At a glance
USDX charges 0.98% a year. It has $305.8M in assets; it paid 6.69% of its price in distributions over the past 12 months, monthly. Over the past year it returned +5.1% with distributions reinvested (S&P 500: +11.5%).
The short version
SGI Enhanced Core ETF (USDX) is an actively managed fund from Summit Global LLC. It holds short-term Treasury securities and money market funds, and it writes very short-dated put and call options on the S&P 500 to earn extra income. Its trailing 12-month yield was 6.69% as of October 27, 2026, paid monthly. Its 0.98% expense ratio is high for a portfolio that is mostly cash-like assets.
Price history
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USDX +5.1% 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 | |
|---|---|---|---|---|---|---|
| USDX price data to Oct 27, 2026 | +3.9% | +5.1% | — | — | — | +6.4% |
- Over the year to Oct 27, 2026, USDX returned +5.1%.
- Its worst full calendar year was 2025 (+6.2%); its best was 2025 (+6.2%).
- The deepest fall in its price history was 0.9% (Jan 21, 2026 to Jan 27, 2026), recovered by Feb 23, 2026.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.0% |
| 2025 | +6.2% |
| 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) | $1.0400 | |
| 2025 | $1.4900 |
What's inside
As of Aug 31, 2026, the fund held 2 securities; the ten largest made up 8.43% of assets, and 90.65% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| North Capital Treasury Money Market Fund | 8.41% | |
| T Rowe Price US Treasury Money Fund Inc | 0.02% |
By country
United States 8.43%By asset type
Stocks 8.43%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $4.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.39%, +0.29%, +0.31%.
How it works
USDX is actively managed, so it does not follow an index. Its stated goal is income, and it pursues that goal in two layers. The base is high-quality short-term holdings: U.S. Treasury securities and money market funds. These earn interest and also serve as collateral for the options. USDX is not a money market fund, and it does not try to keep a fixed or stable share value.
The second layer is an options overlay tied to the S&P 500 or other broad indexes. The managers write puts and calls with strike prices deep out of the money, meaning far from the index's level. These options usually expire within 1 to 7 days. Writing an option brings in a cash payment called a premium. If the index stays clear of the strike, the option expires worthless and the fund keeps the premium. Repeating this every few days generally collects more than one longer option would. The catch: a sudden plunge past a put's strike causes losses, and the calls cap gains.
USDX is a full derivatives user under SEC Rule 18f-4, so its exposure can exceed its net assets. On August 31, 2026, about 90.65% of its $305.8 million in net assets sat in cash and 8.41% in the North Capital Treasury Money Market Fund. Its six option positions included S&P 500 weekly puts that expired that day, with strike prices between 7,210 and 7,230.
What it really costs
- USDX charges 0.98% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $100 in the first year and $1,201 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| USDX | $100 | $312 | $542 | $1,201 |
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.
In a retirement portfolio
USDX aims for income, paying monthly from Treasury interest plus option premiums, and has moved very little from day to day so far.
USDX launched in February 2024, so it has no record through the 2008, 2020 or 2022 sell-offs. In its only full calendar year, 2025, it returned 6.18%. Its deepest drop was 0.9%, from January 21 to 27, 2026, and it recovered by February 23, 2026, in under a month. That calm history has not been tested by a crash as severe as 2008 or 2020. A crash like that is the event most likely to hurt a put-writing strategy, so cashing out shares right after a shock could lock in a loss.
Income has been high: a 6.69% trailing yield as of October 27, 2026, paid monthly. Option income is usually taxed as ordinary income, though. Costs are steep at 0.98% a year, or about $1,201 over 10 years on $10,000 in the SEC's standard example. 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 seeking monthly income: the trailing yield was 6.69% as of October 27, 2026, built on a base of mostly cash and Treasuries.
- Investors wanting income with little day-to-day movement: one-year volatility was 2.2% and the deepest drop was 0.9%, as of October 27, 2026.
- Holders using tax-deferred accounts such as IRAs, where option income that is usually taxed as ordinary income matters less.
Look elsewhere if
- Cost-conscious savers: the 0.98% expense ratio is high for a fund with more than 90% of its assets in cash as of August 31, 2026.
- Anyone wanting a true cash substitute: USDX is not a money market fund, and its share value can fall.
- Investors wanting a long track record: USDX launched in February 2024 and missed the 2008, 2020 and 2022 crashes, so its put-writing hasn't faced a severe crash.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does USDX pay monthly dividends?
Yes. USDX pays distributions monthly. Over the 12 months through October 27, 2026, it paid about $1.71 per share, a trailing yield of 6.69%. The money comes from interest on Treasury securities and money market funds, plus premiums from writing short-dated S&P 500 options. Option income is usually taxed as ordinary income rather than as qualified dividends, so the after-tax amount in a taxable account may be lower.
Is USDX a money market fund?
No. The prospectus says USDX is not a money market fund and does not try to keep a fixed or stable net asset value. Most of its assets are cash-like. On August 31, 2026, about 90.65% was in cash and 8.41% in the North Capital Treasury Money Market Fund. But it also writes S&P 500 options, which can cause losses, and it charges 0.98% a year.
How does USDX get such a high yield?
USDX adds option premiums on top of Treasury interest. It writes S&P 500 puts and calls with strike prices far from the index's level, usually expiring within 1 to 7 days. Each option brings in a premium. When an option expires worthless, the fund keeps the cash. The prospectus calls this an "enhanced" yield. The trade-off is that a fast, deep market drop can make those puts costly, and the calls limit gains.
Can you lose money in USDX?
Yes. The prospectus lists loss of money as a risk. The fund uses derivatives, its exposure can exceed its net assets, and losses on derivatives can exceed the amount invested. So far, swings have been small. Its deepest drop was 0.9%, from January 21 to 27, 2026, and it recovered by February 23, 2026. But the fund launched in February 2024, so it has no record through the 2008, 2020 or 2022 crashes.
What is the USDX expense ratio?
USDX charges 0.98% a year, all of it a management fee, according to its prospectus filed December 30, 2025. In the SEC's standard example ($10,000 invested, 5% annual return), costs come to about $100 after one year, $312 after three, $542 after five and $1,201 after ten. That is a high price for a portfolio that is mostly cash and Treasury money market funds. It is worth comparing with Treasury bill funds and money market funds.