XPAY ETF — Holdings & Analysis

The Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) is an actively-managed equity ETF with $0.12 billion in assets under management.

XPAY aims to provide monthly return of capital distributions to shareholders at an annualized rate of twenty percent, while offering exposure to the S&P 500. With an expense ratio of 0.49%, XPAY distinguishes itself through its focus on managed distributions and active management within the S&P 500 space. The fund's investment strategy focuses on generating income through return of capital while tracking the S&P 500.

Roundhill Investments - S&P 500 Target 20 Managed Distribution ETF (XPAY) ETF — Price, Holdings & Analysis

The Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) is an actively-managed equity ETF with $0.12 billion in assets under management. XPAY aims to provide monthly return of capital distributions to shareholders at an annualized rate of twenty percent, while offering exposure to the S&P 500. With an expense ratio of 0.49%, XPAY distinguishes itself through its focus on managed distributions and active management within the S&P 500 space. The fund's investment strategy focuses on generating income through return of capital while tracking the S&P 500.

ETF Overview

The Roundhill S&P 500 Target 20 Managed Distribution ETF (“XPAY”) is designed to pay monthly return of capital distributions to shareholders at an annualized rate of twenty percent, while providing exposure to the S&P 500. XPAY is an actively-managed ETF.

XPAY, the Roundhill S&P 500 Target 20 Managed Distribution ETF, is designed for investors seeking a consistent monthly income stream alongside exposure to the S&P 500. The ETF achieves this by employing an active management strategy focused on delivering a targeted 20% annualized distribution yield through return of capital. While providing exposure to the S&P 500, XPAY's actively-managed approach differentiates it from passive S&P 500 trackers. The fund's sector allocation is heavily weighted towards Technology at 33.1%, followed by Financial Services at 12.3%, and Communication Services at 10.7%. Other significant sectors include Consumer Cyclical (10.1%), Healthcare (9.8%), and Industrials (8.7%). The fund's strategy prioritizes income generation through managed distributions, making it potentially attractive to income-seeking investors who also desire exposure to the broader equity market. XPAY holds only 6 securities, which is a very concentrated portfolio compared to other S&P 500 ETFs.

Risk Metrics

XPAY carries several risks inherent to its investment strategy. The fund's concentrated portfolio of only 6 holdings increases concentration risk, meaning the performance of a few key stocks can significantly impact the ETF's overall return. The fund's significant allocation to the Technology sector (33.1%) exposes it to sector-specific risks. A downturn in the technology industry could disproportionately affect XPAY's performance. With a beta of 0.00, XPAY has not demonstrated a correlation to the broader market. The expense ratio of 0.49% will create a drag on returns, especially relative to passively managed S&P 500 ETFs with lower expense ratios. Investors should carefully consider these risks before investing in XPAY, particularly its concentration risk and sector exposure.

Expense Ratio

0.49%

How Is the Fund Allocated?

Sector	Weight
Technology	33.1%
Financial Services	12.3%
Communication Services	10.7%
Consumer Cyclical	10.1%
Healthcare	9.8%
Industrials	8.7%
Consumer Defensive	5.4%
Energy	3.5%
Utilities	2.5%
Real Estate	2.0%
Basic Materials	1.9%

Country	Weight
Other	100.0%

Dividend Yield

0.00%

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Risk Metrics

Beta: 0.00

Questions & Answers

What is XPAY and what does it track?

The Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) is an actively-managed ETF that seeks to provide shareholders with a monthly return of capital distribution at an annualized rate of 20%.

While aiming to deliver this consistent income stream, XPAY also provides exposure to the S&P 500.

What is the expense ratio for XPAY?

The expense ratio for XPAY is 0.49%. This means that for every $10,000 invested, $49 is used to cover the fund's operating expenses annually.

While not exceptionally high, this expense ratio is higher than many passively managed S&P 500 ETFs, which often have expense ratios below 0.10%. Investors should consider this expense ratio when evaluating XPAY's potential returns, as it will reduce the overall performance of the fund.

What are the top holdings in XPAY?

As an actively-managed ETF designed to track the S&P 500, XPAY holds a concentrated portfolio of only 6 securities.

The fund's sector allocation is heavily weighted towards Technology at 33.1%, followed by Financial Services at 12.3%, and Communication Services at 10.7%. Other significant sectors include Consumer Cyclical (10.1%), Healthcare (9.8%), and Industrials (8.7%). The specific holdings and their weights are subject to change due to the fund's active management strategy.

Is XPAY a good long-term investment?

Whether XPAY is a suitable long-term investment depends on an investor's individual financial goals and risk tolerance. XPAY's strategy focuses on generating income through managed distributions, which may appeal to income-seeking investors.

However, the fund's active management and target distribution strategy may result in different performance characteristics compared to passively managed S&P 500 ETFs.

How does XPAY compare to similar ETFs?

XPAY differentiates itself from other S&P 500 ETFs through its actively-managed approach and focus on generating a target distribution yield. Many S&P 500 ETFs are passively managed and aim to replicate the index's performance.

XPAY's expense ratio of 0.49% is higher than the expense ratios of many passive S&P 500 ETFs.

Does XPAY pay dividends?

XPAY is designed to pay monthly return of capital distributions to shareholders at an annualized rate of twenty percent.

While the fund aims to provide a consistent income stream, the distribution is classified as return of capital rather than a dividend. As of 2026-03-15, the dividend yield is 0.00%. Investors should note the distinction between return of capital and dividend income when evaluating the tax implications of investing in XPAY.