QRMI
Global X NASDAQ 100 Risk Managed Income ETF
QRMI tracks an index that holds NASDAQ 100 stocks while employing an options collar strategy. The fund buys 5% OTM put options and sells ATM covered call options on a monthly basis.
Fund Basics
| Fund sponsor | Global X |
| Category | US Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Aug 25, 2021 |
| Assets (mns) | $10 |
| Expense ratio | 60 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Monthly |
| Taxation | 1099 |
| Stock selection | Fixed |
| Weighting | Fixed |
| Holdings Transparency | Full |
| Derivatives-based | Yes |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| APPLE INC | 13.5 % |
| MICROSOFT CORP | 10.8 % |
| AMAZON.COM INC | 5.4 % |
| ALPHABET INC. CLASS C | 3.5 % |
| TESLA MOTORS INC | 3.4 % |
| ALPHABET INC. CLASS A | 3.4 % |
| NVIDIA CORP | 3.3 % |
| PEPSICO INC | 2.4 % |
| META PLATFORMS INC | 2.4 % |
| COSTCO WHOLESALE CORP | 2.1 % |
Constituent Breakdown
| Number of holdings | 102 |
| Herfindahl-Hirschman Index | 438 |
| Wgt avg mkt cap (mns) | $794,512 |
| Large cap (>$10bn) | 98.0% |
| Mid cap ($2-10bn) | 0.2% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 99.0% |
| Emerging mkts. | 1.0% |
Country Exposure
 |
UNITED STATES | 100.8 % |
 |
CHINA | 1.0 % |
 |
NETHERLANDS | 0.9 % |
 |
BRITAIN | 0.6 % |
Historical Performance
Standardized Annual Returns (as of 11/30/2022)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| -15.1% | -16.3% | -- | -- | -- | -- | -14.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.33 | 70% |
| MSCI EAFE | 0.27 | 43% |
| MSCI Emg Mkts | 0.16 | 14% |
Liquidity Measures
| Avg. volume (000) | 6 |
| Turnover | 1.1% |
| Avg. Bid/Ask (% of price) | 0.43% |
| ADV of underlying (mns) | $86,476 |
Technical Indicators
| Recent close | $18.17 |
| 30d moving avg. | $18.14 |
| Annualized volatility | 8.7% |
| Relative strength (RSI) | 52 |
| Short interest (ETF) | 0.6% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. QRMI |
Expenses vs. QRMI |
ALTAR Score™ vs. QRMI |
|---|---|---|---|---|
| QYLD | Global X NASDAQ 100 Covered Call ETF | 103.5% | 0 bp | 0.0% |
| NUSI | Nationwide Risk-Managed Income ETF | 102.2% | +8 bp | -0.1% |
| QYLG | Global X Nasdaq 100 Covered Call & Growth ETF | 101.8% | 0 bp | 0.0% |
| QTR | Global X NASDAQ 100 Tail Risk ETF | 99.8% | 0 bp | +0.1% |
| QCLR | Global X NASDAQ 100 Collar 95-110 ETF | 99.7% | 0 bp | +0.0% |
| JEPQ | J.P. Morgan Nasdaq Equity Premium Income ETF | 65.5% | -25 bp | +0.2% |
| FTQI | First Trust Nasdaq BuyWrite Income ETF | 56.5% | +25 bp | -1.4% |
| STLG | iShares Factors US Growth Style ETF | 43.5% | -35 bp | +2.4% |
| EFIV | SPDR S&P 500 ESG ETF | 38.7% | -50 bp | +0.9% |
| PBP | Invesco S&P 500 BuyWrite ETF | 38.3% | -11 bp | +0.3% |
Risk and Returns: QRMI vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022E | 2023E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2021 | 2022E | Fwd Est | 2023E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 12/2/2022
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
QRMI
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
QRMI
5.6%
Cat. Avg
6.4%
Fund Category: US Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 5.6% |
Recommendation
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
Category Overview
There are 875 funds in the US Equities category, with an average ALTAR Score™
of 6.4% and a standard deviation of
2.9%. QRMI's ALTAR Score™ is approximately
0.3 standard deviations
below
the category average. This places QRMI in the 39th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
QRMI
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| QRMI | 60.0 | 42.5 | 102.5 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .