ETF Research Center

The Global X Russell 2000 Covered Call ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Cboe Russell 2000 BuyWrite Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Global X
Website	www.globalxfunds.com
Inception date	Apr 18, 2019
Assets (mns)	$1,384
Currency	USD
Expense ratio	60 bp
Distributions	Monthly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	Yes
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1944
Wgt avg mkt cap (mns)	$801
Large cap (>$10bn)	0.7%
Mid cap ($2-10bn)	11.9%
Small cap (<$2bn)	6.4%
Developed mkts	19.1%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	25.1 %
VANGUARD RUSSELL 2000 ETF	21.2 %
SUPER MICRO COMPUTER, INC.	1.2 %
MICROSTRATEGY INC-CL A	0.6 %
FRANK'S INTERNATIONAL NV	0.5 %
COMFORT SYSTEMS USA INC	0.3 %
NANOMETRICS INC	0.3 %
E.L.F. BEAUTY, INC.	0.3 %
SCIENTIFIC GAMES CORP-A	0.3 %
WEATHERFORD INTERNATIONAL PL	0.3 %
SIMPSON MANUFACTURING CO INC	0.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	76.6 %
	BERMUDA	1.1 %
	NETHERLANDS	0.6 %
	BRITAIN	0.4 %
	IRELAND	0.3 %
	CANADA	0.3 %
	CAYMAN ISLANDS	0.3 %
	SWITZERLAND	0.3 %
	PUERTO RICO	0.2 %
	BRAZIL	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
3.0%	7.1%	--	--	3.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.52	60%
MSCI EAFE	0.50	51%
MSCI Emg. Mkts.	0.31	21%

Technical Indicators
Recent close	$16.44
30d moving avg.	$16.63
Annualized volatility	11.9%
Short interest (ETF)	1.1%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	628
Turnover	0.8%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$7,936

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 17 potential alternatives to the Global X Russell 2000 Covered Call ETF ETF based on the alternatives' overlap in portfolio holdings with RYLD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

RYLD

Expense:

60 bp

ALTAR Score™:

3.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH RYLD
Ticker	Fund Name	Overlap¹ vs RYLD (%)	Expense ratio (bp)	Savings vs RYLD (bp)	ALTAR Score™ (%)	ALTAR vs RYLD (%)
RYLG	Global X Russell 2000 Covered Call & Growth ETF	21.2	60	0	3.3	+0.0
FTQI	First Trust Nasdaq BuyWrite Income ETF	3.8	75	-15	4.0	+0.7
FTHI	First Trust BuyWrite Income ETF	3.4	75	-15	5.5	+2.2
GBLD	Invesco MSCI Green Building ETF	0.8	39	21	8.1	+4.8
THNQ	ROBO Global Artificial Intelligence ETF	0.4	68	-8	1.7	-1.6
TYLG	Global X Information Technology Covered Call & Growth ETF	0.2	60	0	4.8	+1.5
XVOL	Acruence Active Hedge U.S. Equity ETF	0.1	83	-23	6.1	+2.8
XRMI	Global X S&P 500 Risk Managed Income ETF	0.1	60	0	4.7	+1.4
XTR	Global X S&P 500 Tail Risk ETF	0.1	26	34	5.2	+1.9
XYLG	Global X S&P 500 Covered Call & Growth ETF	0.1	60	0	4.7	+1.4
PBP	Invesco S&P 500 BuyWrite ETF	0.1	49	11	4.8	+1.5
XCLR	Global X S&P 500 Collar 95-110 ETF	0.1	25	35	5.2	+1.9
XYLD	Global X S&P 500 Covered Call ETF	0.1	60	0	4.7	+1.4
XYLE	Global X S&P 500 ESG Covered Call ETF	0.0	60	0	4.9	+1.6
EFIV	SPDR S&P 500 ESG ETF	0.0	10	50	5.3	+2.0
SFLR	Innovator Equity Managed Floor ETF	0.0	89	-29	4.3	+1.0
KNG	FT Vest S&P 500 Dividend Aristocrats Target Income ETF	0.0	75	-15	5.6	+2.3

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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2019	2020	2021	2022	2023	2024E	2025E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
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

Content on this tab for subscribers only

VALUATION METRICS

	2023	2024E	2025E
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 Russell 2000 Covered Call ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	7.1	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	3.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	0.28	CATEGORY AVERAGE	1.55

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.