At a glance
DYLG charges 0.35% a year, above the 0.28% average of the 8 funds most like it (the 6th cheapest of 9). It has $6.2M in assets, the 9th largest of that group; it paid 8.92% of its price in distributions over the past 12 months, monthly. Over the past year it returned +12.6% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +16.4% a year. Its ten largest positions make up 55.6% of the fund, out of 30 in all.
The short version
Global X Dow 30 Covered Call & Growth ETF (DYLG) owns the 30 Dow Jones Industrial Average stocks and sells monthly call options on about half their value, tracking the Cboe DJIA Half BuyWrite Index. It pays monthly, with a trailing 12-month yield of 8.92% as of October 27, 2026, and keeps more upside than funds writing calls on their whole portfolio. Its 0.35% fee exceeds DIA's 0.16% for the same stocks without options.
Price history
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DYLG +12.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DYLG official prospectus, to Dec 31, 2025 | — | +12.19% | — | — | — | +12.77% |
| DYLG price data to Oct 27, 2026 | +9.6% | +12.6% | +16.4% | — | — | +12.6% |
- Over the year to Oct 27, 2026, DYLG returned +12.6%, 3rd of 9 among similar funds.
- Its worst full calendar year was 2025 (+12.5%); its best was 2024 (+14.5%).
- The deepest fall in its price history was 14% (Feb 13, 2025 to Apr 8, 2025), recovered by Aug 22, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.6% | — |
| 2025 | +12.5% | +12.19% |
| 2024 | +14.5% | +14.60% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8700 | |
| 2025 | $2.5700 | -40.2% |
| 2024 | $4.3000 |
What's inside
As of Jul 31, 2026, the fund held 30 securities; the ten largest made up 55.65% of assets.
| Holding | Weight | |
|---|---|---|
| THE GOLDMAN SACHS GROUP, INC. | 11.60% | |
| CATERPILLAR INC. | 9.28% | |
| MICROSOFT CORPORATION | 5.29% | |
| UNITEDHEALTH GROUP INCORPORATED | 4.72% | |
| AMGEN INC. | 4.39% | |
| The Travelers Companies, Inc. | 4.26% | |
| VISA INC. | 4.17% | |
| ALPHABET INC. | 4.06% | |
| JPMORGAN CHASE & CO. | 4.01% | |
| THE SHERWIN-WILLIAMS COMPANY | 3.88% | |
| AMERICAN EXPRESS COMPANY | 3.83% | |
| THE HOME DEPOT, INC. | 3.78% | |
| APPLE INC. | 3.52% | |
| AMAZON.COM, INC. | 3.09% | |
| MCDONALD'S CORPORATION | 3.08% |
By country
United States 100.56%By asset type
Stocks 100.56%By sector
Sectors of the companies held, for the 100.6% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.88%, +2.21%, +2.73%.
How it works
DYLG is an index fund tracking the Cboe DJIA Half BuyWrite Index. Its adviser, Global X Management Company LLC, does not pick stocks or move to cash in downturns. It holds all 30 stocks in the Dow Jones Industrial Average, an index of large U.S. companies weighted by share price rather than company size. So as of July 31, 2026, Goldman Sachs (11.6%) and Caterpillar (9.3%) outweighed Microsoft (5.3%), and the top 10 holdings made up about 56%.
Each month the fund writes (sells) one-month call options on the Dow covering about half the portfolio's value. Each option's buyer gets any rise in the Dow above the strike price, set at or just above the index's level; the fund collects cash up front, called a premium. The options are exchange-traded, settle in cash, can be exercised only at expiration and are replaced monthly. On July 31, 2026, the fund held one such call, expiring August 21, 2026.
In the prospectus example, if the Dow rose 15% over an option period, the calls would be worth about 7.5% of the portfolio's starting value, offsetting roughly half the gain. If the Dow falls, the premium softens the loss, but the fund still absorbs the drop in its stocks.
What it really costs
- DYLG charges 0.35% a year, versus an average of 0.28% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DYLG | $36 | $113 | $197 | $443 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
It aims to pay monthly income, largely from option premiums, with a trailing 12-month yield of 8.92% as of October 27, 2026, while giving up part of the Dow's upside.
DYLG launched on July 25, 2023, so it has no track record from the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Both full calendar years were gains: 14.6% in 2024 and 12.19% in 2025, per the prospectus. Its deepest drop was 14%, from February 13 to April 8, 2025, and it recovered by August 22, 2025, about 4.5 months after the low. Drawing cash in a slump like that means cashing out shares at lower prices; call premiums soften declines only partly.
It pays monthly, with a trailing 12-month yield of 8.92% as of October 27, 2026; option income is usually taxed as ordinary income, not as qualified dividends. Fees are 0.35% a year, or $36 the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking monthly income from Dow stocks: the trailing 12-month yield was 8.92% as of October 27, 2026, largely from option premiums.
- Those wanting covered call income without giving up all growth, since calls cover only about half the portfolio rather than all of it.
- Holders who prefer smaller swings: as of October 27, 2026, one-year volatility was 9.6% and its beta, or market sensitivity, 0.62.
Look elsewhere if
- Investors after the lowest-cost Dow exposure: DIA holds the same 30 stocks without options for 0.16% a year, versus 0.35% here.
- Growth seekers: calls forfeit about half the Dow's monthly gains; its 16.4% annual three-year return to October 27, 2026, trailed all eight similar funds.
- Anyone wary of tiny funds: assets were about $6.2 million as of July 31, 2026, the smallest in its peer group, raising closure risk.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DYLG this fund | — | 0.35% | $6.2M | +12.6% | +16.4% |
| DIA SPDR Dow Jones Industrial Average ETF Trust · different strategy | 100% | 0.16% | $45.21B | +10.8% | +17.2% |
| EDOW First Trust Dow 30 Equal Weight ETF · different strategy | 79% | 0.5% | $306.6M | +14.6% | +19.9% |
| DJD Invesco Dow Jones Industrial Average Divide… · different strategy | 61% | 0.07% | $486.5M | +22.3% | +22.2% |
| DIVO Amplify CWP Enhanced Dividend Income ETF | 52% | 0.56% | $7.19B | +12.2% | +18.4% |
| USMC Principal U.S. Mega-Cap ETF · different strategy | 38% | 0.12% | $3.49B | +11.3% | +24.5% |
| OUSA ALPS O'Shares U.S. Quality Dividend ETF · different strategy | 37% | 0.48% | $746.2M | +11.4% | +17.3% |
| DYNF iShares U.S. Equity Factor Rotation Active … · different strategy | 33% | 0.27% | $38.61B | +10.7% | +24.9% |
Questions investors ask
Does DYLG pay monthly dividends?
Yes. DYLG makes distributions every month. Over the 12 months to October 27, 2026, it paid $2.52 per share, a trailing yield of 8.92%. Much of that comes from premiums on the call options it writes, so payments can vary from month to month as option prices change. Option income is usually taxed as ordinary income rather than at the lower qualified-dividend rate, which matters in a taxable account but not inside a tax-deferred account such as an IRA.
What's the difference between DYLG and DIA?
Both hold the same 30 Dow Jones Industrial Average stocks, but DIA simply owns them, while DYLG also writes call options on about half the portfolio's value to generate income. DIA charges 0.16% a year versus DYLG's 0.35% and is far larger: $45.2 billion versus $6.2 million in assets as of July 31, 2026. DIA returned 10.5% over one year and 18.1% a year over three years to October 30, 2026; DYLG returned 12.6% and 16.4% a year to October 27, 2026.
How much upside does DYLG give up?
Roughly half of the Dow's gains during each monthly option period. DYLG writes calls on about 50% of the portfolio's value, with the strike price, the level above which it owes the buyer, set at or just above the Dow's level. In the prospectus example, if the Dow rose 15% over an option period, the calls would be worth about 7.5% of the portfolio, offsetting about half the gain. In falling markets the fund takes the full drop on its stocks, softened only by the premiums collected.
Is DYLG good for retirement income?
It may suit retirees who want monthly income from Dow stocks and accept the trade-offs. The trailing yield was 8.92% as of October 27, 2026, and one-year volatility, a measure of price swings, was 9.6%. But it launched in July 2023, after the 2008, 2020 and 2022 downturns, so its record is short. It also lags the plain Dow in strong rallies, and with about $6.2 million in assets as of July 31, 2026, it is very small.
How does DYLG compare with DIVO?
DYLG costs less, 0.35% a year versus 0.56%, but is far smaller and has trailed over three years. DIVO, the Amplify CWP Enhanced Dividend Income ETF, is the similar fund that also uses an options-income strategy, with about 52% holdings overlap. To October 27, 2026, DYLG returned 12.6% over one year and DIVO 12.2%; over three years, DIVO led, 18.4% a year to 16.4%. DIVO held about $7.2 billion as of June 30, 2026, against DYLG's $6.2 million as of July 31, 2026.