Global X NASDAQ 100 Covered Call ETF
ALTAR
Score™		 5.0% info Recommen-
dation		 UNDERWEIGHT
2023E    2024E
P/E
ratio		 25.9x P/Sales
ratio		 4.0x
P/BV
ratio		 5.9x Div.
yield		 0.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Global X Nasdaq-100 Covered Call ETF tracks an index that holds Nasdaq 100 stocks and sells options on those stocks to collect the premiums.

FUND BASICS
Category US Equities
Fund Sponsor Global X
Website us.horizonsetfs.com
Inception date Dec 11, 2013
Assets (mns) $7,732
Currency USD
Expense ratio 60 bp
Distributions Monthly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Fixed
Index replication Full
Uses derivatives Yes
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 101
Wgt avg mkt cap (mns) $1,032,700
Large cap (>$10bn) 98.2%
Mid cap ($2-10bn) 0.4%
Small cap (<$2bn) 0.0%
Developed mkts 99.3%
Emerging mkts 0.7%

TOP TEN HOLDINGS
APPLE INC 10.9 %
MICROSOFT CORP 9.8 %
AMAZON.COM INC 5.8 %
NVIDIA CORP 4.3 %
META PLATFORMS INC 3.7 %
TESLA MOTORS INC 3.5 %
ALPHABET INC. CLASS A 3.3 %
ALPHABET INC. CLASS C 3.2 %
BROADCOM INC. 3.0 %
PEPSICO INC 2.1 %
Total 49.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 99.3 %
NETHERLANDS 0.9 %
CHINA 0.7 %
BRITAIN 0.6 %
ARGENTINA 0.6 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
18.5% 15.5% 4.5% -- 6.9%

Market Correlations
versus... Beta R-squared
S&P500 0.69 74%
MSCI EAFE 0.60 58%
MSCI Emg. Mkts. 0.45 31%

Technical Indicators
Recent close $16.71
30d moving avg. $17.51
Annualized volatility 14.3%
Short interest (ETF) 0.3%
Short interest (Underlying) 1.7%
Relative strength (RSI) 34

Liquidity measures
Avg. volume (thou.) 4,743
Turnover 1.0%
Bid/Ask (% of price) 0.06%
ADV underlying (mns) $85,713

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 36 potential alternatives to the Global X NASDAQ 100 Covered Call ETF ETF based on the alternatives' overlap in portfolio holdings with QYLD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: QYLD Expense: 60 bp ALTAR Score™: 5.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH QYLD
Ticker Fund
Name		 Overlap1
vs QYLD
(%)		 Expense
ratio
(bp)		 Savings
vs QYLD
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs QYLD
(%)
QRMI Global X NASDAQ 100 Risk Managed Income ETF 101.2 60 0 4.9 -0.1
QYLG Global X Nasdaq 100 Covered Call & Growth ETF 101.0 60 0 5.0 +0.0
NUSI Nationwide Risk-Managed Income ETF 99.2 68 -8 4.9 -0.1
QTR Global X NASDAQ 100 Tail Risk ETF 99.0 61 -1 5.2 +0.2
QCLR Global X NASDAQ 100 Collar 95-110 ETF 98.9 60 0 4.9 -0.1
QYLE Global X Nasdaq 100 ESG Covered Call ETF 87.7 60 0 5.1 +0.2
JEPQ J.P. Morgan Nasdaq Equity Premium Income ETF 68.4 35 25 5.2 +0.3
FTQI First Trust Nasdaq BuyWrite Income ETF 60.2 85 -25 4.4 -0.6
XYLE Global X S&P 500 ESG Covered Call ETF 48.8 60 0 5.5 +0.5
EFIV SPDR S&P 500 ESG ETF 48.2 10 50 6.1 +1.1
STLG iShares Factors US Growth Style ETF 47.5 25 35 6.9 +1.9
PBP Invesco S&P 500 BuyWrite ETF 44.8 49 11 5.6 +0.6
XYLD Global X S&P 500 Covered Call ETF 43.9 60 0 5.5 +0.5
XRMI Global X S&P 500 Risk Managed Income ETF 43.8 60 0 5.4 +0.4
XYLG Global X S&P 500 Covered Call & Growth ETF 43.6 60 0 5.5 +0.5
XTR Global X S&P 500 Tail Risk ETF 43.1 61 -1 5.6 +0.7
XCLR Global X S&P 500 Collar 95-110 ETF 42.9 60 0 5.7 +0.7
MMLG First Trust Multi-Manager Large Growth ETF 42.4 85 -25 2.8 -2.2
ACIO Aptus Collared Income Opportunity ETF 41.8 79 -19 5.0 +0.1
SFLR Innovator Equity Managed Floor ETF 41.7 89 -29 4.9 -0.1
TYLG Global X Information Technology Covered Call & Growth ETF 36.8 60 0 5.5 +0.5
FTHI First Trust High Income ETF 34.8 85 -25 5.8 +0.8
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF 25.5 58 2 4.8 -0.2
SIXH 6 Meridian Hedged Equity-Index Option Strategy ETF 23.3 82 -22 7.3 +2.4
THNQ ROBO Global Artificial Intelligence ETF 21.2 68 -8 2.4 -2.6
CCOR Core Alternative ETF 15.7 107 -47 5.2 +0.2
LCG Sterling Capital Focus Equity ETF 14.2 59 1 5.9 +0.9
DJIA Global X Dow 30 Covered Call ETF 13.9 60 0 7.4 +2.5
DYLG Global X Dow 30 Covered Call & Growth ETF 13.9 60 0 6.1 +1.1
DIVO Amplify YieldShares CWP Dividend & Option Income ETF 10.3 55 5 6.2 +1.2
XVOL Acruence Active Hedge U.S. Equity ETF 7.5 83 -23 6.2 +1.2
HYLG Global X Health Care Covered Call & Growth ETF 6.4 60 0 8.0 +3.0
KNG FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF 3.0 75 -15 6.2 +1.2
GRES IQ Global Resources ETF 1.7 30 30 8.8 +3.8
IDVO Amplify International Enhanced Dividend Income ETF 0.8 65 -5 10.5 +5.5
FYLG Global X Financials Covered Call & Growth ETF 0.6 60 0 6.7 +1.7

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2018 2019 2020 2021 2022 2023E 2024E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2022 2023E 2024E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Global X NASDAQ 100 Covered Call ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 27.0 %
Divided by: Fwd. P/BV 4.8 x
Less: Expense ratio 60 bp
Equals: ALTAR Score 5.0 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.40 CATEGORY
AVERAGE		 1.50
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.