ETF Evaluator: Roundhill S&P 500 Target 10 Mgd Dis ETF () Follow This ETF

Roundhill S&P 500 Target 10 Mgd Dis ETF Overview

Roundhill S&P 500 Target 10 Mgd Dis ETF (TPAY) is an actively managed Nontraditional Equity Equity Hedged exchange-traded fund (ETF). Roundhill Investments launched the ETF in 2026.

The investment seeks to pay monthly return of capital distributions to shareholders at an annualized rate of ten percent (10%); the secondary investment objective being exposure to the return of an index composed of U.S.-listed large cap equity securities. 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. The fund is non-diversified.

About Roundhill S&P 500 Target 10 Mgd Dis ETF (TPAY)

There are 7 members of the management team with an average tenure of 0.45 years: William Hershey (2026), Andrew Serowik (2026), Timothy Maloney (2026), Gabriel Tan (2026), Todd Alberico (2026), Brian Cooper (2026) and David Mazza (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.

Roundhill S&P 500 Target 10 Mgd Dis ETF has 6 securities in its portfolio. The top 10 holdings constitute 182.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

Roundhill S&P 500 Target 10 Mgd Dis ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Roundhill S&P 500 Target 10 Mgd Dis ETF has 0.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 181.1% There is 0.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Roundhill S&P 500 Target 10 Mgd Dis ETF has -84.0% of the portfolio in cash.

Assets Under Management

The fund has $1 million in total assets, which is below the $294 million average for the Equity Hedged category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

TPAY Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Roundhill S&P 500 Target 10 Mgd Dis ETF expense ratio is average compared to funds in the Equity Hedged category. Roundhill S&P 500 Target 10 Mgd Dis ETF has an expense ratio of 0.49%, which is 36% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Roundhill S&P 500 Target 10 Mgd Dis ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 97% for the Equity Hedged category.

Recently, in the month of July 2026, Roundhill S&P 500 Target 10 Mgd Dis ETF returned 0.0%, which earned it a grade of C, as the Equity Hedged category had an average return of -1.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

Roundhill S&P 500 Target 10 Mgd Dis ETF has a trailing yield of 0.00%, which is below the 3.45% category average. The fund normally distributes its income monthly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

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