Roundhill Investments - S&P 500 Target 10 Managed Distribution ETF

Frequently Asked Questions About TPAY

What does TPAY invest in?

The Roundhill S&P 500 Target 10 Managed Distribution ETF, identified by the ticker TPAY, is structured to provide its investors with consistent monthly distributions of capital. These payouts are designed to achieve an annualized rate of ten percent (10%), while simultaneously offering exposure to the broader S&P 500 market. It is important to note that TPAY operates under an active management strategy.

What is the expense ratio of TPAY?

Roundhill Investments - S&P 500 Target 10 Managed Distribution ETF (TPAY) charges an expense ratio of 0.49%. This is the annual fee deducted from fund assets to cover management and operations.

What is TPAY's distribution yield?

TPAY's trailing-twelve-month yield is 4.69%, calculated from the sum of distributions over the past year divided by the current price.

How does TPAY's covered-call strategy work?

TPAY sells call options against the stocks (or index) it holds, collecting premium income that gets passed through to shareholders as distributions. The strategy generates above-market income in flat or rising markets but caps upside — when the underlying rallies past the strike, the gains above the strike go to the option buyer, not the fund.

How big is TPAY?

Roundhill Investments - S&P 500 Target 10 Managed Distribution ETF (TPAY) manages $1.6M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is TPAY actively managed or an index fund?

TPAY's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.