$TPAY is Roundhill's S&P 500 Target 10 Managed Distribution ETF, designed to pay monthly return-of-capital distributions at an annualized rate of 10% while providing S&P 500 exposure. Here are some stats you should know: Expense Ratio: 0.49% Assets Under Management: $1.65M Launched: February 18, 2026 Distribution Frequency: Monthly Management Style: Active Listed on: Cboe BZX Top Holdings: 🥇 SPY Call Option (Mar 2027, $33.67 strike) 58.03% weighting 🥈 SPY Call Option (Apr 2027, $33.18 strike) 31.20% 🥉 SPYM Call Option (Mar 2027, $3.33 strike) 6.85% How it works: The fund holds long-dated call options on $SPY and $SPYM rather than the underlying stocks directly, targeting equity market exposure while managing a fixed 10% annual distribution rate that's designed to consist entirely of return of capital. Performance since launch: +9.68% Disclosure: Roundhill is not currently listed as a WOLF Financial Partner.