At a glance
RYLG charges 0.35% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $8.3M in assets, the 8th largest of that group; it paid 9.9% of its price in distributions over the past 12 months, monthly. Over the past year it returned +11.5% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +16.1% a year.
The short version
Global X Russell 2000 Covered Call & Growth ETF (RYLG) holds Russell 2000 small-company stocks, through another Global X ETF, and sells monthly call options on about half the portfolio, trading some future gains for cash now. That helps fund high monthly income: a 9.9% yield over the 12 months to October 27, 2026. It charges 0.35% a year, but with $8.3 million in assets as of July 31, 2026, it is tiny.
Price history
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RYLG +11.5% 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 | |
|---|---|---|---|---|---|---|
| RYLG official prospectus, to Dec 31, 2025 | — | +9.32% | — | — | — | +8.70% |
| RYLG price data to Oct 27, 2026 | +11.7% | +11.5% | +16.1% | — | — | +9.4% |
- Over the year to Oct 27, 2026, RYLG returned +11.5%, 6th of 8 among similar funds.
- Its worst full calendar year was 2023 (+8.3%); its best was 2024 (+10.6%).
- The deepest fall in its price history was 22.4% (Nov 25, 2024 to Apr 8, 2025), recovered by Sep 11, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.7% | — |
| 2025 | +9.4% | +9.32% |
| 2024 | +10.6% | +10.81% |
| 2023 | +8.3% | +8.50% |
| 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 | 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) | $1.3034 | |
| 2025 | $2.3940 | -55.3% |
| 2024 | $5.3530 | +265.6% |
| 2023 | $1.4640 |
What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 100.44% of assets.
| Fund held | Weight | |
|---|---|---|
| GLOBAL X RUSSELL 2000 ETF MUTUAL FUND | 100.44% |
By country
United States 100.44%By asset type
Stocks 100.44%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: -0.99%, +3.14%, +3.88%.
How it works
RYLG is an index fund that tries to match, not beat, the Cboe Russell 2000 Half BuyWrite Index. That index combines the stocks of the Russell 2000 Index (1,956 small US companies as of December 31, 2025) with call options written against half their value. FTSE Russell, the index provider, sets the weights. The adviser, Global X Management Company LLC, doesn't pick stocks or turn defensive in downturns. As of July 31, 2026, the fund owned its stocks indirectly, through the Global X Russell 2000 ETF.
A call option pays its buyer any rise in the index above a 'strike' price at expiration. Each month, the fund writes (sells) one-month Russell 2000 calls covering about 50% of the portfolio's value. They are at-the-money: the strike sits at, or just above, the index's level. The fund collects a cash premium up front. The options are exchange-traded, held to expiration and settled in cash.
The prospectus gives an example of the trade-off. If the Russell 2000 rose 15% over an option's life, the sold calls would be worth about 7.5% of the portfolio, offsetting roughly half the gain. In a fall, the fund keeps the premium but bears the stocks' losses. The fund may lend securities worth up to one-third of its assets. Its objective and index can change without a shareholder vote.
What it really costs
- RYLG charges 0.35% 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 $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 |
|---|---|---|---|---|
| RYLG | $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.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
Its main draw is monthly income, with a 9.9% trailing yield as of October 27, 2026, much of it from writing calls, but its price swings are those of a small-company stock fund.
RYLG could add monthly income from small US companies. Over the 12 months to October 27, 2026, it paid about $2.31 a share, a 9.9% yield. Much of that comes from writing options, so it is usually taxed as ordinary income rather than as qualified dividends. Costs are modest: 0.35% a year, or $443 over 10 years in the SEC's standard $10,000 example.
The fund launched October 4, 2022, so it missed the 2008 crisis, the 2020 crash and nearly all of the 2022 bear market. Every full calendar year has been positive. The weakest, 2023, gained 8.5%. Even so, it fell 22.4% from November 25, 2024 to April 8, 2025, and recovered about five months later, by September 11, 2025. Anyone selling shares near that low would have locked in losses. 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 seeking monthly income from US small-company stocks (a 9.9% trailing yield as of October 27, 2026) who accept giving up some gains.
- Those wanting covered call income with more growth potential than fully covered funds, since it writes calls on only about half its portfolio.
- Cost-conscious investors: its 0.35% expense ratio is well below the 0.86% average of the buffer ETFs we compared, though those work differently.
Look elsewhere if
- Investors who can't stomach sharp drops: it fell 22.4% between November 2024 and April 2025, and option premiums cushion losses only slightly.
- Those wanting a large, established fund: it had just $8.3 million in assets as of July 31, 2026, the smallest among funds we compared.
- Taxable-account investors seeking qualified dividends, since much of its income comes from writing options and is usually taxed as ordinary income.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| RYLG this fund | 0.35% | $8.3M | +11.5% | +16.1% |
| 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 RYLG pay monthly dividends?
Yes. RYLG makes distributions (payouts) every month. Over the 12 months to October 27, 2026, it paid about $2.31 a share, a trailing yield of 9.9%. Much of that income comes from writing call options rather than from company dividends. So it is usually taxed as ordinary income instead of at lower qualified-dividend rates. Monthly amounts can vary with option premiums and market conditions.
Is RYLG good for retirement income?
It may suit retirees who want monthly income and can handle small-company stock swings. Its trailing yield was 9.9% as of October 27, 2026, and it charges 0.35% a year. But it is a stock fund, not a bond substitute. It fell 22.4% between November 25, 2024 and April 8, 2025, and didn't regain that peak until September 11, 2025. It launched in October 2022, so its record is short, and it held just $8.3 million in assets as of July 31, 2026.
What's the difference between RYLG and a regular covered call ETF?
The main difference is how much of the portfolio is covered. A fully covered call fund writes calls against all its holdings, while RYLG writes them on about 50%. That generally means less option income but more upside, because it keeps about half of any rise above the strike price. The prospectus gives an example: if the Russell 2000 gained 15% over an option's life, the sold calls would be worth about 7.5% of the portfolio, giving back roughly half the gain.
What's the difference between RYLG and BUFR?
They use options for different goals. Buffer ETFs such as FT Vest Laddered Buffer ETF (BUFR) aim to absorb part of a loss over a set period in exchange for capped gains. RYLG has no built-in loss buffer. It writes calls on small-company stocks mainly for income. RYLG costs 0.35% a year versus 0.95% for BUFR. As of October 27, 2026, returns were close: 11.5% versus 11.6% over one year, and 16.1% versus 16.8% a year over three years. BUFR is also far larger.
What does RYLG hold?
Mainly one other fund. As of July 31, 2026, about 100.4% of RYLG's net assets sat in the Global X Russell 2000 ETF. That fund gives it exposure to Russell 2000 stocks, which numbered 1,956 small US companies as of December 31, 2025. The only other position was a sold Russell 2000 call option expiring August 21, 2026, with a negative value of about 0.5% of assets. That negative option value is why holdings add up to slightly more than 100%.