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- Pays: monthly.
- First paid: November 2024 — every payment since is charted below.
- What it is: S&P 500 exposure with a managed distribution: the fund targets paying out 20% of NAV per year, monthly, regardless of what the index yields.
- The fine print, by design: distributions are anticipated to consist entirely of return of capital — deliberately paid from principal, not income (issuer disclosure).
- Fee: 0.49% gross expense ratio — notably cheap for a 20%-payout wrapper.
XPAY is the most honest high-payout fund on this site in one sense: the issuer says outright that the checks are your own capital coming back on a schedule, with S&P 500 returns deciding whether the NAV refills behind them. In a strong market that works; in a weak one the 20% drain compounds the decline.
XPAY pays monthly. Each point below is one distribution since the fund began paying in November 2024.
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Each point is one payment; the line ends at the most recent payout. The table below totals them by year.
- Trailing 12 months: $10.96 per share across 12 payments — paying since Nov 2024, so no full prior-year comparison yet. What a change like that does to your income →
- Current pace: recent payments annualize to $11.70 — 7% above the trailing figure. When those two disagree, the trailing yield is quoting the past. Live cut & raise board →
- Share price, same 12 months: down 4% (dividends excluded) — income and principal are one story. Erosion Index →
- Record: 23 payments over 23 months; the largest single payment was $0.972 (Nov 2024).
- Payment drops ≥20% below trend, last 24 months: none. Get one short email if that changes →
- Payment steadiness: the last 12 checks wobble ±1% around their median. Compare that against any fund →
Every figure above is computed from XPAY's actual payment record and share-price history as of the date shown — not copied from a fact sheet. Recomputed regularly; the chart above always shows the live data.
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| Recent Ex-Dividend Dates | Distribution / Share |
|---|
"Next expected" is estimated from XPAY's recent payment rhythm — the fund announces exact dates shortly before each payout, and the data feed can lag a few days. You must own shares before the ex-dividend date to receive that payout; the cash typically arrives days later. See every fund's upcoming date on the live dividend calendar.
A real total-return estimate, assuming every payout was reinvested — including what happened to the share price. Before taxes and fees. Past performance does not predict the future.
Covered-call funds earn premium and pay it out; XPAY skips the earning step. It holds S&P 500 exposure and simply pays 20% of NAV a year in monthly slices — a withdrawal plan in ETF form. Whether that's brilliant or corrosive depends entirely on what the index does: returns above ~20% a year leave the NAV growing anyway; anything less means the payout eats principal.
Because every check reduces your cost basis, the tax bookkeeping matters more here than for almost any other fund — the Cost Basis Calculator handles the lot-by-lot math. For the earned-income alternative at a similar payout rate, compare SPYT or XYLD on the compare tool.
| Year | Total Distributions / Share | Payments | Change vs Prior Year |
|---|
Data source: Yahoo Finance. Figures are per share; the current year may be partial and figures should be verified against official sources.
Calculated from complete calendar years in the data above. Past results don't guarantee future payments.
When Is XPAY's Next Ex-Dividend Date?
XPAY pays monthly. The exact date of each payout is announced by the fund only shortly beforehand, so no site can promise the next date — but the live schedule box above shows the most recent ex-dividend date and the expected window for the next one, computed from XPAY's actual payment rhythm. Remember: you must own shares before the ex-dividend date to receive that payout.
XPAY's Record So Far
XPAY — the Roundhill S&P 500 Target 20 Managed Distribution ETF — launched October 2024 and has paid monthly since November 2024. The chart above shows every declared distribution.
The Withdrawal Plan in an ETF Wrapper
Managed-distribution funds invert the usual question. Instead of "how much income can this portfolio earn?", XPAY asks "how much do you want paid out?" — fixes it at 20% of NAV a year, and lets S&P 500 returns determine what's left. Retirees have run this exact play manually for decades as the systematic withdrawal; XPAY automates it at a 0.49% fee, with the tax quirk that return-of-capital checks lower your cost basis rather than landing as taxable income today.
A Percentage of NAV Drifts With the Price
Because the payout is a percentage of NAV, the per-share dollar amounts on the chart drift with the fund's share price — a shrinking payment line means a shrinking NAV, not a stingier formula. Judge XPAY by total return against plain S&P 500 exposure, and keep the basis math straight with the Cost Basis Calculator.
Heavy Return-of-Capital Fund? Track Your Real Cost Basis
Distributions classified as return of capital lower your cost basis and change your tax bill when you sell. Our free calculator does the lot-by-lot math.
Open the Cost Basis Calculator