At a glance
XRMI charges 0.6% a year, above the 0.44% average of the 3 funds most like it (the 3rd cheapest of 4). It has $49.9M in assets, the 3rd largest of that group; it paid 12.36% of its price in distributions over the past 12 months, monthly. Over the past year it returned +8.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 4 funds; over three years it returned +10.2% a year. At its worst it fell 14.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 25 months after the low. Its ten largest positions make up 38.0% of the fund, out of 503 in all.
The short version
Global X S&P 500 Risk Managed Income ETF (XRMI) holds the stocks in the S&P 500 and tracks the Cboe S&P 500 Risk Managed Income Index, which adds a monthly options "collar." It writes at-the-money call options and purchases put options 5% below the market. In exchange, it gives up nearly all upside to pay monthly income, with a 12.36% trailing yield as of October 27, 2026, and some protection against steep drops. Its 0.60% expense ratio is above the 0.44% average for similar funds.
Price history
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XRMI +8.7% 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 | |
|---|---|---|---|---|---|---|
| XRMI official prospectus, to Dec 31, 2025 | — | +5.03% | — | — | — | +2.41% |
| XRMI price data to Oct 27, 2026 | +6.2% | +8.7% | +10.2% | +3.0% | — | +3.1% |
- Over the year to Oct 27, 2026, XRMI returned +8.7%, 4th of 4 among similar funds.
- Its 5-year annualized return was +3.0%.
- Its worst full calendar year was 2022 (-14.0%); its best was 2024 (+15.2%).
- The deepest fall in its price history was 15.2% (Jan 3, 2022 to Oct 14, 2022), recovered by Nov 6, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.2% | — |
| 2025 | +4.5% | +5.03% |
| 2024 | +15.2% | +14.70% |
| 2023 | +4.1% | +4.50% |
| 2022 | -14.0% | -13.96% |
| 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 14.8% over that stretch · deepest drop along the way 14.8%, back to its old high 24.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.7500 | |
| 2025 | $2.2000 | -4.3% |
| 2024 | $2.3000 | -3.0% |
| 2023 | $2.3700 | -10.2% |
| 2022 | $2.6400 |
What's inside
As of Jul 31, 2026, the fund held 503 securities; the ten largest made up 38.02% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORPORATION | 7.63% | |
| APPLE INC. | 7.12% | |
| MICROSOFT CORPORATION | 5.42% | |
| AMAZON.COM, INC. | 4.17% | |
| ALPHABET INC. | 3.28% | |
| BROADCOM INC. | 2.89% | |
| ALPHABET INC. | 2.64% | |
| META PLATFORMS, INC. | 1.92% | |
| JPMORGAN CHASE & CO. | 1.48% | |
| BERKSHIRE HATHAWAY INC. | 1.47% | |
| MICRON TECHNOLOGY, INC. | 1.46% | |
| ELI LILLY AND COMPANY | 1.42% | |
| TESLA, INC. | 1.37% | |
| ADVANCED MICRO DEVICES, INC. | 1.22% | |
| EXXONMOBIL HOLDINGS CORPORATION | 1.01% |
By country
United States 100.97%By asset type
Stocks 100.97%By sector
Sectors of the companies held, for the 91.2% 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 withdrew a net $1.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.18%, +0.91%, +1.40%.
How it works
XRMI is an index fund from Global X. It tracks the Cboe S&P 500 Risk Managed Income Index, sponsored by S&P Dow Jones Indices, and keeps at least 80% of its total assets in the index's securities. That means owning the S&P 500's stocks, weighted by market value. As of July 31, 2026, it held 503 stocks, led by NVIDIA (7.6%), Apple (7.1%) and Microsoft (5.4%).
Each month, the index adds an options "collar." It sells S&P 500 call options with a "strike" price at about the index's current level. That brings in cash, called a premium, but hands the buyer any gains above the strike. It also buys put options with a strike about 5% lower, which pay out if the index falls below it, like insurance. The aim is for call premiums to exceed put costs.
The options are exchange-traded, cash-settled and expire the next month. As of July 31, 2026, its puts had a 7,105 strike and its sold calls 7,480, both expiring August 21, 2026. In a prospectus example, a 15% S&P 500 drop would leave the put worth about 10% of the portfolio, limiting the loss to roughly 5%. The trade-off: the fund gives up nearly all monthly S&P 500 gains, keeping mainly the net premium.
What it really costs
- XRMI charges 0.6% a year, versus an average of 0.44% for the similar funds below (3rd of 4, 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 |
|---|---|---|---|---|
| XRMI | $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.
In a retirement portfolio
XRMI pays monthly income from S&P 500 stocks plus option premiums, and its collar trades away most upside for smaller swings.
XRMI 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 lost 14.8% between January 3 and October 12. That was close to its deepest drop of 15.2%, which took about 25 months to recover, until November 6, 2024. Its worst calendar year was 2022, when it lost 13.96%. The puts cushioned losses but didn't stop them, and the cap on gains held back the recovery. Someone drawing income from the fund in a bad year could have been cashing out shares at lower prices for about two years.
The fund pays monthly, with a trailing 12-month yield of 12.36% as of October 27, 2026. Option income is usually taxed as ordinary income. Under the SEC's standard example, the 0.60% fee costs $61 in the first year on $10,000. 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 monthly income from S&P 500 stocks and accept giving up nearly all of each month's gains above the index's starting level.
- People who want a calmer ride: one-year volatility was 5.4% and beta (sensitivity to market moves) was 0.34 as of October 27, 2026.
- Investors holding it in an IRA or other tax-advantaged account, where option income taxed as ordinary income matters less.
Look elsewhere if
- Growth-focused investors: XRMI's 8.7% one-year return trailed all three similar funds, including GPIX at 14.7%, as of October 27, 2026.
- Cost-conscious investors: the 0.60% expense ratio is above the 0.44% peer average, GPIX's 0.29% and Global X's own XYLG at 0.35%.
- Anyone expecting crash protection: the puts pay only below a 5% monthly drop, and the fund still fell 15.2% from its 2022 peak.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does XRMI pay monthly dividends?
Yes. XRMI pays distributions every month. Over the 12 months to October 27, 2026, it paid $2.12 per share, a trailing yield of 12.36%. Much of that money comes from writing call options rather than from stock dividends. Option income is usually taxed as ordinary income, not at the lower qualified-dividend rate. The payout can change as option prices change. A high yield is not the same as a high total return: the fund's one-year total return was 8.7%.
What's the difference between XRMI and SPYH?
Both funds hold S&P 500 stocks and pair them with options for income and hedging. Their holdings overlap by 93%. XRMI charges 0.60% a year, and NEOS's SPYH charges 0.68%. As of October 27, 2026, SPYH's one-year return was 10.2%, compared with 8.7% for XRMI. Both funds are small. XRMI had $49.9 million in net assets as of July 31, 2026, and SPYH had $32.3 million as of June 30, 2026. Global X's XYLG is also worth comparing, at 0.35%.
Is XRMI good for retirement income?
It may suit retirees who want monthly income and smaller price swings than the stock market, but there are trade-offs. Its average annual return since its 2021 launch was 2.41% through December 31, 2025. It lost 13.96% in 2022 and took about 25 months to recover from its deepest drop. Because the calls give up most gains, recoveries can be slow. The 0.60% fee is above the 0.44% average for similar funds.
How does XRMI protect against losses?
Each month, XRMI owns put options with a strike price about 5% below the S&P 500's level. These pay out if the index falls further than that. The fund takes the first 5% of a monthly loss itself. The prospectus gives an example: a 15% drop would leave the put worth about 10%. The protection resets every month, so several smaller monthly losses can add up. The fund's worst quarter was a loss of 8% in the quarter ending June 30, 2022.
What is XRMI's expense ratio?
XRMI's expense ratio is 0.60%, according to its prospectus filed February 26, 2026. All of it is the management fee, and there is no fee waiver. Under the SEC's standard example ($10,000 invested, 5% annual return), total costs would be $61 after one year, $192 after three, $335 after five and $750 after ten. That is above the 0.44% average for similar funds. GPIX charges 0.29% and XYLG charges 0.35%.