At a glance
XYLG charges 0.35% a year, below the 0.52% average of the 3 funds most like it (the 2nd cheapest of 4). It has $64.1M in assets, the 2nd largest of that group; it paid 12.5% of its price in distributions over the past 12 months, monthly. Over the past year it returned +15.0% with distributions reinvested (S&P 500: +11.5%), the best of those 4 funds; over three years it returned +20.1% a year. At its worst it fell 21.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low. Its ten largest positions make up 37.8% of the fund, out of 503 in all.
The short version
Global X S&P 500 Covered Call & Growth ETF (XYLG) owns the stocks in the S&P 500. It also writes (sells) one-month call options on about half the portfolio's value, tracking the Cboe S&P 500 Half BuyWrite Index. Covering only half aims to pay monthly income while keeping some stock-market growth. Its 0.35% expense ratio is below the 0.52% average of similar funds, though GPIX charges 0.29%.
Price history
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XYLG +15.0% 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 | |
|---|---|---|---|---|---|---|
| XYLG official prospectus, to Dec 31, 2025 | — | +13.06% | — | +11.29% | — | +12.84% |
| XYLG price data to Oct 27, 2026 | +12.7% | +15.0% | +20.1% | +10.1% | — | +11.7% |
- Over the year to Oct 27, 2026, XYLG returned +15.0%, 1st of 4 among similar funds.
- Its 5-year annualized return was +10.1%.
- Its worst full calendar year was 2022 (-15.4%); its best was 2024 (+22.5%).
- The deepest fall in its price history was 21.3% (Dec 29, 2021 to Sep 30, 2022), recovered by Jan 11, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.7% | — |
| 2025 | +13.0% | +13.06% |
| 2024 | +22.5% | +22.02% |
| 2023 | +18.1% | +18.19% |
| 2022 | -15.4% | -15.24% |
| 2021 | — | +23.53% |
| 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 21% over that stretch · deepest drop along the way 21.3%, back to its old high 15.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.2400 | |
| 2025 | $3.8400 | -41.8% |
| 2024 | $6.6000 | +378.3% |
| 2023 | $1.3800 | -15.3% |
| 2022 | $1.6300 |
What's inside
As of Jul 31, 2026, the fund held 503 securities; the ten largest made up 37.83% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORPORATION | 7.60% | |
| APPLE INC. | 7.09% | |
| MICROSOFT CORPORATION | 5.39% | |
| AMAZON.COM, INC. | 4.15% | |
| ALPHABET INC. | 3.26% | |
| BROADCOM INC. | 2.88% | |
| ALPHABET INC. | 2.63% | |
| META PLATFORMS, INC. | 1.91% | |
| JPMORGAN CHASE & CO. | 1.47% | |
| BERKSHIRE HATHAWAY INC. | 1.46% | |
| MICRON TECHNOLOGY, INC. | 1.45% | |
| ELI LILLY AND COMPANY | 1.41% | |
| TESLA, INC. | 1.37% | |
| ADVANCED MICRO DEVICES, INC. | 1.21% | |
| EXXONMOBIL HOLDINGS CORPORATION | 1.01% |
By country
United States 100.52%By asset type
Stocks 100.52%By sector
Sectors of the companies held, for the 90.7% 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 $2.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.84%, +0.10%, +3.63%.
How it works
XYLG tracks the Cboe S&P 500 Half BuyWrite Index, sponsored by S&P Dow Jones Indices. The index starts with the S&P 500, which weights about 500 large US companies by float-adjusted market value. That means the value of shares readily available to trade, so bigger companies count more. As of July 31, 2026, the fund held 503 stocks. The largest were NVIDIA (7.6%), Apple (7.1%), Microsoft (5.4%), Amazon (4.2%) and Alphabet (5.9% across two share classes). The top 10 made up 37.8% of assets, and technology about 35%. The adviser, Global X Management Company, generally owns the same stocks in roughly the same proportions as the index and does not try to beat it.
Each month, the fund writes one-month call options on the S&P 500 Index covering about 50% of the stock portfolio's value. A call option gives its holder any gain above a set strike price. In return, the fund collects cash up front, called a premium. The strikes are at or above the index level. The options trade on an exchange, settle in cash and are held until they expire, usually on the third Friday of the following month.
On the covered half, gains above the strike go to the option holder. The other half keeps its full upside. Premiums may soften a decline, but the fund still takes the stock market's losses, and it is expected to lag the S&P 500 in fast rallies.
What it really costs
- XYLG charges 0.35% a year, versus an average of 0.52% for the similar funds below (2nd of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XYLG | $36 | $113 | $197 | $443 |
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
It pays monthly distributions from S&P 500 dividends and option premiums while keeping about half of the index's upside.
XYLG may add monthly income to a portfolio of large US stocks. Its trailing 12-month yield was 12.5% ($3.71 per share) as of October 27, 2026. Payouts change with option premiums. Option income is usually taxed as ordinary income, which matters in taxable accounts. Costs are modest: 0.35% a year, or $443 over 10 years on $10,000 in the SEC's standard example.
The fund launched in September 2020, so it has no record from the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it fell 21.3%. It did not regain its high until January 11, 2024, about 15 months after the September 2022 low. In 2022, its worst calendar year, it lost 15.24%. Drawing income in a year like that can mean selling shares at low prices. 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 but keep about half the index's upside instead of capping all of it.
- Savers using an IRA or 401(k), where option income that is usually taxed as ordinary income matters less than in taxable accounts.
- Cost-conscious income investors: the 0.35% expense ratio is below the 0.52% average of similar S&P 500 option-income funds.
Look elsewhere if
- Investors who want full S&P 500 growth. The calls on half the portfolio are expected to make it lag the index in fast rallies.
- Anyone seeking downside protection. It fell 21.3% in 2022 and did not recover until January 2024.
- Investors who prefer a larger, cheaper fund. GPIX charges 0.29% and had $4.7 billion in net assets, versus about $64 million for XYLG.
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 XYLG pay monthly dividends?
Yes. XYLG pays distributions every month. Over the 12 months to October 27, 2026, it paid $3.71 per share, a trailing yield of 12.5%. The money comes from dividends on the S&P 500 stocks it holds and from premiums it collects by writing call options on about half the portfolio. Payments change from month to month with option premiums. Option income is usually taxed as ordinary income rather than as qualified dividends.
What's the difference between XYLG and GPIX?
Both are S&P 500 option-income ETFs, and their holdings overlapped by 89% in the latest filings. GPIX is cheaper at 0.29% a year versus 0.35% for XYLG. It is also much larger, with $4.7 billion in net assets as of June 30, 2026, compared with $64.1 million for XYLG as of July 31, 2026. As of October 27, 2026, XYLG returned 15.0% over one year versus 14.7% for GPIX. Over three years, annualized, XYLG returned 20.1% versus 22.6%.
Is XYLG good for retirement income?
It can provide monthly income, but it carries nearly full stock-market risk. The fund owns all S&P 500 stocks and writes calls on only about half the portfolio, so premiums give only a small cushion. It lost 15.24% in 2022 and returned 11.29% a year over the five years to December 31, 2025. It may suit retirees who accept stock swings in exchange for income. Its option income is usually taxed as ordinary income.
Why does XYLG lag the S&P 500 in strong markets?
Because it gives up part of the gains. Each month XYLG writes call options on about 50% of its stock portfolio. If the S&P 500 rises above the strike price, that half of the gain goes to the option holder, and the fund keeps only the premium. The prospectus says the strategy is expected to underperform the S&P 500 when stocks rally quickly. Its one-year beta was 0.75 as of October 27, 2026, meaning it moved less than the market.
What is XYLG's expense ratio?
XYLG's expense ratio is 0.35% a year, all of it management fee, according to its February 2026 prospectus. In the SEC's standard example, $10,000 invested with a 5% annual return would cost $36 after one year, $113 after three, $197 after five and $443 after ten. That is below the 0.52% average of similar S&P 500 option-income funds. GPIX is cheaper at 0.29%, while XRMI and SPYH charge 0.60% and 0.68%.