Global X Interest Rate Volatility & Inflation Hedge ETF

Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) is an actively managed fund that holds mostly Treasury Inflation-Protected Securities (TIPS). It also holds a small slice of purchased options designed to gain when rate swings grow or long-term rates rise relative to short-term rates. That options sleeve sets it apart from plain TIPS funds. So does its cost: 0.45% a year, versus a 0.14% average for similar funds.

• Over the year to Oct 27, 2026, IRVH returned -7.2%, 8th of 8 among similar funds.
• Its worst full calendar year was 2024 (-5.5%); its best was 2025 (+7.7%).
• The deepest fall in its price history was 14.9% (Jul 29, 2022 to Dec 19, 2024), not yet recovered.

As of Aug 31, 2026, the fund held 40 securities; the ten largest made up 48.32% of assets.

The bonds mature in 7 years on average (weighted by size), with an average coupon of 1.4%.

• Over the three months to Aug 31, 2026, investors withdrew a net $9K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -0.13%, -0.65%, -1.20%.

IRVH is actively managed and does not track an index. Most of the portfolio is in TIPS: Treasury bonds whose principal rises with the Consumer Price Index, which lifts the interest paid. As of August 31, 2026, bonds were 98.9% of assets, with an average maturity of 7 years. The largest were the 0.125% TIPS due July 2030 (6.8%) and the 1.25% TIPS due April 2028 (5.7%).

The fund also purchases yield curve spread options, traded privately rather than on an exchange. Each pays off if the gap between two swap rates (the fixed rates in interest rate swaps), usually the 2-year and 10-year, ends above a strike level at expiration. If not, it can expire worthless, and the fund loses only the price it paid, called the premium. The options tend to lose value when that gap narrows or turns negative, or when rate volatility falls.

Options typically run six months to two years, so the fund replaces expiring ones with later-dated ones, called rolling. It generally expects to keep less than 20% of assets in these options; on August 31, 2026, one option expiring September 2027 made up 0.53%. Because small premiums can produce outsized gains or losses, the options add leverage. They also carry counterparty risk: the chance the other side fails to pay.

• IRVH charges 0.45% a year, versus an average of 0.14% for the similar funds below (8th of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).

As of August 31, 2026, nearly all its assets were US government bonds, mainly TIPS, alongside a small options sleeve meant to gain when interest rate volatility rises or long-term rates climb relative to short-term ones.

IRVH may add inflation protection, plus a small options position aimed at interest rate turmoil. It launched July 5, 2022, so it has no record from the 2008 or 2020 crashes and covers only part of the 2022 bear market. Its worst calendar year was 2024, a loss of 5.19%. Its deepest drop, 14.9% from July 29, 2022 to December 19, 2024, had not been recovered as of October 27, 2026. Money withdrawn during that stretch came out below the earlier high.

The trailing 12-month yield was 6.07% as of October 27, 2026, paid monthly, though TIPS income rises and falls with inflation. Costs are 0.45% a year, about $46 in the first year on $10,000 in the SEC's standard example, versus a 0.14% average for similar funds. Past results don't predict the future, and a plan needs to look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).