Global X SuperDividend^® Alternatives ETF

The Global X SuperDividend^® Alternatives ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx SuperDividend^® Alternatives 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 securities that rank among the highest dividend-yielding securities in each eligible category of alternative income investments, at the time of Underlying Index reconstitution, as defined by Indxx, LLC, the provider of the Underlying Index. Alternative income investments that are eligible for inclusion in the Underlying Index fall into one of four classes: Master Limited Partnerships (“MLPs”) and Infrastructure, Real Estate, Institutional Managers, and Fixed Income and Derivative Strategies. The MLPs and Infrastructure categories primarily consist of units of MLPs and shares of infrastructure companies. The Real Estate category provides exposure to global Real Estate Investment Trusts (“REITs”), and gains this exposure through investing directly in the Global X SuperDividend^® REIT ETF. The Institutional Managers category primarily consists of shares of Business Development Companies (“BDCs”) and publicly listed private equity companies. The Fixed Income and Derivative Strategies category includes exposure to emerging market debt, mortgage and asset backed securities, and option-writing primarily through the purchase of publicly traded closed-end funds (“CEFs”). Each of the Underlying Index components is selected from a universe of securities that are publicly traded in the U.S. The Underlying Index assigns weights to each of the four categories in a method that seeks to equalize the volatility contribution of each category, which assigns less weight to higher volatility categories and more weight to lower volatility categories. The Underlying Index is reconstituted annually, but may rebalance quarterly if any one category deviates more than 3% from its target weight.

For the 12-month period ended November 30, 2020 (the “reporting period”), the Fund decreased 13.13%, while the Underlying Index decreased 13.77%. The Fund had a net asset value of $14.74 per share on November 30, 2019 and ended the reporting period with a net asset value of $11.51 per share on November 30, 2020.

During the reporting period, the highest returns came from BP Midstream Partners LP and Magellan Midstream Partners, LP, which returned 21.55% and 20.93%, respectively. The worst performers were Alliance Resource Partners, LP and ONEOK, Inc., which returned -72.44% and -60.44%, respectively.

Over the reporting period, the Fund had negative performance as certain alternative segments struggled amid the COVID-19 pandemic. While income-oriented securities generally benefitted from massive stimulus from the U.S. Federal Reserve, including near zero interest rates and trillions in asset purchases, some segments still struggled. The Fund’s real estate allocation significantly detracted from performance. With a weakened economic backdrop, corporate bankruptcies increased alongside unemployment and weaker consumer expectations. This resulted in increased defaults on mortgages across commercial and residential segments, negatively impacting the Fund’s REIT exposure. In addition, falling energy output in the U.S. due to weakened oil demand amid lockdowns hurt MLPs. During the reporting period, the Fund had an average approximate exposure of 22% to REITs, 20% to BDCs, 13% to MLPs and Infrastructure, and 13% to covered call strategies.

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.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

Global X S&P 500^® Quality Dividend ETF

The Global X S&P 500^® Quality Dividend ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P 500^® Quality High Dividend 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 U.S. equity securities included in the S&P 500^® Index that exhibit high quality and dividend yield characteristics, as determined by Standard & Poor’s Financial Services LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2020 (the “reporting period”), the Fund decreased 1.47%, while the Underlying Index decreased 1.17%. The Fund had a net asset value of $26.51 per share on November 30, 2019 and ended the reporting period with a net asset value of $25.20 per share on November 30, 2020.

During the reporting period, the highest returns came from Celanese Corporation and BlackRock, Inc., which returned 48.27% and 44.95%, respectively. The worst performers were Carnival Corporation and TechnipFMC PLC, which returned -64.31% and -62.38%, respectively.

With the COVID-19 pandemic creating a difficult economic backdrop, many large cap companies looked to preserve cash by freezing dividend increases, or more significantly, reducing or suspending dividend payments altogether. In addition, companies taking emergency loans from the U.S. government were forced to suspend dividends and buybacks as part of the terms of their aid. This hurt the performance of dividend payers broadly. Another headwind for the Fund was its low relative exposure to growth-oriented tech-enabled companies that thrived during the period. Dividend-paying Information Technology and Communication Services equities tended to drag on performance compared to their sector peers that do not pay dividends and are often at a steeper part of their growth cycle. Among the sectors, the Fund had an approximate average exposure of 20% to Financials, 16% to Industrials, 13% to Information Technology, and 12% to Real Estate.

Growth of a $10,000 Investment

(at Net Asset Value)

*The Fund commenced investment operations on July 13, 2018.

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

The S&P 500^® Quality High Dividend Index measures the performance of S&P 500^® stocks that exhibit both high quality and high dividend yield characteristics.

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.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

Global X U.S. Preferred ETF

The Global X U.S. Preferred ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE BofAML Diversified Core U.S. Preferred Securities 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 uses a representative sampling strategy with respect to the Underlying Index.

The Underlying Index is designed to track the broad-based performance of the U.S. preferred securities market. The Underlying Index includes different categories of preferred stock, such as floating, variable and fixed-rate preferreds, cumulative and non-cumulative preferreds, and trust preferreds. Qualifying preferred securities must be listed on a U.S. exchange, denominated in U.S. dollars, and have a minimum amount outstanding of $100 million. Qualifying securities must meet minimum price, liquidity, maturity and other requirements as determined by ICE Data Indices, LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2020 (the “reporting period”), the Fund increased 8.13%, while the Underlying Index increased 8.27%. The Fund had a net asset value of $24.79 per share on November 30, 2019 and ended the reporting period with a net asset value of $25.36 per share on November 30, 2020.

During the reporting period, the highest returns came from Nabors Industries Ltd 6% and Ford Motor Co 6%, which returned 162.87% and 57.80%, respectively. The worst performers were Chesapeake Energy Corp 4.50% and CBL & Associates Properties Inc. 7.375%, which returned -97.35% and -92.52%, respectively.

The Fund’s holdings consist of broad exposure to U.S. preferred stocks, providing benchmark-like exposure to the asset class. Preferred stocks have historically offered high yield potential given that they are junior in the capital structure to traditional debt instruments. Preferred stocks performed positively during the reporting period, as higher yielding asset classes like preferreds rallied on massive stimulus from the U.S. Federal Reserve and lower for longer interest rate expectations. Investors gravitated towards higher yielding asset classes like preferreds based on this policy guidance. Preferreds also benefitted from credit spread tightening with the global economy recovering from the depths of the COVID-19 pandemic towards the end of the reporting period. During the reporting period, the Fund had an average approximate allocation of 62% to Financials, 15% to Utilities, and 7% to Real Estate.

Growth of a $10,000 Investment

(at Net Asset Value)

*The Fund commenced investment operations on September 11, 2017.

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

The ICE BofAML Diversified U.S. Preferred Securities Index was formerly known as BofA Merrill Lynch Diversified Core U.S. Preferred Securities Index.

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.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

Global X Variable Rate Preferred ETF

The Global X Variable Rate Preferred ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE U.S. Variable Rate Preferred Securities 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 uses a representative sampling strategy with respect to the Underlying Index.

The Underlying Index is designed to track the broad-based performance of the U.S.-listed variable rate preferred securities market. Qualifying preferred securities must be listed on a U.S. exchange, denominated in U.S. dollars, have floating or variable dividends or coupons, and have a minimum amount outstanding of $50 million. Qualifying preferred securities may, however, be issued by non-U.S. companies. Qualifying securities must be issued in $25, $50, $100, or $1000 par/liquidation preference increments, must have a traded market value of greater than $6 million in each of the previous three calendar months, and must have at least one year remaining to maturity, as determined by ICE Data Indices, LLC, the provider of the Underlying Index.

For the period from the Fund’s commencement date on June 22, 2020 through November 30, 2020 (the “reporting period”), the Fund increased 10.59%, while the Underlying Index increased 10.75%. The Fund had a net asset value of $24.85 per share on June 22, 2020 and ended the reporting period with a net asset value of $26.97 per share on November 30, 2020.

During the reporting period, the highest returns came from Exantas Capital Corp. and AG Mortgage Investment Trust Inc., which returned 80.79% and 48.81%, respectively. The worst performers were NGL Energy Partners LP and SLM Corp., which returned -35.11% and -5.98%, respectively.

Preferred stocks have historically offered higher yield potential given that they are junior in the capital structure to traditional debt instruments. Variable rate preferreds are a subset of the preferred asset class which includes securities that reset their coupon at certain intervals based on the prevailing interest rate. Therefore, these securities tend to have lower duration compared to fixed rate preferreds. Preferred stocks performed positively during the reporting period, as higher yielding asset classes like preferreds rallied on massive stimulus from the U.S. Federal Reserve and lower for longer interest rate expectations. Yet the lower duration nature of variable rate preferreds weighed on their performance relative to longer duration issuances. Preferreds were also propelled by tighter credit spreads on improving economic expectations towards the end of the reporting period. During the reporting period, the Fund had an average approximate allocation of 85% to Financials, 8% to Energy, and 4% to Utilities.

Growth of a $10,000 Investment

(at Net Asset Value)

*The Fund commenced investment operations on June 22, 2020.

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

The ICE U.S. Variable Rate Preferred Securities Index is designed to track the broad-based performance of the U.S. variable rate preferred securities market.

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.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

Global X MLP ETF

The Global X MLP ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive MLP Infrastructure 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 intended to give investors a means of tracking the performance of the energy infrastructure master limited partnership (“MLP”) asset class in the United States, which includes MLPs engaged in transportation, storage, and processing of natural resources.

For the 12-month period ended November 30, 2020 (the “reporting period”), the Fund decreased 30.51%, while the Underlying Index decreased 32.34%. The Fund had a net asset value of $7.32 per share on November 30, 2019 and ended the reporting period with a net asset value of $26.73 per share on November 30, 2020, following a 1:6 reverse share split on April 28, 2020.

During the reporting period, the highest returns came from EnLink Midstream LLC and Equitrans Midstream Corp., which returned 34.37% and 5.81%, respectively. The worst performers were NGL Energy Partners LP and Genesis Energy, LP, which returned -74.41% and -62.27%, respectively.

Midstream MLPs operate toll road-like business models in which they are compensated based on the volumes of natural gas or crude oil that they transport, store, or process. The COVID-19 pandemic impacted the energy supply chain in North America. The shutdown measures enacted by governments globally resulted in significantly lower energy demand, causing commodity prices to fall and U.S. energy production to decline dramatically. MLPs, as production-based entities, saw reduced volumes and therefore lower revenues. Some of the MLPs’ losses were later recovered as global economies re-opened and oil prices stabilized, but the overhang of the pandemic did not lead to a complete recovery as U.S. production remained below pre-pandemic levels.

Growth of a $10,000 Investment

(at Net Asset Value)

*The Fund commenced investment operations on April 18, 2012.

**Reflects performance of Solactive MLP Composite Index through March 31, 2015 and Solactive MLP Infrastructure Index thereafter.

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

The Solactive MLP Composite Index tracks the price movements in shares of the largest entities that are structured as Master Limited Partnerships (MLP) and that are engaged in the transportation, storage, processing, refining, marketing, exploration, production, or mining of natural resources.

The Solactive MLP Infrastructure Index tracks the price movements in shares of companies that are structured as Master Limited Partnerships (MLP) and that are engaged in own and operate assets used in energy logistics, including, but not limited to, pipelines, storage facilities and other assets used in transporting, storing, gathering, and processing natural gas, natural gas liquids, crude oil or refined products.

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.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices above.

Global X MLP & Energy Infrastructure ETF

The Global X MLP and Energy Infrastructure ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive MLP & Energy Infrastructure 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 midstream master limited partnerships (“MLPs”) and energy infrastructure corporations. Midstream energy infrastructure MLPs and corporations principally own and operate assets used in energy logistics, including, but not limited to, pipelines, storage facilities and other assets used in transporting, storing, gathering, and processing natural gas, natural gas liquids, crude oil or refined products.

For the 12-month period ended November 30, 2020 (the “reporting period”), the Fund decreased 13.40%, while the Underlying Index decreased 12.85%. The Fund had a net asset value of $11.15 per share on November 30, 2019 and ended the reporting period with a net asset value of $26.59 per share on November 30, 2020, following a 1:3 reverse share split on April 28, 2020.

During the reporting period, the highest returns came from Antero Midstream Corp. and Tallgrass Energy LP, which returned 84.65% and 25.01%, respectively. The worst performers were Genesis Energy, LP and Crestwood Equity Partners LP, which returned -55.45% and -51.58%, respectively.

Midstream MLPs and energy infrastructure companies operate toll road-like business models in which they are compensated based on the volumes of natural gas or crude oil that they transport, store, or process. The COVID-19 pandemic impacted the energy supply chain in North America. The shutdown measures enacted by governments globally resulted in significantly lower energy demand, causing commodity prices to fall and U.S. energy production to decline dramatically. Economic recoveries were also slower than initially anticipated around certain parts of the world, limiting the rebound in energy production. Exploration & Production companies changed their capital expenditure plans to account for the pandemic, reducing energy output by as much as 25% from peak to trough during the reporting period. Midstream companies were impacted by reduced output, causing revenues to fall. Some of the losses were later recovered when economies started the re-opening process and oil output increased.

Growth of a $10,000 Investment

(at Net Asset Value)

*The Fund commenced investment operations on August 6, 2013.

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

The Solactive MLP & Energy Infrastructure Index tracks the performance of MLPs and energy infrastructure corporations.

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.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

Global X TargetIncome^TM 5 ETF

The Global X TargetIncome^TM 5 ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Wilshire TargetIncome 5% Plus 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 uses a representative sampling strategy with respect to the Underlying Index.

The Underlying Index seeks to provide broad exposure to income-producing asset classes using a portfolio of exchange-traded funds, with the goal, but not the guarantee, of providing exposure that may be sufficient to support an annualized yield of five percent (5.0%) for the Fund, net of fees.

For the 12-month period ended November 30, 2020 (the “reporting period”), the Fund increased 1.34%, while the Underlying Index increased 1.77%. The Fund had a net asset value of $24.23 per share on November 30, 2019 and ended the reporting period with a net asset value of $23.22 per share on November 30, 2020.

During the reporting period, the highest returns came from Global X SuperDividend^® U.S. ETF and iShares 20+ Year Treasury Bond ETF, which returned 32.26% and 15.80%, respectively. The worst performers were Global X SuperDividend^® ETF and Global X U.S. Preferred ETF, which returned -22.09% and -2.33%, respectively.

The Fund performed positively during the reporting period as the U.S. Federal Reserve dropped interest rates to nearly zero and engaged in a massive asset purchasing program. Designed to reduce borrowing costs and provide liquidity to the markets, these programs provided a tailwind for income-based investments broadly, particularly longer duration bonds. Long duration treasuries and high yield corporate bonds provided tailwinds to the Fund’s performance during the reporting period. However, high yielding global equities and preferreds struggled in the midst of the COVID-19 pandemic and weak economic backdrop. During the reporting period, the Fund had an average exposure of 20% to Senior Loans, 19% to High Yield Bonds, 18% to Emerging Market Bonds, and 15% to Preferreds.

Growth of a $10,000 Investment

(at Net Asset Value)

*The Fund commenced investment operations on July 27, 2018.

The Wilshire TargetIncome 5% Plus IndexSM measures an investment strategy that provides broad exposure to income-producing asset classes, using a universe of exchange-traded funds (ETFs) with the goal of achieving an annualized target income yield in excess of 5%.

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

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

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.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

Global X TargetIncome^TM Plus 2 ETF

The Global X TargetIncome^TM Plus 2 ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Wilshire TargetIncome^TM 10-Year Treasury +2% Plus 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 uses a representative sampling strategy with respect to the Underlying Index.

The Underlying Index seeks to provide broad exposure to income-producing asset classes using a portfolio of exchange-traded funds, with the goal, but not the guarantee, of providing exposure that may be sufficient to support an annualized yield of the U.S. 10-Year Treasury yield plus two percent (2.0%) for the Fund, net of fees.

For the 12-month period ended November 30, 2020 (the “reporting period”), the Fund increased 3.22%, while the Underlying Index increased 3.67%. The Fund had a net asset value of $24.37 per share on November 30, 2019 and ended the reporting period with a net asset value of $24.31 per share on November 30, 2020.

During the reporting period, the highest returns came from Schwab US TIPS ETF and iShares Core U.S. Aggregate Bond ETF, which returned 10.05% and 7.33%, respectively. The worst performers were VanEck Vectors J.P. Morgan EM Local Currency Bond ETF and Global X U.S. Preferred ETF, which returned -5.31% and -2.33%, respectively.

The Fund performed positively during the reporting period as the U.S. Federal Reserve dropped interest rates to nearly zero and engaged in a massive asset purchasing program. Designed to reduce borrowing costs and provide liquidity to the markets, these programs provided a tailwind for income-based investments broadly, particularly longer duration bonds. Higher quality exposures like U.S. investment grade bonds and U.S. treasury inflation-protected securities performed well as investors sought investments with lower default risk amid a troubling economic backdrop. The Fund’s exposures to local currency emerging market bonds and preferreds were adversely affected by the COVID-19 pandemic as they tend to have more credit risk, which suffered during the global economic weakness. During the reporting period, the Fund had an average exposure of 21% to Investment Grade Bonds, 20% to Senior Loans, and 20% to High Yield Bonds.

Growth of a $10,000 Investment

(at Net Asset Value)

*The Fund commenced investment operations on July 27, 2018.

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

The Wilshire TargetIncome 10-Year Treasury +2% Plus Index^SM measures an investment strategy that provides broad exposure to income-producing asset classes, using a universe of exchange-traded funds (ETFs) with the goal of achieving an annualized target income yield in excess of the U.S. 10-Year Treasury plus 2% (U.S. 10-Year Treasury +2% Plus).

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

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.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

Global X Conscious Companies ETF

The Global X Conscious Companies ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Concinnity Conscious Companies 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 companies listed in the United States that operate their businesses in a sustainable and responsible manner, as measured by their ability to achieve positive outcomes that are consistent with a multi-stakeholder operating system (“MsOS”), as defined by Concinnity Advisors LP, the provider of the Underlying Index (“Index Provider”). The MsOS is a corporate governance structure that seeks to account for the multiple stakeholders that are critical for the ongoing success of the business, and incorporate the considerations of these stakeholders into the corporate decision-making and problem-solving process. The Index Provider conducts its analysis based on the following five key stakeholder groups: (1) Customers, (2) Employees, (3) Suppliers, (4) Stock and Debt Holders, and (5) Communities in which the companies operate.

For the 12-month period ended November 30, 2020 (the “reporting period”), the Fund increased 16.01%, while the Underlying Index increased 16.42%. The Fund had a net asset value of $23.10 per share on November 30, 2019 and ended the reporting period with a net asset value of $26.46 per share on November 30, 2020.

During the reporting period, the highest returns came from Square, Inc. and NVIDIA Corporation, which returned 205.21% and 147.67%, respectively. The worst performers were Delta Air Lines, Inc. and Occidental Petroleum Corporation, which returned -54.48% and -53.28%, respectively.

While aligning investments with one’s personal values continues to gain traction, there are a variety of available methods to achieve this goal. Many values-based strategies apply a negative screening approach that starts with a broad market index and removes companies that score poorly in the pillars of Environmental, Social, and Governance. The Fund takes a different approach, looking to positively identify companies that seek beneficial outcomes for a variety of stakeholders, including employees, suppliers, customers, investors, and local communities. This investment adviser believes this approach can more proactively identify companies looking to have a positive influence across a number of measures. However, this approach can also increase the performance differences of the strategy relative to a broad-based index like the S&P 500^® Index. During the reporting period, the Fund delivered performance that slightly underperformed the S&P 500^® Index. The Fund had the highest average approximate exposure to the Information Technology (23%), Health Care (15%), and Financials (14%) sectors.

Growth of a $10,000 Investment

(at Net Asset Value)

*The Fund commenced investment operations on July 11, 2016.

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

The Concinnity Conscious Companies Index is designed to provide exposure to companies listed in the U.S. that operate their businesses in a sustainable and responsible manner, as measured by their ability to achieve positive outcomes that are consistent with a multi-stakeholder operating system (“MsOS”), as defined by Concinnity Advisors LP (“Concinnity”), the provider of the Concinnity Conscious Companies Index.

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.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

Global X Adaptive U.S. Factor ETF

The Global X Adaptive U.S. Factor ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Adaptive Wealth Strategies U.S. Factor 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 dynamically allocate across three sub-indices that provide exposure to U.S. equities that exhibit characteristics of one of three primary factors: value, momentum and low volatility.

For the 12-month period ended November 30, 2020 (the “reporting period”), the Fund increased 0.14%, while the Underlying Index increased 0.41%. The Fund had a net asset value of $25.79 per share on November 30, 2019 and ended the reporting period with a net asset value of $24.91 per share on November 30, 2020.

During the reporting period, the highest returns came from Zoom Video Communications, Inc. and Quidel Corporation, which returned 219.78% and 112.18%, respectively. The worst performers were MFA Financial, Inc. and Service Properties Trust, which returned -75.90% and -74.25%, respectively.

The Fund employs a dynamic multifactor investment strategy that allocates across three factors: minimum volatility, value, and momentum. The index methodology allocates weight to the three sub-indices based on the relative performance of each sub-index since the last rebalance of the Underlying Index. While the Fund turned in positive performance over the reporting period, it underperformed major U.S. equity benchmarks like the S&P 500^® Index. The Fund’s biases towards the minimum volatility, value and momentum factors provided headwinds amid a more narrow market rally that greatly rewarded large cap technology-focused stocks. During the reporting period, the Fund had an average approximate allocation of 27% to Financials, 13% to Information Technology, and 12% to Real Estate.

Growth of a $10,000 Investment

(at Net Asset Value)

*The Fund commenced investment operations on August 24, 2018.

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

The Adaptive Wealth Strategy U.S. Factor Index employs a reversion to the mean process to dictate which investment theme to own at any given time.

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.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

Global X Founder-Run Companies ETF

The Global X Founder-Run Companies ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive U.S. Founder-Run Companies 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 U.S. companies in which a founder or co-founder of the company is serving as the Chief Executive Officer of the company, as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2020 (the “reporting period”), the Fund increased 40.29%, while the Underlying Index increased 40.99%. The Fund had a net asset value of $20.50 per share on November 30, 2019 and ended the reporting period with a net asset value of $28.66 per share on November 30, 2020.

During the reporting period, the highest returns came from Tesla Inc. and Trade Desk, Inc., which returned 760.16% and 242.17%, respectively. The worst performers were Pebblebrook Hotel Trust and ViaSat, Inc., which returned -56.02% and -53.74%, respectively.

The Fund seeks to outperform the broad market over the long term by harnessing the unique characteristics of firms run by their original founders. A significant portion of these founders’ personal wealth is often tied to the companies they lead. Therefore, these companies often focus on long-term value creation through innovation and entrepreneurialism and are less concerned with short-term growth targets. In addition, founders tend to pay themselves lower salaries and take on less debt than average. During the reporting period, the Fund saw an average approximate allocation of 33% in the Information Technology sector, 15% in the Health Care sector, and 13% in the Financials sector.

Growth of a $10,000 Investment

(at Net Asset Value)

*The Fund commenced investment operations on February 13, 2017.

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

The Solactive U.S. Founder-Run Companies Index is designed to provide exposure to U.S. companies in which a founder or co-founder of the company is serving as the Chief Executive Officer of the company.

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.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

Sector Weightings (Unaudited)†:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.

Schedule of Investments		November 30, 2020
	Global X SuperDividend® Alternatives ETF

Schedule of Investments		November 30, 2020
	Global X SuperDividend® Alternatives ETF

Schedule of Investments		November 30, 2020
	Global X SuperDividend® Alternatives ETF

Percentages are based on Net Assets of $19,572,851.

The following is a summary of the level of inputs used as of November 30, 2020, in valuing the Fund’s investments carried at value:

For the year ended November 30, 2020, there have been no transfers in or out of Level 3.

The following is a summary of the Fund’s transactions with affiliates for the year ended November 30, 2020: