Roundhill S&P 500 No Dividend Target ETF (XDIV)

The Roundhill S&P 500 No Dividend Target ETF is an exchange-traded fund from Roundhill Investments that trades on Cboe BZX under the ticker XDIV. It seeks to provide exposure to the performance of the S&P 500 Index while aiming not to pay regular dividend distributions.

Instead of holding the index's stocks and passing their dividends through to shareholders, the fund is designed so that the return from the S&P 500, including the value associated with dividends, is reflected in its share price. This kind of structure typically relies on derivatives such as options or swaps to replicate index exposure.

The approach is aimed at investors seeking large-cap U.S. equity exposure without receiving periodic dividend income.