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ARCX · Active · options-income

XPAY

Roundhill S&P 500 Target 20 Managed Distribution ETF

Roundhill Financial Inc.

Verdict

WATCH

Weighted score · 3.70 / 5

AUM

$134M

assets under mgmt

Avg Volume

86K

shares · daily

Distribution

20.8%

Monthly · 100% ROC

Expense Ratio

0.49%

0.49% gross

1Y Return

—

vs underlying

Sharpe

0.89

Max DD -18.2%

Fund Identity

What it is, who runs it, where it lives.

The Fund seeks to provide exposure to the return of the S&P 500® Index while making monthly distribution payments equal to an annualized rate of twenty percent (20%)..

The Fund is an actively managed ETF that gains exposure to the S&P 500® Index by investing at least 80% of its net assets in SPY FLEX Options structured as deeply in-the-money purchased call options on the SPY ETF. The Fund targets a 20% annualized distribution rate paid monthly, with the adviser seeking to maximize the portion of distributions characterized as return of capital. Tax-sensitive strategies including tax loss harvesting may be employed to generate the cash needed for monthly distributions.

Ticker

XPAY

Issuer

Roundhill Financial Inc.

Exchange

ARCX

Inception

2024-10-31 · 1.6 yrs

Mgmt style

Active

Replication

Derivatives (options/futures) — deeply in-the-money purchased call FLEX Options on SPY ETF to replicate S&P 500 exposure

Index-based

— · Solactive GBS Global Markets All Cap USD Index TR

Leverage

None

Strategy & Options Mechanics

How the portfolio is built and where the income comes from.

PORTFOLIO

Options

actively managed

OPTIONS OVERLAY

Strategy

Long deeply in-the-money call FLEX Options on SPY

generates income

Underlying

SPY ETF (which tracks the S&P 500® Index)

income exposure

MONTHLY

20.8%

DIST. RATE

100% ROC
Ordinary Income

Underlying

SPY ETF (which tracks the S&P 500® Index)

Strategy

Long deeply in-the-money call FLEX Options on SPY

Tax

Ordinary Income

The Fund invests at least 80% of its net assets (at notional value) in SPY FLEX Options structured as deeply in-the-money purchased call options. FLEX Options are exchange-listed, OCC-guaranteed, cash-settled European-style options with customizable terms. These positions are designed to provide full economic exposure to the S&P 500® Index returns.

Performance & NAV

Total return vs. the underlying, with drawdown context.

NAV HISTORY · JUN '25 – JUN '26

JUN '25JUN '26

Max DD

-18.2%

Volatility

16.8%

Sharpe

0.89

Sortino

1.29

Calmar

1.44

Beta

—

Flat-NAV reinvestment hurdle

20.4%

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.

1Y vs Underlying

—

Tracking err.

—

Yield on cost

19.4%

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

Monthly

Dist. rate

20.79%

ROC %

100%

30-day SEC

not reported

Consistency

6 w/o cut

YOC · 1yr-ago buyer

21.3%

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

100% Return of Capital

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

2026-06-10

Ex-dividend

2026-06-10

Pay date

—

Payback Period

4.8 yr

Dist. Since Incep.

$18.8

Holdings & Concentration

Position sizing, top-name weights, and concentration risk.

Sector Mix · Tilt vs S&P 500

No sector feed for this fund.

Holdings

Top-10 Wt.

—

Technical Signal & Liquidity

Moving-average posture and a read on tradability.

Price vs. Moving Averages

$54.2$50.2$46.1$42.1

AUG '25JUN '26

Price $53.47

50-DMA $52.11

200-DMA $49.10

Bullish — 50-DMA above 200-DMA

Price $53.47 is above the 200-day SMA ($49.10); 50-day SMA $52.11. 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

86K

Avg dollar volume

$4,401,743

Bid/ask spread

0.16%

Premium/discount

—

Turnover

—

Estimated bid/ask spread ~0.16% (moderate). Average daily dollar volume ~$4.4M (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: Falling. Source: shares×price (Massive, monthly).

AUM ($)

$134M

$157M$80M$3M

NOV '24JUN '26

SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.

XPAY · 2026-06-22
Prepared by denvereyon
Research aid, not investment advice.