Global X S&P/TSX 60 Covered Call ETF
CNCC.TO
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- Global X S&P/TSX 60 Covered Call ETF (CNCC:TSX), formerly known as Horizons Canadian Large Cap Equity Covered Call ETF, is an exchange-traded fund managed by Global X Investments Canada Inc. that provides exposure to the performance of the large-cap segment of the Canadian equity market through a portfolio of large capitalization Canadian companies listed on the Toronto Stock Exchange; it invests directly or indirectly in these securities, which may include exchange-traded funds such as the Global X S&P/TSX 60 Index ETF (CNDX), and employs a dynamic covered call option writing program by generally writing out-of-the-money call options on up to approximately 50% of the portfolio's value, or more or less at the manager's discretion, to mitigate downside risk and generate monthly distributions of dividend and call option income. The ETF's portfolio is equal-weighted among the largest and most liquid Canadian issuers selected quarterly on Constituent Reset Dates, with rebalancing between these dates primarily driven by market movements unless liquidity issues or other circumstances necessitate adjustments by the investment manager; it targets growth and value stocks across diversified sectors including financials, energy, materials, and consumer discretionary. CNCC seeks to deliver total returns that include both capital appreciation from the underlying equity exposure and enhanced yield from the covered call overlay, with distributions characterized for tax purposes as eligible dividends, net investment income, capital gains, or return of capital following the fiscal year-end. Global X Investments Canada Inc., headquartered at 55 University Avenue, Suite 800, Toronto, Ontario, M5J 2H7, Canada, founded the ETF on March 16, 2011, and operates as a wholly-owned subsidiary of Mirae Asset Financial Group; the firm is Canada's fourth-largest ETF provider with over CAD$40 billion in assets under management across more than 100 ETFs listed on major Canadian stock exchanges. CNCC primarily serves income-oriented investors, financial advisors, and institutional clients seeking Canadian large-cap equity exposure with income enhancement and volatility buffering in the exchange-traded products industry segment. In a significant recent development, the ETF underwent a name change effective May 1, 2024, aligning with the rebranding of its manager from Horizons ETFs Management (Canada) Inc. to Global X Investments Canada Inc., which did not alter day-to-day operations, personnel, or investment strategies but integrated the fund into the broader Global X global platform backed by Mirae Asset's approximately $800 billion in worldwide assets. This rebranding marked the first anniversary celebrated in May 2025, during which Global X launched 16 new ETFs in 2025 alone, including thematic, covered call, and enhanced yield products like the Global X Artificial Intelligence Infrastructure Index ETF (MTRX) and Global X Bitcoin Covered Call ETF (BCCC), while earning the ETF Provider of the Year award for the second consecutive year at the 2025 Wealth Professional Awards. As of June 30, 2025, CNCC reported net assets of CAD$111.2 million, a management expense ratio of 0.53%, and a portfolio turnover rate of 19.04%, reflecting steady growth with units outstanding increasing to 8.8 million from 7.6 million at year-end 2024 amid monthly distributions totaling CAD$4.5 million for the first half of 2025.