ETF Evaluator:
Roundhill Box Spread ETF ()
Follow This ETF
(as of Nov 13)
Best Performing in Equity Market Neutral Over the Last Year
| 13.9% | Federated Hermes MDT Market Neutral ETF (MKTN) |
| 3.0% | Equity Market Neutral () |
| -8.0% | AGF U.S. Market Neutral Anti-Beta (BTAL) |
| 0.0% | Roundhill Box Spread ETF (XBOX) |
Risk
Index
Risk
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ETF Details
Roundhill Box Spread ETF Overview
Roundhill Box Spread ETF (XBOX) is an actively managed Alternative Equity Market Neutral exchange-traded fund (ETF). Roundhill Investments launched the ETF in 2026.
The investment seeks capital appreciation.
Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in financial instruments (i.e., option contracts) that implement one or more Box Spreads. For purposes of compliance with this investment policy, derivative contracts (i.e., option contracts) will be valued at their notional value. It is non-diversified.
About Roundhill Box Spread ETF (XBOX)
There are 7 members of the management team with an average tenure of 0.62 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 Box Spread ETF has 8 securities in its portfolio. The top 10 holdings constitute 199.5% 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 Box Spread ETF is part of the Alternative Strategies global asset class and is within the Alternative ETF group. Roundhill Box Spread ETF has 1.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 198.4% There is 1.0% 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 Box Spread ETF has -99.4% of the portfolio in cash.
Assets Under Management
The fund has $356 million in total assets, which is above the $290 million average for the Equity Market Neutral 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.
XBOX 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 Box Spread ETF expense ratio is low compared to funds in the Equity Market Neutral category. Roundhill Box Spread ETF has an expense ratio of 0.14%, which is 87% lower than its category average, making the fund expense ratio grade a A. 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 Box Spread 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 63% for the Equity Market Neutral category.
Recently, in the month of October 2026, Roundhill Box Spread ETF returned 0.4%, which earned it a grade of F, as the Equity Market Neutral category had an average return of 4.0%. 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 Box Spread ETF has a trailing yield of 0.00%, which is below the 1.47% category average.
The fund normally distributes its income annually 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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XBOX Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| XBOX Return (NAV) | 0.4% | 1.0% | na | na | na | na |
| XBOX Return (Price) | 0.3% | 1.0% | na | na | na | na |
| NAV +/- Price Return | 0.027% | 0.040% | na | na | na | na |
| Equity Market Neutral Avg | 4.0% | 4.1% | 3.0% | -11.0% | -2.1% | -3.4% |
| XBOX Grade (NAV) | F | F | na | na | na | na |
| +/- Category (NAV) | -3.6% | -3.1% | na | na | na | na |
| XBOX Tax-Cost Ratio | na | na | na | na | na | na |
XBOX Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| XBOX Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| XBOX Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Equity Market Neutral Avg | 1.1% | -20.6% | 13.0% | -14.8% | 20.9% | -7.3% | -13.8% | 1.7% | 15.1% | -2.8% | -4.7% |
| XBOX Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 356 Mil |
| Share Class Assets: | $ 356 Mil |
| Turnover: | na |
| Expense Ratio: | 0.14% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 7 | |||
| Longest Tenure: 0.6 years | |||
| Average Tenure: 0.6 years | |||
| Managers (Year): Hershey William (2026), Serowik Andrew (2026), Maloney Timothy (2026), Tan Gabriel (2026), Alberico Todd (2026), Cooper Brian (2026), Mazza David (2026) | |||
Portfolio Composition (as of 10/30/26)
| # of Holdings: | 8 |
| % in Top 10 Holdings: | 199.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 1.0% |
Portfolio Allocation |
|
| Domestic Stock: | 198.4% |
| Foreign Stock: | 1.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | -99.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Roundhill Investments |
| Phone Number: | 855-561-5728 |
| Website: | |
| Inception Date: | March 17, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.14% (Rating: Low) |
| Category Average Expense Ratio (%): | 1.11% |
