At a glance
XCLR charges 0.25% a year, below the 0.42% average of the 5 funds most like it (the cheapest of 6). It has $3.6M in assets, the 6th largest of that group; it paid 12.48% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +6.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 6 funds; over three years it returned +15.4% a year. At its worst it fell 14.5% 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 37.4% of the fund, out of 502 in all.
The short version
Global X S&P 500 Collar 95-110 ETF (XCLR) owns the S&P 500's stocks and adds an options "collar": each quarter it buys put options that pay off if the index falls more than about 5% and sells call options that give away gains above about 10%. Its 0.25% annual expense ratio is the lowest among similar funds, but with about $3.6 million in assets as of July 31, 2026, it is very small.
Price history
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XCLR +6.3% over the year to Oct 23, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| XCLR official prospectus, to Dec 31, 2025 | — | +10.22% | — | — | — | +7.74% |
| XCLR price data to Oct 23, 2026 | +5.2% | +6.3% | +15.4% | +7.6% | — | +7.3% |
- Over the year to Oct 23, 2026, XCLR returned +6.3%, 6th of 6 among similar funds.
- Its 5-year annualized return was +7.6%.
- Its worst full calendar year was 2022 (-12.9%); its best was 2024 (+19.9%).
- The deepest fall in its price history was 14.6% (Dec 29, 2021 to Oct 14, 2022), recovered by Dec 19, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.2% | — |
| 2025 | +10.3% | +10.22% |
| 2024 | +19.9% | +20.81% |
| 2023 | +15.6% | +15.54% |
| 2022 | -12.9% | -12.58% |
| 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 14.5% over that stretch · deepest drop along the way 14.5%, back to its old high 14.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1000 | |
| 2025 | $3.5500 | -28.3% |
| 2024 | $4.9500 | +1202.6% |
| 2023 | $0.3800 | +58.3% |
| 2022 | $0.2400 |
What's inside
As of Jul 31, 2026, the fund held 502 securities; the ten largest made up 37.36% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORPORATION | 7.49% | |
| APPLE INC. | 7.00% | |
| MICROSOFT CORPORATION | 5.33% | |
| AMAZON.COM, INC. | 4.10% | |
| ALPHABET INC. | 3.22% | |
| BROADCOM INC. | 2.84% | |
| ALPHABET INC. | 2.60% | |
| META PLATFORMS, INC. | 1.89% | |
| JPMORGAN CHASE & CO. | 1.45% | |
| BERKSHIRE HATHAWAY INC. | 1.45% | |
| MICRON TECHNOLOGY, INC. | 1.43% | |
| ELI LILLY AND COMPANY | 1.38% | |
| TESLA, INC. | 1.35% | |
| ADVANCED MICRO DEVICES, INC. | 1.20% | |
| EXXONMOBIL HOLDINGS CORPORATION | 1.00% |
By country
United States 99.21%By asset type
Stocks 99.21%By sector
Sectors of the companies held, for the 89.6% 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 Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $276K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.40%, +0.26%, +1.85%.
How it works
XCLR tracks the Cboe S&P 500 3-Month Collar 95-110 Index from S&P Dow Jones Indices. At least 80% of assets go into the index's stocks: S&P 500 companies weighted by float-adjusted market value (counting only shares readily available to trade). As of July 31, 2026, that meant 502 holdings led by NVIDIA (7.5%), Apple (7.0%) and Microsoft (5.3%), with the top 10 at 37%. Global X does not try to beat the index or turn defensive when markets fall.
Each quarter the fund buys S&P 500 put options, which pay off if the index falls more than about 5%, and sells call options, which hand over any gain beyond about 10%. The options trade on an exchange, are held to expiration, can be exercised only then and settle in cash. As of July 31, 2026, it owned puts set at an index level of 7,125 and had sold calls set at 8,250, all expiring September 18, 2026.
Premiums from the calls offset part of the puts' cost. In the prospectus example, a 15% index drop over an option period would leave the fund down about 5%, because the puts make up the difference. Protection resets every quarter, so a string of smaller losses can add up, and an investor who buys mid-quarter may get more or less cushion.
What it really costs
- XCLR charges 0.25% a year, versus an average of 0.42% for the similar funds below (1st of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $318 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XCLR | $26 | $80 | $141 | $318 |
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
Its quarterly put options limit losses beyond about 5% per option period, and its one-year beta was 0.64 as of October 23, 2026, though gains are capped.
XCLR launched in August 2021, so it has no record from the 2008 financial crisis or the 2020 COVID crash. In the 2022 bear market it fell 14.5%, and 2022 was its worst calendar year, a 12.58% loss. Its deepest drop, 14.6%, bottomed on October 14, 2022, and took about 14 months to recover. The puts soften steep quarterly falls, but smaller losses can stack up, so someone selling shares in a bad year could still lock in losses.
XCLR pays out twice a year. Its payouts over the past 12 months equaled a 12.48% yield as of October 23, 2026, but that may not repeat, since the call premiums go partly toward paying for the puts. Its 0.25% expense ratio is below the 0.42% average of similar funds. 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 S&P 500 stocks with put protection against quarterly drops beyond about 5%, and accept giving up quarterly gains above about 10%.
- Cost-conscious investors comparing options-based S&P 500 funds: its 0.25% expense ratio is the lowest in its peer group, where others average 0.42%.
- Investors nearing or in retirement wanting a calmer ride: one-year beta, a measure of sensitivity to market swings, was 0.64 as of October 23, 2026.
Look elsewhere if
- Investors wanting full market upside: quarterly gains above 10% are forfeited, and its one-year return trailed all five similar funds as of late October 2026.
- Investors wary of tiny funds: XCLR held about $3.6 million as of July 31, 2026, smallest of its peers, and funds this small sometimes close.
- Those relying on steady income: it pays only twice a year, and the 12.48% trailing yield as of October 23, 2026, may not repeat.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| XCLR this fund | — | 0.25% | $3.6M | +6.3% | +15.4% |
| PBP Invesco S&P 500 BuyWrite ETF | 99% | 0.29% | $358.1M | +15.5% | +15.5% |
| XRMI Global X S&P 500 Risk Managed Income ETF | 99% | 0.6% | $49.9M | +8.7% | +10.2% |
| XYLG Global X S&P 500 Covered Call & Growth ETF | 99% | 0.35% | $64.1M | +15.0% | +20.1% |
| GPIX S&P 500 Core Premium Income ETF | 88% | 0.29% | $4.72B | +14.7% | +22.6% |
| ISPY ProShares S&P 500 High Income ETF | 84% | 0.55% | $1.24B | +9.9% | — |
Questions investors ask
How does XCLR's collar protect against losses?
It buys S&P 500 put options each quarter with a strike price, or trigger level, about 5% below the index, so losses beyond that over a full option period are largely offset. In the prospectus example, a 15% index drop would leave the fund down about 5%. The cushion isn't exact or permanent: it resets quarterly, and calls sold about 10% above the index cap gains. XCLR's worst calendar quarter was a 6.82% loss, ended June 30, 2022.
Does XCLR pay monthly dividends?
No. XCLR pays distributions twice a year. Over the 12 months to October 23, 2026, it paid $3.53 per share, a 12.48% yield. That is high for this strategy: the prospectus says the call premiums may generate some income that offsets part of the puts' cost, so a payout that large may not repeat. Distributions tied to options may also be taxed as ordinary income rather than as lower-taxed qualified dividends.
What's the difference between XCLR and XRMI?
Cost, size and returns stand out: both Global X funds hold S&P 500 stocks and use options, with about 99% holdings overlap in their latest SEC reports. XCLR costs less: 0.25% versus 0.60%. XCLR's three-year return was higher, 15.4% a year versus 10.2%, but its one-year return was lower, 6.3% versus 8.7% (XCLR as of October 23, XRMI as of October 27, 2026). XRMI was larger, with $49.9 million in assets versus $3.6 million as of July 31, 2026. Each prospectus explains its option setup.
How has XCLR performed since launch?
XCLR returned 7.74% a year from its August 25, 2021 launch through December 31, 2025, according to its prospectus. By calendar year, it lost 12.58% in 2022, then gained 15.54% in 2023, 20.81% in 2024 and 10.22% in 2025. Through October 23, 2026, it was up 5.2% year to date and had returned 7.6% a year over five years. Its strongest quarter, ended March 31, 2024, gained 9.19%.
What is XCLR's expense ratio?
XCLR's expense ratio, the annual fee taken from fund assets, is 0.25%, according to its prospectus filed February 26, 2026. That was the lowest of six similar funds; the other five averaged 0.42%. In the SEC's standard example, $10,000 invested with a 5% yearly return and sold at the end of each period would cost about $26 over one year, $80 over three, $141 over five and $318 over ten. Trading costs from 20.62% annual portfolio turnover come on top.