At a glance
MILN charges 0.5% a year, the same as the average of the 6 funds most like it (the 2nd cheapest of 7). It has $95.3M in assets, the 6th largest of that group; it paid 0.32% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −12.5% with distributions reinvested (S&P 500: +11.5%), 6th of those 7 funds; over three years it returned +15.2% a year. At its worst it fell 37.4% in the 2020 crash (S&P 500: 33.7%) and 40.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 28 months after the lows. Its ten largest positions make up 33.7% of the fund, out of 80 in all.
The short version
Global X Millennial Consumer ETF (MILN) tracks the Indxx Millennials Thematic Index: about 80 US-listed companies tied to how people born from 1980 to 2000 spend their time and money. Rather than owning a whole sector, it picks five to 15 companies in each of eight spending categories, from restaurants to housing. It costs 0.50% a year, in line with similar funds, and it has swung hard: it lost 38.5% in 2022.
Price history
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MILN -12.5% 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 | |
|---|---|---|---|---|---|---|
| MILN official prospectus, to Dec 31, 2025 | — | +4.53% | — | +4.89% | — | +12.96% |
| MILN price data to Oct 27, 2026 | -7.8% | -12.5% | +15.2% | -0.2% | +11.2% | +11.1% |
- Over the year to Oct 27, 2026, MILN returned -12.5%, 6th of 7 among similar funds.
- Its 5-year annualized return was -0.2% and its 10-year +11.2%.
- In the 2020 COVID crash it fell 37.4% and regained its old high 2.7 months after the low.
- Its worst full calendar year was 2022 (-38.6%); its best was 2020 (+44.8%).
- The deepest fall in its price history was 44.4% (Nov 5, 2021 to Nov 9, 2022), recovered by Nov 11, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -7.8% | — |
| 2025 | +4.6% | +4.53% |
| 2024 | +27.1% | +27.10% |
| 2023 | +36.3% | +36.19% |
| 2022 | -38.6% | -38.50% |
| 2021 | +14.0% | +14.08% |
| 2020 | +44.8% | +44.92% |
| 2019 | +32.2% | +31.64% |
| 2018 | +2.6% | +3.10% |
| 2017 | +24.5% | +24.38% |
| 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 | Lost 36.9% over that stretch · deepest drop along the way 37.4%, back to its old high 2.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.6% over that stretch · deepest drop along the way 40.3%, back to its old high 28 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0400 | |
| 2025 | $0.1200 | +9.1% |
| 2024 | $0.1100 | -3.7% |
| 2023 | $0.1142 | +90.3% |
| 2022 | $0.0600 | -14.3% |
| 2021 | $0.0700 | -12.5% |
| 2020 | $0.0800 | -27.3% |
| 2019 | $0.1100 | +22.2% |
| 2018 | $0.0900 | -47.1% |
| 2017 | $0.1700 |
What's inside
As of Aug 31, 2026, the fund held 80 securities; the ten largest made up 33.73% of assets.
| Holding | Weight | |
|---|---|---|
| DOORDASH, INC. | 4.16% | |
| AIRBNB, INC. | 3.94% | |
| SEA LIMITED | 3.69% | |
| APPLE INC. | 3.38% | |
| BOOKING HOLDINGS INC. | 3.13% | |
| CARVANA CO. | 3.12% | |
| SPOTIFY TECHNOLOGY S.A. | 3.10% | |
| AMAZON.COM, INC. | 3.09% | |
| CHIPOTLE MEXICAN GRILL, INC. | 3.08% | |
| STARBUCKS CORPORATION | 3.04% | |
| THE WALT DISNEY COMPANY | 2.99% | |
| ALPHABET INC. | 2.97% | |
| UBER TECHNOLOGIES, INC. | 2.93% | |
| VIVMARK RESIDENTIAL | 2.80% | |
| INTUIT INC. | 2.76% |
By country
United States 99.96%By asset type
Stocks 99.96%By sector
Sectors of the companies held, for the 65.7% 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 Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $243K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.45%, +3.50%, -0.09%.
How it works
MILN tracks the Indxx Millennials Thematic Index. Indxx, LLC builds the index and is independent of the fund's adviser, Global X Management Company. To be eligible, a company must be listed in the US, be worth at least $500 million, and trade at least $2 million a day on average over six months (rules as of January 31, 2026). Indxx sorts millennial spending into eight categories: social and entertainment; clothing and apparel; travel and mobility; food, restaurants and consumer staples; financial services and investments; housing and home goods; education and employment; and health and fitness.
A company qualifies if it earns a significant share of its revenue in these categories or says they are its primary business. Indxx scores companies on traits such as e-commerce, streaming, athletic apparel and multi-family apartments. It then picks five to 15 per category. Weights follow a modified market-value method, which means larger companies get bigger weights, within limits. The index is reconstituted (its member list is reset) and rebalanced once a year. Portfolio turnover was 11.35%.
The fund generally holds every stock in the index in about the same proportions. It does not move to defensive positions when markets fall. It may lend out securities worth up to one-third of its assets. Indxx can change the categories, and the fund can change its index without a shareholder vote.
What it really costs
- MILN charges 0.5% a year, versus an average of 0.5% for the similar funds below (2nd of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MILN | $51 | $160 | $280 | $628 |
In a retirement portfolio
It is a narrow, thematic stock fund that pays little income and has fallen about 40% in a bad market.
MILN could add a tilt toward consumer internet, travel and restaurant companies, but it has dropped hard in downturns. It fell 37.4% in the 2020 COVID crash and recovered in about three months. The 2022 bear market was worse: a 40.3% drop, and about 28 months to get back to its earlier peak. Its deepest decline, 44.4% from November 2021 to November 2022, was not fully made up until November 2024. The fund launched in 2016, so it has no 2008 record. Anyone forced to sell in a year like 2022 would have locked in steep losses.
It is not an income fund. Its trailing yield was 0.32% as of October 27, 2026, paid twice a year. It costs 0.50% a year, or $51 in the first year on $10,000 in the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, focused stake in millennial consumer spending through names like DoorDash, Airbnb and Booking Holdings.
- Long-term holders who can sit through drops like the 44.4% decline from November 2021 to November 2022, which took two years to recover.
- Those who want a rules-based thematic fund that spreads across eight spending categories at 0.50% a year, matching the average of similar funds.
Look elsewhere if
- Retirees seeking income: the trailing yield was 0.32% as of October 27, 2026, paid only twice a year.
- Cost-focused investors: iShares U.S. Consumer Discretionary ETF (IYC) charges 0.39% and returned -4.2% over the year to October 27, 2026, versus MILN's -12.5%.
- Anyone who may need to sell in a downturn: MILN lost 38.5% in 2022 and took about 28 months to regain its early-2022 peak.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MILN this fund | — | 0.5% | $95.3M | -12.5% | +15.2% |
| PNQI Invesco NASDAQ Internet ETF | 36% | 0.6% | $512.2M | -10.9% | +20.2% |
| BUYZ Franklin Disruptive Commerce ETF | 35% | 0.5% | $5.1M | -18.6% | +15.7% |
| IYC iShares U.S. Consumer Discretionary ETF | 32% | 0.39% | $1.19B | -4.2% | +17.0% |
| FDN First Trust Dow Jones Internet Index Fund | 25% | 0.51% | $4.98B | -1.2% | +23.7% |
| LGRO Level Four Large Cap Growth Active ETF | 23% | 0.5% | $142.1M | +13.1% | +27.6% |
| FDCF Fidelity Disruptive Communications ETF | 20% | 0.5% | $101.1M | +0.7% | +28.4% |
Questions investors ask
What does the MILN ETF invest in?
MILN invests in about 80 US-listed companies that Indxx links to millennial spending in eight categories, including entertainment, travel, restaurants, housing and financial services. As of August 31, 2026, the largest holdings were DoorDash (4.2%), Airbnb (3.9%), Sea Ltd (3.7%), Apple (3.4%) and Booking Holdings (3.1%). The top 10 made up about 34% of assets. Nearly all of the fund was in stocks, and REITs (real estate investment trusts) can also be included.
Is MILN good for retirement?
MILN fits better as a small satellite position than as a core retirement holding. It pays little income, with a trailing yield of 0.32% as of October 27, 2026, and it lost 38.5% in 2022. Its deepest drop, 44.4%, bottomed in November 2022 and took about two years to recover. It may suit savers with a long time horizon who want a modest tilt toward millennial spending alongside broader funds.
Does MILN pay dividends?
Yes, but not much. MILN pays distributions twice a year. Its trailing 12-month yield was 0.32% as of October 27, 2026, or about $0.14 per share. That means almost all of its return depends on changes in share prices rather than payouts. People who want regular income from their investments would likely need to look at other kinds of funds.
What's the difference between MILN and PNQI?
MILN picks companies across eight millennial spending categories, while PNQI, the Invesco NASDAQ Internet ETF, focuses on internet companies. About 36% of their holdings overlap. PNQI costs 0.60% a year versus MILN's 0.50%. Its net assets were about $512 million as of July 31, 2026, compared with MILN's $95 million as of August 31, 2026. Over the year to October 27, 2026, PNQI returned -10.9% versus MILN's -12.5%. Over three years, it returned 20.2% a year versus 15.2%.
How has MILN performed?
Its results have swung widely. According to its prospectus, MILN returned 4.53% in 2025 and averaged 4.89% a year over the five years to December 31, 2025. It averaged 12.96% a year since its 2016 launch. It gained 44.92% in 2020 and lost 38.5% in 2022. Based on price, it was down 12.5% over the year to October 27, 2026, sixth of seven similar funds, and down 7.8% year to date.