What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

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 (“Secondary 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 Secondary Index.

The Secondary Index measures the performance of U.S. listed companies that provide exposure to the Millennial generation (“Millennial Companies”), as defined by Indxx LLC, the provider of the Secondary Index. The Millennial generation refers to the demographic cohort in the U.S. with birth years ranging from 1980 to 2000.

For the 12-month period ended November 30, 2024 (the “reporting period”), the Fund increased 43.42%, while the Secondary Index increased 44.18%. The Fund had a net asset value of $32.86 per share on November 30, 2023 and ended the reporting period with a net asset value of $46.96 per share on November 29, 2024.

During the reporting period, the highest returns came from Carvana Co. Class A and Hims & Hers Health, Inc. Class A, which returned 731.48% and 262.43%, respectively. The worst performers were Chegg, Inc. and 2U, Inc., which returned -78.75% and -74.76%, respectively.

During the reporting period, by sector, the Fund had the highest exposure to Consumer Discretionary at 42.4% and Communication Services at 22.6%. By country, the Fund had the highest exposure to the United States at 96.0% and Singapore at 3.9%. During the reporting period the Fund recorded positive performance. The Fund benefited from its exposure to companies in the Consumer Discretionary sector that cater to millennial spending habits in areas such as travel, entertainment, and online retail. These companies met the Fund's selection criteria of having significant exposure to key millennial spending categories. Additionally, the Fund's holdings in the Technology sector, particularly those focused on social media and digital payments, contributed positively as millennials continued to adopt these technologies at a rapid pace. The Fund's underweight exposure to traditional brick-and-mortar retailers and legacy financial services companies also proved beneficial, as these industries faced challenges in adapting to changing millennial preferences. Overall, the Fund's targeted approach to investing in companies aligned with millennial consumption trends allowed it to capitalize on the generation's growing economic influence during the reporting period.

Average Annual Total Returns as of November 30, 2024

Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

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 (“Secondary 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 Secondary Index.

The Secondary 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 (the “Aging Population”) of the world. The Secondary Index provides access to companies involved in 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, 2024 (the “reporting period”), the Fund increased 19.41%, while the Secondary Index increased 19.83%. The Fund had a net asset value of $26.93 per share on November 30, 2023 and ended the reporting period with a net asset value of $31.91 per share on November 29, 2024.

During the reporting period, the highest returns came from Silk Road Medical, Inc. and Agios Pharmaceuticals, Inc., which returned 194.64% and 167.16%, respectively. The worst performers were Cano Health, Inc. Class A and agilon health inc, which returned -88.62% and -80.32%, respectively.

During the reporting period, by sector, the Fund had the highest exposure to Health Care at 91.0% and Real Estate at 8.5%. By country, the Fund had the highest exposure to the United States at 60.4%, Switzerland at 8.5%, and Japan at 8.1%. During the reporting period the Fund recorded positive performance. The Fund benefited from its exposure to companies in the Health Care sector that are focused on developing products and services that cater to the Aging Population. These companies saw increased demand as global senior population growth accelerated. Adoption of new products tailored to the Aging Population also positively contributed. Additionally, the Fund's holdings in the Medical Devices industry contributed positively, as advancements in technology led to new and improved devices that enhance the quality of life for older individuals. The Fund also gained from its allocation to companies operating senior homes, as the need for specialized care and living facilities for the elderly continued to exceed expectations.

Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

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 (“Secondary 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 Secondary Index.

The Secondary 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 in Industrial Robots and Automation, Unmanned Vehicles and Drones, Non-industrial Robotics, and AI Applications and Hardware.

For the 12-month period ended November 30, 2024 (the “reporting period”), the Fund increased 25.81%, while the Secondary Index increased 26.55%. The Fund had a net asset value of $26.47 per share on November 30, 2023 and ended the reporting period with a net asset value of $33.25 per share on November 29, 2024.

During the reporting period, the highest returns came from SoundHound AI, Inc Class A and NVIDIA Corporation, which returned 335.05% and 195.68%, respectively. The worst performers were iRobot Corporation and Maytronics Ltd., which returned -78.93% and -73.54%, respectively.

During the reporting period the Fund recorded positive performance due to increased adoption and utilization of robotics and artificial intelligence across various industries. The Industrial sector saw strong demand for automation to boost productivity and efficiency, fueled by reshoring efforts, rising labor costs, and the need for precision manufacturing to meet quality standards, creating significant tailwinds for cost-effective alternatives to manual labor. Advancements in machine learning and data analytics drove growth in the Information Technology sector, which led to increases in demand for industrial analytics and predictive software. Healthcare companies leveraged robotics for surgical procedures and patient care, including minimally invasive surgeries, precision operations, rehabilitation therapy, mobility assistance, and hospital automation. These applications drove a noticeable uptick in surgical robotics sales as providers recognized their value in enhancing outcomes and efficiency. Finally, the rapid development of autonomous vehicles and drones contributed to the Fund's positive performance in the Transportation industry.

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

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 (“Secondary 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 Secondary Index.

The Secondary Index seeks to invest in companies on the leading edge of the emerging financial technology sector ("FinTech"), which encompasses a range of innovations helping to transform established industries like insurance, investing, fundraising, and third-party lending through unique mobile and digital solutions.

For the 12-month period ended November 30, 2024 (the "reporting period"), the Fund increased 52.18%, while the Secondary Index increased 53.13%. The Fund had a net asset value of $22.37 per share on November 30, 2023 and ended the reporting period with a net asset value of $33.96 per share on November 29, 2024.

During the reporting period, the highest returns came from Zip Co Ltd. and Blend Labs, Inc. Class A, which returned 729.67% and 302.36%, respectively. The worst performers were kakaopay Corp. and StoneCo Ltd. Class A, which returned -50.35% and -39.23%, respectively.

During the reporting period, by sector, the Fund had the highest exposure to Financials at 70.2%, and Information Technology at 23.4%. During the reporting period the Fund recorded positive performance. The Fund benefited from its exposure to companies offering blockchain technology and alternative currencies, as increasing mainstream adoption and institutional interest in digital assets drove growth for these firms. The rise of mobile payments and point-of-sale services also contributed positively, with changing consumer preferences and the shift towards cashless transactions boosting the revenues of companies in this space. Additionally, the Fund's holdings in the personal finance software and automated wealth management segment performed well, as more individuals turned to these technologies to manage their finances. However, the Fund's performance was dampened by its exposure to the lending sector, where increased competition and regulatory scrutiny posed challenges for some companies. Overall, the Fund's diversified exposure across various FinTech segments allowed it to capitalize on the broader growth trends within the industry, while mitigating the impact of any sector-specific headwinds.

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

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 (“Secondary 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 Secondary Index.

The Secondary 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, 2024 (the “reporting period”), the Fund increased 12.06%, while the Secondary Index increased 12.75%. The Fund had a net asset value of $32.45 per share on November 30, 2023, and ended the reporting period with a net asset value of $36.14 per share on November 29, 2024.

During the reporting period, the highest returns came from Semtech Corporation and Impinj, Inc., which returned 291.20% and 129.94%, respectively. The worst performers were ams-OSRAM AG and STMicroelectronics NV, which returned -67.25% and -45.50%, respectively. During the reporting period, by sector, the Fund had the highest exposure to Information Technology at 66.3% and Industrials at 17.1%. By country, the Fund had the highest exposure to the United States at 74.4%, Taiwan at 8.6%, and Japan at 5.1%. During the reporting period the Fund recorded positive performance. The Fund benefited from increased demand for IoT semiconductors and sensors, as companies across various industries invested in connected devices and smart technologies. The rapid growth of 5G networks provided a tailwind for the Fund's networking infrastructure and software holdings, enabling faster and more reliable IoT deployments. The Fund's exposure to the Industrial and Technology sectors allowed it to capitalize on the accelerating adoption of IoT solutions in manufacturing, logistics, and other enterprise applications. Consumer IoT technology, such as wearables and smart home devices, saw strong sales growth, driven by changing consumer preferences and technological advancements. Finally, the Fund's global diversification helped mitigate the impact of regional economic challenges, as IoT adoption continued to expand worldwide.

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

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 (“Secondary 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 Secondary Index.

The Secondary 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 Secondary Index.

For the 12-month period ended November 30, 2024 (the “reporting period”), the Fund increased 46.08%, while the Secondary Index increased 47.07%. The Fund had a net asset value of $31.50 per share on November 30, 2023 and ended the reporting period with a net asset value of $45.71 per share on November 30, 2024.

During the reporting period, the highest returns came from Argan, Inc. and Tutor Perini Corporation, which returned 240.56% and 224.73%, respectively. The worst performers were Titan Machinery Inc. and Cleveland-Cliffs Inc, which returned -32.4% and -27.5%, respectively. During the reporting period, by sector, the Fund had the highest exposure to Industrials at 74.8% and Materials at 19.8%. During the reporting period the Fund recorded positive performance driven by strong momentum in U.S. infrastructure development. Legislative tailwinds, including funding from the Infrastructure Investment and Jobs Act, boosted demand across the infrastructure development value chain, while private investment in U.S. manufacturing further drove demand for construction materials and services. Increased infrastructure development led to higher demand for materials like steel and cement, as well as for construction equipment, cranes, and other essential products for large-scale projects. The need to transport infrastructure raw materials and equipment to project sites also benefited some constituents in the Fund. These dynamics were sufficient for the Fund to experience a positive performance during the reporting period, despite the high interest rate and uncertain policy environment in the United States.

Asset/Sector Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

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 (“Secondary 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 Secondary Index.

The Secondary Index tracks the price movements in shares of companies which are active in the electric vehicles and autonomous driving segments. This particularly includes electric vehicle manufacturers, electric vehicle component producers, companies that mine or produce raw materials that are relevant to the electric vehicle and autonomous vehicle technology segment, companies that build autonomous vehicles, and suppliers of autonomous vehicle technologies.

For the 12-month period ended November 30, 2024 (the "reporting period"), the Fund increased 3.65%, while the Secondary Index increased 3.83%. The Fund had a net asset value of $23.19 per share on November 30, 2023 and ended the reporting period with a net asset value of $23.64 per share on November 29, 2024.

During the reporting period, the highest returns in the Fund came from NVIDIA Corporation and Coherent Corp., which returned 195.68% and 172.25%, respectively. The worst performers were Nikola Corporation and Luminar Technologies, Inc. Class A, which returned -93.11% and -76.32%, respectively.

During the reporting period, by sector, the Fund had the highest exposure to Consumer Discretionary at 34.2%, and Information Technology at 26.2%. By country, the Fund had the highest exposure to the United States at 51.3%, Japan at 12.4%, and China at 10.8%. During the reporting period the Fund recorded positive performance. The Fund benefited from its exposure to companies in the Electric Vehicles segment, as increasing consumer demand and government incentives drove growth in this area. The Fund's holdings in the Autonomous Vehicle Technology segment also contributed positively, with advancements in self-driving capabilities and partnerships between technology companies and automakers. Despite some individual company underperformance, overall, the Fund's diversified approach and focus on companies with significant exposure to the Electric Vehicles and Autonomous Driving themes allowed it to generate positive returns during the reporting period.

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

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 (“Secondary 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 Secondary Index.

The Secondary 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”). The Fund also includes exposure to companies that produce semiconductors, memory storage and other hardware that is utilized for artificial intelligence applications.

For the 12-month period ended November 30, 2024 (the “reporting period”), the Fund increased 30.58%, while the Secondary Index increased 31.49%. The Fund had a net asset value of $29.73 per share on November 30, 2023 and ended the reporting period with a net asset value of $38.75 per share on November 29, 2024.

During the reporting period, the highest returns came from Fujikura Ltd and NVIDIA Corporation, which returned 369.97% and 195.68%, respectively. The worst performers were ViaSat, Inc., and Intel Corporation, which returned -54.38% and -45.47%, respectively.

The Fund delivered positive performance, driven by rapid advancements in artificial intelligence (“AI”) and increased demand for AI-related hardware, semiconductors, and services. The growing adoption of cloud computing and big data analytics further bolstered the performance of companies providing AI-as-a-Service solutions. Cloud computing companies also benefited by integrating AI through their products and services, which resulted in market share gains and sales growth. Additionally, the Semiconductor industry saw strong growth, benefiting the Fund's holdings that produce AI-optimized hardware. The increased investment in AI research and development by major technology companies led to more spend on chips, memory, storage, and other AI hardware. Lastly, the ongoing digital transformation across industries created new opportunities for AI-powered automation and efficiency gains, supporting the Fund's performance.

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

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 (“Secondary 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 Secondary Index.

The Secondary 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 Secondary Index. These companies include those involved in the following business activities: (i) gene editing, (ii) genomic sequencing, (iii) development and testing of genetic medicine/therapies, and/or (iv) computational genomics and genetic diagnostics.

For the 12-month period ended November 29, 2024 (the “reporting period”), the Fund increased 4.03%, while the Secondary Index increased 4.76%. The Fund had a net asset value of $10.41 per share on November 30, 2023 and ended the reporting period with a net asset value of $10.83 per share on November 29, 2024.

During the reporting period, the highest returns came from Avidity Biosciences Inc and Poseida Therapeutics, Inc., which returned 450.96% and 248.69%, respectively. The worst performers were bluebird bio, Inc. and Editas Medicine, Inc., which returned -89.38% and -78.73%, respectively.

During the reporting period, by country, the Fund had the highest exposure to the United States at 88.1%, Switzerland at 4.4%, and Germany at 4.2%.

During the reporting period the Fund recorded positive performance. The Biotechnology sector experienced growth driven by advancements in gene editing technologies, which boosted the valuations of companies developing innovative therapies. Additionally, the FDA approval of several groundbreaking treatments from companies in the Fund's portfolio provided a tailwind. Robust funding for biomedical research, particularly in areas such as oncology and rare diseases, further supported the sector. The growing demand for personalized medicine solutions and the rising prevalence of chronic diseases globally created favorable market conditions for the Fund's holdings.

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

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 (“Secondary 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 Secondary Index.

The Secondary 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 Secondary Index.

For the 12-month period ended November 30, 2024 (the "reporting period"), the Fund increased 18.52%, while the Secondary Index increased 19.33%. The Fund had a net asset value of $20.79 per share on November 30, 2023 and ended the reporting period with a net asset value of $24.64 per share on November 30, 2024.

During the reporting period, the highest returns came from Wix.com Ltd. and Vimeo, Inc., which returned 120.43% and 85.51%, respectively. The worst performers were 2U, Inc. and Fastly, Inc. Class A, which returned -68.42% and -48.95%, respectively.

During the reporting period, by sector, the Fund had the highest exposure to Information Technology at 86.9%, and Communication Services at 2.6%. By country, the Fund had the highest exposure to the United States at 87.3%, Canada at 5.0%, and  Israel at 4.5%.

During the reporting period the Fund recorded positive performance. The Fund benefited from the continued digital transformation and adoption of cloud computing technologies across various industries. Additionally, the increasing reliance on data analytics and artificial intelligence further boosted the need for scalable and flexible cloud infrastructure. The SaaS and IaaS sub-themes performed particularly well, as businesses sought to optimize their operations and reduce costs through cloud-based applications and services. Furthermore, the expansion of 5G networks and edge computing enhanced the capabilities of cloud computing, creating new opportunities for innovation within the sector.

Average Annual Total Returns as of November 30, 2024

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

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 (“Secondary 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 Secondary Index.

The Secondary Index seeks to provide broad exposure to “structurally disruptive macro-trends” that may stem from advancements in disruptive technology, changing consumer habits and demographics, or changing needs for infrastructure or finite resources, using a portfolio of exchange-traded funds (each, an "Underlying ETF") issued by Global X Funds, an affiliate of the Fund and the Fund’s investment adviser. The Secondary Index allocates index weights among the Underlying ETFs based on a quantitative methodology developed by Solactive AG, the provider of the Secondary Index.

For the 12-month period ended November 30, 2024 (the "reporting period"), the Fund increased 12.78%, while the Secondary Index increased 12.36%. The Fund had a net asset value of $23.05 per share on November 30, 2023 and ended the reporting period with a net asset value of $25.46 per share on November 30, 2024.

During the reporting period, the highest returns within the Fund came from the Global X FinTech ETF and Global X Data Center & Digital Infrastructure ETF, which returned 52.70% and 25.15%, respectively. The worst performers were the Global X Solar ETF and Global X Renewable Energy Producers ETF, which returned -12.51% and -9.06%, respectively.

During the reporting period the Fund recorded positive performance but trailed the broad market indices. The Fund benefited from its exposure to the FinTech and E-commerce theme, which experienced robust revenue growth driven by consumer spending trends. Lower interest rates also helped those themes. Additionally, the recovery in sentiment for the Lithium market alongside demand for disruptive materials and minerals also helped the Fund. The Fund’s performance also benefitted from the uptake of data center investments worldwide, which saw the data center theme benefit. Meanwhile, the Fund's performance was weighed down by challenges in the Genomics and  Healthcare sectors, despite advancements in therapies. The Renewable Energy sector also weighed down the Fund's performance, driven by an energy glut and high borrowing costs reducing demand for solutions like solar.

Asset Weightings^{Footnote Reference*}

Top Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

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 (“Secondary Index”). The Fund is passively managed, and the Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to provide 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. A company is considered by the Index Provider to be a Video Games & Esports Company if the company generates at least 50% of its revenues from video games and esports activities, as defined by the Index Provider.

For the 12-month period ended November 30, 2024 (the “reporting period”), the Fund increased 23.14%, while the Secondary Index increased 23.80%. The Fund had a net asset value of $19.93 per share on November 30, 2023 and ended the reporting period with a net asset value of $24.35 per share on November 30, 2024.

During the reporting period, the highest returns came from International Games System Co., Ltd. and AppLovin Corp. Class A, which returned 183.43% and 105.71%, respectively. The worst performers were Ubisoft Entertainment SA and Corsair Gaming, Inc., which returned -53.86% and -43.07%, respectively.

During the reporting period, by sector, the Fund had the highest exposure to Communication Services at 92.6% and Information Technology at 6.4%. By country, the Fund had the highest exposure to the United States at 31.2% and Japan at 28.9%.

During the reporting period the Fund recorded positive performance. The Video Game industry benefited from strong consumer demand, driven by engaging new titles. Technological advancements like cloud gaming and virtual reality expanded the addressable market for companies held by the Fund. The growing popularity of Esports boosted revenue streams for key holdings involved in competitive gaming. Successful monetization strategies, including in-game purchases and subscriptions, lifted profitability for many of the Fund's core positions. Lastly, the Fund's exposure to leading video game publishers with strong development pipelines positioned it well to capitalize on the sector's long-term growth potential.

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

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 (“Secondary 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 Secondary Index.

The Secondary 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 on systems, networks, applications, computers, and mobile devices, as determined by the index provider.

For the 12-month period ended November 30, 2024 (the "reporting period"), the Fund increased 24.72%, while the Secondary Index increased 25.26%. The Fund had a net asset value of $26.84 per share on November 30, 2023 and ended the reporting period with a net asset value of $33.44 per share on November 30, 2024.

During the reporting period, the highest returns in the Fund came from Fortinet, Inc. and OneSpan Inc., which returned 80.84% and 80.66%, respectively. The worst performers were BlackBerry Limited and Rapid7 Inc., which returned -36.78% and -21.33%, respectively.

During the reporting period, by country, the Fund had the highest exposure to the United States at 73.9%, Japan at 11.9% and Israel at 10.0%.

The period saw strong growth for cybersecurity solutions, as cyber threats continued to evolve and proliferate, compelling enterprises around the world to continue to invest in improving defense mechanisms, which contributed positively to the Fund's performance. Spending within key categories such as end point security, messaging security, data security, cloud security, continued to grow particularly strongly, as IT usage trends such as growth of connected devices, distributed workforces, cloud native applications, continued to show growth as well. Additionally, high-profile data breaches and ransomware attacks highlighted the importance of robust cybersecurity measures, leading to increased budget allocations. Lastly, the ongoing talent shortage in the cybersecurity field is also acting as a catalyst, particularly for the integration of AI first solutions in the industry which are capable of automating cyber defense workflows. The pricing power displayed by the category leading companies was also displayed through the robust revenue growth delivered by the sector during the reporting period.

Average Annual Total Returns as of November 30, 2024

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

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 (“Secondary 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 Secondary Index.

The Secondary 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 Secondary Index ("Index Provider"). 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, 2024 (the “reporting period”), the Fund increased 16.87%, while the Secondary Index increased 17.55%. The Fund had a net asset value of $8.95 per share on November 30, 2023 and ended the reporting period with a net asset value of $10.46 per share on November 30, 2024.

During the reporting period, the highest returns came from Hims & Hers Health, Inc. Class A and Doximity, Inc. Class A, which returned 262.43% and 127.96%, respectively. The worst performers were Pacific Biosciences of California, Inc. and American Well Corporation Class A, which returned -77.48% and -63.13%, respectively.

During the reporting period the Fund recorded positive performance. The adoption of virtual healthcare services accelerated, benefiting companies that facilitate remote medical visits and remove patient management. Advancements in healthcare analytics, such as artificial intelligence and cloud-based platforms for the Healthcare industry, have made inroads, improving efficiency and effectiveness, and ultimately enhancing access to care. The increasing prevalence of Connected Healthcare Devices, which transmit real-time patient data to healthcare providers, contributed to the Fund's positive returns as these devices enable proactive and personalized patient care. Additionally, the ongoing digitization of healthcare administrative processes, including patient intake, staffing solutions, insurance authorization, and billing management, supported the performance of companies that offer innovative solutions in this area.

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025 at https://www.globalxetfs.com/funds/edoc or upon request at 1-888-493-8631.

The Board of Trustees of the Trust voted to approve a lower Management Fee for the Fund of 0.50% effective April 1, 2025. Prior to that, the Fund was subject to a Management Fee of 0.68%.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

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 (“Secondary 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 Secondary Index.

The Secondary 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 Secondary Index (“Index Provider”).

For the 12-month period ended November 30, 2024 (the “reporting period”), the Fund decreased 24.39%, while the Secondary Index decreased 24.38%. The Fund had a net asset value of $9.88 per share on November 30, 2023 and ended the reporting period with a net asset value of $7.41 per share on November 30, 2024.

During the reporting period, the highest returns came from Goldwind Science & Technology Co. Ltd. Class H and Bloom Energy Corporation Class A, which returned 114.18% and 90.10%, respectively. The worst performers were Meyer Burger Technology AG and Varta AG, which returned -97.26% and -89.54%, respectively.

During the reporting period, by sector, the Fund had the highest exposure to Industrials at 52.4% and Information Technology at 39.5%.

During the reporting period the Fund recorded negative performance. High interest rates created a challenging macroeconomic environment, particularly for companies in clean technologies, such as electric vehicles, residential solar, and energy storage, due to customer reliance on various financing options. This ultimately weighed on demand for companies throughout the electric vehicle, energy storage, and renewable energy supply chains, which detracted from the Fund's performance. Additionally, supply-chain disruptions and shifting government policies impacted the availability and costs of cleantech equipment. Companies in the Wind, Solar, and Hydrogen industries were particularly exposed to these dynamics.

Average Annual Total Returns as of November 30, 2024

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

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 ("Secondary Index").

The Secondary 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, such as manufacturing servers, and other hardware often used in data centers and cellular towers, including semiconductors, integrated circuits, and processors. Specifically, the Secondary Index will include securities issued by “Data Center REITs & Digital Infrastructure Companies” as defined by Solactive AG, the provider of the Secondary Index.

For the 12-month period ended November 30, 2024 (the "reporting period"), the Fund increased 24.56%, while the Secondary Index increased 25.45%. The Fund had a net asset value of $14.30 per share on November 30, 2023 and ended the reporting period with a net asset value of $17.57 per share on November 30, 2024.

During the reporting period, the highest returns came from NVIDIA Corporation and Applied Digital Corporation, which returned 195.68% and 105.50%, respectively. The worst performers were Intel Corporation and Winbond Electronics Corp., which returned -45.47% and -45.24%, respectively.

During the reporting period the Fund recorded positive performance. The Fund benefited from strong demand for data center services as businesses continued to shift operations to the cloud and ramped up investments towards AI infrastructure. Additionally, the rapid rollout of 5G networks along with broad growth in mobile traffic boosted demand for cellular tower infrastructure. The Fund's holdings in the Real Estate sector, particularly data center REITs, performed well as they were able to leverage growing demand for data center capacity, particularly due to artificial intelligence, to increase rents and maintain high occupancy rates. The Information Technology exposure also contributed positively, with companies providing chips, servers, processors, and other components to the digital infrastructure industry benefitting from growing investments. However, high interest rates pressured the valuations of some high-growth companies in the portfolio.

Country Weightings^{Footnote Reference*}