At a glance
ONOF charges 0.39% a year, above the 0.04% average of the 8 funds most like it (the most expensive of 9). It has $141.7M in assets, the 9th largest of that group; it paid 1.19% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +9.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +15.9% a year. At its worst it fell 25.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low. Its ten largest positions make up 36.6% of the fund, out of 503 in all.
The short version
Global X Adaptive U.S. Risk Management ETF (ONOF) tracks an index that holds one of two things at any time: 500 large U.S. stocks, or short-term U.S. Treasury bonds. It moves 100% from one to the other based on four market signals, aiming to step aside before and during bad stretches for stocks. The approach costs 0.39% a year, against a 0.04% average for similar large-company stock funds. As of October 27, 2026, ONOF trailed all eight of them over one and three years.
Price history
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ONOF +9.4% 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 | |
|---|---|---|---|---|---|---|
| ONOF official prospectus, to Dec 31, 2025 | — | +8.87% | — | +10.03% | — | — |
| ONOF price data to Oct 27, 2026 | +9.8% | +9.4% | +15.9% | +8.0% | — | +10.2% |
- Over the year to Oct 27, 2026, ONOF returned +9.4%, 9th of 9 among similar funds.
- Its 5-year annualized return was +8.0%.
- Its worst full calendar year was 2022 (-11.9%); its best was 2024 (+19.5%).
- The deepest fall in its price history was 26.2% (Dec 29, 2021 to Jun 16, 2022), recovered by Jan 25, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.8% | — |
| 2025 | +8.9% | +8.87% |
| 2024 | +19.5% | +19.38% |
| 2023 | +11.6% | +11.59% |
| 2022 | -11.9% | -11.59% |
| 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 | Lost 19.6% over that stretch · deepest drop along the way 25.8%, back to its old high 13.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1600 | |
| 2025 | $0.5200 | +57.6% |
| 2024 | $0.3300 | -17.5% |
| 2023 | $0.4000 | -21.6% |
| 2022 | $0.5100 |
What's inside
As of Aug 31, 2026, the fund held 503 securities; the ten largest made up 36.65% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORPORATION | 7.61% | |
| APPLE INC. | 6.70% | |
| MICROSOFT CORPORATION | 5.49% | |
| AMAZON.COM, INC. | 3.69% | |
| ALPHABET INC. | 2.93% | |
| BROADCOM INC. | 2.55% | |
| ALPHABET INC. | 2.52% | |
| META PLATFORMS, INC. | 1.86% | |
| TESLA, INC. | 1.66% | |
| BNY MELLON US LRG CAP COR MUTUAL FUND | 1.63% | |
| MICRON TECHNOLOGY, INC. | 1.60% | |
| ELI LILLY AND COMPANY | 1.44% | |
| JPMORGAN CHASE & CO. | 1.41% | |
| ADVANCED MICRO DEVICES, INC. | 1.13% | |
| BERKSHIRE HATHAWAY INC. | 1.03% |
By country
United States 99.85%By asset type
Stocks 99.85%By sector
Sectors of the companies held, for the 88.1% 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 $1.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.86%, -0.33%, -0.93%.
How it works
ONOF follows the Adaptive Wealth Strategies U.S. Risk Management Index. NorthCrest Asset Management owns and built the index, and Solactive AG calculates it. The index holds all of one position or all of the other, never a mix. One is the Solactive GBS United States 500 Index: the 500 largest U.S. companies, weighted by the value of their freely traded shares. The other is the Solactive U.S. 1-3 Year Treasury Bond Index, which holds Treasuries maturing in one to three years.
Four signals are checked daily, and each gets one vote. The first compares the stock index with its 200-day average price. The second is the MACD, a momentum gauge that compares 12-day and 26-day price averages. The third measures how far stocks have fallen from their peak. The fourth is the VIX, a measure of how much the market expects prices to swing. A signal triggers when its reading is unusually far from its history since 1993. That distance is measured by a Z-score, the number of standard deviations from the average. Leaving stocks takes at least three exit votes. Returning takes only two entry votes.
As of August 31, 2026, the fund was essentially all in stocks, with 503 holdings. Signals can hold steady for months or flip within days. That helps explain portfolio turnover of 365% in the latest prospectus. The fund may also lend out securities worth up to one-third of its assets.
What it really costs
- ONOF charges 0.39% a year, versus an average of 0.04% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $493 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ONOF | $40 | $125 | $219 | $493 |
In a retirement portfolio
ONOF is built to move out of stocks and into short-term Treasuries when markets turn bad, though its record of doing that is short and mixed.
ONOF aims to limit the deep losses that hurt most when someone is selling shares to live on. Its record starts in January 2021, so it was not around for the 2008 or 2020 crashes. In 2022 it fell 25.8% between January 3 and June 16 and took about 13.5 months to recover. Its deepest drop was 26.2%, starting December 29, 2021. Getting back to that peak took 19.3 months, until January 25, 2024. Its worst calendar year was 2022, when it lost 11.59%. So the switch to Treasuries did not prevent a deep loss for anyone who had to sell in mid-2022.
The yield was 1.19% as of October 27, 2026, paid twice a year. Costs are high for a fund that mostly holds large U.S. stocks. In the SEC's standard example, $10,000 invested would cost $493 over 10 years. Past results don't predict the future, 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 set of rules, not a person's judgment, for moving out of large U.S. stocks and into 1-3 year Treasuries when signals turn negative.
- Those willing to pay 0.39% a year, against a 0.04% average for similar funds, in exchange for an automatic plan for leaving stocks.
- Investors who accept that the fund can sit entirely in stocks for long stretches, as it did on August 31, 2026.
Look elsewhere if
- Anyone wanting low-cost U.S. large-company exposure: SPY, BBUS and PBUS share 90–96% of ONOF's holdings and charge far less.
- Investors expecting strong protection in a downturn: ONOF still fell 26.2% from December 2021 to June 2022.
- Income seekers: the yield was 1.19% as of October 27, 2026, paid only twice a year.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ONOF this fund | — | 0.39% | $141.7M | +9.4% | +15.9% |
| PBUS Invesco MSCI USA ETF | 96% | 0.04% | $11.67B | +13.1% | +24.9% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 95% | 0% | $5.47B | +13.4% | +25.4% |
| GSUS Goldman Sachs MarketBeta U.S. Equity ETF | 95% | 0.07% | $3.33B | +13.1% | +25.2% |
| VOTE TCW Transform 500 ETF | 95% | 0.05% | $1.10B | +13.5% | +25.2% |
| BBUS JPMorgan BetaBuilders U.S. Equity ETF | 94% | 0.02% | $8.89B | +13.0% | +24.8% |
| USPX Franklin U.S. Equity Index ETF | 91% | 0.03% | $1.98B | +12.9% | +24.9% |
| VV Vanguard Large Cap ETF | 90% | 0.04% | $73.83B | +12.0% | +23.8% |
Questions investors ask
Did ONOF protect investors in the 2022 bear market?
Only partly. ONOF lost 11.59% in calendar 2022, according to its prospectus. Its worst quarter was a 15.29% drop in the first quarter of 2022. From its January 3 peak to June 16, 2022, it fell 25.8%, then needed about 13.5 months to recover. Across the whole bear market, from January 3 to October 12, 2022, it returned -19.6%. Signals based on past prices often react only after much of a decline has already happened.
ONOF vs PBUS: what's the difference?
They hold mostly the same stocks, but they behave differently. As of the latest reports, ONOF and the Invesco MSCI USA ETF (PBUS) share about 96% of their holdings. PBUS stays in stocks at all times. ONOF can move fully into short-term Treasuries. PBUS charges 0.04% a year, against 0.39% for ONOF. As of October 27, 2026, PBUS returned 13.1% over one year and ONOF returned 9.4%. As of August 31, 2026, PBUS had about $11.7 billion in net assets and ONOF had about $142 million.
Does ONOF pay dividends?
Yes, but not much. ONOF pays distributions twice a year. In the 12 months to October 27, 2026, it paid about $0.49 per share, a yield of 1.19%. The income comes from stock dividends while the fund holds stocks, and from Treasury interest while it holds bonds. So the amount can change when the fund switches positions. Investors who need monthly income may find the twice-a-year schedule hard to plan around.
Does ONOF hold stocks or bonds?
It holds one or the other, never both. As of August 31, 2026, it was essentially all in stocks: 99.85% of assets were in U.S. stocks across 503 holdings. NVIDIA (7.6%), Apple (6.7%) and Microsoft (5.5%) were the largest, and technology made up 34.6%. If at least three of its four signals vote to leave stocks, the fund moves entirely into 1-3 year Treasuries. Its holdings can look completely different from one report to the next.
What is ONOF's expense ratio?
ONOF's expense ratio is 0.39%, according to its prospectus filed March 27, 2026. All of it is the management fee. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs come to about $40 after one year, $125 after three, $219 after five and $493 after 10. Among nine similar large-company U.S. funds, ONOF costs the most. The others average 0.04%.