ETF Research Center

Global X Russell 2000 Covered Call ETF

ALTAR
Score™

4.5%

Recommen-
dation

UNDERWEIGHT

2025E 2026E
P/E ratio	21.8x	P/Sales ratio	1.3x
P/BV ratio	1.8x	Div. yield	1.2%

Description
Performance
Comps
Fundamentals
Valuation
Rating

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)	$1,300
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	2
Wgt avg mkt cap (mns)	$3,197
Large cap (>$10bn)	1.4%
Mid cap ($2-10bn)	61.8%
Small cap (<$2bn)	37.8%
Developed mkts	101.3%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	100.2 %
GLOBAL X RUSSELL 2000 ETF	108.6 %
INHIBRX INC	0.0 %
CASH	-8.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	103.4 %
	BERMUDA	1.3 %
	BRITAIN	0.8 %
	CANADA	0.5 %
	CAYMAN ISLANDS	0.5 %
	IRELAND	0.4 %
	PUERTO RICO	0.3 %
	BRAZIL	0.3 %
	ISRAEL	0.2 %
	INDIA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru April 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
-9.5%	-2.8%	7.0%	--	2.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.53	63%
MSCI EAFE	0.42	41%
MSCI Emg. Mkts.	0.24	14%

Technical Indicators
Recent close	$14.60
30d moving avg.	$14.50
Annualized volatility	11.1%
Short interest (ETF)	4.3%
Relative strength (RSI)	46

Liquidity measures
Avg. volume (thou.)	630
Turnover	0.7%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$37,220

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 1 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™:

4.5%

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	104.1	60	0	4.4	-0.1

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

	2020	2021	2022	2023	2024	2025E	2026E
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

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VALUATION METRICS

	2024	2025E	2026E
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:

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	8.8	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	4.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.58

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.