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.

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Global X Russell 2000 Covered Call ETF

The Global X Russell 2000 Covered Call ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the CBOE Russell 2000 BuyWrite Index (“Underlying Index”). The Fund is passively managed, which means 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 a theoretical portfolio that holds a portfolio of the stocks included in the Russell 2000 Index (the “Reference Index”), and “writes” (or sells) a succession of one-month at-the-money covered call options on the Reference Index. The written covered call options on the Reference Index are held until expiration. The Reference Index is an equity benchmark which measures the performance of the small-capitalization sector of the U.S. equity market, as defined by FTSE Russell (the “Index Provider”). In seeking to track the Underlying Index, the Fund follows a “buy-write” (also called a covered call) investment strategy on the Reference Index in which the Fund purchases the component securities of the Reference Index or purchases other investments (including other underlying ETFs) that have economic characteristics that are substantially identical to the economic characteristics of such component securities, and also writes (or sells) call options that correspond to the Reference Index.

From the inception of the Fund on April 17, 2019 to the period ended October 31, 2020 (the “reporting period”), the Fund decreased 9.18%, while the Underlying Index decreased 8.26%. The Fund had a net asset value of $25.24 per share on October 31, 2019 and ended the reporting period with a net asset value of $20.45 per share on October 31, 2020.

During the reporting period, Vanguard Russell 2000 ETF, the only holding of the fund returned 0.14%.

The Fund invests in stocks that are part of the Reference Index and “writes” or “sells” corresponding at-the-money call options on the same index. During the reporting period, the U.S. markets faced significant volatility due to factors ranging from trade tensions to the COVID-19 pandemic and U.S. elections. There was high volatility in the small-cap space as well as in the broader market, resulting in the Fund collecting higher than usual option premiums. This provided a steady stream of income to the Fund despite the many challenges facing the small cap space, such as rising bankruptcies of small businesses during the pandemic.

Global X NASDAQ 100^® Covered Call & Growth ETF

The Global X NASDAQ 100^® Covered Call & Growth ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the CBOE NASDAQ-100 Half BuyWrite V2 Index (“Underlying Index”). The Fund is passively managed, which means 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 a theoretical portfolio that holds a portfolio of the stocks included in the NASDAQ 100^® Index (the “Reference Index”), and “writes” (or sells) a succession of one-month at-the-money covered call options on the Reference Index. The written covered call options on the Reference Index correspond to approximately 50% of the value of the portfolio of stocks in the Reference Index. The written covered call options on the Reference Index are held until one day prior to expiration. In seeking to track the Underlying Index, the Fund follows a “buy-write” investment strategy on the Reference Index in which the Fund purchases the component securities of the Reference Index and also writes (or sells) call options that correspond to approximately 50% of the value of the portfolio of stocks in the Reference Index. By only writing call options on approximately 50% of the value of the portfolio of stocks in the Reference Index, the strategy can provide income generation from the call options while allowing for some potential upside exposure to the growth of the underlying constituents of the Reference Index, relative to a 100% covered call strategy.

From the inception of the Fund on September 18, 2020 to the period ended October 31, 2020 (the “reporting period”), the Fund increased 0.40%, while the Underlying Index increased 0.36%. The Fund had a net asset value of $26.30 per share on September 18, 2020 and ended the reporting period with a net asset value of $26.27 per share on October 31, 2020.

During the reporting period, the highest returns came from Align Technology, Inc. and MercadoLibre, Inc., which returned 32.75% and 21.64%, respectively. The worst performers were Vertex Pharmaceuticals Incorporated and DexCom, Inc., which returned -21.49% and -17.91%, respectively.

The Fund follows a “covered call” or “buy-write” strategy in which the Fund buys the stocks on the Reference Index and “writes” or “sells” corresponding call options on approximately 50% of the value of the portfolio of stocks in the same index. Since its launch, the Fund has had nearly half of its exposure to the technology sector. In addition, global economic uncertainties have elevated market volatility which have helped the Fund generate higher than usual income from its option writing.

Growth of a $10,000 Investment

(at Net Asset Value)

Global X S&P 500^® Covered Call & Growth ETF

The Global X S&P 500^® Covered Call & Growth ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the CBOE S&P 500 Half BuyWrite Index (“Underlying Index”). The Fund is passively managed, which means 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 a theoretical portfolio that holds a portfolio of the stocks included in the S&P 500^® Index (the “Reference Index”), and “writes” (or sells) a succession of one-month at-the-money covered call options on the Reference Index. The written covered call options on the Reference Index correspond to approximately 50% of the value of the portfolio of stocks in the Reference Index. The written covered call options on the Reference Index are held until expiration. In seeking to track the Underlying Index, the Fund follows a “buy-write” investment strategy on the Reference Index in which the Fund purchases the component securities of the Reference Index and also writes (or sells) call options that correspond to approximately 50% of the value of the portfolio of stocks in the Reference Index. By only writing call options on approximately 50% of the value of the portfolio of stocks in the Reference Index, the strategy can provide income generation from the call options while allowing for some potential upside exposure to the growth of the underlying constituents of the Reference Index, relative to a 100% covered call strategy.

From the inception of the Fund on September 18, 2020 to the period ended October 31, 2020 (the “reporting period”), the Fund decreased 1.60%, while the Underlying Index decreased 1.95%. The Fund had a net asset value of $25.22 per share on September 18, 2020 and ended the reporting period with a net asset value of $24.69 per share on October 31, 2020.

During the reporting period, the highest returns came from Paycom Software, Inc. and Align Technology, Inc., which returned 33.03% and 32.75%, respectively. The worst performers were Apache Corporation and National Oilwell Varco, Inc., which returned -34.21% and -28.45%, respectively.

The Fund follows a “covered-call” or “buy-write” strategy, where it buys stocks on the Reference Index and “writes” or “sells” corresponding call options on approximately 50% of the value of the portfolio of stocks in the same index. The Reference Index fell modestly during the reporting period, as the leadup to the U.S. presidential election and ongoing COVID-19 pandemic contributed to uncertainty in the marketplace. During this period of rising volatility, the Fund was able to collect higher premiums by writing call options.

Global X SuperIncome^™ Preferred ETF

The Global X SuperIncome^TM Preferred ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Enhanced Yield North American Preferred Stock Index (“Underlying Index”). The Fund is passively managed, which means 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 tracks the performance of the highest-yielding preferred securities in the United States and Canada, as determined by Standard & Poor’s Financial Services, LLC, a subsidiary of  the  McGraw-Hill  Companies  (“S&P”),  the  index  provider  of  the  Underlying  Index. The Underlying Index is comprised of preferred stocks that meet certain criteria relating to size, liquidity, issuer concentration and rating, maturity and other requirements, as determined by S&P. The Underlying Index does not seek to directly reflect the performance of the companies issuing the preferred stock.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 0.81%, while the Underlying Index increased 1.29%. The Fund had a net asset value of $11.73 per share on October 31, 2019 and ended the reporting period with a net asset value of $11.12 per share on October 31, 2020.

During the reporting period, the highest returns came from Avantor, Inc. and Synchrony Financial Depositary which, returned 57.45% and 32.36%, respectively. The worst performers were Invesco Mortgage Capital Inc. and Pitney Bowes Inc., which returned

-52.43% and -41.35%, respectively.

The Fund seeks to invest in many of the highest dividend/yielding preferred shares in the U.S. and Canada. During the reporting period, economic shock from efforts to combat the COVID-19 crisis led to a widening of credit spreads and resulting steep initial losses for preferreds. Later in the period, preferreds and other credit securities rebounded strongly due to highly supportive fiscal and monetary measures introduced by governments and central banks. The Federal Reserve played an important role in providing liquidity to the market and helping to tighten credit spreads, which positively impacted high yield preferreds. During the reporting period, the Fund had an average approximate exposure of 74% to the Financial sector, 6% to Utilities, and 6% to the Energy sector.

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 above.

Global X YieldCo & Renewable Energy Income ETF

The Global X YieldCo & Renewable Energy Income ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx YieldCo & Renewable Energy Income Index (“Underlying Index”). The Fund is passively managed, which means 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 comprises publicly traded companies that are formed to own operating assets that produce defined cash flows (“Yieldcos”), as well as companies that have publicly announced plans to spin-off a YieldCo in an initial public offering, as determined by the Indxx, LLC, the index provider. The components of the Underlying Index are YieldCos selected from the universe of global publicly listed equities, which have a minimum market capitalization of $500 million and an Average Daily Value Traded (“ADVT”) over the last three months greater than $1 million. If less than 20 securities satisfy this criteria, the market capitalization and ADVT requirements are lowered. If there are still fewer than 20 securities, the parent companies of proposed YieldCos with the nearest anticipated listing dates will be included in the Underlying Index until there are 20 Underlying Index constituents. If a parent company is a part of the Underlying Index, and its corresponding YieldCo becomes publicly listed, the listed YieldCo will replace the parent entity in the index during the subsequent index rebalance. Underlying Index constituents are ranked by market capitalization. The remaining securities are weighted based on their market capitalization, with a cap of 4.75% on any of the securities falling outside of the top five by market capitalization. If any parent companies of YieldCos are Underlying Index constituents, they are each capped at a 4.75% weighting. Companies that are structured as partnerships are capped at a 25% weighting in the aggregate.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 11.39%, while the Underlying Index increased 11.67%. The Fund had a net asset value of $13.79 per share on October 31, 2019 and ended the reporting period with a net asset value of $14.87 per share on October 31, 2020.

During the reporting period, the highest returns came from Encavis AG and Boralex Inc., which returned 92.82% and 79.14%, respectively. The worst performers were ENGIE Brasil Energia SA and BCPG Public Company Limited NVDR, which returned -35.44% and -35.15%, respectively.

YieldCos are entities that generally consist of renewable energy assets such as solar and wind farms. These entities tend to enter into long-term contracts with customers to deliver electricity at pre-specified prices. Renewable energy continued to see market share growth relative to fossil fuels as government policies encouraged the use of renewable energy and the shift to clean energy sources created greater adoption of these energy sources. During the reporting period, renewable energy firms generally performed well due to increasing customer demand, cost competitiveness, innovation, and

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.

High short term performance of the fund is unusual and investors should not expect such performance to be repeated.

See definition of comparative indices on the previous page.

Global X S&P Catholic Values Developed ex-US ETF

The Global X S&P Catholic Values Developed ex-U.S. ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Developed ex-U.S. Catholic Values Index (“Underlying Index”). The Fund is passively managed, which means 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 developed market equity securities outside the U.S. while maintaining alignment with the moral and social teachings of the Catholic Church. The Underlying Index is based on the S&P EPAC ex-Korea Large Cap Index, a benchmark index that provides exposure to the large capitalization segment of developed markets within the Europe and Asia Pacific regions, excluding Korea. The S&P EPAC ex-Korea Large Cap Index does not target any specific sector exposure. All index constituents are members of the S&P EPAC ex-Korea Large Cap Index and follow the eligibility criteria for that index.

From the inception of the Fund on June 22, 2020 to the period ended October 31, 2020 (the “reporting period”), the Fund decreased 0.28%, while the Underlying Index decreased 0.19%. The Fund had a net asset value of $25.00 per share on June 18, 2020 and ended the reporting period with a net asset value of $24.98 per share on October 31, 2020.

During the reporting period, the highest returns came from Vestas Wind Systems AS and Kinnevik AB, which returned 68.05% and 62.55%, respectively. The worst performers were Wirecard AG and BP PLC, which returned -91.17% and -34.39%, respectively.

The Fund provides exposure to companies whose business practices align with the investment guidelines set by the United States Conference of Catholic Bishops in the developed markets ex-U.S. To mitigate the potential performance differences between the international equity benchmarks and the Fund, the selected companies are re-weighted to match the sector weights of the S&P EPAC ex-Korea Large Cap index on a quarterly basis. Since launch until October 31, 2020, Financials had the highest average weighting of 16% in the Fund, followed by Health Care at 15% and Industrials at 14%. Geographically, the Fund had approximate average exposure of 35% to Japanese stocks, 9% to French stocks, and 9% to Australian and German stocks.

Management Discussion of Fund Performance (unaudited)

Global X S&P Catholic Values Developed ex-US ETF

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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 above.

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.

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

Global X Guru^® Index ETF

The Global X Global X Guru^® Index ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Guru Index (“Underlying Index”). The Fund is passively managed, which means 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 comprised of the top U.S. listed equity positions reported on Form 13F by a select group of entities characterized as hedge funds, as defined by Solactive AG, the provider of the Underlying Index. Hedge funds are selected by Solactive AG, from a pool of thousands of privately offered pooled investment vehicles based on the size of their reported equity holdings and the efficacy of replicating their publicly disclosed positions. Hedge funds must have minimum reported holdings of $500 million in their Form 13F to be considered for the Underlying Index. Additional filters are applied to eliminate hedge funds that have high turnover rates for equity holdings. Only hedge funds with a concentrated top holding are included in the selection process. Once the hedge fund pool has been determined, the index provider utilizes Form 13F filings to compile the top stock holding from each of these hedge funds. The stocks are screened for liquidity, equal weighted, and rebalanced quarterly following the Form 13F filing timeline.

For the 12-month period ended October 31, 2020 (the “reporting period”), the Fund increased 10.84%, while the Underlying Index increased 10.95%. The Fund had a net asset value of $34.02 per share on October 31, 2019 and ended the reporting period with a net asset value of $37.31 per share on October 31, 2020.

During the reporting period, the highest returns came from Immunomedics, Inc. and JD.com, Inc., which returned 434.43% and 161.70%, respectively. The worst performers were Spirit AeroSystems Holdings, Inc. and United Airlines Holdings, Inc., which returned -73.07% and -62.73%, respectively.

The Fund’s investments are among the highest-conviction U.S.-listed equity positions reported on Form 13F by major hedge funds. Over the reporting period, the Fund delivered positive performance and exceeded the S&P 500^® Index by approximately 1.13%. The Fund rebalances quarterly, resulting in dynamic exposures that can change significantly throughout the year.

Earlier in the reporting period, the 11-year bull run of the S&P 500^® Index was disrupted by the COVID-19 pandemic as negative investor sentiment prompted a major sell-off in equities that saw the S&P 500^® Index drop 19.60% in the first calendar quarter of 2020. During this time, the Fund underperformed, down 24.72% due to weakness in Financials, Communication Services, and Industrials. However, moderate resilience versus the market in fund exposures to Information Technology, Consumer Discretionary, and Health Care offset some of that weakness.

In the second calendar quarter, the Fund saw strong returns versus the market, benefitting from its selection of companies in the Healthcare sector, which was helped by government and consumer spending on healthcare services amid the pandemic. Additional strength came from Information Technology and Communication Services exposures which benefitted from the use of digital technologies due to social distancing norms and policies, as well as from Consumer Discretionary holdings driven up by large-scale e-commerce adoption and direct payments from the federal government to consumers to support the economy. The story was much of the same on the tail end of the reporting period with exposures to Healthcare, Consumer Discretionary, and Communication Services benefitting from the aforementioned trends. Additionally, Industrials exposure increased by weight as relevant fund holdings mostly outperformed the market. Overall, the Fund fared well against the S&P 500^® Index during the reporting period, due to its Consumer Discretionary, Healthcare, and Communication Services sector exposures.

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Growth of a $10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on June 4, 2012.

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 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.