ETF Evaluator: Roundhill S&P 500 Target 20 Mgd Dis ETF () Follow This ETF

Roundhill S&P 500 Target 20 Mgd Dis ETF Overview

Roundhill S&P 500 Target 20 Mgd Dis ETF (XPAY) is an actively managed Nontraditional Equity Derivative Income exchange-traded fund (ETF). Roundhill Investments launched the ETF in 2024.

The investment seeks to pay monthly return of capital distributions to shareholders at an annualized rate of twenty percent (20%); the secondary investment objective is to provide 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 20 Mgd Dis ETF (XPAY)

There are 7 members of the management team with an average tenure of 1.54 years: William Hershey (2025), Andrew Serowik (2024), Timothy Maloney (2025), Gabriel Tan (2024), Todd Alberico (2024), Brian Cooper (2024) and David Mazza (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 1 primary benchmark: Solactive GBS Glb Mar All Cap USD TR index with a weighting of 100%. Roundhill S&P 500 Target 20 Mgd Dis ETF has 17 securities in its portfolio. The top 10 holdings constitute 159.6% 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 20 Mgd Dis ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Roundhill S&P 500 Target 20 Mgd Dis ETF has 0.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 168.7% 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 20 Mgd Dis ETF has -83.3% of the portfolio in cash.

Assets Under Management

The fund has $161 million in total assets, which is below the $727 million average for the Derivative Income 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.

XPAY 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 20 Mgd Dis ETF expense ratio is average compared to funds in the Derivative Income category. Roundhill S&P 500 Target 20 Mgd Dis ETF has an expense ratio of 0.49%, which is 41% 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 S&P 500 Target 20 Mgd Dis ETF has a portfolio turnover rate of 1%, which indicates that it holds its assets around / 1.0 years. By way of comparison, the average portfolio turnover is 69% for the Derivative Income category.

Recently, in the month of July 2026, Roundhill S&P 500 Target 20 Mgd Dis ETF returned 0.1%, which earned it a grade of C, as the Derivative Income category had an average return of -1.5%. 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 20 Mgd Dis ETF has a trailing yield of 3.43%, which is below the 19.96% category average. The fund normally distributes its income monthly.

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.

Roundhill S&P 500 Target 20 Mgd Dis ETF Grades

Year to date, the ETF has returned 9.7%, 7.1 percentage points better than the category, which translates into a grade of B. The fund has returned 18.7% over the past year (grade of B).

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