Global X S&P 500 Risk Managed Income ETF
ALTAR
Score™		 4.4% info Recommen-
dation		 UNDERWEIGHT
2024E    2025E
P/E
ratio		 25.2x P/Sales
ratio		 3.1x
P/BV
ratio		 4.6x Div.
yield		 1.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
XRMI tracks an index that holds S&P 500 stocks combined with an options collar strategy. The fund buys 5% OTM put options and sells ATM covered call options on a monthly basis.

FUND BASICS
Category US Equities
Fund Sponsor Global X
Website www.globalxetfs.com/funds/xrmi/
Inception date Aug 25, 2021
Assets (mns) $43
Currency USD
Expense ratio 60 bp
Distributions Monthly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 503
Wgt avg mkt cap (mns) $890,402
Large cap (>$10bn) 99.3%
Mid cap ($2-10bn) 0.4%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
APPLE INC 7.6 %
MICROSOFT CORP 6.7 %
NVIDIA CORP 6.6 %
AMAZON.COM INC 4.3 %
META PLATFORMS INC 2.7 %
TESLA MOTORS INC 2.4 %
ALPHABET INC. CLASS A 2.2 %
BROADCOM INC. 2.1 %
ALPHABET INC. CLASS C 1.8 %
BERKSHIRE HATHAWAY INC-CL B 1.7 %
Total 38.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 99.8 %
IRELAND 1.7 %
BRITAIN 0.6 %
SWITZERLAND 0.3 %
NETHERLANDS 0.1 %
BERMUDA 0.1 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
9.6% 11.2% -- -- 0.8%

Market Correlations
versus... Beta R-squared
S&P500 0.34 75%
MSCI EAFE 0.29 55%
MSCI Emg. Mkts. 0.22 30%

Technical Indicators
Recent close $19.41
30d moving avg. $19.11
Annualized volatility 6.8%
Short interest (ETF) 1.5%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 15
Turnover 0.7%
Bid/Ask (% of price) 0.34%
ADV underlying (mns) $257,114

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 36 potential alternatives to the Global X S&P 500 Risk Managed Income ETF ETF based on the alternatives' overlap in portfolio holdings with XRMI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: XRMI Expense: 60 bp ALTAR Score™: 4.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH XRMI
Ticker Fund
Name		 Overlap1
vs XRMI
(%)		 Expense
ratio
(bp)		 Savings
vs XRMI
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs XRMI
(%)
XYLD Global X S&P 500 Covered Call ETF 101.9 60 0 4.3 -0.0
PBP Invesco S&P 500 BuyWrite ETF 101.3 49 11 4.5 +0.1
XYLG Global X S&P 500 Covered Call & Growth ETF 100.7 60 0 4.4 +0.1
XTR Global X S&P 500 Tail Risk ETF 99.2 26 34 5.0 +0.6
XCLR Global X S&P 500 Collar 95-110 ETF 99.0 25 35 5.0 +0.6
XYLE Global X S&P 500 ESG Covered Call ETF 72.3 60 0 4.7 +0.3
EFIV SPDR S&P 500 ESG ETF 72.2 10 50 5.1 +0.8
SFLR Innovator Equity Managed Floor ETF 69.5 89 -29 4.1 -0.3
FTHI First Trust BuyWrite Income ETF 62.7 75 -15 4.8 +0.4
ACIO Aptus Collared Investment Opportunity ETF 59.4 79 -19 4.1 -0.2
FTQI First Trust Nasdaq BuyWrite Income ETF 51.4 75 -15 3.4 -1.0
QTR Global X NASDAQ 100 Tail Risk ETF 50.5 26 34 4.4 +0.1
QYLG Global X Nasdaq 100 Covered Call & Growth ETF 50.5 60 0 4.1 -0.3
QYLD Global X NASDAQ 100 Covered Call ETF 50.5 60 0 4.1 -0.3
QRMI Global X NASDAQ 100 Risk Managed Income ETF 50.5 60 0 4.0 -0.3
QCLR Global X NASDAQ 100 Collar 95-110 ETF 50.5 25 35 4.4 +0.0
NUSI Nationwide Nasdaq-100 Risk-Managed Income ETF 50.5 68 -8 4.0 -0.4
JEPQ J.P. Morgan Nasdaq Equity Premium Income ETF 50.0 35 25 4.4 +0.0
QYLE Global X Nasdaq 100 ESG Covered Call ETF 47.6 60 0 4.2 -0.2
MMLG First Trust Multi-Manager Large Growth ETF 43.6 85 -25 1.9 -2.5
GARP iShares MSCI USA Quality GARP ETF 42.9 15 45 4.8 +0.5
TYLG Global X Information Technology Covered Call & Growth ETF 31.8 60 0 4.6 +0.2
SIXH ETC 6 Meridian Hedged Equity Index Option ETF 31.5 82 -22 5.8 +1.5
DJIA Global X Dow 30 Covered Call ETF 28.4 60 0 4.7 +0.4
DYLG Global X Dow 30 Covered Call & Growth ETF 28.3 60 0 4.8 +0.5
CCOR Core Alternative ETF 21.2 107 -47 4.8 +0.4
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF 20.4 58 2 3.8 -0.5
DIVO Amplify CWP Enhanced Dividend Income ETF 19.2 55 5 5.5 +1.2
THNQ ROBO Global Artificial Intelligence ETF 15.4 68 -8 1.4 -3.0
FYLG Global X Financials Covered Call & Growth ETF 13.7 60 0 4.9 +0.5
KNG FT Vest S&P 500 Dividend Aristocrats Target Income ETF 12.3 75 -15 5.7 +1.4
LCG Sterling Capital Focus Equity ETF 11.0 59 1 3.6 -0.7
HYLG Global X Health Care Covered Call & Growth ETF 10.3 60 0 7.2 +2.9
XVOL Acruence Active Hedge U.S. Equity ETF 7.8 83 -23 5.1 +0.7
IDVO Amplify International Enhanced Dividend Income ETF 0.4 65 -5 7.3 +3.0
GBLD Invesco MSCI Green Building ETF 0.1 39 21 8.9 +4.6

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

  2019 2020 2021 2022 2023 2024E 2025E
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
  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 S&P 500 Risk Managed Income 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 19.8 %
Divided by: Fwd. P/BV 4.0 x
Less: Expense ratio 60 bp
Equals: ALTAR Score 4.4 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.55 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.
 

 

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.