ONOF vs THIR: Grades, Fees and Holdings Compared

Global X Adaptive U.S. Risk Management ETF

ONOFANYSE Arca

THOR Index Rotation ETF

THIRCNYSE

Overlap

0.0%by weight

Expense ratio

ONOF −0.30pt a year

ONOF0.39%THIR0.69%

Avg volume · 30D

THIR 5.7×the volume

ONOF5.82KTHIR33.4K

ONOF vs THIR Performance

Oct 31, 2025 – Oct 30, 2026

+7.7%ONOF+1.7%THIR

Expense ratio: ONOF 0.39%, better; THIR 0.69%
Fund size: ONOF $140M; THIR $191M
1Y total return: ONOF +7.7%, better; THIR +1.7%
Yield (12M): ONOF 1.22%, better; THIR 0.35%
Holdings: ONOF 504; THIR 4
Avg volume (30D): ONOF 5.82K sh; THIR 33.4K sh, better
NAV per share: ONOF $40.37; THIR $32.84
52W range

ETF.net Grade

Pillar letters and Scores for ONOF, THIR, with each pillar’s weight
Pillar	ONOF	THIR
Cost30% weight	A95Higher	C45
Mission25% weight	Not scored	Not scored
Risk15% weight	B62Higher	C49
Tradability15% weight	B59	B68Higher
Holdings10% weight	A76Higher	C42
Durability5% weight	B56	B57Higher

Rank among Trend-Following / Tactical Index funds

How we build Categories ›

Same Category. ONOF and THIR are both graded against the same 20 Trend-Following / Tactical Index funds, so their Grades compare head to head.

Trend-Following / Tactical Index⁠

Category · 20 funds

See all 20 ›

ONOF ranks 3rd and THIR 10th of 20 funds in the Trend-Following / Tactical Index Category.

Rank 1AWAMAWisdomTree US Adaptive Moving Average FundScore 80
Rank 2APTLCPacer Trendpilot US Large Cap ETFScore 76
Rank 3AONOFGlobal X Adaptive U.S. Risk Management ETFScore 75
Rank 4APTMCPacer Trendpilot US Mid Cap ETFScore 71
Rank 10CSPDFDefender Risk Adaptive 500 ETFScore 50
Rank 10CTHIRTHOR Index Rotation ETFScore 50
Rank 12CPTEUPacer Trendpilot European Index ETFScore 46

Our read on each fund

ETF.net Research

ONOFAGlobal X Adaptive U.S. Risk Management ETF

THIRCTHOR Index Rotation ETF

In short

ONOF The ticker says it out loud: ONOF is an on/off switch. Four technical indicators decide whether it owns a broad basket of U.S. stocks or sits in short-term Treasuries. Rules, not hunches.

THIR Most trend-following ETFs flip one index between stocks and cash. THIR runs a weekly momentum read across three (S&P 500, Dow, Nasdaq 100), holds only the ones trending up, and parks the rest in cash. 0.69%, no waiver.

Stated mandate

ONOF ONOF seeks to track the Adaptive Wealth Strategies U.S. Risk Management Index before fees and expenses. Its four technical indicators shift the Fund between U.S. equities and defensive short-term Treasuries.

THIR The Fund seeks to track, before fees and expenses, the THOR SDQ Rotation Index. Its rules-based strategy uses U.S. index ETFs to pursue large-cap equity exposure while seeking lower volatility by avoiding indexes and ETFs in downtrends.

Why people hold it

ONOF 0.39% a year for a systematic tactical strategy, a fraction of what the typical fund in its tactical-allocation group charges.globalxetfs.com
The switch is mechanical. Four technical indicators on the underlying index move it between stocks and Treasuries, so the rulebook is public before you own it.globalxetfs.com
The defensive leg is boring on purpose: short-term U.S. Treasuries, not options overlays or shorting.globalxetfs.com
Risk-on means roughly 500 U.S. stocks, so the equity exposure is broad-market rather than a concentrated stock-picking bet.globalxetfs.com

THIR Picks which index, not just whether to be invested: a weekly signal rates the S&P 500, Dow and Nasdaq 100, and equal-weights whichever ones read risk-on.sec.gov
Defense is in the rules. If two of three signals turn risk-off, the index pairs the survivor with a 50% cash sleeve; in severe stretches it can sit fully in cash.sec.gov businesswire.com
What you own is legible: three plain index ETFs and cash, rebalanced weekly, rather than a black-box basket of single names.sec.gov

Worth knowing

ONOF Trend rules can whipsaw. In choppy markets the signals may step out after a drop and step back in after a bounce, and the fund's path can diverge sharply from the S&P 500.globalxetfs.com
It trades lightly compared with big index funds, so bid-ask spreads tend to be wider.
Launched in 2021, so its live record covers a short stretch of market history rather than multiple full cycles.

THIR Costs 0.69% (gross and net, no waiver). Cheaper trend options exist in the group: WAMA at 0.32%, ONOF at 0.39%, PTLC at 0.60%.
All three indexes are US large-cap and overlap heavily, so an all-risk-on week looks a lot like plain large-cap beta.sec.gov
Launched in 2024, so the live record is short, and weekly rebalancing can mean higher turnover than a buy-and-hold tracker.businesswire.com

Full ONOF profile⁠

Full THIR profile⁠

ONOF vs THIR Holdings

As of Oct 13, 2026

How ONOF and THIR differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of ONOF and 0.0% of THIR.

Level by level

Holdings0 in both0.0%
Sector11 Sectors95.2%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in ONOF and THIR, widest gap first
Sector	More in ONOFMore in THIR	ONOF	THIR
Industrials	THIR +1.8 points	7.8%	9.6%
Financials	THIR +1.6 points	10.9%	12.5%
Energy	ONOF +1.4 points	3.5%	2.1%
Real Estate	ONOF +0.9 points	1.5%	0.6%
Utilities	ONOF +0.9 points	1.9%	1.0%
Communication	ONOF +0.8 points	10.1%	9.3%
Consumer Discretionary	THIR +0.5 points	8.9%	9.4%
Consumer Staples	THIR +0.5 points	4.2%	4.7%
Technology	ONOF +0.4 points	40.2%	39.8%
Materials	THIR +0.4 points	1.7%	2.1%
Health Care	ONOF +0.4 points	9.4%	9.0%

Country, concentration and asset class

Country by domicile

Country weights in ONOF and THIR, widest gap first
Country	More in ONOFMore in THIR	ONOF	THIR
United States	ONOF +0.4 points	99.3%	98.9%
Canada	THIR +0.4 points	0.0%	0.3%
Switzerland	ONOF +0.2 points	0.3%	0.1%
Netherlands	THIR +0.3 points	0.0%	0.3%
Brazil	Same weight	0.1%	0.1%
China	Same weight	0.1%	0.1%
United Kingdom	Same weight	0.1%	0.1%
Mexico	ONOF +0.1 points	0.1%	0.0%
Other countries (2)	ONOF +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

ONOF37.9%
THIR100.3%

Securities held

ONOF503
THIR4

Asset class

ONOF: Equity
THIR: Equity

Holdings

Only in ONOF503
In both0
Only in THIR4

Only in ONOF

503 securities, 100% of ONOF by weight

NVIDIA Corp7.66%
Apple Inc7.09%
Microsoft Corp5.76%
Amazon.com Inc3.63%
Alphabet Inc-Cl A3.00%
Alphabet Inc-Cl C2.58%
Broadcom Inc2.41%
Meta Platforms Inc2.37%
Bny Mellon Us Lrg Cap Cor1.72%
Tesla Inc1.68%
Micron Technology Inc1.62%
Eli Lilly & Co1.45%
Advanced Micro Devices1.40%
JPMorgan Chase & Co1.30%
Berkshire Hathaway Inc-Cl B1.05%
Exxonmobil Holdings Corp1.04%
Visa Inc-Class A Shares0.94%
Johnson & Johnson0.92%
AbbVie Inc0.72%
Walmart Inc0.71%
Mastercard Inc - A0.68%
Cisco Systems Inc0.66%
Palantir Technologies Inc-A0.65%
Intel Corp0.63%
Costco Wholesale Corp0.62%
Chevron Corp0.58%
Applied Materials Inc0.58%
Lam Research Corp0.56%
Caterpillar Inc0.53%
Merck & Co. Inc.0.52%
Procter & Gamble Co/The0.51%
Coca-Cola Co/The0.51%
UnitedHealth Group Inc0.50%
Bank of America Corp0.49%
Palo Alto Networks Inc0.48%
Ge Aerospace0.47%
Philip Morris International0.46%
Netflix Inc0.43%
Home Depot Inc0.42%
Ge Vernova Inc0.39%
Crowdstrike Holdings Inc - A0.38%
Goldman Sachs Group Inc0.38%
Texas Instruments Inc0.37%
Wells Fargo & Co0.37%
Kla Corp0.36%
Rtx Corporation0.36%
Thermo Fisher Scientific Inc0.35%
Marvell Technology Inc0.34%
Oracle Corp0.33%
Morgan Stanley0.33%

Only in THIR

4 securities, 100% of THIR by weight

State Street SPDR Dow Jones Industrial Average ETF Trust34.30%
State Street SPDR S&P 500 ETF Trust USD Class33.56%
Invesco QQQ Trust Series 1 USD Class32.36%
SPDR Bloomberg 1-3 Month T-Bill ETF USD Class0.10%

Weight gaps

ONOF and THIR share no securities.

All 502 ONOF holdings⁠All THIR holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ONOF vs THIR Cost

Overpaying THIR vs ONOF

$5,531

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ONOF 0.39%
$7,898
THIR 0.69%
$13,429

Amount$10,000

Years30 years

Cost over time

ONOF 0.39%
THIR 0.69%
Overpaying

Year by year

Year	ONOF	THIR	Overpaying
10	$705	$1,232	$527
20	$2,725	$4,697	$1,972
30	$7,898	$13,429	$5,531

Expense ratio

0.39%ONOF, cheaper
0.69%THIR

ONOF0.39%THIR0.69%

0.33%1.78%

Middle half of Trend-Following / Tactical Index funds
Median 0.67%

ONOF 2nd cheapest of 20 funds

THIR 11th cheapest of 20 funds

ONOF vs THIR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ONOF 1.22%, better; THIR 0.35%
Payout (12M): ONOF $0.49; THIR $0.11
Last payment: ONOF $0.16; THIR $0.11
Ex-dividend: ONOF Jun 29, 2026; THIR Dec 12, 2025
Paid on: ONOF Jul 2, 2026; THIR Dec 17, 2025
Frequency: ONOF Twice a year; THIR Annual

Distribution history

Per share, 2021 to 2026, same scale for both

ONOFTwice a year · 11 paymentsAll ONOF payments⁠

THIRAnnual · 2 paymentsAll THIR payments⁠

ONOF vs THIR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ONOF 12.0%THIR 12.2%since Oct 2024
Return per unit of riskSharpe ratio, 3 years: ONOF 0.82THIR 0.80since Oct 2024
Worst fallMax drawdown, 5 years: ONOF −26.2%THIR −10.0%since Sep 2024
Market sensitivityBeta, 5 years: ONOF 0.96THIR 0.78; Market = 1

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