Which is cheaper, PCOV or XPAY?

PCOV charges 0.34% a year and XPAY charges 0.49%, so PCOV is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

PCOV vs XPAY: Dividend Yield & Total Return

PCOV and XPAY both write options for income.

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Net assets: $10m on Nov 2, 2026 for Principal Equity Premium Income ETF, and $187m on Nov 4, 2026 for Roundhill S&P 500 Target 20 Managed Distribution ETF.

PCOV on its own →XPAY on its own →

At a glance

1.9%

PCOV cash paid, since launch, Aug 19, 2026

19.7%

XPAY cash paid, 1 year

−0.1%

PCOV total return, since launch, Aug 19, 2026

+14.0%

XPAY total return, 1 year

PCOV · since launch to Nov 4, 2026 Not measured

PCOV

−0.1%

none

Not measured

PCOV since launch: paid 1.9%, price −2.0%, total −0.1%, not measured against a benchmark. Data to Nov 4, 2026.

PCOV

−0.1%

Total return, distributions reinvested

Not measured

PCOV since launch: paid 1.9%, price −2.0%, total −0.1%, not measured against a benchmark. Data to Nov 4, 2026.

PCOV

−0.1%

1.9% of it arrived as cash. Total return, distributions reinvested. PCOV since launch: paid 1.9%, price −2.0%, total −0.1%, not measured against a benchmark. Data to Nov 4, 2026.

Data to Nov 4, 2026.

XPAY · 1 year to Nov 4, 2026 0.8 pts behind VOO

XPAY

+14.0%

VOO

+14.8%

0.8 pts behind VOO

XPAY over 1 year: paid 19.7%, price −7.2%, total +14.0%, VOO +14.8%, −0.8 pts. Data to Nov 4, 2026.

VOO

+14.8%

XPAY

+14.0%

19.7% of it arrived as cash

0.8 pts behind VOO

Total return, distributions reinvested

0.8 pts behind VOO

XPAY over 1 year: paid 19.7%, price −7.2%, total +14.0%, VOO +14.8%, −0.8 pts. Data to Nov 4, 2026.

VOO

+14.8%

XPAY

+14.0%

19.7% as cash

0.8 pts behind VOO

19.7% of it arrived as cash. Both charts share one scale, with zero at the line. XPAY over 1 year: paid 19.7%, price −7.2%, total +14.0%, VOO +14.8%, −0.8 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

PCOV costs 0.15 points a year less; XPAY is 18.3 times larger.

Points (pts) are percentage points.

PCOV vs XPAY: Dividend Yield & Total Return
Measure	PCOV	XPAY
Paid and earned
Measure	PCOV	XPAY
Total return, 1 year	not published	+14.0%
Price change	fell 2.0% (since Aug 19, 2026)	fell 7.2% (1 year)
Return of capital, issuer estimate		100% of the Oct 15, 2026 payment
Against its benchmark
Measure	PCOV	XPAY
Benchmark	not published	Vanguard S&P 500 ETF, measured through VOO
Cost and size
Measure	PCOV	XPAY
Expense ratio	0.34%	0.49%
Net assets, as of Nov 3, 2026	$10m	$183m
Holdings
Measure	PCOV	XPAY
Holdings in common	not published

Method

Side by side

PCOV Principal Equity Premium Income ETF · Covered call XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF · Option income on VOO, paying monthly

Issuer Principal Roundhill

Strategy covered call option income

Benchmark none Vanguard S&P 500 ETF (VOO)

Pays not established monthly

Payout rate, annualized 7.2% 21.1%

Expense ratio 0.34% 0.49%

Cash paid, 1 year 1.9% (since launch, Aug 19, 2026) 19.7%

Price change, 1 year −2.0% (since launch, Aug 19, 2026) −7.2%

Total return, 1 year −0.1% (since launch, Aug 19, 2026) +14.0%

Benchmark return, 1 year not published +14.8%

Ahead or behind not available −0.8 pts

Return of capital, latest estimate not published 100%

Age 77 days 2.0 years

Net assets, PCOV as of Nov 2, 2026 and XPAY as of Nov 4, 2026 $10m $187m

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: PCOV vs XPAY: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	PCOV	XPAY	PCOV	XPAY	PCOV	XPAY
3 months	–	−0.3%	–	5.0%	–	−0.2 pts
6 months	–	+4.9%	–	10.0%	–	−0.1 pts
1 year	–	+14.0%	–	19.7%	–	−0.9 pts
Since launchNot the same days: PCOV Aug 2026 · XPAY Oct 2024	−0.1%	+35.6%	1.9%	39.0%	not measured	−2.6 pts

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Alert

About each fund

PCOV

Over the period from its first trade on Aug 19, 2026 to Nov 4, 2026, PCOV paid 1.9% of its starting value in cash distributions while its price fell 2.0%. With every distribution reinvested, the fund returned −0.1%. At its price on Nov 4, 2026 the latest distribution annualizes to 7.2%, paid periodically.

XPAY

Over the year to Nov 4, 2026, XPAY paid 19.7% of its starting value in cash distributions while its price fell 7.2%. With every distribution reinvested, the fund returned +14.0%. Vanguard S&P 500 ETF (VOO) returned +14.8% over the same days, so a holder was behind by 0.8 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 21.1%, paid monthly. Roundhill estimates that 100% of the distribution paid Oct 15, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.

Questions people ask

Which is cheaper, PCOV or XPAY?: PCOV charges 0.34% a year and XPAY charges 0.49%, so PCOV is cheaper. Fees come from each fund's prospectus.

Other comparisons

PCOV vs TSPY PCOV vs OVLH PCOV vs OVL PCOV vs XISE XPAY vs XSHP XPAY vs DDDD XPAY vs YQQQ XPAY vs DYLG

Where to next

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

Sources and dates

PCOV filings on SEC EDGAR ↗

PCOV prospectus with the expense ratio (SEC) ↗

Principal website ↗

XPAY filings on SEC EDGAR ↗

XPAY prospectus with the expense ratio (SEC) ↗

XPAY 19a-1 distribution notice ↗

Roundhill page for XPAY ↗

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, PCOV against XPAY, data as of Nov 4, 2026. https://etfiq.com/compare/income/pcov-vs-xpay

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