Which is cheaper, CDPI or TPAY?

CDPI charges 0.45% a year and TPAY charges 0.49%, so CDPI is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

CDPI vs TPAY: Dividend Yield & Total Return

CDPI and TPAY both write options for income.

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Net assets: $2.1m on Nov 4, 2026 for Roundhill S&P 500 Target 10 Managed Distribution ETF, beside Columbia High Dividend Premium Income ETF.

CDPI on its own →TPAY on its own →

At a glance

1.5%

CDPI cash paid, since launch, Jul 14, 2026

6.6%

TPAY cash paid, since launch, Feb 18, 2026

+1.6%

CDPI total return, since launch, Jul 14, 2026

+11.6%

TPAY total return, since launch, Feb 18, 2026

CDPI · since launch to Nov 4, 2026 Not measured

CDPI

+1.6%

none

Not measured

CDPI since launch: paid 1.5%, price +0.1%, total +1.6%, not measured against a benchmark. Data to Nov 4, 2026.

CDPI

+1.6%

1.5% cash

Total return, distributions reinvested

Not measured

CDPI since launch: paid 1.5%, price +0.1%, total +1.6%, not measured against a benchmark. Data to Nov 4, 2026.

CDPI

+1.6%

1.5% of it arrived as cash. Total return, distributions reinvested. CDPI since launch: paid 1.5%, price +0.1%, total +1.6%, not measured against a benchmark. Data to Nov 4, 2026.

Data to Nov 4, 2026.

TPAY · since launch to Nov 4, 2026 1 pt behind VOO

TPAY

+11.6%

VOO

+12.6%

1 pt behind VOO

TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.

VOO

+12.6%

TPAY

+11.6%

6.6% of it arrived as cash

1 pt behind VOO

Total return, distributions reinvested

1 pt behind VOO

TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.

VOO

+12.6%

TPAY

+11.6%

6.6% cash

1 pt behind VOO

6.6% of it arrived as cash. Both charts share one scale, 0 to +12.6%. TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.

Both charts share one scale, 0 to +12.6%. Data to Nov 4, 2026.

Pair scorecard

CDPI costs 0.04 points a year less.

Points (pts) are percentage points.

CDPI vs TPAY: Dividend Yield & Total Return
Measure	CDPI	TPAY
Paid and earned
Measure	CDPI	TPAY
Price change	rose 0.1% (since Jul 14, 2026)	rose 4.6% (since Feb 18, 2026)
Return of capital, issuer estimate	76% of the Oct 5, 2026 payment	100% of the Oct 15, 2026 payment
Against its benchmark
Measure	CDPI	TPAY
Benchmark	not published	Vanguard S&P 500 ETF, measured through VOO
Against its benchmark, same days		behind by 1.0 pts
Cost and size
Measure	CDPI	TPAY
Expense ratio	0.45%	0.49%
Net assets	not read by ETFIQ	$2.1m
Holdings
Measure	CDPI	TPAY
Holdings in common	not published

Method

Side by side

CDPI Columbia High Dividend Premium Income ETF · Covered call, paying monthly TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF · Option income on VOO, paying monthly

Issuer Columbia Roundhill

Strategy covered call option income

Benchmark none Vanguard S&P 500 ETF (VOO)

Pays monthly monthly

Payout rate, annualized 8.0% 9.5%

Expense ratio 0.45% 0.49%

Cash paid, 1 year 1.5% (since launch, Jul 14, 2026) 6.6% (since launch, Feb 18, 2026)

Price change, 1 year +0.1% (since launch, Jul 14, 2026) +4.6% (since launch, Feb 18, 2026)

Total return, 1 year +1.6% (since launch, Jul 14, 2026) +11.6% (since launch, Feb 18, 2026)

Benchmark return, 1 year not published +12.6% (since launch, Feb 18, 2026)

Ahead or behind not available −1.0 pts (since launch, Feb 18, 2026)

Return of capital, latest estimate 76% 100%

Age 113 days 259 days

Net assets not read by ETFIQ $2.1m

As of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.

Window by window

Window by window: CDPI vs TPAY: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	CDPI	TPAY	CDPI	TPAY	CDPI	TPAY
3 months	+0.4%	−0.8%	1.5%	2.3%	not measured	−0.7 pts
6 months	–	+4.2%	–	4.7%	–	−0.8 pts
Since launchNot the same days: CDPI Jul 2026 · TPAY Feb 2026	+1.6%	+11.6%	1.5%	6.6%	not measured	−1.1 pts

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Alert

About each fund

CDPI

Over the period from its first trade on Jul 14, 2026 to Nov 4, 2026, CDPI paid 1.5% of its starting value in cash distributions while its price rose 0.1%. With every distribution reinvested, the fund returned +1.6%. At its price on Nov 4, 2026 the latest distribution annualizes to 8.0%, paid monthly. Columbia estimates that 76% of the distribution paid Oct 5, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.

TPAY

Over the period from its first trade on Feb 18, 2026 to Nov 4, 2026, TPAY paid 6.6% of its starting value in cash distributions while its price rose 4.6%. With every distribution reinvested, the fund returned +11.6%. Vanguard S&P 500 ETF (VOO) returned +12.6% over the same days, so a holder was behind by 1.0 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 9.5%, paid monthly. Roundhill estimates that 100% of the distribution paid Oct 15, 2026 was a return of capital (its 19a-1 notice).

Questions people ask

Which is cheaper, CDPI or TPAY?: CDPI charges 0.45% a year and TPAY charges 0.49%, so CDPI is cheaper. Fees come from each fund's prospectus.

Other comparisons

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Where to next

Vanguard S&P 500 ETF (VOO) →All income ETFs ranked by the Distribution Coverage Score →How the scores are computed →CDPI on its own →TPAY on its own →CDPI dividend history →TPAY dividend history →TPAY holdings →Method →Standards and sources →

Sources and dates

CDPI filings on SEC EDGAR ↗

CDPI prospectus with the expense ratio (SEC) ↗

CDPI 19a-1 distribution notice ↗

Columbia website ↗

TPAY filings on SEC EDGAR ↗

TPAY prospectus with the expense ratio (SEC) ↗

TPAY 19a-1 distribution notice ↗

Roundhill page for TPAY ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, CDPI against TPAY, data as of Nov 4, 2026. https://etfiq.com/compare/income/cdpi-vs-tpay

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