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Start your 7-day free trial BATS · Active · options-income
XDTE
Roundhill S&P 500 0DTE Covered Call Strategy ETF
Roundhill Financial Inc.
Verdict
WATCH
Weighted score · 3.50 / 5
Fund Identity
What it is, who runs it, where it lives.
The Fund's primary investment objective is to provide current income.
The Fund seeks to achieve its investment objectives through a synthetic covered call strategy that provides current income on a weekly basis while also providing exposure to the price return of the S&P 500® Index. Each business day at market open, the Fund sells out-of-the-money 0DTE (zero days to expiration) S&P 500® Index call options that expire at the end of the day to generate premium income. The Fund derives its synthetic long exposure to the S&P 500® Index by purchasing deeply in-the-money call options with longer maturities. The Fund will invest at least 80% of its net assets in financial instruments (such as options contracts) that utilize the S&P 500® Index as the reference asset.
Ticker
XDTE
Issuer
Roundhill Financial Inc.
Exchange
BATS
Inception
2024-03-07 · 2.3 yrs
Mgmt style
Active
Replication
Derivatives (options/futures) — synthetic covered call using long deep-in-the-money S&P 500® Index call options for upside exposure and short 0DTE out-of-the-money S&P 500® Index call options for income generation
Index-based
— · S&P 500® Index (reference asset for options); Solactive GBS Global Markets All Cap USD Index TR used as broad-based performance comparison
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Options
actively managed
OPTIONS OVERLAY
Strategy
Synthetic Covered Calls — long deep-in-the-money S&P 500® Index calls (longer dated) + short out-of-the-money 0DTE S&P 500® Index calls (expire same day)
generates income
Underlying
SPX (S&P 500® Index)
income exposure
WEEKLY
32.7%
DIST. RATE
100% ROC
Ordinary Income
Ordinary Income
Underlying
SPX (S&P 500® Index)
Strategy
Synthetic Covered Calls — long deep-in-the-money S&P 500® Index calls (longer dated) + short out-of-the-money 0DTE S&P 500® Index calls (expire same day)
Tax
Ordinary Income
Each business day at or shortly after market open, the Fund sells out-of-the-money 0DTE S&P 500® Index call options that expire at end of day to generate premium income. Long exposure to the S&P 500® Index is achieved synthetically through deeply in-the-money call options with longer maturities, rather than holding the underlying equities. The Fund uses both standard exchange-traded options and FLEX Options, all listed on regulated U.S. exchanges and cash-settled as European-style index options guaranteed by the OCC.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
JUN '25JUN '26
Flat-NAV reinvestment hurdle
50.9%
Share of each distribution you’d need to reinvest just to hold NAV flat. Higher means more of the yield is your own capital coming back.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
100%
ROC
Return of Capital — mixed100%
Net Investment Income0%
Frequency
Weekly
Dist. rate
32.69%
ROC %
100%
30-day SEC
not reported
Consistency
1 w/o cut
YOC · 1yr-ago buyer
29.9%
Tax Treatment — Ordinary Income
ORDINARY INCOME
Distribution Composition (Recent)
ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.
Composition · Narrative
Per the fund's most recent 19a-1 notice (as stated on the issuer fund page), the estimated distribution is 100% return of capital.
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
Latest Distribution Schedule
Record date
2026-06-17
Ex-dividend
2026-06-17
Pay date
—
Payback Period
3.1 yr
Dist. Since Incep.
$25.7
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
4
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$39.6$36.5$33.4$30.2
JUN '25JUN '26
Price $39.40
50-DMA $38.54
200-DMA $36.60
Bullish — 50-DMA above 200-DMA
Price $39.40 is above the 200-day SMA ($36.60); 50-day SMA $38.54. The 50-day SMA sits above the 200-day — an established uptrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.
Liquidity
Avg daily volume
187K
Avg dollar volume
$7,645,618
Bid/ask spread
0.12%
Premium/discount
—
Turnover
54%
Estimated bid/ask spread ~0.12% (tight). Average daily dollar volume ~$7.6M (adequate). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Stable. Source: shares×price (Massive, monthly).
AUM ($)
$316M
$426M$221M$16M
JUN '24JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
XDTE · 2026-06-20
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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