Management Discussion of Fund Performance (unaudited)

Global X Millennial Consumer ETF

Global X Millennial Consumer ETF

Global X Millennial Consumer ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Millennials Thematic Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index measures the performance of U.S. listed companies that provide exposure to the Millennial generation, (“Millennial Companies”). The Millennial generation refers to the demographic cohort in the US with birth years ranging from 1980 to 2000.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 15.87%, while the Underlying Index increased 16.42%. The Fund had a net asset value of $28.43 per share on November 30, 2022 and ended the reporting period with a net asset value of $32.86 on November 30, 2023.

During the reporting period, the highest returns came from Carvana Co. Class A and Meta Platforms Inc. Class A, which returned 306.23% and 177.01%, respectively. The worst performers were Bed Bath & Beyond Inc and 2U Inc., which returned -91.37% and -87.77%, respectively.

The Fund recorded positive returns during the reporting period, capitalizing on the evolving preferences of Millennial and Gen Z consumers, a significant global demographic. These cohorts increasingly favored cutting-edge technology and convenience, driven by heightened social media consumption that propelled mobile shopping and alternative payment methods during the reporting period. Noteworthy trends included a preference for experiential pursuits (such as travel) over material possessions and a discernible shift toward access over ownership, observed in the popularity of ridesharing and collaborative consumption. These trends not only presented lucrative opportunities for modern companies but also contributed to the enduring success of established legacy businesses, fueled by the growing spending capacity of these consumer groups. During the reporting period, the Fund had the highest sector exposure to Consumer Discretionary at 42.78% and Communication Services at 23.77%.

Management Discussion of Fund Performance (unaudited)

Global X Millennial Consumer ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on May 4, 2016.

The S&P 500^® Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

2

Management Discussion of Fund Performance (unaudited)

Global X Aging Population ETF

Global X Aging Population ETF

Global X Aging Population ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Aging Population Thematic Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to track the performance of companies listed in developed markets that are expected to directly or indirectly contribute to increasing the life-spans of the senior population of the world. The Underlying Index provides access to companies involved in biotechnology, medical devices, pharmaceuticals, senior living facilities and specialized health care services, which respond to the needs of this demographic.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 2.42%, while the Underlying Index increased 2.80%. The Fund had a net asset value of $26.46 per share on November 30, 2022 and ended the reporting period with a net asset value of $26.93 on November 30, 2023.

During the reporting period, the highest returns came from Seagen, Inc. and Novo Nordisk A/S Class B, which returned 75.64% and 68.44%, respectively. The worst performers were FibroGen, Inc. and Cano Health, Inc. Class A, which returned -96.16% and -96.12%, respectively.

The Fund recorded modestly positive returns during the reporting period as advances in medical science and technology supported growth of the healthcare industry. Continued growth of the aging population theme resulted in increased demand for medical care and healthcare services, leading to positive investor sentiment. Growing focus on research and development (R&D) in the medical industry towards addressing age-related disorders like cardiovascular illnesses and type 2 diabetes also played a role in growing returns. Furthermore, senior living facilities benefited from increased demand for round-the-clock care and operational improvements to better scale care. Ongoing supply chain and macroeconomic headwinds limited upside in the Fund during the reporting period, with inflationary pressures impacting margins in the medical devices sector. The Fund also benefitted from a slower-than-expected rebound for aging-related surgical procedures following the COVID-19 pandemic.

Management Discussion of Fund Performance (unaudited)

Global X Aging Population ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on May 9, 2016.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

4

Management Discussion of Fund Performance (unaudited)

Global X Health & Wellness ETF

Global X Health & Wellness ETF

Global X Health & Wellness ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Health & Wellness Thematic Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to track the performance of companies listed in developed markets that provide products and services aimed at promoting physical wellness through active and healthy lifestyles, including but not limited to fitness equipment and technology, athletic apparel, nutritional supplements, and organic/ natural food offerings.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 5.64%, while the Underlying Index increased 6.04%. The Fund had a net asset value of $21.37 per share on November 30, 2022 and ended the reporting period with a net asset value of $22.35 on November 30, 2023.

During the reporting period, the highest returns came from BellRing Brands, Inc. and WW International, Inc., which returned 112.36% and 105.08%, respectively. The worst performers were F45 Training Holdings, Inc. and Li Ning Company Limited, which returned -66.17% and -63.76%, respectively.

The Fund recorded positive returns during the reporting period as increased focus on health, prevention, and self-care among consumers supported the global health and wellness market. Higher consumer spending on products and services geared towards maintaining a healthy and active lifestyle further supported investor sentiment. Technological advancements and integration of digital devices in the health and wellness industry increased demand for fitness wearable devices. Furthermore, the wellness economy continued to grow amid increased government expenditure on the development of sophisticated healthcare infrastructure and new medical technologies. Ongoing supply chain and recessionary concerns limited upside in the Fund during the reporting period, with slower-than-expected demand for high end home workout equipment and athletic apparel. During the reporting period, the Fund had an average approximate stock exposure of 39.93% in the United States and 14.72% in Japan. By sector, the Fund had its highest exposures, on average, to Consumer Discretionary at 70.84%, followed by Consumer Staples at 23.61%.

Management Discussion of Fund Performance (unaudited)

Global X Health & Wellness ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on May 9, 2016.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

6

Management Discussion of Fund Performance (unaudited)

Global X Robotics & Artificial Intelligence ETF

Global X Robotics & Artificial Intelligence ETF

Global X Robotics & Artificial Intelligence ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Robotics & Artificial Intelligence Thematic Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index seeks to invest in companies that potentially stand to benefit from increased adoption and utilization of robotics and artificial intelligence (AI), including those involved with industrial robotics and automation, non-industrial robots, and autonomous vehicles.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 25.75%, while the Underlying Index increased 26.09%. The Fund had a net asset value of $21.09 per share on November 30, 2022 and ended the reporting period with a net asset value of $26.47 on November 30, 2023.

During the reporting period, the highest returns came from Rainbow Robotics and Symbotic Inc., which returned 448.70% and 199.60%, respectively. The worst performers were Tusimple Holdings Inc. Class A and Faro Technologies Inc., which returned -62.18% and -38.60%, respectively.

The Fund recorded positive returns during the reporting period amid heightened adoption rates of automation to combat labor shortages and supply chain inefficiencies in artificial intelligence, alongside other advancements. Industrial robotics installations experienced momentum worldwide over the course of the reporting period. This trend was fueled by the increasing affordability and sophistication of robots, which led to higher precision and productivity across various industries. Concurrently, the shift towards reshoring and supply chain diversification spurred demand for automated manufacturing. This demand proved crucial in enhancing quality, reducing costs, and maintaining global competitiveness. In the U.S. specifically, substantial investment in chip manufacturing also propelled automation. Similarly, service robots, especially those used in delivery and healthcare, also expanded their presence due to advancements in generative AI technology and the growing use of internet of things devices. During the reporting period, the Fund had an average approximate stock exposure of 46.74% in United States and 32.29% in Japan. By sector, the Fund had its highest average sector exposure to Information Technology at 42.77%, followed by Industrials at 39.46%).

Management Discussion of Fund Performance (unaudited)

Global X Robotics & Artificial Intelligence ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on September 12, 2016.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

8

Management Discussion of Fund Performance (unaudited)

Global X FinTech ETF

Global X FinTech ETF

The Global X FinTech ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global FinTech Thematic Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies in developed markets that provide financial technology products and services, including companies involved in mobile payments, peer-to-peer (“P2P”) and marketplace lending, financial analytics software and alternative currencies (collectively, “FinTech Companies”), as defined by Indxx, LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 9.70%, while the Underlying Index increased 10.00%. The Fund had a net asset value of $20.44 per share on November 30, 2022 and ended the reporting period with a net asset value of $22.37 on November 30, 2023.

During the reporting period, the highest returns came from Coinbase Global Inc. Class-A and Riot Platforms Inc., which returned 172.73% and 169.89%, respectively. The worst performers were Sunlight Financial Holdings Inc. Class A and Linklogis Inc. Class-B, which returned -61.33% and -55.42%, respectively.

The Fund recorded positive performance during the reporting period as digital wallet adoption and point-of-sale (POS) systems generated additional revenues for FinTech Companie. In response to the U.S. Federal Reserve’s increase in interest rates and borrowing costs, market players adapted to the economic environment by embracing new features and functionalities to stabilize revenues, with a focus on improving margins. Furthermore, the rise of artificial intelligence and machine learning reduced costs for financial institutions in assessing the credibility of borrowers and their spending behaviors. Lastly, the broader improvement in the crypto industry further helped boost revenues and profits in crypto exposed franchises of FinTech Companies. Companies that supply financial software and technology to traditional banks and legacy financial institutions also saw strong performance, and banks continued to spend incremental dollars on digitizing their information technology. During the reporting period, the Fund had an average approximate stock exposure of 62.90% in United States. By sector, it had the highest exposure to Financials at 66.39% and Information Technology at 27.47%.

Management Discussion of Fund Performance (unaudited)

Global X FinTech ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on September 12, 2016.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

10

Management Discussion of Fund Performance (unaudited)

Global X Internet of Things ETF

Global X Internet of Things ETF

Global X Internet of Things ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Internet of Things Thematic Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index seeks to invest in companies that stand to potentially benefit from the broader adoption of the Internet of Things (“IoT”). This includes the development and manufacturing of semiconductors and sensors, integrated products and solutions, and applications serving smart grids, smart homes, connected cars, and the industrial internet.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 7.26%, while the Underlying Index increased 7.78%. The Fund had a net asset value of $30.54 per share on November 30, 2022 and ended the reporting period with a net asset value of $32.45 on November 30, 2023.

During the reporting period, the highest returns came from Samsara Inc. CL-A and Arlo Technologies Inc., which returned 188.98% and 137.96%, respectively. The worst performers were Butterfly Network Inc. and Spirent Communications Plc, which returned -70.52% and -55.14%, respectively.

The Fund recorded positive returns during the reporting period amid heightened industrial and automotive demand due to increased spending on industrial automation and growing use of semiconductors in autonomous vehicles. Furthermore, businesses benefitted through the synergy between IoT, data analytics, and generative artificial intelligence (AI) to optimize operations and improve customer experiences. Enhanced connectivity through high-speed internet, including 5G networks, provided greater network reliability and opened new possibilities for IoT applications in areas such as smart cities and healthcare. Lastly, increased deployments of IoT solutions amid development of more robust encryption protocols and security measures further supported IoT growth. During the reporting period, by sector, the Fund had the highest average exposure to Information Technology at 65.51% and Industrials at 17.10%.

11

Management Discussion of Fund Performance (unaudited)

Global X Internet of Things ETF

Management Discussion of Fund Performance (unaudited)

Global X Internet of Things ETF

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous pages.

13

Management Discussion of Fund Performance (unaudited)

Global X U.S. Infrastructure Development ETF

Global X U.S. Infrastructure Development ETF

Global X U.S. Infrastructure Development ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx U.S. Infrastructure Development Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the performance of U.S. listed companies that provide exposure to domestic infrastructure development, including companies involved in construction and engineering; production of infrastructure raw materials, composites and products; industrial transportation; and producers/distributors of heavy construction equipment (collectively, “U.S. Infrastructure Development Companies”), as defined by Indxx, LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 13.63%, while the Underlying Index increased 14.31%. The Fund had a net asset value of $27.94 per share on November 30, 2022 and ended the reporting period with a net asset value of $31.50 on November 30, 2023.

During the reporting period, the highest returns came from Powell Industries Inc. and Atlas Technical Consultants, which returned 221.37% and 124.21%, respectively. The worst performers were Titan Machinery Inc. and Calix Inc., which returned -48.08% and -45.88%, respectively.

The Fund recorded a positive performance during the reporting period as U.S. Infrastructure Development Companies continued to benefit from high demand for construction work and positive sentiments toward the Infrastructure Investment and Jobs Act (IIJA), Inflation Reduction Act (IRA), and CHIPS Act. The United States also experienced a surge in manufacturing construction spending as companies reoriented their supply chains in the fallout from disruptive events such as the COVID-19 pandemic and conflict in Ukraine. Infrastructure companies with the expertise to build out industrial capacity also benefitted from this onshoring trend. Lastly, after softening around the beginning of the reporting period, construction input prices stabilized, providing support for materials suppliers within the Fund. During the reporting period, by sector, the Fund had the highest exposure to Industrials at 71.80% and Materials at 22.00%.

Management Discussion of Fund Performance (unaudited)

Global X U.S. Infrastructure Development ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on March 6, 2017.

The S&P 500^® Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

15

Management Discussion of Fund Performance (unaudited)

Global X Autonomous & Electric Vehicles ETF

Global X Autonomous & Electric Vehicles ETF

Global X Autonomous & Electric Vehicles ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Autonomous & Electric Vehicles Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies that are involved in the development of electric vehicles and/or autonomous vehicles, including companies that produce electric/hybrid vehicles, electric/hybrid vehicle components and materials, autonomous driving technology, and network connected services for transportation, as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 2.71%, while the Underlying Index increased 2.64%. The Fund had a net asset value of $22.89 per share on November 30, 2022 and ended the reporting period with a net asset value of $23.19 on November 30, 2023.

During the reporting period, the highest returns came from NVIDIA Corporation and Hyster-Yale Materials Handling, Inc. Class A, which returned 176.47% and 67.61%, respectively. The worst performers were Plug Power Inc. and Innoviz Technologies Ltd., which returned -74.69% and -68.16%, respectively.

The Fund recorded modestly positive returns during the reporting period due to strong performances from big tech companies that are aligned with autonomous vehicle development as well as continued growth for the electric vehicle (“EV”) industry. A combination of accommodative government policy, technological innovation, deployment of charging infrastructure, and expanded commitments from traditional automakers continued to support progress in EV adoption. Declining battery-related commodity costs and price wars between automakers improved EV affordability, although they continue to sell at an upfront premium to internal combustion engine vehicles. EV sales did not grow as quickly as expected during the reporting period due to economic headwinds in China and elevated borrowing costs for consumers around the world. During the reporting period, the Fund had an average approximate stock exposure of 55.50% in the United States and 10.81% in Japan. By sector, it had the highest average exposure to Consumer Discretionary at 35.39%, followed by Information Technology at 29.80%.

Management Discussion of Fund Performance (unaudited)

Global X Autonomous & Electric Vehicles ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on April 13, 2018.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

17

Management Discussion of Fund Performance (unaudited)

Global X Artificial Intelligence & Technology ETF

Global X Artificial Intelligence & Technology ETF

Global X Artificial Intelligence & Technology ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Artificial Intelligence & Big Data Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies in developed markets that are positioned to benefit from the further development and implementation of artificial intelligence technology, as well as to companies that provide critical technology and services for the analysis of large and complex data sets (collectively, “Artificial Intelligence & Big Data Companies”).

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 38.56%, while the Underlying Index increased 39.45%. The Fund had a net asset value of $21.54 per share on November 30, 2022 and ended the reporting period with a net asset value of $29.73 on November 30, 2023.

During the reporting period, the highest returns came from Alchip Technologies Ltd. and Super Micro Computer Inc., which returned 233.68% and 203.08%, respectively. The worst performers were Meituan-Class B and Envestnet Inc., which returned -44.66% and -41.49%, respectively.

The Fund recorded positive performance during the reporting period as strong growth in the artificial intelligence (“AI”) market and its positive impact on productivity supported economic gains. The growing use of AI-as-a-service gave an opportunity for cloud computing companies to monetize their services by partnering with emerging AI startups and upselling additional cloud infrastructure to their expansive user bases. Additionally, the introduction of new generative AI tools to enhance user experiences contributed to the Fund’s performance. Multi-sectoral applications of AI for automation, productivity enhancement, and quality control gave investors confidence in companies looking to utilize AI for improving profit margins. Investor confidence was also boosted as the technology companies operating in this realm prioritized cost-cutting measures and workforce reductions to enhance margins and improve bottom-line performance. During the reporting period, the Fund had the highest average sector exposure to Information Technology at 61.36%, followed by Communication Services at 14.79%.

Management Discussion of Fund Performance (unaudited)

Global X Artificial Intelligence & Technology ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on May 11, 2018.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

19

Management Discussion of Fund Performance (unaudited)
Global X Genomics & Biotechnology ETF

Global X Genomics & Biotechnology ETF

Global X Genomics & Biotechnology ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Genomics Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from further advances in the field of genomic science and biotechnology, as well as applications thereof (collectively, “Genomics & Biotechnology Companies”), as defined by Solactive AG, the provider of the Underlying Index (“Index Provider”). In order to be eligible for inclusion in the Underlying Index, a company is considered by the Index Provider to be a Genomics & Biotechnology Company if it derives at least 50% of its revenue, operating income, or assets from genomics and/or biotechnology.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 22.60%, while the Underlying Index decreased 22.22%. The Fund had a net asset value of $13.45 per share on November 30, 2022 and ended the reporting period with a net asset value of $10.41 on November 30, 2023.

During the reporting period, the highest returns came from Avidity Biosciences Inc. and Natera Inc., which returned 42.52% and 36.07%, respectively. The worst performers were Bionano Genomics Inc. and Sangamo Therapeutics Inc., which returned -93.53% and -91.88%, respectively.

The Fund recorded negative returns during the reporting period on account of challenges faced by biotechnology companies due to growing inflationary pressures and regulatory scrutiny. Rising interest rates affected biotech companies that rely on debt financing to fund their research and development expenses. This forced the industry to prioritize operational efficiencies to expand cash runway and accelerate the path towards profitability, in turn, deprioritizing product innovation. Genomics & Biotechnology Companies were also impacted by a slowdown in mergers and acquisitions (M&A) amid growing scrutiny from regulatory bodies that has put a hold on potential exit opportunities for smaller genomics companies. Continued supply chain constraints also hampered the industry during the reporting period, resulting in shortages of key medications and more costly manufacturing of complex treatment categories.

Management Discussion of Fund Performance (unaudited)
Global X Genomics & Biotechnology ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on April 5, 2019.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

21

Management Discussion of Fund Performance (unaudited)
Global X Cloud Computing ETF

Global X Cloud Computing ETF

Global X Cloud Computing ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Cloud Computing Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies in developed and emerging markets that are positioned to benefit from the increased adoption of cloud computing technology, including but not limited to companies whose principal business is in offering computing Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), Infrastructure-as-a-Service (IaaS), managed server storage space and data center REITs, and/or cloud and edge computing infrastructure and hardware (collectively, “Cloud Computing Companies”), as defined by Indxx LLC, the provider of the Indxx Global Cloud Computing Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 23.97%, while the Underlying Index increased 24.77%. The Fund had a net asset value of $16.77 per share on November 30, 2022 and ended the reporting period with a net asset value of $20.79 on November 30, 2023.

During the reporting period, the highest returns came from Shopify Inc. Class-A and Fastly Inc. Class-A, which returned 78.13% and 71.95%, respectively. The worst performers were 2U Inc. and Paycom Software Inc., which returned -87.77% and -46.17%, respectively.

The Fund recorded positive returns during the reporting period resulting from a broad uplift in profitability for companies as well as an increased adoption of cloud technology and generative artificial intelligence (“AI”)-based products and services. Hyperscale cloud platforms capitalized on the generative AI platform shift by quickly enabling access to emerging large-language models through their platforms, and cross selling cloud services to new customers. Similarly, software companies were able to incrementally monetize their offerings by building automated and AI-driven end solutions to clients looking to improve efficiency. Lastly, technology companies operating in the cloud computing market also focused on cost-cutting measures and workforce reductions to enhance margins and improve bottom-line performance, which helped boost broad investor confidence. The continued rise and use of data-heavy assets further helped drive spending on cloud computing services during the period.

Management Discussion of Fund Performance (unaudited)
Global X Cloud Computing ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on April 12, 2019.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

23

Management Discussion of Fund Performance (unaudited)
Global X Cannabis ETF

Global X Cannabis ETF

Global X Cannabis ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Cannabis Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index, designed to provide exposure to exchange-listed companies that are active in the cannabis industry (collectively, “Cannabis Companies”). In order to be eligible for inclusion in the Cannabis Index, a company is considered by the Index Provider to be a Cannabis Company if it derives at least 50% of its revenue, operating income, or assets from the cannabis industry. These companies include those involved in the following areas of the cannabis industry: (i) the legal production, growth and distribution of marijuana, as well as extracts, derivative products or synthetic versions thereof; (ii) the legal production, growth and distribution of hemp, as well as extracts, derivative products or synthetic versions thereof; (iii) financial services (insurance offerings, property leasing, financing, capital markets activity and investments) provided to companies involved in the production, growth and distribution of cannabis; (iv) pharmaceutical applications of cannabis; (v) cannabidiol (better known as CBD) and cannabis oil products, edibles, topicals, drinks and other products; and (vi) products that may be used to consume cannabis; and (vii) the provision of software and/or online marketplaces or platforms primarily for the cannabis sector.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 61.63%, while the Underlying Index decreased 63.58%. The Fund had a net asset value of $14.95 per share on November 30, 2022 and ended the reporting period with a net asset value of $5.52 on November 30, 2023.

During the reporting period, the highest returns came from Hexo Corp. and Organigram holdings Inc., which returned 325.84% and 26.60%, respectively. The worst performers were Flora Growth Corp. and MYMD Pharmaceuticals Inc., which returned -87.50% and -86.92%, respectively.

The Fund recorded negative performance during the reporting period amid challenges of a large illicit cannabis market and varied regulatory landscape across key markets. Increased supply in the cannabis market and stringent tax requirements in legal jurisdictions hampered investor sentiment towards Cannabis Companies. Additionally, limited accessibility of capital amid a high interest rate environment and complicated regulatory landscape reduced growth prospects of Cannabis Companies. Slower-than-expected regulatory actions in key markets like the United States and Germany have delayed consolidation efforts from key market players to improve margins and achieve profitability. Lastly, chances of a recession decreased consumer spending on perceived non-essential items, including cannabis products. During the reporting period, the Fund had an average approximate stock exposure of 54.94% in Canada and 34.06% in United States. By sector, it had the highest exposure to Health Care at 65.51% and Real Estate at 18.48%.

24

Management Discussion of Fund Performance (unaudited)
Global X Cannabis ETF

Management Discussion of Fund Performance (unaudited)
Global X Cannabis ETF

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

26

Management Discussion of Fund Performance (unaudited)
Global X Thematic Growth ETF

Global X Thematic Growth ETF

The Global X Thematic Growth ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Thematic Growth Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index seeks to provide broad exposure to thematic growth strategies using a portfolio of exchange-traded funds (each, an “Underlying ETF”). The Underlying Index allocates index weights among the Underlying ETFs based on a quantitative methodology developed by Solactive AG, the provider of the Underlying Index, which is designed to determine the selection and weighting of the eligible Underlying ETFs.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 10.30%, while the Underlying Index decreased 10.39%. The Fund had a net asset value of $26.14 per share on November 30, 2022 and ended the reporting period with a net asset value of $23.05 on November 30, 2023.

During the reporting period, the highest returns came from Global X Blockchain ETF and Global X Social Media ETF, which returned 68.55% and 25.11%, respectively. The worst performers were Global X Cannabis ETF and Global X Lithium & Battery ETF, which returned -62.50% and -30.53%, respectively.

The Fund performed negatively during the reporting period on account of the performance of its underlying themes. A portion of the Fund’s negative returns were due to higher interest rates, elevated material costs and permit delays associated with renewable energy companies. Additionally, inflationary pressures, regulatory scrutiny and competition from generic manufacturers adversely impacted the performance of the biotechnology stocks. Within the disruptive materials space, dampened demand leading to higher supply levels amid an uncertain macroeconomic environment negatively contributed to the Fund’s performance. Meanwhile, lithium prices were weighed down by performance in the Chinese spot market, amid weakened demand and bearish sentiment.

Management Discussion of Fund Performance (unaudited)
Global X Thematic Growth ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on October 25, 2019.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous pages.

28

Management Discussion of Fund Performance (unaudited)
Global X Video Games & Esports ETF

Global X Video Games & Esports ETF

Global X Video Games & Esports ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Video Games & Esports Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from increased consumption related to video games and esports, including companies whose principal business is in video game development/publishing, video game and esports content distribution and streaming, operating/owning esports leagues/teams, and producing video game/ esports hardware, as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 5.29%, while the Underlying Index increased 5.71%. The Fund had a net asset value of $18.96 per share on November 30, 2022 and ended the reporting period with a net asset value of $19.93 on November 30, 2023.

During the reporting period, the highest returns came from Applovin Corp. Class-A and International Games System Co Ltd., which returned 160.10% and 79.18%, respectively. The worst performers were Skillz Inc. Class A and Gumi Inc., which returned -69.56% and -55.60%, respectively.

The Fund recorded positive returns during the reporting period due to the launch of new generations of hardware, improvements in supply chains and back-log orders, continued adoption and innovation in mobile gaming, and the increased use of virtual and augmented reality technologies. Casual mobile gaming continues to remain popular, attracting a significant number of players worldwide. Key mobile platforms brought increasingly media-rich and high-fidelity gaming experiences on smaller devices, driving a resurgence of in-app purchases and rise in the popularity of online multiplayer games. Higher investments and increased merger and acquisition (M&A) activity helped drive growth both for the acquiring companies and broader industry. Lastly, consumer access to games on the go without having to carry around a console or gaming personal computer (PC) weighed positively for mobile cloud gaming industry. During the reporting period, the Fund had an average approximate stock exposure of 33.21% in United States and 27.40% in Japan. By sector, it had the highest exposure to Communication Services at 88.90%.

Management Discussion of Fund Performance (unaudited)
Global X Video Games & Esports ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on October 25, 2019.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

30

Management Discussion of Fund Performance (unaudited)
Global X Cybersecurity ETF

Global X Cybersecurity ETF

Global X Cybersecurity ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Cybersecurity Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from increased adoption of cybersecurity technology, including but not limited to companies whose principal business is in the development and management of security protocols preventing intrusion and attacks to systems, networks, applications, computers, and mobile devices, as determined by Indxx LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 19.29%, while the Underlying Index increased 19.89%. The Fund had a net asset value of $22.85 per share on November 30, 2022 and ended the reporting period with a net asset value of $26.84 on November 30, 2023.

During the reporting period, the highest returns came from Crowdstrike Holdings Inc. A and Varonis Systems Inc., which returned 101.44% and 97.22%, respectively. The worst performers were Arqit Quantum Inc. and A10 Networks Inc., which returned -93.55% and -32.08%, respectively.

The Fund recorded positive returns during the reporting period as increased digitalization and interconnectedness in the economy drove growth of the cybersecurity market. Spending on cybersecurity solutions was boosted by increasing attacks on corporations and governments, digital warfare emanating from major global conflicts, and emerging new possibilities with the rise of technologies like generative artificial intelligence (AI). Corporations responded to the escalating trend of targeted cyber-attacks by increasing investments in security technologies that suit a cloud-native deployment model of information technology (IT), cutting costs. Rising cases of complex cyber threats led to implementation of new technologies for enhancing threat detection and automating security processes. Government programs enacted in the wake of the COVID-19 pandemic to broadly safeguard citizens from a complex and worsening IT landscape also helped drive the market forward, contributing to the Fund’s positive returns. During the reporting period, the Fund had an average approximate stock exposure of 68.02% in United States and 14.06% in Israel.

Management Discussion of Fund Performance (unaudited)
Global X Cybersecurity ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on October 25, 2019.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

32

Management Discussion of Fund Performance (unaudited)
Global X Telemedicine & Digital Health ETF

Global X Telemedicine & Digital Health ETF

Global X Telemedicine & Digital Health ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Telemedicine & Digital Health Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from further advances in the field of telemedicine and digital health, as well as applications thereof (collectively, “Telemedicine & Digital Health Companies”), as defined by Solactive AG, the provider of the Underlying Index (the “Index Provider”). In order to be eligible for inclusion in the Underlying Index, a company is considered by the Index Provider to be a Telemedicine & Digital Health Company if it derives at least 50% of its revenue, operating income, or assets from telemedicine and/ or digital health. Telemedicine & Digital Health Companies include those involved in the following business activities: (i) telemedicine, (ii) healthcare analytics, (iii) connected healthcare devices, and/ or (iv) administrative digitization.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 26.82%, while the Underlying Index decreased 26.69%. The Fund had a net asset value of $12.23 per share on November 30, 2022 and ended the reporting period with a net asset value of $8.95 on November 30, 2023.

During the reporting period, the highest returns came from Hims & Hers Health, Inc. Class A. and GoodRx Holdings, Inc. Class A, which returned 43.62% and 37.39%, respectively. The worst performers were Bionano Genomics Inc. and Invitae Corp., which returned -92.74% and -84.18%, respectively.

The Fund recorded negative returns during the reporting period as contracting operating margins, slower-than-expected regulatory activity, and ongoing inflationary concerns slowed industry growth which impacted the performance of Telemedicine & Digital Health Companies. A high interest rate environment and limited debt availability slowed innovation in the sector and delayed interoperability timelines for digital health firms. This, in turn, slowed adoption by healthcare professionals and delayed mergers and acquisitions (M&A) activity that would help consolidate and streamline a fragmented industry. Continued inflationary pressures increased the cost of medical equipment and pharmaceutical drugs, limiting physician and hospital budgets for increased digitization and automation.

Management Discussion of Fund Performance (unaudited)
Global X Telemedicine & Digital Health ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on July 29, 2020.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

34

Management Discussion of Fund Performance (unaudited)
Global X China Biotech Innovation ETF

Global X China Biotech Innovation ETF

Global X China Biotech Innovation ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Biotech Innovation Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies that are directly involved in China’s biotechnology industry. In constructing the Underlying Index, the Solactive AG, the provider of the Underlying Index utilizes FactSet Industry classifications to identify companies that are directly involved in the biotechnology industry. Only those securities classified in the biotechnology industry according to FactSet as of each rebalance date are eligible for inclusion in the index. The Underlying Index is weighted according to a modified capitalization weighting methodology and is reconstituted and re-weighted semi-annually.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 11.66%, while the Underlying Index decreased 11.00%. The Fund had a net asset value of $9.68 per share on November 30, 2022 and ended the reporting period with a net asset value of $8.51 on November 30, 2023.

During the reporting period, the highest returns came from Hebei Changshan Biochemical Pharmaceutical Co., Ltd. Class A and Pacific Shuanglin Bio-pharmacy Co., Ltd. Class A, which returned 161.33% and 48.71%, respectively. The worst performers were Kintor Pharmaceutical Ltd. and CanSino Biologics, Inc. Class A, which returned -75.35% and -62.06%, respectively.

The Fund recorded negative returns during the reporting period amid growing inflationary pressures and regulatory scrutiny. Demand for contract research services and lab equipment declined amid tightening budgets and limited availability of funding. Enforcement of global regulatory reforms for drug manufacturing companies adversely impacted market sentiment. In a parallel development, China’s biotech IPO volumes declined against the backdrop of reduced investor confidence and earnings volatility. Investments in Chinese drugmaker companies declined, as investors from the US and other countries remained cautious of the stringent financing environment within the biotech industry. This also slowed down mergers and acquisitions (M&A) activity in the industry, putting a hold to potential exit opportunities for smaller healthcare firms.

Management Discussion of Fund Performance (unaudited)
Global X China Biotech Innovation ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on September 22, 2020.

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

36

Management Discussion of Fund Performance (unaudited)
Global X CleanTech ETF

Global X CleanTech ETF

The Global X CleanTech ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global CleanTech Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from the increased adoption of technologies focused on improving the efficiency of renewable energy production and/or mitigating the adverse environmental effects of resource consumption (“CleanTech”), including, but not limited to, companies whose principal business is in developing technology relating to renewable energy, energy efficiency and storage, smart grid, lithium-ion batteries and/or fuel cells, and/or pollution prevention/amelioration (collectively, “CleanTech Companies”), as defined by Indxx LLC, the provider of the Underlying Index (“Index Provider”).

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 38.90%, while the Underlying Index decreased 38.76%. The Fund had a net asset value of $16.20 per share on November 30, 2022 and ended the reporting period with a net asset value of $9.88 on November 30, 2023.

During the reporting period, the highest returns came from Fluence Energy, Inc. Class A and Simplo Technology Co. Ltd., which returned 45.98% and 36.03%, respectively. The worst performers were Sunpower Corporation and Maxeon Solar Technologies, Ltd., which returned -82.89% and -81.74%, respectively.

The Fund performed negatively during the reporting period as CleanTech equipment manufacturers continued to have their performance impacted by rising inflation, supply bottlenecks, and elevated materials costs. Slow permitting timelines in the United States and European Union remained a significant detractor to realizing full growth potential within the wind and solar power industries. Elevated project costs and high interest rates also dampened renewable energy growth prospects across major markets and reduced equipment demand, particularly for the offshore wind and residential solar power segments. Furthermore, companies throughout the hydrogen value chain had their performances weighed down by elevated hydrogen prices, supply constraints, higher interest rates, and continued investments towards scaling production for future expected demand. During the reporting period, the Fund had an average approximate stock exposure of 33.97% in United States, 13.73% in South Korea and 12.17% in China. By sector, it had the highest average exposure to Information Technology at 47.66% and Industrials at 42.20%.

Management Discussion of Fund Performance (unaudited)
Global X CleanTech ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on October 27, 2020.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

38

Management Discussion of Fund Performance (unaudited)
Global X Data Center REITs & Digital Infrastructure ETF

Global X Data Center REITs & Digital Infrastructure ETF

The Global X Data Center REITs & Digital Infrastructure ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Data Center REITs & Digital Infrastructure Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Solactive Data Center REITs & Digital Infrastructure Index is designed to provide exposure to companies that have business operations in the fields of data centers, cellular towers, and/or digital infrastructure hardware. Specifically, the Solactive Data Center REITs & Digital Infrastructure Index will include securities issued by “Data Center REITs & Digital Infrastructure Companies” as defined by Solactive AG, the provider of the Solactive Data Center REITs & Digital Infrastructure Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 8.46%, while the Underlying Index increased 8.33%. The Fund had a net asset value of $13.52 per share on November 30, 2022 and ended the reporting period with a net asset value of $14.30 on November 30, 2023.

During the reporting period, the highest returns came from Nvidia Corp. and Advanced Micro Devices, which returned 176.47% and 56.07%, respectively. The worst performers were Cyxtera Technologies Inc. and VNET Group Inc-ADR, which returned -97.95% and -44.11%, respectively.

The Fund recorded positive performance during the reporting period as growth in data usage and increased adoption of artificial intelligence (AI) positively impacted data center REITs. This led to improved earnings and dividend distributions by many Data Center REITs & Digital Infrastructure Companies. Simultaneously, the global adoption of 5G technology increased, generating positive revenue growth for communications service providers. Furthermore, demand for data storage and cloud computing services increased investor optimism toward the industry. Lastly, with an uncertain macroeconomic environment, the stock prices of companies maintaining data infrastructure reflected resilience in revenues due to the essential services they provide. During the reporting period, the Fund had an average approximate stock exposure of 72.14% in United States. By sector, it had the highest exposure to Real Estate at 58.37% and Information Technology at 29.80%.

Management Discussion of Fund Performance (unaudited)
Global X Data Center REITs & Digital Infrastructure ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on October 27, 2020.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

40

Management Discussion of Fund Performance (unaudited)
Global X Clean Water ETF

Global X Clean Water ETF

The Global X Clean Water ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Clean Water Industry Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies expected to benefit from further advances in the provision of clean water, including, but not limited to, companies whose principal business is in water treatment, recycling (including water reclamation), purification, desalination, storage, distribution, and/or sustainability (collectively, “Clean Water Companies”), as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 9.50%, while the Underlying Index increased 9.83%. The Fund had a net asset value of $14.30 per share on November 30, 2022 and ended the reporting period with a net asset value of $15.40 on November 30, 2023.

During the reporting period, the highest returns came from Nomura Micro Science Co. Ltd. and Organo Corp., which returned 137.73% and 106.89%, respectively. The worst performers were Calix Ltd. and Middlesex Water Company, which returned -31.85% and -30.47%, respectively.

The Fund performed positively during the reporting period as continued investments in water technology insulated Clean Water Companies against the broader uncertain macroeconomic environment. Broadening commitment to sustainable development goals (SDGs) from the private sector as well as continued federal investments in U.S. water infrastructure from the Infrastructure Investment and Jobs Act (IIJA) lifted investor sentiment toward the clean water space. Water utility companies were able to drive consistent earnings growth and healthy dividend payouts despite an increase in costs and inflationary pressures. Lastly, high profile instances of drought and water insecurity continued to draw attention to the Clean Water Companies. During the reporting period, the Fund had an average approximate stock exposure of 62.62% in United States and 22.58% in Britain. By sector, it had the highest exposure to Industrials at 49.17% and Utilities at 37.99%.

Management Discussion of Fund Performance (unaudited)
Global X Clean Water ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on April 8, 2021.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

42

Management Discussion of Fund Performance (unaudited)
Global X AgTech & Food Innovation ETF

Global X AgTech & Food Innovation ETF

The Global X AgTech & Food Innovation ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive AgTech & Food Innovation Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to companies that are positioned to benefit from further advances in the fields of agricultural technology (“AgTech”) and food innovation. Specifically, the Underlying Index will include securities issued by “AgTech & Food Innovation Companies” as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 34.41%, while the Underlying Index decreased 34.22%. The Fund had a net asset value of $15.63 per share on November 30, 2022 and ended the reporting period with a net asset value of $10.17 on November 30, 2023.

During the reporting period, the highest returns came from Sprouts Farmers Market Inc. and Ingredion Inc., which returned 25.49% and 7.66%, respectively. The worst performers were Appharvest Inc. and Benson Hill Inc., which returned -95.68% and -93.52%, respectively.

The Fund generated negative returns during the reporting period. The agriculture technology industry experienced a decline in capital investment as investors moved to more mature investment avenues. Consumer purchasing power was compressed during the reporting period due to inflation and rising borrowing costs, leading many to purchase less expensive, more traditional foods. As a result, demand for food innovation technologies and products declined. Despite higher revenue growth, companies in the plant-based food sector reported lower-than-expected earnings as they faced challenges in reducing costs and scaling operations. During the reporting period, the Fund had an average approximate stock exposure of 43.90% in United States and 27.55% in China. By sector, it had the highest exposure to Consumer Staples at 50.59% and Materials at 32.48%.

Management Discussion of Fund Performance (unaudited)
Global X AgTech & Food Innovation ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on July 12, 2021.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

44

Management Discussion of Fund Performance (unaudited)
Global X Blockchain ETF

Global X Blockchain ETF

Global X Blockchain ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Blockchain Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to companies that are positioned to benefit from further advances in the field of blockchain technology. Specifically, the Underlying Index will include securities issued by “Blockchain Companies” as defined by Solactive AG, the provider of the Underlying Index. “Blockchain Companies” are those companies that derive at least 50% of their revenues, operating income, or assets from the following business activities: (i) digital asset mining; (ii) blockchain & digital asset transactions; (iii) blockchain applications; (iv) blockchain & digital asset hardware; and (v) blockchain & digital asset integration.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 88.92%, while the Underlying Index increased 85.88%. The Fund had a net asset value of $16.39 per share on November 30, 2022 and ended the reporting period with a net asset value of $30.72 on November 30, 2023, following a 1:4 reverse share split on December 19, 2022.

During the reporting period, the highest returns came from Cipher Mining Inc. and Northern Data AG, which returned 254.40% and 248.95%, respectively. The worst performers were SAI. TECH Global Corp. and Core Scientific Inc., which returned -63.51% and -51.99%, respectively.

The Fund recorded positive returns during the reporting period, primarily driven by positive sentiment amongst leading crypto assets. Additionally, the U.S. Federal Reserve’s decision to slow down its rate hiking activities alleviated pressure on digital asset miners while various spot bitcoin ETF applications by a handful of asset managers boosted the optimism toward and the legitimacy of cryptocurrencies. The embrace of blockchain applications expanded as banks and asset managers delved into tokenization projects, while technology companies explored innovative payment solutions using stablecoins (cryptocurrencies geared towards maintaining a stable price). Furthermore, incrementally positive regulatory developments in the EU, including the passage of the Markets in Crypto-Assets Regulation (MiCA) framework, also provided tailwinds to some of the Fund’s constituent holdings. During the reporting period, the Fund had an average approximate stock exposure of 74.26% in United States and 15.77% in Canada. By sector, it had the highest exposure to Information Technology at 67.24% and Financials at 31.64%.

Management Discussion of Fund Performance (unaudited)
Global X Blockchain ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on July 12, 2021.

(1) The total return disclosed in the Financial Highlights of the Annual Report may reflect adjustments due to the rounding of the NAV after the 1:4 reverse share split on December 19, 2022.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

46

Management Discussion of Fund Performance (unaudited)
Global X Blockchain ETF

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

47

Management Discussion of Fund Performance (unaudited)
Global X Hydrogen ETF

Global X Hydrogen ETF

The Global X Hydrogen ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Hydrogen Index (“Underlying Index”).The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying index is designed to provide exposure to companies that are positioned to benefit from further advances in the field of hydrogen technology. Hydrogen technology includes products and services focused on the development and implementation of hydrogen gas as a renewable fuel source. Specifically, the Underlying Index will include securities issued by “Hydrogen Companies” as defined by Solactive AG, the provider of the Underlying Index. Hydrogen Companies are those companies that derive at least 50% of their revenues, operating income, or assets from the following business activities: (i) hydrogen production; (ii) hydrogen fuel cells; (iii) hydrogen technology; and (iv) hydrogen integration

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 46.86%, while the Underlying Index decreased 46.36%. The Fund had a net asset value of $12.27 per share on November 30, 2022 and ended the reporting period with a net asset value of $6.52 on November 30, 2023.

During the reporting period, the highest returns came from Hyster-Yale Materials Handling, Inc. Class A and Toyota Motor Corp., which returned 67.61% and 35.17%, respectively. The worst performers were Advent Technologies Holdings, Inc. Class A and Nikola Corp., which returned -83.24% and -76.18%, respectively.

The Fund performed negatively during the reporting period as Hydrogen Companies were impacted by a range of factors including inflation, supply chain challenges, and increased prices on raw materials. In particular, elevated natural gas prices and hydrogen supply constraints negatively impacted performances of hydrogen producers and service providers. In addition, high costs for the manufacturing of nascent electrolyzer technologies weighed on electrolyzer producers. Hydrogen Companies’ investments into expanding manufacturing capabilities to meet expected future hydrogen demand also contributed to net losses. During the reporting period, the Fund had an average approximate stock exposure of 38.86% in United States and 15.11% in Britain. By sector, it had the highest exposure to Industrials at 91.86%.

Management Discussion of Fund Performance (unaudited)
Global X Hydrogen ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on July 12, 2021.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

49

Management Discussion of Fund Performance (unaudited)
Global X Solar ETF

Global X Solar ETF

Global X Solar ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Solar Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to companies that are positioned to benefit from further advances in the field of solar technology. Specifically, the Underlying Index consists of securities issued by “Solar Companies” as defined by Solactive AG, the provider of the Underlying Index. Solar Companies are those companies that derive at least 50% of their revenues from the following business activities: (i) solar energy materials; (ii) solar energy systems & components; (iii) solar power production; (iv) solar technology; (v) solar installation, integration & maintenance.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 46.92%, while the Underlying Index decreased 46.62%. The Fund had a net asset value of $22.06 per share on November 30, 2022 and ended the reporting period with a net asset value of $11.71 on November 30, 2023.

During the reporting period, the highest returns came from Abalance Corp. and Motech Industries Inc., which returned 19.57% and 9.25%, respectively. The worst performers were Sunpower Corp. and Maxeon Solar Technologies, which returned -82.89% and -82.06%, respectively.

The Fund recorded negative returns during the reporting period as the performances of Solar Companies were hindered by increased costs and lower than expected demand. Both solar equipment manufacturers and project developers faced dampened residential and commercial solar demand in key markets such as the U.S. and China. High polysilicon costs translated to higher costs across the entire solar power value chain, which impacted many projects already under development. Combined with high interest rates and the current macroeconomic environment, this caused some customers and developers to delay projects until prices improve. In the U.S., policy uncertainty over tariffs at the Federal level and shifting policies for residential solar in California also created headwinds. During the reporting period, the Fund had an average approximate stock exposure of 53.78% in China and 26.33% in United States. By sector, it had the highest exposure to Information Technology at 64.89% and Industrials at 23.91%.

Management Discussion of Fund Performance (unaudited)
Global X Solar ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on September 8, 2021.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

51

Management Discussion of Fund Performance (unaudited)
Global X Wind Energy ETF

Global X Wind Energy ETF

The Global X Wind Energy ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Wind Energy Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to companies that are positioned to benefit from further advances in the field of wind energy technology. Specifically, the Underlying Index will include securities issued by “Wind Energy Companies” as defined by Solactive AG, the provider of the Underlying Index (the “Index Provider”). Wind Energy Companies are those companies that derive at least 50% of their revenues from the following business activities: (i) wind energy systems; (ii) wind power production; (iii) wind energy technology; and (iv) wind power integration & maintenance.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 25.94%, while the Underlying Index decreased 25.69%. The Fund had a net asset value of $17.58 per share on November 30, 2022 and ended the reporting period with a net asset value of $12.88 on November 30, 2023.

During the reporting period, the highest returns came from Century Iron & Steel Industries and Cadeler A/S, which returned 93.80% and 20.52%, respectively. The worst performers were TPI Composites Inc. and Ming Yang Smart Energy Gro-A, which returned -82.53% and -48.66%, respectively.

The Fund performed negatively during the reporting period as Wind Energy Companies were impacted by higher interest rates, project delays and cancellations, and elevated material costs. For developers, complex permitting procedures, particularly in the European Union and United States slowed project timelines in both the onshore and offshore wind power industries. Furthermore, in the offshore segment, elevated costs coupled with low contracted prices put pressure on developers and led to some notable and costly project cancellations. For wind power equipment providers (such as wind turbine manufacturers), lower short-term demand due to project delays and cancellations, elevated materials costs, and supply chain challenges weighed on the Fund’s performance. During the reporting period, the Fund had an average approximate stock exposure of 33.07% in China, 25.02% in Denmark and 18.34% in Canada. By sector, it had the highest exposure to Utilities at 51.56% and Industrials at 46.60%.

Management Discussion of Fund Performance (unaudited)
Global X Wind Energy ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on September 8, 2021.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

53

Management Discussion of Fund Performance (unaudited)
Global X Green Building ETF

Global X Green Building ETF

Global X Green Building ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Green Building Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to companies that are positioned to benefit from increased demand for buildings that reduce or eliminate negative impacts, and/or create positive impacts, on the natural environment (“Green Building”). Specifically, the Underlying Index will include securities issued by “Green Building Companies” as defined by Solactive AG, the provider of the Underlying Index. Green Building Companies are those companies that derive at least 50% of their revenues from one or more of the following business activities, as determined by the Index Provider: (i) green building development; (ii) green building management; and (iii) green building technologies & materials.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 6.95%, while the Underlying Index increased 7.49%. The Fund had a net asset value of $20.95 per share on November 30, 2022 and ended the reporting period with a net asset value of $21.66 on November 30, 2023.

During the reporting period, the highest returns came from M/I Homes, Inc. and TopBuild Corp., which returned 107.59% and 91.97%, respectively. The worst performers were Hudson Pacific Properties, Inc. and CIFI Holdings (Group) Co. Ltd., which returned -44.44% and -34.27%, respectively.

The Fund recorded positive returns during the reporting period. Notably, demand for sustainable buildings outweighed supply in some major markets, such as the U.S. and Canada, amid more stringent regulations and concerns over risks from climate change. Additionally, buildings with green certifications were often able to command premiums over traditional buildings across major global cities. Green building service providers and technology producers, such as heating, ventilation, and air conditioning (HVAC) system manufacturers, also saw robust demand amid growing momentum for more sustainable buildings. Furthermore, a stabilization in the cost of key building materials and labor contributed to positive performances for some building developers and owners. During the reporting period, the Fund had an average approximate stock exposure of 33.19% in the United States and 14.43% in Japan. By sector, it had the highest exposure to Real Estate at 58.92%, followed by Industrials at 33.47%.

Management Discussion of Fund Performance (unaudited)
Global X Green Building ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on April 11, 2022.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

55

Management Discussion of Fund Performance (unaudited)
Global X Metaverse ETF

Global X Metaverse ETF

Global X Metaverse ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X Metaverse Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to companies that are positioned to benefit from the development and commercialization of the metaverse. The metaverse is a set of virtual, three dimensional (“3D”), real-time rendered spaces, simulations, and platforms that can be experienced simultaneously by users regardless of the users’ physical location.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 38.78%, while the Underlying Index increased 39.29%. The Fund had a net asset value of $19.20 per share on November 30, 2022 and ended the reporting period with a net asset value of $24.90 on November 30, 2023.

During the reporting period, the highest returns came from Meta Platforms Inc. Class-A and Nvidia Corp., which returned 177.01% and 176.47%, respectively. The worst performers were Keywords Studios Plc and NCsoft Corp., which returned -50.63% and -42.20%, respectively.

The Fund recorded positive returns during the reporting period amid substantial growth and progress in the underlying sub-segments and sub-industries of the metaverse, driven by the success of emerging hardware and the continued popularity of platforms. Increased demand for online gaming, blockchain technology and advancements in digital personalization led to growth and innovation opportunities in the metaverse industry. The industrial metaverse market advanced as organizations focused on the adaptation of virtual environments for a diverse set of use cases, including research and development, product development, monitoring and optimizing supply chains, and visualizing manufacturing operations, which helped boost productivity and operational effectiveness. Lastly, positive trends in the broader cryptocurrency market supported the growth prospects of companies involved in the creation and distribution of non-fungible tokens, further aiding the Fund’s performance. During the reporting period, the Fund had an average approximate stock exposure of 51.85% in United States, 20.57% in Japan, and 14.04% in China. By sector, it had the highest exposure to Communication Services at 67.69% and Information Technology at 24.28%.

Management Discussion of Fund Performance (unaudited)
Global X Metaverse ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on April 26, 2022.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

57

Management Discussion of Fund Performance (unaudited)
Global X PropTech ETF

Global X PropTech ETF

Global X PropTech ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X PropTech Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is owned and was developed by Global X Management Company LLC (the “Index Provider”), an affiliate of the Fund and the Fund’s investment adviser. The Underlying Index is administered and calculated by Mirae Asset Global Indices Pvt. Ltd. (the “Index Administrator”), an affiliate of the Index Provider. The Underlying Index is designed to provide exposure to property technology (“PropTech”) companies that are positioned to benefit from technology that optimizes the way people buy, sell, rent, design, construct, manage, and research/market residential and commercial properties. Specifically, the Underlying Index consists of securities issued by “PropTech Companies”, as determined by the Index Administrator. “PropTech Companies” are those companies that derive at least 50% of their revenues from one or more of the following business activities in aggregate, as determined by the Index Administrator: (i) property management; (ii) real estate marketplace and platforms; and (iii) real estate research and analytics.

From the inception of the Fund through the period ending November 30, 2023 (the “reporting period”), the Fund increased 8.71%, while the Underlying Index increased 8.94%. The Fund had a net asset value of $25.08 per share on April 11, 2023 and ended the reporting period with a net asset value of $27.26 on November 30, 2023.

During the reporting period, the highest returns came from Opendoor Technologies Inc. and AppFolio Inc. Class A, which returned 65.38% and 48.15%, respectively. The worst performers were WeWork Inc. Class A and Hippo Holdings Inc, which returned -92.84% and -52.89%, respectively.

The Fund recorded positive returns during the reporting period amid increased technological adoption coupled with emerging demographic trends that helped improve how the real estate sector is developed, marketed, managed, and occupied. Online real estate applications offered a comprehensive platform to search properties based on specific criteria, allowing investors to make informed decisions with less or no need for physical visits. Furthermore, digital payment systems and secure transaction portals streamlined the process of property transactions and created a transparent and immutable record of ownership, reducing fraud. Lastly, the Fund benefitted from increased adoption of property management software and mobile applications enhanced operational efficiency via a simplification of tasks such as rent collection and tenant communication.

Management Discussion of Fund Performance (unaudited)
Global X PropTech ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on April 11, 2023.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

59

Management Discussion of Fund Performance (unaudited)
Global X Carbon Credits Strategy ETF

Global X Carbon Credits Strategy ETF

Global X Carbon Credits Strategy ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE Global Carbon Futures Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index seeks to provide exposure to the most actively traded carbon credit futures that require “physical delivery” of emission allowances and that are issued under “cap and trade” regimes, as determined by ICE Data Indices, LLC, the provider of the Underlying Index. A cap and trade regime is a market-based mechanism that governments or regulatory bodies use to reduce carbon dioxide and other greenhouse gases from entering the atmosphere.

From the inception of the fund through the period ending November 30, 2023 (the “reporting period”), the Fund decreased 8.99%, while the Underlying Index decreased 6.09%. The Fund had a net asset value of $34.88 per share on May 24, 2023 and ended the reporting period with a net asset value of $31.67 on November 30, 2023.

The Fund recorded negative returns during the reporting period due to lower demand for carbon allowances and policy developments that led to a temporary increase in supply. In Europe, the European Commission confirmed plans to sell an increased amount of allowances over the next few years to support the transition away from reliance on fossil fuels. Though the UK proposed to tighten the overall limit of carbon emissions, it also proposed to distribute additional allowances until 2027, which resulted in a significant decrease in the price of carbon credits futures. Separately, California carbon allowances saw a rise in price due to legislation related to tightening supply and emissions caps. There has been uncertainty in the global macroeconomic environment amidst concerns of a reduction in industrial output and recession fears. This resulted in weak demand during the reporting period which led to decreases in purchases in the voluntary carbon markets.

Management Discussion of Fund Performance (unaudited)
Global X Carbon Credits Strategy ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on May 24, 2023.

Bloomberg Commodity Index (BCOM) is made up of 23 exchange-traded futures on physical commodities, representing 21 commodities which are weighted to account for economic significance and market liquidity. Weighting restrictions on individual commodities and commodity groups promote diversification.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

61

Management Discussion of Fund Performance (unaudited)
Global X Defense Tech ETF

Global X Defense Tech ETF

The Global X Defense Tech ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X Defense Tech Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is owned and was developed by Global X Management Company LLC (the “Index Provider”), an affiliate of the Fund and the Fund’s investment adviser. The Underlying Index is administered and calculated by Mirae Asset Global Indices Pvt. Ltd. (the “Index Administrator”), an affiliate of the Index Provider. The Underlying Index is designed to provide exposure to defense technology (“Defense Tech”) companies that are positioned to benefit from technology, services, systems and hardware that cater to the defense and military sector. Specifically, the Underlying Index consists of securities issued by “Defense Tech Companies”, as determined by the Index Administrator. “Defense Tech Companies” are those companies that derive at least 50% of their revenues from one or more of the following business activities in aggregate, as determined by the Index Administrator: (i) cybersecurity; (ii) defense technology; and (iii) Advanced Military Systems and Hardware.

From the inception of the Fund to the period ended November 30, 2023 (the “reporting period”), the Fund increased 8.90%, while the Underlying Index increased 9.04%. The Fund had a net asset value of $24.82 per share on September 11, 2023 and ended the reporting period with a net asset value of $27.03 on November 30, 2023.

During the reporting period, the highest returns came from Kratos Defense & Security Solutions Inc. and Palantir Technologies Inc. Class A, which returned 29.15% and 26.98%, respectively. The worst performers were Terran Orbital Corp. and Hensoldt AG, which returned -42.14% and -18.37%, respectively.

The Fund performed positively during the reporting period, fueled by government initiatives that benefitted Defense Tech Companies such as the CHIPS and Science Act, which actively promoted investments in semiconductors and industrial development for enhancing national security. Additionally, recent international restrictions spurred growth in the domestic aerospace and defense space. Additionally, many companies began to prioritize investing in cybersecurity amid escalating cyber threats and rising geopolitical tensions, especially due to the surge in artificial intelligence implementation.

Management Discussion of Fund Performance (unaudited)
Global X Defense Tech ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on September 11, 2023.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waiver sand/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page.

63

Global X Millennial Consumer ETF

Sector Weightings (Unaudited)†:

†  Sector weightings percentages are based on the total market value of investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.