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Sunday, August 23, 2026The Morning Brief →Sign in

Global X Adaptive U.S. Risk Management ETF

$40.90+0.48% today
354252-WK

The fund invests at least 80% of its total assets in the securities of the 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 index is designed to dynamically allocate between either 100% exposure to the Solactive GBS United States 500 Index TR or 100% exposure to a portfolio of U.S. Treasuries with 1-3 years remaining to maturity. It is non-diversified.

Price & daily flows
40.238.436.640.90DAILY NET FLOWAug 21Dec 18Apr 21Aug 21

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 3Y SHOWN · NET +$23M OVER THIS RANGE

The desk’s read

Flows are quiet — the past month netted out near zero, while the price has returned +8.6% so far this year. At 0.40% a year it is not the cheapest way in — ESMV runs the same ground at 0.18%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$128Massets under management
0.40%expense ratio · $40 per $10,000 a year
net flow, trailing month
8Kavg daily volume, 30 days
505holdings · US-domiciled
2021listed January 11, 2021 · beta 0.88
The book at a glance
NVDA-1.0%AAPL-0.6%MSFT+0.4%AMZN-0.6%GOOGL+1.2%GOOG+1.0%AVGO+1.2%META+0.7%TSLA+5.1%BKLC+0.5%MU-0.8%LLY+0.9%JPM+0.0%AMD+0.8%BRKB-0.2%XOM-0.6%JNJ+1.1%V+1.5%ABBV+1.2%MA+1.2%WMT-0.1%CSCO+1.3%COST+1.5%LRCX+1.1%AMAT-0.8%INTC-2.2%PLTR+3.4%BAC-0.3%CVX-0.2%CAT+1.5%MRK+2.4%GE+1.1%KOUNHHDPGNFLXGSPMPANW

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1NVDANVIDIA7.52%$214.72-1.0%
2AAPLAPPLE6.62%$309.35-0.6%
3MSFTMICROSOFT5.25%$483.24+0.4%
4AMZNAMAZON 3.72%$258.63-0.6%
5GOOGLALPHABET2.96%$344.82+1.2%
6GOOGALPHABET2.56%$341.75+1.0%
7AVGOBROADCOM2.52%$368.45+1.2%
8METAMETA1.78%$549.90+0.7%
9TSLATESLA1.57%$362.86+5.1%
10BKLCBNY MELLON US LARGE CAP CORE EQUITY ETF1.63%$48.94+0.5%
11MUMICRON TECHNOLOGY1.64%$966.78-0.8%
12LLYELI LILLY1.56%$1255.40+0.9%
13JPMJPMORGAN CHASE1.40%$351.58+0.0%
14AMDADVANCED MICRO DEVICES1.13%$473.25+0.8%
15BRKBBerkshire Hathaway Inc.1.02%$495.82-0.2%

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Sector weights
Technology32.38%
Information Technology31.9%
Technology Services21.66%
Electronic Technology18.3%
Consumer Discretionary15.56%
Financial Services12.5%
Financials12.44%
Healthcare12.08%
Finance12%
Consumer Cyclical10.18%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Country weights
United States99.37%
Ireland1.66%
Switzerland0.3%
Other0.18%
Brazil0.18%
Uruguay0.17%
Bermuda0.11%
United Kingdom0.1%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week-1.0%
1 month+3.9%
3 months+2.6%
6 months+8.8%
YTD+8.6%
1 year+14.5%
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week
1 month
3 months
YTD
1 year

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
SepOctNovDecJanFebMarAprMayJunJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
13%realized volatility, 30 days (annualized)
12%realized volatility, 1 year
-7.1%deepest fall from a peak, 1 year
-1.5%where it sits vs. that peak today

The top holding is 7.5% of the book; the top ten carry 36%. Spread across 250+ names, it behaves like roughly 41 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

The case against ONOF

Due diligence cuts both ways. These funds sit on the same shelf and beat ONOF on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
IDEV iShares Core MSCI International Developed Markets ETF0.04%$32.7B+$104M-36bp on fee · 255× the assets · +$104M in over the monthHead-to-head
IEFA iShares Core MSCI EAFE ETF0.07%$193.2B+$631M-33bp on fee · 1509× the assets · +$631M in over the monthHead-to-head
IEMG iShares Core MSCI Emerging Markets ETF0.09%$160.6B+$1.9B-31bp on fee · 1255× the assets · +$1.9B in over the monthHead-to-head
IAGG iShares Core International Aggregate Bond ETF0.07%$11.4B+$739M-33bp on fee · 89× the assets · +$739M in over the monthHead-to-head
IXUS iShares Core MSCI Total International Stock ETF0.07%$46.2B-33bp on fee · 361× the assetsHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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