150K of Income. These Funds Pay You Without Moving That Number
- Two Funds Promise 20% Income From the S&P 500. One Caps Your Upside, One Doesn’t, and It Charges Less
- Two Funds Promise 20% Income From the S&P 500. One Caps Your Upside, One Doesn’t, and It Charges Less
- Roundhill S&P 500 Target 20 Managed Distribution ETF (NYSEARCA:XPAY) Sees Large Growth in Short Interest
- Want 20% Income Without the Weekly Gimmicks? This Fund Targets Exactly That for 0.49%, and the IRS Mostly Waits
- Roundhill S&P 500 Target 20 Managed Distribution ETF (NYSEARCA:XPAY) Short Interest Update
- (XPAY) Movement as an Input in Quant Signal Sets
- Liquidity Mapping Around (XPAY) Price Events
Data for XPAY is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.