At a glance
XTR charges 0.25% a year, above the 0.06% average of the 7 funds most like it (the most expensive of 8). It has $4.8M in assets, the 8th largest of that group; it paid 16.16% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +9.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +20.3% a year. Its ten largest positions make up 37.5% of the fund, out of 502 in all.
The short version
Global X S&P 500 Tail Risk ETF (XTR) tracks the Cboe S&P 500 Tail Risk Index. It holds S&P 500 stocks plus put options, which are contracts that pay out if the S&P 500 has fallen more than about 10% by the time they expire each quarter. This partial crash insurance sets it apart from plain S&P 500 funds. It costs 0.25% a year versus 0.03% for IVV and VOO, and the puts drag on returns when stocks rise.
Price history
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XTR +9.5% 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 | |
|---|---|---|---|---|---|---|
| XTR official prospectus, to Dec 31, 2025 | — | +13.54% | — | — | — | +8.72% |
| XTR price data to Oct 27, 2026 | +10.0% | +9.5% | +20.3% | — | — | +11.0% |
- Over the year to Oct 27, 2026, XTR returned +9.5%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+13.7%); its best was 2024 (+22.1%).
- The deepest fall in its price history was 16.6% (Mar 29, 2022 to Oct 14, 2022), recovered by Jul 19, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.0% | — |
| 2025 | +13.7% | +13.54% |
| 2024 | +22.1% | +22.08% |
| 2023 | +21.1% | +21.06% |
| 2022 | — | -17.46% |
| 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 | Not in the price data, which starts Feb 14, 2022 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0800 | |
| 2025 | $4.7200 | -17.5% |
| 2024 | $5.7200 | +1872.4% |
| 2023 | $0.2900 |
What's inside
As of Jul 31, 2026, the fund held 502 securities; the ten largest made up 37.53% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORPORATION | 7.52% | |
| APPLE INC. | 7.02% | |
| MICROSOFT CORPORATION | 5.35% | |
| AMAZON.COM, INC. | 4.12% | |
| ALPHABET INC. | 3.24% | |
| BROADCOM INC. | 2.86% | |
| ALPHABET INC. | 2.61% | |
| META PLATFORMS, INC. | 1.90% | |
| JPMORGAN CHASE & CO. | 1.46% | |
| BERKSHIRE HATHAWAY INC. | 1.45% | |
| MICRON TECHNOLOGY, INC. | 1.44% | |
| ELI LILLY AND COMPANY | 1.41% | |
| TESLA, INC. | 1.35% | |
| ADVANCED MICRO DEVICES, INC. | 1.20% | |
| EXXONMOBIL HOLDINGS CORPORATION | 1.00% |
By country
United States 99.59%By asset type
Stocks 99.59%By sector
Sectors of the companies held, for the 90% 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 $1.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.39%, -1.17%, +4.99%.
How it works
XTR aims to match the Cboe S&P 500 Tail Risk Index, which is set by S&P Dow Jones Indices. The fund's managers don't make market calls, so any protection comes from the index's rules. The stock side is the S&P 500, weighted by market value, so the largest companies count most. The fund generally holds every stock in close to index proportions. As of July 31, 2026, NVIDIA (7.5%), Apple (7.0%) and Microsoft (5.4%) led its roughly 500 holdings.
Once a quarter, the index purchases S&P 500 put options. These contracts pay out if the index finishes below a set level, called the strike price. The strike is generally 10% under the market's level when the options are purchased. The options trade on an exchange, are held until they expire the next quarter and settle in cash. As of July 31, 2026, two put positions expiring September 18, 2026, were worth 0.33% of assets.
The prospectus gives an example. If the S&P 500 fell 15% between purchase and expiration, the puts would be worth about 5% of the starting portfolio, limiting the loss to about 10%. The first 10% of any fall isn't covered. If the index finishes above the strike, the puts expire worthless and their cost makes the fund trail the S&P 500. Investors who enter or exit between option dates can get more or less protection.
What it really costs
- XTR charges 0.25% a year, versus an average of 0.06% for the similar funds below (8th of 8, 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 |
|---|---|---|---|---|
| XTR | $26 | $80 | $141 | $318 |
In a retirement portfolio
It holds the S&P 500 stocks but adds put options meant to limit losses in sharp drops, though it remains almost entirely a stock fund.
XTR launched in August 2021, so it has no record from the 2008 financial crisis or the 2020 COVID crash. It lost 17.46% in 2022, its worst calendar year, even with its puts. Its price history starts February 14, 2022. Its deepest drop in that history was 16.6%, from March 29 to October 14, 2022. It regained that peak by July 19, 2023, about nine months after the low. A retiree drawing cash from it in late 2022 would have locked in prices well below earlier highs.
The fund pays distributions twice a year. The trailing yield was 16.16% as of October 27, 2026, which may include one-time payouts that won't necessarily recur. The expense ratio is 0.25%, versus 0.03% for IVV and VOO. In the SEC's standard example, that comes to $26 in the first year on $10,000. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting S&P 500 stocks, led by NVIDIA, Apple and Microsoft, plus a built-in put hedge against drops beyond about 10% within a quarter.
- Retirees fearing sudden crashes who accept less upside: XTR's three-year annualized return was 20.3% versus IVV's 23.6% in late October 2026.
- People who prefer a hedge that runs automatically inside one fund, rather than purchasing and replacing put options themselves each quarter.
Look elsewhere if
- Cost-focused investors: XTR's 0.25% expense ratio ranks last of eight comparable funds, against 0.03% for IVV and VOO and 0.02% for SPYM.
- Investors seeking protection in drawn-out declines: XTR still lost 17.46% in 2022, and its deepest measured drop reached 16.6%.
- Anyone wary of very small funds: net assets were about $4.8 million as of July 31, 2026, the smallest in its comparison group.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| XTR this fund | — | 0.25% | $4.8M | +9.5% | +20.3% |
| SPY SPDR S&P 500 ETF Trust | 94% | 0.0945% | $781.19B | +11.5% | +21.9% |
| SPYM SPDR Portfolio S&P 500 ETF | 94% | 0.02% | $153.92B | +11.5% | +22.0% |
| IVV iShares Core S&P 500 ETF | 94% | 0.03% | $888.13B | +11.5% | +22.0% |
| VOO Vanguard S&P 500 ETF | 94% | 0.03% | $1.67T | +12.4% | +23.6% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 93% | 0.2% | $2.74B | +12.6% | +24.8% |
| SCHX Schwab U.S. Large-Cap ETF | 93% | 0.03% | $74.17B | +10.9% | +21.9% |
| USPX Franklin U.S. Equity Index ETF | 92% | 0.03% | $1.98B | +12.9% | +24.9% |
Questions investors ask
What's the difference between XTR and VOO?
The main difference is XTR's put options. Both funds hold S&P 500 stocks, and about 94% of their holdings overlapped in the most recent fund reports. XTR also purchases quarterly puts about 10% below the market to soften big drops. That protection costs money. XTR's expense ratio is 0.25% versus VOO's 0.03%, and the puts drag on returns in rising markets. XTR's three-year annualized return was 20.3% as of October 27, 2026. VOO's was 23.6% as of October 30, 2026.
Does XTR protect against a stock market crash?
Partly. XTR's puts are designed to limit losses beyond about 10% within each quarterly option period. In the prospectus example, a 15% S&P 500 drop would leave the fund down roughly 10%. But the first 10% of any fall isn't covered. A slide spread over several quarters may never trigger the puts, because each new set is pegged about 10% below the market's level at that time. XTR still lost 17.46% in 2022. Its worst quarter was a 10.91% loss, in April through June 2022.
Does XTR pay dividends?
Yes. XTR makes distributions twice a year. Over the 12 months to October 27, 2026, it paid $4.69 per share, a trailing yield of 16.16%. That is unusually high for a fund of S&P 500 stocks. Purchasing put options also costs money rather than producing income. So the total may include one-time payouts, such as capital gains, that may not recur.
What is XTR's expense ratio?
XTR's expense ratio is 0.25% a year, made up entirely of the management fee, according to the prospectus filed February 26, 2026. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs would total about $26 over one year, $80 over three, $141 over five and $318 over ten. That's well above the 0.06% average of seven similar funds. IVV and VOO charge 0.03%, and SPYM charges 0.02%.
Is XTR a buffer ETF?
No. Buffer ETFs generally absorb a set amount of early losses over a fixed period in exchange for a cap on gains. XTR works more like insurance with a deductible. Holders bear roughly the first 10% of an S&P 500 decline in each quarterly option period, and the puts help only beyond that. XTR has no cap on gains, but the cost of the puts and the 0.25% fee trim returns when stocks rise.