Global X Adaptive U.S. Risk Management ETF
Name
As of 07/25/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
13.8%
1 yr return
12.5%
3 Yr Avg Return
6.6%
5 Yr Avg Return
N/A
Net Assets
$116 M
Holdings in Top 10
31.2%
52 WEEK LOW AND HIGH
$33.7
$27.35
$35.28
Expenses
OPERATING FEES
Expense Ratio 0.40%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 07/25/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
ONOF - Profile
Distributions
- YTD Total Return 13.8%
- 3 Yr Annualized Total Return 6.6%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 0.7%
- Dividend Distribution Frequency SemiAnnual
Fund Details
-
Legal NameGlobal X Adaptive U.S. Risk Management ETF
-
Fund Family NameGlobal X Funds
-
Inception DateJan 12, 2021
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerWayne Xie
Fund Description
The Fund invests at least 80% of its total assets, plus borrowings for investment purposes (if any), in the securities of the Adaptive Wealth Strategies U.S. Risk Management Index (the "Underlying Index"), or in investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities, either individually or in the aggregate. The Fund's 80% investment policy is non-fundamental and requires 60 days prior written notice to shareholders before it can be changed.
The Underlying Index is owned and was developed by NorthCrest Asset Management (the "Index Provider"). The Underlying Index is calculated and maintained by Solactive AG (the "Calculation Agent"). The Underlying Index is designed to dynamically allocate between either 100% exposure to the Solactive GBS United States 500 Index TR ("U.S. Equity Position") or 100% exposure to the Solactive U.S. 1-3 Year Treasury Bond Index ("U.S. Treasury Position"). The Solactive U.S. 1-3 Year Treasury Bond Index is a rules-based, market value weighted index designed to track the performance of USD-denominated bonds issued by the U.S. Treasury with at least 1 year until maturity but less than 3 years until maturity, as of the selection date of the index. The Solactive GBS United States 500 Index TR is a float-adjusted market capitalization weighted index which measures the performance of the equity securities of the 500 largest companies from the United States stock market across all sectors. A float-adjusted market capitalization weighted index weights each index component according to its market capitalization, using the number of shares that are readily available for purchase on the open market, rather than the total number of shares outstanding of an issuer. The Underlying Index seeks to provide exposure to the U.S. Equity Position during
periods of normal equity market returns, and seeks to provide exposure to the U.S. Treasury Position prior to and during periods of adverse market conditions, as determined by the quantitative model developed by the Index Provider. The Underlying Index seeks to anticipate periods of adverse market conditions using quantitative signals (explained in further detail below) that have been developed based on historical data. The Underlying Index uses four quantitative signals calculated daily by the Calculation Agent to determine how the Underlying Index will be allocated between either the U.S. Equity Position or the U.S. Treasury Position, as further described below:
i.The 200-day simple moving average (“SMA”) of the U.S. Equity Position, which measures the average closing price of securities within the Solactive GBS United States 500 Index TR over a 200-day period;
ii.The moving average convergence divergence (“MACD”), which shows the relationship between two moving averages of the prices of securities within the U.S. Equity Position by subtracting the 26-day exponential moving average of the U.S. Equity Position from the 12-day exponential moving average;
iii.The drawdown percentage, where drawdown is defined as the peak-to-valley total change in market price of the U.S. Equity Position, and;
iv.The level of the Cboe Volatility Index (“VIX”), which is a benchmark index designed to measure the market’s expectation of future volatility.
Each of the signals above is given an equal “vote” in determining whether the Underlying Index is allocated to the U.S. Equity Position or to the U.S. Treasury Position. The allocation to either the U.S. Equity Position or the U.S. Treasury Position is determined as follows:
•Exit Voting: If the Underlying Index is currently invested in the U.S. Equity Position, at least three of the exit signals must be triggered (and no more than one entry signal) for the Underlying Index to exit the U.S. Equity Position and enter the U.S. Treasury Position.
•Entry Voting: If the Underlying Index is currently invested in the U.S. Treasury Position, at least two of the entry signals must be triggered for the Underlying Index to exit the U.S. Treasury Position and enter the U.S. Equity Position.
The trigger threshold for each signal is based on a predetermined Z-score level for that given signal. A Z-score (often referred to as a “standard score”) is a measure of how many standard deviations below or above the mean a data point is, and can be used to identify data points that may be considered outliers relative to the mean. The Z-score threshold for each vote is determined using historical returns data for the U.S. Equity Position starting in January of 1993. Each signal looks at the recent performance of the U.S. Equity Position or the VIX, and compares that to the historical performance of the U.S. Equity Position or the VIX, respectively. The Z-scores used in determining an exit or entry vote are designed to identify cases where the recent performance of the U.S. Equity Position or the VIX are sufficiently statistically different from the historical performance to indicate a drawdown event or period of positive market returns may be likely going forward. Depending on the performance of the U.S. Equity Position and the VIX, each signal can go for months without changing direction, or can change as frequently as within the course of a few days. Below is a description of each signal and its trigger threshold for market entry or exit:
◦SMA Signal:
▪Market Exit Vote: If the prior day Z-Score of the percent difference between the U.S. Equity Position closing price and the 200-day SMA of the U.S. Equity Position is below -0.50, the signal indicates to exit the U.S. Equity Position and enter the U.S. Treasury Position. If the Z-score of the 200-day SMA is below -0.50, based on historical data, it may indicate that a drawdown event is possible, and the signal votes to move out of the U.S. Equity Position and into the U.S. Treasury Position.
▪Market Entry Vote: If the prior day Z-Score of the percent difference between the U.S. Equity Position closing price and the 200-day SMA of the U.S. Equity Position is below -4.00, the signal indicates to exit the U.S. Treasury Position and enter the U.S. Equity Position. If the Z-score of the 200-day SMA is below -4.00, based on historical data, it may indicate that the U.S. Equity Position will experience positive returns, and the signal votes to re-enter the U.S. Equity Position.
◦MACD Signal:
▪Market Exit Vote: If the prior day Z-Score of the MACD is below -0.25, the signal indicates to exit the U.S. Equity Position and enter the U.S. Treasury Position. If the Z-score of the MACD is below -0.25, based on historical data, it may indicate that a drawdown event is possible, and the signal votes to move out of the U.S. Equity Position and into the U.S. Treasury Position.
•Market Entry Vote: If the prior day Z-Score of the MACD is above 4.00, the signal indicates to exit the U.S. Treasury Position and enter the U.S. Equity Position. If the Z-score of the MACD is above 4.00, based on historical data, it may indicate that the U.S. Equity Position will experience positive returns, and the signal votes to re-enter the U.S. Equity Position.
◦Drawdown Percentage Signal:
•Market Exit Vote: If the prior day Drawdown Percentage Z-Score is below 0.50, the signal indicates to exit the U.S. Equity Position and enter the U.S. Treasury Position. If the Z-score of the drawdown percentage is below 0.50, based on historical data, it may indicate that a drawdown event is possible, and the signal votes to move out of the U.S. Equity Position and into the U.S. Treasury Position.
•Market Entry Vote: If the prior day Drawdown Percentage Z-Score is below -2.00, the signal indicates to exit the U.S. Treasury Position and enter the U.S. Equity Position. If the Z-score of the drawdown percentage is below -2.00, based on historical data, it may indicate that the U.S. Equity Position will experience positive returns, and the signal votes to re-enter the U.S. Equity Position.
◦VIX Signal:
▪Market Exit Vote: If the Z-Score of the level of the VIX is above 1.25, the signal votes to exit the U.S. Equity Position and enter the U.S. Treasury Position. If the Z-score of the level of the VIX is above 1.25, based on historical data, it may indicate that a drawdown event is possible, and the signal votes to move out of the U.S. Equity Position and into the U.S. Treasury Position.
▪Market Entry Vote: If the Z-Score of the level of the VIX is above 5.5, the signal indicates to exit the U.S. Treasury Position and enter the U.S. Equity Position. If the Z-score of the level of the VIX is above 5.5, based on historical data, it may indicate that the U.S. Equity Position will experience positive returns, and the signal votes to re-enter the U.S. Equity Position.
Each of the signals are calculated daily by the Calculation Agent. Whenever the required number of signals are triggered, the Underlying Index allocates 100% weight to either the constituents of the U.S. Equity Position or the U.S. Treasury Position. As a result, the Fund may engage in active and frequent trading of its portfolio securities to achieve its investment objective. Whenever the Underlying Index rebalances into either the U.S. Equity Position or into the Treasury Position, the new weights go into effect three trading days after the quantitative signals indicate a rebalance is required. After changing its allocation, the Underlying Index must remain in the same allocation (the U.S. Equity Position or the U.S. Treasury Position) for at least ten trading days before it can change its allocation again. The Fund's investment objective and Underlying Index may be changed without shareholder approval.
In seeking to track the Underlying Index, the Fund may purchase the component securities of the U.S. Equity Position and/or U.S. Treasuries with 1-3 years remaining to maturity or may purchase other ETFs that have economic characteristics that are substantially identical to the economic characteristics of such component securities and/or U.S. Treasuries.
The Underlying Index is sponsored by the Index Provider, which is an organization that is independent of, and unaffiliated with, the Fund and Global X Management Company LLC, the investment adviser for the Fund ("Adviser"). The Fund's investment objective and Underlying Index may be changed without shareholder approval.
The Adviser uses a "passive" or indexing approach to try to achieve the Fund's investment objective. Unlike many investment companies, the Fund does not try to outperform the Underlying Index.
The Fund generally will use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the Underlying Index in approximately the same proportions as in the Underlying Index. However, the Fund may utilize a representative sampling strategy with respect to the Underlying Index when a replication strategy might be detrimental or disadvantageous to shareholders, such as when there are practical difficulties or substantial costs involved in replicating the Underlying Index, in instances in which a security in the Underlying Index becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations (such as tax diversification requirements) that apply to the Fund but not the Underlying Index.
The Adviser expects that, over time, the correlation between the Fund's performance and that of the Underlying Index, before fees and expenses, will exceed 95%. A correlation percentage of 100% would indicate perfect correlation.
The Fund is classified as "non-diversified," which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. The Fund concentrates its investments (i.e., holds 25% or more of its total assets) in a particular
industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of January 31, 2024, the Underlying Index had significant exposure to the information technology sector.
ONOF - Performance
Return Ranking - Trailing
| Period | ONOF Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 13.8% | -51.8% | 22.1% | 97.50% |
| 1 Yr | 12.5% | -58.9% | 46.9% | 30.36% |
| 3 Yr | 6.6%* | -25.7% | 197.6% | N/A |
| 5 Yr | N/A* | -29.1% | 93.8% | N/A |
| 10 Yr | N/A* | -17.2% | 37.0% | N/A |
* Annualized
Return Ranking - Calendar
| Period | ONOF Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 10.0% | -69.4% | 53.7% | N/A |
| 2022 | -13.6% | -94.0% | 152.6% | N/A |
| 2021 | N/A | -13.9% | 183.6% | N/A |
| 2020 | N/A | -18.2% | 8.9% | N/A |
| 2019 | N/A | -80.2% | 35.2% | N/A |
Total Return Ranking - Trailing
| Period | ONOF Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 13.8% | -97.2% | 22.1% | 99.00% |
| 1 Yr | 12.5% | -58.9% | 67.6% | 31.61% |
| 3 Yr | 6.6%* | -25.7% | 197.6% | N/A |
| 5 Yr | N/A* | -28.1% | 93.8% | N/A |
| 10 Yr | N/A* | -11.8% | 37.0% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | ONOF Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 11.6% | -69.4% | 53.7% | N/A |
| 2022 | -11.9% | -94.0% | 152.6% | N/A |
| 2021 | N/A | -13.9% | 183.6% | N/A |
| 2020 | N/A | -12.8% | 8.9% | N/A |
| 2019 | N/A | -60.0% | 35.2% | N/A |
ONOF - Holdings
Concentration Analysis
| ONOF | Category Low | Category High | ONOF % Rank | |
|---|---|---|---|---|
| Net Assets | 116 M | 177 K | 1.21 T | 83.24% |
| Number of Holdings | 505 | 2 | 4154 | 13.42% |
| Net Assets in Top 10 | 34.5 M | 1.74 K | 270 B | 83.96% |
| Weighting of Top 10 | 31.24% | 1.8% | 100.0% | 78.67% |
Top 10 Holdings
- MICROSOFT CORP COMMON STOCK 6.99%
- APPLE INC COMMON STOCK 6.17%
- NVIDIA CORP COMMON STOCK 4.32%
- AMAZON.COM INC COMMON STOCK 3.67%
- META PLATFORMS INC COMMON STOCK 2.49%
- ALPHABET INC-CL A COMMON STOCK 1.90%
- ALPHABET INC-CL C COMMON STOCK 1.59%
- ELI LILLY CO COMMON STOCK 1.47%
- BROADCOM INC COMMON STOCK 1.37%
- TESLA INC COMMON STOCK 1.28%
Asset Allocation
| Weighting | Return Low | Return High | ONOF % Rank | |
|---|---|---|---|---|
| Stocks | 99.88% | 0.00% | 130.24% | 34.99% |
| Cash | 0.12% | -102.29% | 100.00% | 62.59% |
| Preferred Stocks | 0.00% | 0.00% | 2.23% | 59.82% |
| Other | 0.00% | -13.91% | 134.98% | 59.89% |
| Convertible Bonds | 0.00% | 0.00% | 5.54% | 57.75% |
| Bonds | 0.00% | -0.04% | 95.81% | 57.61% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | ONOF % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 25.44% | 39.99% |
| Technology | 0.00% | 0.00% | 48.94% | 23.95% |
| Real Estate | 0.00% | 0.00% | 37.52% | 50.70% |
| Industrials | 0.00% | 0.00% | 29.90% | 82.35% |
| Healthcare | 0.00% | 0.00% | 60.70% | 49.02% |
| Financial Services | 0.00% | 0.00% | 55.59% | 71.15% |
| Energy | 0.00% | 0.00% | 41.64% | 31.72% |
| Communication Services | 0.00% | 0.00% | 27.94% | 34.24% |
| Consumer Defense | 0.00% | 0.00% | 49.14% | 53.36% |
| Consumer Cyclical | 0.00% | 0.00% | 50.47% | 53.22% |
| Basic Materials | 0.00% | 0.00% | 26.10% | 63.31% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | ONOF % Rank | |
|---|---|---|---|---|
| US | 99.88% | 0.00% | 127.77% | 28.77% |
| Non US | 0.00% | 0.00% | 33.51% | 66.25% |
ONOF - Expenses
Operational Fees
| ONOF Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.40% | 0.01% | 2.95% | 76.16% |
| Management Fee | 0.39% | 0.00% | 2.00% | 34.93% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.85% | N/A |
Sales Fees
| ONOF Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| ONOF Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.25% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| ONOF Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 496.00% | 58.41% |
ONOF - Distributions
Dividend Yield Analysis
| ONOF | Category Low | Category High | ONOF % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.71% | 0.00% | 19.15% | 3.97% |
Dividend Distribution Analysis
| ONOF | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | SemiAnnual | Annually | Quarterly | Annually |
Net Income Ratio Analysis
| ONOF | Category Low | Category High | ONOF % Rank | |
|---|---|---|---|---|
| Net Income Ratio | N/A | -54.00% | 6.06% | 32.35% |
Capital Gain Distribution Analysis
| ONOF | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 28, 2023 | $0.223 | OrdinaryDividend |
| Jun 29, 2023 | $0.182 | OrdinaryDividend |
| Dec 29, 2022 | $0.334 | OrdinaryDividend |
| Jun 29, 2022 | $0.182 | OrdinaryDividend |
| Jun 29, 2022 | $0.002 | CapitalGainLongTerm |
| Dec 30, 2021 | $0.129 | OrdinaryDividend |
| Jun 29, 2021 | $0.087 | OrdinaryDividend |
ONOF - Fund Manager Analysis
Managers
Wayne Xie
Start Date
Tenure
Tenure Rank
Jan 12, 2021
1.38
1.4%
Wayne Xie joined the Global X Management Company LLC in July 2018 as a Portfolio Management Associate. Previously, Mr. Xie was an Analyst at VanEck Associates on the Equity ETF Investment Management team from 2010 to 2018 and a Portfolio Administrator at VanEck Associates from 2007 to 2010. Mr. Xie received his BS in Business Administration from State University of New York at Buffalo.
Kimberly Chan
Start Date
Tenure
Tenure Rank
Jan 12, 2021
1.38
1.4%
Kimberly Chan is a Portfolio Management Associate. Previously, Ms. Chan was a US Associate Trader at Credit Agricole from 2016 to 2018, and an Investment Analyst at MetLife Investments from 2015 to 2016. Ms. Chan received her Bachelor of Science from New York University in 2015.
Vanessa Yang
Start Date
Tenure
Tenure Rank
Jan 12, 2021
1.38
1.4%
Vanessa Yang, Portfolio Management Associate, joined Global X Management Company LLC in 2016 as a Portfolio Administrator. She was appointed to the portfolio management team in June 2019. Previously, Ms. Yang was a Portfolio Administrator at VanEck Associates from 2011 to 2014. Ms. Yang received her MS in Financial Engineering from Drucker School of Management in 2010 and her BS in Economics from Guangdong University of Foreign Studies in 2008.
Nam To
Start Date
Tenure
Tenure Rank
Jan 12, 2021
1.38
1.4%
Nam To, CFA, joined Global X Management Company LLC in July 2017 as a Portfolio Management Analyst. Mr. To has been a Portfolio Manager of the Fund since March 1, 2018. Previously, Mr. To was a Global Economics Research Analyst at Bunge Limited from 2014 through 2017 and an Advisory and Investment Analyst at Horizon Capital Group from June 2013 through August 2013. Mr. To received his Bachelor of Arts in Philosophy and Economics from Cornell University in 2014.
Sandy Lu
Start Date
Tenure
Tenure Rank
Apr 01, 2022
0.16
0.2%
Sandy Lu, CFA, Portfolio Manager, joined the Adviser in September 2021. Previously, Mr. Lu worked at PGIM Fixed Income from 2014 to 2021, where he led the portfolio analyst team covering Emerging Markets Debt. He began his career in 2010 as an Investment Analyst at Lincoln Financial Group. Mr. Lu graduated with a B.S. in Economics from the Wharton School of the University of Pennsylvania. He earned his CFA designation in September 2015, and holds the Series 3 license.
William Helm
Start Date
Tenure
Tenure Rank
Apr 01, 2022
0.16
0.2%
William Helm, CFA, Portfolio Manager, joined the Adviser in September 2021. Previously, Mr. Helm spent 14 years at Vanguard where he most recently served as an Equity Portfolio Manager and Trader. Previously, he held roles in Portfolio Review, Corporate Strategy and Corporate Finance. Mr. Helm received his BBA in Economics from Belmont University in 2007 and his MBA from Columbia Business School in 2020.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.04 | 39.02 | 7.17 | 2.42 |