S&P/ASX 200 Covered Call ETF - Global X ETFs - Australia

AYLD


S&P/ASX 200 Covered Call ETF

Reasons to Consider AYLD

High Income Potential

AYLD seeks to generate income through covered call writing, which historically produces higher yields in periods of volatility.

Efficient Options Execution

AYLD writes call options on the S&P/ASX 200 Index, saving investors the time and potential expense of doing so individually.

Potential Downside Mitigation

The premiums AYLD generates may partly cushion drawdowns.

Product Information As of 22 May 2024

Inception Date 30 Jan 2023
Management Costs (% p.a.) 0.60
Currency Hedged No
Domicile Australia
Legal Form Managed Investment Scheme
SMSF Eligible Yes

NAV Information As of 22 May 2024

NAV/Unit (A$) 10.46330000
iNAV 10.4111
iNAV as of 04:29 PM
Currency (NAV) AUD
Shares Outstanding 3,050,586
AUM (A$) 31,919,284.76
NAV History File View

Product Summary

The Global X S&P/ASX 200 Covered Call ETF (AYLD) uses a “covered call” or “buy-write” strategy in an effort to generate yield enhancement over and above dividends and franking. As part of this, the fund holds the constituents of the S&P/ASX 200 Index while selling at-the money1, call options on the same index on a quarterly basis.

[1] If at-the money options are unavailable, the fund will sell nearest out-of-the-money call options.

Product Objective

AYLD aims to provide investors with a return that, before fees and expenses, tracks the performance of the S&P/ASX BuyWrite Index. The S&P/ASX BuyWrite Index measures the total return of a hypothetical “covered call” strategy applied to the S&P/ASX 200 Index. The index is made of two primary components: a “long” S&P/ASX 200 Index component, and a “short” Covered Call Option component. The two components are held in equal notional amounts.

Trading Details

Ticker AYLD
Bloomberg Code AYLD AU Equity
ISIN AU0000251878
Trading Hours 10:00AM – 4:00PM

Management & Administration

Issuer Global X Management (AUS) Limited
Custodian The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch
Registrar Computershare Investor Services Pty Limited
Trustee Global X Management (AUS) Limited

Benchmark Information

Benchmark S&P/ASX BuyWrite Index
Provider S&P Dow Jones Indices, LLC.

Distributions As of 30 Apr 2024

12-Month Yield 7.27%
12-Month Franking Level 15.58%
Distribution Frequency Quarterly
Distribution History View

Performance Table As of 23 May 2024

Total Return (Fund) Total Return (Benchmark) Tracking Difference Tracking Error
1 Month 1.61% 1.68% -0.06% 0.18%
3 Months 3.33% 3.52% -0.18% 0.21%
1 Year 13.27% 13.69% -0.42% 0.41%
3 Year p.a. -- -- -- --
5 Year p.a. -- -- -- --
10 Year p.a. -- -- -- --
Since Inception p.a. 11.80% 12.25% -0.45% 0.44%

Top Holdings As of 24 May 2024

Net Assets (%) Name SEDOL Market Price (Local) Shares Held Market Value (A$)
9.99 BHP GROUP LTD 6144690 44.91 70,902 3,184,209
8.87 COMMONW BK AUSTR 6215035 120.73 23,426 2,828,221
5.98 CSL LTD 6185495 282.00 6,755 1,904,910
4.70 NATL AUST BANK 6624608 34.40 43,516 1,496,950
4.13 WESTPAC BANKING 6076146 26.87 48,935 1,314,883
3.74 ANZ GROUP HOLDIN 6065586 28.38 42,013 1,192,329
3.30 WESFARMERS LTD 6948836 66.31 15,874 1,052,605
3.04 MACQUARIE GROUP B28YTC2 193.74 5,008 970,250
2.59 GOODMAN GROUP B03FYZ4 34.17 24,167 825,786
2.31 WOODSIDE ENERGY BMGT167 27.75 26,558 736,985
2.18 RIO TINTO LTD 6220103 133.50 5,194 693,399
2.00 FORTESCUE LTD 6086253 26.99 23,670 638,853
1.75 TELSTRA GROUP LT 6087289 3.46 161,609 559,167
1.73 TRANSURBAN GROUP 6200882 12.75 43,203 550,838
1.69 WOOLWORTHS GROUP 6981239 31.51 17,086 538,380
1.27 ARISTOCRAT LEISU 6253983 45.31 8,935 404,845
1.18 QBE INSURANCE 6715740 18.05 20,895 377,155
1.09 SANTOS LTD 6776703 7.66 45,411 347,848
0.96 COLES GROUP LTD BYWR0T5 16.28 18,719 304,745
0.92 COCHLEAR LTD 6211798 322.03 914 294,335
0.92 JAMES HARDIE-CDI B60QWJ2 48.24 6,091 293,830
0.90 SUNCORP GROUP LT 6585084 16.11 17,767 286,226
0.88 BRAMBLES LTD B1FJ0C0 14.39 19,464 280,087
0.85 RESMED INC-CDI 6221667 32.85 8,293 272,425
0.83 XERO LTD B8P4LP4 134.84 1,971 265,770
0.80 WISETECH GLOBAL BZ8GX83 100.02 2,564 256,451
0.78 ORIGIN ENERGY 6214861 10.35 24,072 249,145
0.76 SOUTH32 LTD BWSW5D9 3.85 63,130 243,051
0.72 SCENTRE GROUP BLZH0Z7 3.16 72,586 229,372
0.72 NORTHERN STAR RE 6717456 14.20 16,073 228,237
0.68 INSURANCE AUSTRA 6271026 6.45 33,592 216,668
0.68 COMPUTERSHARE LT 6180412 27.16 7,949 215,895
0.58 MINERAL RESOURCE B17ZL56 76.73 2,411 184,996
0.57 CAR GROUP LTD BW0BGZ3 34.76 5,270 183,185
0.54 ASX LTD 6129222 63.50 2,706 171,831
0.53 SONIC HEALTHCARE 6821120 25.44 6,673 169,761
0.50 LOTTERY CORP LTD BNRQW72 5.10 31,138 158,804
0.50 PILBARA MINERALS B2368L5 4.00 39,583 158,332
0.49 APA GROUP 6247306 8.74 17,945 156,839
0.48 NEWMONT CORP-CDI BRDVMB3 63.05 2,425 152,896
0.47 STOCKLAND 6850856 4.50 33,311 149,900
0.47 QANTAS AIRWAYS 6710347 6.16 24,127 148,622
0.44 MEDIBANK PRIVATE BRTNNQ5 3.66 38,515 140,965
0.43 TREASURY WINE ES B61JC67 12.04 11,350 136,654
0.43 REA GROUP LTD 6198578 188.41 719 135,467
0.42 BLUESCOPE STEEL 6533232 21.48 6,206 133,305
0.41 NEXTDC LTD B5LMKP4 17.98 7,354 132,225
0.41 AMCOR PLC-CDI 6066608 15.22 8,495 129,294
0.40 RAMSAY HEALTH 6041995 49.43 2,586 127,826
0.40 ORICA LTD 6458001 18.69 6,741 125,989
0.37 AMPOL LTD BM91201 35.50 3,331 118,251
0.36 GPT GROUP 6365866 4.32 26,793 115,746
0.36 ALTIUM LTD 6167697 66.85 1,714 114,581
0.36 SEEK LTD B0767Y3 22.90 4,955 113,470
0.35 MIRVAC GROUP 6161978 2.03 55,184 112,024
0.35 WASHINGTON H. SO 6821807 32.15 3,431 110,307
0.33 EVOLUTION MINING B3X0F91 3.81 27,776 105,827
0.33 VICINITY CENTRES BY7QXS7 1.95 54,124 105,271
0.33 DEXUS/AU B033YN6 6.98 15,040 104,979
0.30 ENDEAVOUR GROUP BNVS144 5.00 19,076 95,380
0.30 AURIZON HOLDINGS B87CVM3 3.69 25,747 95,006
0.30 ALS LTD B86SZR5 13.94 6,772 94,402
0.29 WHITEHAVEN COAL B1XQXC4 7.80 11,707 91,315
0.28 QUBE HOLDINGS LT B1L4BC6 3.66 24,707 90,428
0.28 LYNAS RARE EARTH 6121176 6.91 13,083 90,404
0.28 AGL ENERGY LTD BSS7GP5 10.48 8,468 88,745
0.28 JB HI-FI LTD 6702623 57.41 1,528 87,722
0.27 CLEANAWAY WASTE BYQ8KW7 2.80 31,168 87,270
0.27 STEADFAST GROUP BCT5FD7 5.65 15,426 87,157
0.27 BENDIGO AND ADEL 6091280 10.99 7,914 86,975
0.27 SEVEN GROUP HOLD B432QW4 39.52 2,197 86,825
0.27 ATLAS ARTERIA BZ03TZ1 5.37 15,830 85,007
0.27 CHARTER HALL GRO B15F6S6 12.84 6,613 84,911
0.26 PRO MEDICUS LTD 6292782 115.55 728 84,120
0.26 INCITEC PIVOT LT 6673042 3.07 27,161 83,384
0.25 WORLEY LTD 6562474 15.07 5,205 78,439
0.24 REECE LTD 6728801 25.54 2,981 76,135
0.23 TECHNOLOGY ONE 6302410 17.79 4,191 74,558
0.23 IGO LTD 6439567 7.61 9,431 71,770
0.22 A2 MILK CO LTD BWSRTS7 7.03 10,111 71,080
0.21 PALADIN ENERGY 6668468 16.29 4,173 67,978
0.21 IDP EDUCATION LT BDB6DD1 17.04 3,891 66,303
0.20 VIRGIN MONEY-CDI BJXCLP7 4.06 15,836 64,294
0.19 TELIX PHARMA BF7M092 15.59 3,896 60,739
0.19 CSR LTD 6238645 8.92 6,674 59,532
0.19 ARCADIUM LIT-CDI BS715X9 7.06 8,409 59,368
0.18 FISHER & PAYKEL 6423968 26.05 2,258 58,821
0.18 SANDFIRE RESOURC 6739739 9.17 6,391 58,605
0.18 ALUMINA LTD 6954985 1.77 32,867 58,010
0.18 METCASH LTD B0744W4 3.78 15,020 56,776
0.18 LENDLEASE GROUP 6512004 5.93 9,560 56,691
0.17 RELIANCE WORLDWI BD1DM79 4.95 11,047 54,683
0.17 BANK QUEENSLAND 6076243 5.85 9,180 53,703
0.17 VIVA ENERGY GROU BYQM3N1 3.51 15,065 52,878
0.16 FLIGHT CENTRE TR 6352147 20.00 2,486 49,720
0.15 BLOCK INC - CDI BMHJ8W1 102.91 475 48,882
0.15 HUB24 LTD BD4T5X1 42.64 1,134 48,354
0.15 NIB HOLDINGS LTD B28ZM60 7.14 6,763 48,288
0.15 WEBJET LTD 6015815 8.90 5,405 48,105
0.15 PERSEUS MINING B02FBC1 2.43 19,215 46,692
0.14 DOWNER EDI LTD 6465573 4.86 9,394 45,655
0.14 ILUKA RESOURCES 6957575 7.60 5,958 45,281
0.14 ANSELL LTD 6286611 25.42 1,775 45,121
0.14 LIFE360 INC-CDI BJMXQ67 15.14 2,857 43,255
0.14 VENTIA SERVICES BNV08F0 3.60 11,960 43,056
0.13 AUB GROUP LTD B0MBNC3 30.51 1,394 42,531
0.13 AMP LTD 6709958 1.11 38,324 42,348
0.13 CHORUS LTD B54F6S5 6.83 6,064 41,417
0.13 LIONTOWN RESOURC B1J89V5 1.41 29,186 41,006
0.13 PREMIER INV LTD 6699781 29.15 1,404 40,927
0.13 CHAMPION IRON LT BLD1SB3 7.51 5,438 40,839
0.13 CHALLENGER LTD 6726300 6.44 6,335 40,797
0.13 ORORA LTD BH4TCW7 2.17 18,778 40,748
0.13 ARB CORP LTD BWV03W5 37.28 1,080 40,262
0.12 HARVEY NORMAN 6173508 4.35 8,886 38,654
0.12 NATIONAL STORAGE BGP6479 2.18 17,703 38,593
0.12 BEACH ENERGY LTD 6088204 1.69 22,525 38,067
0.12 NEUREN PHARMACEU B04LVF0 20.71 1,771 36,677
0.11 BREVILLE GROUP L 6158709 26.32 1,383 36,401
0.11 NEW HOPE CORP LT 6681960 5.01 7,214 36,142
0.11 DOMINO'S PIZZA E B07SFG7 37.46 929 34,800
0.11 REGION RE LTD BPBMY63 2.14 16,246 34,766
0.11 PERPETUAL LTD 6682394 22.11 1,562 34,536
0.10 NETWEALTH GROUP BF52PL1 20.32 1,637 33,264
0.10 CHARTER HLW REIT BDB46J2 3.51 9,302 32,650
0.10 MEGAPORT LTD BZ5ZWZ3 14.65 2,223 32,567
0.10 BRICKWORKS LTD 6315593 26.68 1,209 32,256
0.10 RAMELIUS RESOURC 6586872 2.00 15,943 31,886
0.10 HOMECO DAILY NEE BNC0NF4 1.25 24,991 31,114
0.10 BELLEVUE GOLD LT BFZ31P0 1.89 16,468 31,042
0.10 BOSS ENERGY LTD B1XLCQ6 5.41 5,714 30,913
0.09 LIGHT & WOND-CDI BMXNX11 144.88 207 29,990
0.09 LOVISA HOLDINGS BT9PVP0 32.41 920 29,817
0.09 PINNACLE INVESTM BD0F7H1 12.99 2,272 29,513
0.09 NICKEL INDUSTRIE BZ7NDP2 0.99 29,374 29,080
0.09 EMERALD RESOURCE 6107381 3.79 7,618 28,872
0.09 NINE ENTERTAINME BGQV183 1.48 19,283 28,442
0.09 DETERRA ROYALTIE BJP5T05 4.78 5,913 28,264
0.09 SUPER RETAIL GRO B01C7R0 12.58 2,242 28,204
0.09 TPG TELECOM LTD BMB2257 4.67 5,981 27,931
0.09 AUCKLAND AIRPORT BLRZSS8 7.16 3,813 27,301
0.08 SIGMA HEALTHCARE BF13K02 1.22 21,865 26,675
0.08 GRAINCORP LTD-A 6102331 8.41 3,135 26,365
0.08 PEXA GROUP LTD BMD0WJ3 14.50 1,810 26,245
0.08 CORPORATE TRAVEL B3R1D52 14.42 1,800 25,956
0.08 GENESIS MINERALS B23G0X1 1.79 14,433 25,835
0.08 SIMS LTD B0LCW75 11.29 2,241 25,301
0.08 NUFARM LTD 6335331 4.73 5,345 25,282
0.08 INGENIA COMMUNIT B84GSC7 4.82 5,242 25,266
0.08 BWP TRUST 6127453 3.69 6,820 25,166
0.08 EAGERS AUTO 6296201 10.44 2,405 25,108
0.08 CHARTER HALL RET 6225595 3.40 7,233 24,592
0.08 GOLD ROAD RESOUR B15F5K1 1.61 15,127 24,279
0.08 DE GREY MINING 6534837 1.11 21,835 24,128
0.08 CENTURIA INDUSTR BD31FD8 3.21 7,459 23,943
0.07 HMC CAPITAL LTD BJRBL61 6.92 3,410 23,597
0.07 CAPRICORN METALS BDD98W2 4.65 4,961 23,069
0.07 WAYPOINT REIT BLBQ285 2.42 9,395 22,736
0.07 RED 5 LTD 6367550 0.46 48,498 22,067
0.07 WEST AFRICAN RES B4KBBN0 1.47 14,357 21,105
0.07 GUD HLDGS LTD 6358004 10.71 1,970 21,099
0.07 TABCORP HLDGS 6873262 0.65 31,928 20,753
0.07 INSIGNIA FINANCI 6714394 2.23 9,296 20,730
0.06 REGIS RESOURCES 6476542 1.96 10,562 20,702
0.06 KAROON ENERGY LT B00SV00 1.84 11,213 20,576
0.06 LIFESTYLE COMMUN 6137195 13.01 1,580 20,556
0.06 IRESS LTD 6297497 8.01 2,565 20,546
0.06 IPH LTD BS7K5S1 6.28 3,235 20,316
0.06 SILVER LAKE RESO B28RMY4 1.55 13,075 20,266
0.06 BAPCOR LTD BLD2CY7 4.24 4,746 20,123
0.06 CENTURIA CAPITAL 6518745 1.76 11,260 19,761
0.06 POLYNOVO LTD BSJBZM6 2.03 9,653 19,596
0.06 MAGELLAN FIN GRP B015YX4 8.55 2,278 19,477
0.06 NEWS CORP- CDI B BD7SZP7 41.59 460 19,131
0.06 ARENA REIT B99K263 3.78 4,965 18,768
0.06 SITEMINDER LTD BLH35X6 5.47 3,410 18,653
0.06 ELDERS LTD 6357852 8.42 2,202 18,541
0.06 MONADELPHOUS GRP 6600471 13.61 1,359 18,496
0.06 INGHAMS GROUP LT BZCNHW2 3.69 4,936 18,214
0.06 NRW HOLDINGS LTD B23XW70 2.83 6,335 17,928
0.06 AUDINATE GROUP BZ9N3B6 16.75 1,068 17,889
0.06 EVT LTD BDG0N49 12.02 1,475 17,730
0.05 JOHNS LYNG GROUP BYPHBX3 5.70 3,030 17,271
0.05 HELIA GROUP LTD BP5HL07 4.04 4,205 16,988
0.05 BEGA CHEESE LTD B56CQJ5 4.37 3,790 16,562
0.05 DATA#3 LTD 6093015 7.51 2,161 16,229
0.05 STAR ENTERTAINME BD5ZR98 0.48 33,661 16,157
0.05 KELSIAN GROUP LT BPBKR80 5.29 3,051 16,140
0.05 SMARTGROUP CORP BNB5WS6 8.35 1,855 15,489
0.05 COLLINS FOODS LT B6QCFP1 9.33 1,545 14,415
0.04 CREDIT CORP GRP 6287658 14.33 951 13,628
0.04 CORONADO GLOBAL BGV71W0 1.16 11,725 13,601
0.04 HEALIUS LTD BFZYRL1 1.32 10,151 13,349
0.04 STANMORE RESOURC B4KDPZ6 3.33 3,908 13,014
0.04 SPARK NEW ZEALAN 6881500 3.89 3,091 12,024
0.04 CHARTER HALL SOC BHJVMY0 2.53 4,728 11,962
0.04 NANOSONICS LTD B1WF979 2.97 3,979 11,818
0.03 DOMAIN HOLDINGS BF17Y13 2.84 3,532 10,031
0.03 FLETCHER BLDG 6341617 2.95 3,397 10,021
0.03 STRIKE ENERGY LT B01NQF4 0.22 40,041 8,809
-2.42 AS51 6 C7700 185.30 -417 -772,701
Holdings are subject to change.

Sector Breakdown As of 24 May 2024

Sector Weight (%)
Financials 30.8
Materials 23.3
Health Care 9.8
Consumer Discretionary 7.2
Industrials 6.8
Real Estate 6.8
Energy 4.9
Consumer Staples 4.0
Communication Services 3.6
Information Technology 3.1
Utilities 1.6

Country Breakdown As of 24 May 2024

Country Weight (%)
Australia 96.4
United States 1.9
New Zealand 1.5
Ireland 0.9
Britain 0.6
Malaysia 0.3
Jersey 0.2
-2.4
Other/Cash 0.6

Research

FAQs

  • What is a covered call strategy?

    Covered calls are an investment strategy where investors buy a stock, or group of stocks, and sell call options on them. Selling call options can generate additional income for a fund, as buyers pay “premiums” for the right to buy assets at a fixed (“strike”) price. The logic behind selling call options against assets investors already own is that it ensures investors are “covered” from a margin call perspective – hence the term “covered call”.
  • What are the potential benefits of covered call strategies?

    The primary benefit of covered calls is that they can generate more income, and on a more diversified basis, than just owning dividend-paying stocks. This is because covered call sellers receive two income streams: first the dividends, second the premiums from the calls they sell. The premiums not only provide an income uplift, but also a second stream to draw from if dividends fall or dry up. Furthermore, options premiums tend to be inversely correlated to dividend yields—with lower dividend yielding stocks producing higher premiums – creating a natural hedge.

    Covered call income is also hedged against volatility and interest rates. All else being equal, when volatility rises, option premiums rise as options traders price higher probabilities of sharp share price movements into calls. And when interest rates rise, call option premiums mechanically rise too, as call sellers provide, in effect, a loan to buyers. The economics of which gets priced into premiums.
  • What are the potential risks of covered call strategies?

    By writing covered call options in return for the receipt of premiums, investors forego the opportunity to benefit from potential increases in the value of the S&P/ASX 200 Index above the exercise prices of such options but will continue to bear the risk of declines in the value of the S&P/ASX 200 Index.

    The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying stocks over time. As a result, the risks associated with writing covered call options may be similar to the risks associated with writing put options. In addition, AYLD’s ability to sell the securities underlying the options will be limited while the options are in effect unless AYLD cancels out the option positions through the purchase of offsetting identical options prior to the expiration of the written options.
  • What are the advantages of writing covered calls on the S&P/ASX 200 Index?

    Writing covered calls on the S&P/ASX 200 Index has all the familiar income advantages of buying S&P/ASX 200 shares. Investors receive all the dividends and franking credits that they do from owning the shares in the underlying index. However, writing call options provides a third source of income, derived from the premiums received from the selling of options. (Option sellers are not required to forego the dividends and franking credits they receive.) This means covered call strategies can generate income above what can be generated from just owning the shares. Furthermore, call option premiums provide a hedge against falling dividends, as call options premiums are usually larger for companies with little to no dividends.
  • Which options does the fund sell and at what price?

    The fund invests in the S&P/ASX 200 Index on a fully replicated basis. It then sells quarterly at-the-money exchange traded S&P/ASX 200 Index call options worth roughly 100% of the value of the portfolio, with the cash received from option sales reinvested into the S&P/ASX 200 Index. “At-the-money” options are those options with strike prices identical to the price of their underlying securities. Options are rolled the day before expiry. Expiring options are bought back at the time weighted average ask price between 4:20 pm and 4:25 pm Sydney time. New options are simultaneously sold at the time weighted average bid price.
  • What is the cut-off date to receive a distribution from AYLD?

    To receive a distribution, you must own the ETF – the trade must have fully settled – on the record date. This means that you should aim to buy AYLD at least two business days before the record date (as ETF trades take two business days to settle) should you wish to receive a distribution.

    The record date is the date on which Computershare, the share registry, records who owns which ETFs and therefore who is entitled to distributions. As AYLD has multiple distributions throughout the year, it has multiple record dates throughout the year too.
  • When do I receive my distributions from AYLD?

    Distributions are paid on the payment date, which is announced ahead of time on the ASX’s website. Generally speaking, the payment date falls two weeks after the record date. On the payment date, investors will receive the cash – or new ETFs, if they choose to reinvest their distributions. Franking credits are distributed via the year-end AMMA statement, which is usually issued around the end of financial year (in July or early August). Details of payment dates and frequencies are available on the fund’s website.
  • How can I know the size of a distribution?

    We (Global X) will usually forecast how big we expect a distribution to be around one week prior to the ex-distribution date. This forecast is made public on the announcement date. While these forecasts will be as accurate as practically possible, they are only estimates and are subject to corrections and revisions.

    The size of distributions is primarily determined by markets in the fund’s underlying assets. Variables include – but are not limited to – dividends and price movements in the fund's underlying shares, the size of option premiums, prevailing interest rates and market volatility.

    Fund operations can also impact distribution sizes. Management fees, transactional and operating costs typically lower a distribution. Distributions can also be impacted by the number of units in the fund on issue on the ex-distribution date. Where the number of units on issue declines in the leadup to the ex-distribution date, the distribution yield should be expected to expand. (Income accumulated between distributions is therefore spread over fewer units). An opposite dilutive effect occurs when the number of units on issue increases in the leadup to ex-distribution dates.

Global X Management (AUS) Limited (“Global X”) (Australian Financial Services Licence Number 466778, ACN 150 433 828) is the product issuer. Offers of interests in any retail product will only be made in, or accompanied by, a Product Disclosure Statement (PDS). In respect of each retail product, Global X has prepared a target market determination (TMD). Each PDS and TMD is available at www.globalxetfs.com.au. The information on this website is general in nature only and does not take into account your personal objectives, financial situations or needs. Before acting on any information, you should consider the appropriateness of the information having regard to your objectives, financial situation or needs and consider seeking independent financial, legal, tax and other relevant advice having regard to your particular circumstances. Any investment decision should only be made after obtaining and considering the relevant PDS and TMD. Investments in any product issued by Global X are subject to investment risk, including possible delays in repayment and loss of income and principal invested. The value or return of an investment will fluctuate and an investor may lose some or all of their investment. Past performance is not a reliable indicator of future performance.

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