At a glance
XYLD charges 0.6% a year, above the 0.36% average of the 6 funds most like it (the most expensive of 7). It has $3.24B in assets, the 4th largest of that group; it paid 10.21% of its price in distributions over the past 12 months, monthly. Over the past year it returned +15.5% with distributions reinvested (S&P 500: +11.5%), the best of those 7 funds; over three years it returned +15.2% a year. At its worst it fell 18.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 17 months after the low. Its ten largest positions make up 38.1% of the fund, out of 504 in all.
The short version
Global X S&P 500 Covered Call ETF (XYLD) tracks the Cboe S&P 500 BuyWrite Index. It holds the S&P 500's stocks and each month sells a call option on the index. That gives up most of the market's upside in exchange for high monthly income: the trailing 12-month yield was 10.21% as of October 27, 2026. Its 0.60% expense ratio is roughly double the 0.29% charged by Invesco S&P 500 BuyWrite ETF (PBP), which uses the same strategy.
Price history
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XYLD +15.5% 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 | |
|---|---|---|---|---|---|---|
| XYLD official prospectus, to Dec 31, 2025 | — | +8.18% | — | +8.55% | +7.98% | — |
| XYLD price data to Oct 27, 2026 | +11.4% | +15.5% | +15.2% | +7.4% | — | +9.0% |
- Over the year to Oct 27, 2026, XYLD returned +15.5%, 1st of 7 among similar funds.
- Its 5-year annualized return was +7.4%.
- Its worst full calendar year was 2022 (-12.1%); its best was 2024 (+19.5%).
- The deepest fall in its price history was 18.7% (Apr 4, 2022 to Sep 30, 2022), recovered by Mar 12, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.4% | — |
| 2025 | +8.0% | +8.18% |
| 2024 | +19.5% | +19.23% |
| 2023 | +11.1% | +11.04% |
| 2022 | -12.1% | -12.07% |
| 2021 | — | +19.68% |
| 2020 | — | -0.66% |
| 2019 | — | +21.26% |
| 2018 | — | -5.92% |
| 2017 | — | +16.83% |
| 2016 | — | +8.00% |
| 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 | Not in the price data, which starts Feb 22, 2021 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.7% over that stretch · deepest drop along the way 18.7%, back to its old high 17.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $3.5100 | |
| 2025 | $4.2800 | -11.4% |
| 2024 | $4.8300 | +16.4% |
| 2023 | $4.1500 | -21.3% |
| 2022 | $5.2700 |
Living on XYLD: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Jul 31, 2026, the fund held 504 securities; the ten largest made up 38.07% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORPORATION | 7.64% | |
| APPLE INC. | 7.13% | |
| MICROSOFT CORPORATION | 5.42% | |
| AMAZON.COM, INC. | 4.18% | |
| ALPHABET INC. | 3.28% | |
| BROADCOM INC. | 2.90% | |
| ALPHABET INC. | 2.65% | |
| META PLATFORMS, INC. | 1.92% | |
| JPMORGAN CHASE & CO. | 1.48% | |
| BERKSHIRE HATHAWAY INC. | 1.47% | |
| MICRON TECHNOLOGY, INC. | 1.46% | |
| ELI LILLY AND COMPANY | 1.43% | |
| TESLA, INC. | 1.38% | |
| ADVANCED MICRO DEVICES, INC. | 1.22% | |
| EXXONMOBIL HOLDINGS CORPORATION | 1.01% |
By country
United States 101.16%By asset type
Stocks 101.16%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 added a net $56.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.77%, +1.24%, +2.03%.
How it works
XYLD tracks the Cboe S&P 500 BuyWrite Index, which is sponsored by S&P Dow Jones Indices. The index has two parts. The first is every stock in the S&P 500, weighted by float-adjusted market value, so bigger companies count for more, based on the shares readily available to trade. The second is a call option written on the S&P 500 Index that covers up to 100% of the portfolio. The fund uses representative sampling: it holds a set of stocks, and sometimes other ETFs, that closely matches the index, with at least 80% of assets in index securities. The stock side rebalances quarterly.
A call option gives its buyer the right to any gain above a set price, called the strike. On the index's monthly option-writing date, the fund writes one at-the-money call, meaning the strike is near the index's level, and collects a cash payment called the premium. The option settles in cash. If the S&P 500 ends above the strike at expiration, the fund pays the buyer the difference. As of July 31, 2026, the fund held one such call with a 7,480 strike, expiring August 21, 2026.
The premiums add income and soften declines a little. But the fund gives up nearly all gains above the strike and still takes losses below it. The prospectus says the index is expected to trail the S&P 500 when stocks rally quickly. The fund does not move into defensive positions when markets fall.
What it really costs
- XYLD charges 0.6% a year, versus an average of 0.36% for the similar funds below (7th of 7, 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 |
|---|---|---|---|---|
| XYLD | $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
XYLD's main purpose is turning S&P 500 stock exposure into large monthly payouts, and to do that it gives up most of the market's growth.
XYLD could add a large monthly income stream from S&P 500 stocks. Its trailing 12-month yield was 10.21% as of October 27, 2026. Much of that is option premium, which is usually taxed as ordinary income, and payouts vary. The fund launched in June 2013, so it has no 2008 record. It lost 21.52% in the first quarter of 2020 but ended that year down only 0.66%. Its worst calendar year was 2022, when it lost 12.07%. Its deepest drop, 18.7% from April to September 2022, took about 17 months to recover, ending in March 2024. Because the calls cap gains, rebounds can be slow, which matters for anyone drawing cash in a bad year. It costs 0.60% a year, or $61 on $10,000 in the SEC's first-year example, above the 0.36% peer average. 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
- Income-focused investors who want monthly payouts from S&P 500 stocks, with a trailing 12-month yield of 10.21% as of October 27, 2026.
- Retirees wanting a smoother ride: one-year volatility was 6.7% and beta, a measure of market sensitivity, was 0.48 as of October 27, 2026.
- Investors holding it in an IRA or other tax-advantaged account, where option income, usually taxed as ordinary income, matters less.
Look elsewhere if
- Cost-conscious investors: at 0.60%, it is the priciest of seven comparable funds, and Invesco's PBP uses the same strategy for 0.29%.
- Investors seeking long-term growth, since the monthly at-the-money call gives up nearly all S&P 500 gains above the strike price.
- Those wanting real downside protection: premiums only cushion losses, and the fund fell 18.7% in 2022 and needed about 17 months to recover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| XYLD this fund | — | 0.6% | $3.24B | +15.5% | +15.2% |
| PBP Invesco S&P 500 BuyWrite ETF | 101% | 0.29% | $358.1M | +15.5% | +15.5% |
| XYLG Global X S&P 500 Covered Call & Growth ETF | 100% | 0.35% | $64.1M | +15.0% | +20.1% |
| GPIX S&P 500 Core Premium Income ETF | 89% | 0.29% | $4.72B | +14.7% | +22.6% |
| ISPY ProShares S&P 500 High Income ETF | 84% | 0.55% | $1.24B | +9.9% | — |
| JEPQ JPMorgan NASDAQ Equity Premium Income ETF | 46% | 0.35% | $40.66B | +6.9% | +17.9% |
| JEPI JPMorgan Equity Premium Income Fund | 33% | 0.35% | $44.75B | +9.3% | +10.7% |
Questions investors ask
Does XYLD pay monthly dividends?
Yes. XYLD pays distributions every month. Over the 12 months to October 27, 2026, it paid $4.24 per share, a trailing yield of 10.21%. Most of that income comes from the premiums the fund collects by writing a call option on the S&P 500 each month, not just from stock dividends. Option income is usually taxed as ordinary income rather than as qualified dividends, and the amount can change as market conditions shift.
What's the difference between XYLD and PBP?
Mainly cost and size. Both hold S&P 500 stocks and write calls on the index, and their holdings are nearly identical. XYLD charges 0.60% a year, while Invesco S&P 500 BuyWrite ETF (PBP) charges 0.29%. As of October 27, 2026, both returned 15.5% over one year. Over three years, PBP returned 15.5% a year and XYLD 15.2%. XYLD is much larger, with $3.24 billion in net assets against PBP's $358 million as of July 31, 2026.
Is XYLD good for retirement income?
It can provide high monthly income, but there are trade-offs. Its trailing yield was 10.21% and its one-year volatility a low 6.7%, both as of October 27, 2026. However, writing at-the-money calls gives up most of the S&P 500's gains, so its growth tends to trail in strong markets. It still fell 18.7% in 2022 and took about 17 months to recover. Its 0.60% expense ratio is the highest of the seven comparable funds, XYLD included.
Why does XYLD lag the S&P 500 when stocks go up?
Because it caps its own upside. Each month XYLD writes an at-the-money call on the S&P 500, so any index gain above the strike price goes to the option buyer. The fund keeps the premium but still takes losses when stocks fall, softened only by that premium. The prospectus says the index is expected to underperform the S&P 500 when markets rally quickly. The 0.60% expense ratio also reduces returns.
What are XYLD's top holdings?
XYLD owns the same large US companies as the S&P 500. As of July 31, 2026, its largest positions were NVIDIA (7.6%), Apple (7.1%), Microsoft (5.4%), Amazon (4.2%), Alphabet's two share classes (about 5.9% combined) and Broadcom (2.9%). The fund had 504 holdings, and its top 10 made up 38% of assets. Technology stocks were 34.9%, so a slump in big tech companies would weigh heavily on the fund.