At a glance
RYLD charges 0.6% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $1.37B in assets, the 6th largest of that group; it paid 12.34% of its price in distributions over the past 12 months, monthly. Over the past year it returned +11.7% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds; over three years it returned +11.5% a year. At its worst it fell 41.5% in the 2020 crash (S&P 500: 33.7%) and 19.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 39 months after the lows.
The short version
Global X Russell 2000 Covered Call ETF (RYLD) owns the Russell 2000 small-company stocks, mostly through a sister Global X ETF. Each month it also sells call options on that index to collect cash. That trade gives up much of the index's upside in exchange for income. The fund's trailing 12-month yield was 12.34% as of October 27, 2026. It pays monthly and charges a 0.60% expense ratio.
Price history
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RYLD +11.7% 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 | |
|---|---|---|---|---|---|---|
| RYLD official prospectus, to Dec 31, 2025 | — | +5.75% | — | +4.46% | — | +4.52% |
| RYLD price data to Oct 27, 2026 | +10.8% | +11.7% | +11.5% | +2.4% | — | +5.4% |
- Over the year to Oct 27, 2026, RYLD returned +11.7%, 4th of 8 among similar funds.
- Its 5-year annualized return was +2.4%.
- In the 2020 COVID crash it fell 41.5% and regained its old high 9.7 months after the low.
- Its worst full calendar year was 2022 (-13.1%); its best was 2021 (+22.2%).
- The deepest fall in its price history was 41.5% (Feb 20, 2020 to Mar 18, 2020), recovered by Jan 7, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.8% | — |
| 2025 | +5.6% | +5.75% |
| 2024 | +10.2% | +10.12% |
| 2023 | +0.3% | +0.34% |
| 2022 | -13.1% | -13.09% |
| 2021 | +22.2% | +22.51% |
| 2020 | -0.4% | -0.50% |
| 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 37.2% over that stretch · deepest drop along the way 41.5%, back to its old high 9.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.2% over that stretch · deepest drop along the way 19.1%, back to its old high 38.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.5800 | |
| 2025 | $1.8300 | -7.6% |
| 2024 | $1.9800 | -6.6% |
| 2023 | $2.1200 | -16.2% |
| 2022 | $2.5300 | -16.2% |
| 2021 | $3.0200 | +23.8% |
| 2020 | $2.4400 |
Living on RYLD: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Jul 31, 2026, the fund held 7 securities; the ten largest made up 100.94% of assets.
| Fund held | Weight | |
|---|---|---|
| GLOBAL X RUSSELL 2000 ETF MUTUAL FUND | 100.94% | |
| N/A | 0.00% | |
| N/A | 0.00% | |
| N/A | 0.00% | |
| N/A | 0.00% | |
| N/A | 0.00% | |
| RAIN ONCOLOGY INC | 0.00% |
By country
United States 100.94%By asset type
Stocks 100.94%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $147.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.20%, +2.50%, +3.18%.
How it works
RYLD tracks the Cboe Russell 2000 BuyWrite Index. This index follows a portfolio that owns the stocks in the Russell 2000 Index, FTSE Russell's measure of US small companies, and sells call options on that index. The adviser, Global X Management Company, uses representative sampling, which means owning a mix that behaves like the index. It does not try to beat the index or turn defensive in falling markets. In practice, the fund owns another fund. As of July 31, 2026, the Global X Russell 2000 ETF made up about 100.9% of net assets.
Each month the fund sells one-month call options on the Russell 2000 Index. A call option gives its buyer the right to profit if the index rises above a set level, called the strike price. RYLD's strikes are generally at or above the index's level when the option is sold. The buyer pays the fund a premium up front. If the index closes above the strike on the expiration date, usually the third Friday of the month, the fund pays the difference in cash. As of July 31, 2026, the fund held one short call with a 2,970 strike, expiring August 21, 2026.
The premiums only partly cushion declines, and the fund still takes the rest of any drop. It gives up gains above the strike, so it is expected to lag the Russell 2000 when the index is rising fast.
What it really costs
- RYLD charges 0.6% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RYLD | $61 | $192 | $335 | $750 |
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.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
RYLD's main appeal is a large monthly payout from option premiums, not long-term growth or downside protection.
RYLD could add a large monthly cash flow. Its trailing 12-month yield was 12.34% as of October 27, 2026. That income comes with nearly all of the downside of small-company stocks. The fund launched in April 2019, so it has no record from 2008. In the 2020 COVID crash, it fell 41.5% in less than a month and recovered in about 10 months, by January 2021. In the 2022 bear market, it dropped 19.1% and did not regain its peak until December 2025, almost 39 months later. Its worst calendar year was 2022, at −13.09%. Selling shares for spending during a stretch like that would lock in losses, and high payouts did not prevent the price from falling. The fund costs 0.60% a year, or $61 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
- Income-focused investors who want monthly payouts from Russell 2000 option premiums; the trailing yield was 12.34% as of October 27, 2026.
- People who want small-company stock exposure and will accept capped gains in exchange for steady option income.
- Investors holding it in IRAs or other tax-advantaged accounts, where the usual ordinary-income tax treatment of option income matters less.
Look elsewhere if
- Growth-focused investors: the fund gives up Russell 2000 gains above each month's strike and is expected to lag in fast rallies.
- Anyone wanting real downside protection: it fell 41.5% in early 2020 and took 38.8 months to recover from its 2022 drop.
- Taxable-account investors seeking qualified dividends, since income from selling options is usually taxed at higher ordinary-income rates.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| RYLD this fund | 0.6% | $1.37B | +11.7% | +11.5% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does RYLD pay monthly dividends?
Yes, RYLD pays distributions monthly. Over the 12 months through October 27, 2026, it paid $1.89 per share, a trailing yield of 12.34%. Most of the cash comes from premiums the fund earns by selling call options on the Russell 2000 Index, not from company dividends. Premiums tend to rise and fall with market volatility, so payouts can change. This option income is usually taxed as ordinary income rather than at the lower rate for qualified dividends.
Is RYLD good for retirement income?
RYLD can produce a large monthly income stream, but it carries nearly the full risk of small-company stocks. It fell 41.5% in early 2020. After a 19.1% drop in 2022, it took until December 2025 to regain its peak. Retirees selling shares in a downturn could lock in losses, and the distributions did not prevent price declines. It costs 0.60% a year. It may suit people who value monthly cash flow more than growth and can accept those swings.
What does RYLD actually hold?
RYLD mainly holds another fund. As of July 31, 2026, the Global X Russell 2000 ETF made up about 100.9% of net assets. That fund owns the small-company stocks in the Russell 2000 Index. RYLD also had a short call option on the Russell 2000 with a 2,970 strike, expiring August 21, 2026. The remaining positions were tiny contingent value rights, which are payment rights some companies issue to shareholders as part of a merger. Total net assets were about $1.37 billion.
How has RYLD performed since it launched?
RYLD's long-term returns have been modest. As of December 31, 2025, its average annual return was 4.52% since its April 2019 launch, 4.46% over five years and 5.75% over one year. Calendar-year results have ranged from 22.51% in 2021 to −13.09% in 2022. Its worst quarter was a 31.81% drop in early 2020. Through October 27, 2026, it had gained 10.8% so far in 2026. Covered call strategies usually lag their index when stocks rally strongly.
What's the difference between RYLD and BUFR?
They use options in different ways. RYLD sells monthly calls on the Russell 2000 to generate income but keeps most of the downside. FT Vest Laddered Buffer ETF (BUFR) is a buffer, or defined-outcome, fund. Funds like it aim to limit losses within a set range in exchange for capped gains, and BUFR is not an income-focused covered call fund. RYLD's expense ratio is 0.60% vs. BUFR's 0.95%. As of October 27, 2026, RYLD's one-year return was 11.7% vs. BUFR's 11.6%. Over three years, RYLD's annualized return was 11.5% vs. BUFR's 16.8%.