Global X Social Media ETF

The Global X Social Media ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Social Media Total Return 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 track the price movements in shares of companies which are active in the social media industry, including companies that provide social networking, file sharing, and other web-based media applications, as defined by Solactive AG, the provider of the Underlying Index. A maximum of 50 components are included in the Underlying Index which are weighted according to freefloat market capitalization.

For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 17.94%, while the Underlying Index increased 18.58%. The Fund had a net asset value of $51.95 per share on October 31, 2020 and ended the reporting period with a net asset value of $61.26 per share on October 31, 2021.

During the reporting period, the highest returns came from AfreecaTV Co., Ltd. and Life360, Inc. Shs Chess Depository Interests Repr 3 Sh, which returned 216.79% and 198.34%, respectively. The worst performers were Kuaishou Technology Class B and Hello Pal International, Inc., which returned -75.15% and -72.42%, respectively.

The social media segment has seen robust growth since the beginning of the COVID-19 pandemic as consumers increase their engagement with these platforms to maintain social interactions with family, friends, and acquaintances. With over half of the world’s population now on social media platforms, businesses continue to rely on social media as a key advertising channel, resulting in strong revenue growth during the reporting period despite an uncertain economic backdrop. In addition, new forms of monetization such as social commerce, or the intersection between social media and e-commerce, are accelerating monetization opportunities for companies in the social media space. Sector weightings of the Fund were highest in Communication Services, at 92.8% during the reporting period. Geographically, the Fund maintained an average allocation of 44.1% to United States stocks, followed by China (29%) and South Korea (10.2%) during the reporting period.

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.

Global X Lithium & Battery Tech ETF

The Global X Lithium & Battery Tech ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Lithium 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 track the performance of the largest and most liquid listed companies active in exploration and/or mining of lithium or the production of lithium batteries, as defined by Solactive AG, the provider of the Underlying Index. The Underlying Index is calculated as a total return index and adjusted semi-annually.

For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 112.89%, while the Underlying Index increased 114.17%. The Fund had a net asset value of $42.86 per share on October 31, 2020 and ended the reporting period with a net asset value of $91.07 per share on October 31, 2021.

During the reporting period, the highest returns came from Pilbara Minerals Limited and L & F Co Ltd., which returned 501.41% and 377.22%, respectively. The worst performers were Tianneng Power International Limited and Galaxy Resources Ltd., which returned -27.6% and -26.81%, respectively.

Despite the unprecedented global disruptions caused by the COVID-19 pandemic, the electric vehicle (EV) theme is reaching an inflection point as consumers, original equipment manufacturers, and governments accelerate the shift away from internal combustion engines and towards battery-powered vehicles. During the reporting period, EV sales reached record highs, more than doubling the sales numbers from the previous year in countries such as China, the United States and Germany. As a result of the strong current and future expected demand, lithium prices have risen rapidly in 2021, creating positive tailwinds for lithium miners. On the battery front, the ability to efficiently, reliably, and inexpensively mass-produce lithium-ion cells was essential for growing the EV market. Battery prices continued to fall, albeit at a slower pace as raw material prices weighed on the cost of production. During the reporting period, the Fund had an average approximate stock exposure of 46% in China, 22% in the United States, 11% in South Korea, and 6% in Australia. By sector, it had the highest exposure to Materials, at 48%, followed by Industrials (21%), Information Technology (17%), and Consumer Discretionary (15%).

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.

Global X E-commerce ETF

The Global X E-commerce ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive E-commerce 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 track the price movements in shares of companies which are active in the field of e-commerce, as defined by Solactive AG, the provider of the Underlying Index. This may include companies that operate e-commerce platforms, provide e-commerce software, analytics or services, and/or primarily sell goods and services online and generate the majority of their overall revenue from online retail.

For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 17.39%, while the Underlying Index increased 17.87%. The Fund had a net asset value of $26.79 per share on October 31, 2020 and ended the reporting period with a net asset value of $31.19 per share on October 31, 2021.

During the reporting period, the highest returns derived from Uxin Ltd. Sponsored ADR and Williams-Sonoma, Inc., which returned 150.00% and 106.76% respectively. The worst performers included Baozun, Inc. Sponsored ADR Class A and LendingTree, Inc., which returned -52.72% and -50.13% respectively.

The global e-commerce market continued to benefit from the COVID-19 pandemic over the reporting period, as consumers chose to purchase goods from afar. Even as countries loosened social distancing stipulations, consumers continued to turn to digital marketplaces for convenience and safety reasons. Although e-commerce sales as a percent of total retail sales in the United States fell somewhat with easing lockdowns, its market share is still well above comparable periods prior to the COVID-19 pandemic. Additionally, e-commerce vendors have proven more resilient than their brick-and-mortar counterparts to supply chain disruption caused by the COVID-19 pandemic. E-commerce companies tend to swap product offerings and source alternative suppliers quicker than conventional retailers, a valuable trait for adapting to the now rampant bottlenecks. During the reporting period, sector weightings were highest in Consumer Discretionary at 74%, followed by Communication Services (22.1%). Geographically, the Fund maintained an average allocation of 56.3% to United States stocks, followed by China (23.5%) and the United Kingdom (5.7%) during the reporting period.

Global X Emerging Markets Internet & E-commerce ETF

The Global X Emerging Markets Internet & E-commerce ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the NASDAQ CTA Emerging Markets Internet & E-commerce Net Total Return 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 exchange-listed companies that are expected to benefit from further adoption of internet and e-commerce technologies in emerging markets, as defined by Nasdaq, Inc., the provider of the Underlying Index (the “Index Provider”) and the Consumer Technology Association (“CTA”). The Index Provider and the CTA jointly developed the eligibility and selection criteria for the Underlying Index. In order to be eligible for inclusion in the Underlying Index, a company must derive at least 50% of its revenue, operating income, or assets from: (i) internet-related services (including social media and online entertainment); (ii) internet retail commerce; (iii) internet search engine services; and/or (iv) software delivered via the internet.

From the inception of the Fund to the period ended October 31, 2021 (the “reporting period”), the Fund decreased 18.93%, while the Underlying Index decreased 18.41%. The Fund had a net asset value of $14.79 per share on November 9, 2020 and ended the reporting period with a net asset value of $11.99 per share on October 31, 2021.

During the reporting period, the highest returns derived from Kakao Corp. and Bilibili, Inc. Sponsored ADR Class Z, which returned 84.72% and 64.09%, respectively. The worst performers included New Oriental Education & Technology Group, Inc. Sponsored ADR and Koolearn Technology Holding Limited, which returned -87.22% and -82.29%, respectively.

Emerging markets, which tend to be most susceptible to downturns in the global economy, faced several challenges during the reporting period as COVID-19 variants lingered and spread, energy crises arose, and supply chain constraints heightened. The COVID-19 pandemic’s impact initially caused a setback in the progress emerging market economies made in previous decades due to a widening income gap and the lack of access to work-from-home capabilities that developed countries have. Despite the COVID-19 pandemic resurging sporadically in some regions and reducing expendable income for vulnerable workers, the primary sectors leading growth in developing economies amid the COVID-19 pandemic include Internet and E-Commerce. China, a primary emerging market, is the acting world leader in e-commerce, with an industry size nearly three times larger than that of the United States. Additionally, the country has nearly one billion internet users, representing more than

one-fifth of the global user base. Yet increasing regulatory scrutiny in China towards the end of the reporting period severely hurt the performance of many leading Chinese internet and e-commerce companies. During the reporting period, sector weightings of the Fund were highest in Communication Services at 56.7%, ahead of Consumer Discretionary at 35.4%. Geographically, the Fund maintained an average allocation of 70.1% to Chinese stocks, followed by South Korean (8.7%) and Brazilian (5.6%) during the reporting period.

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.

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 above.

Global X SuperDividend^® ETF

The Global X SuperDividend^® ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global SuperDividend^® 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 price movements in shares of the 100 international companies with the highest dividend yield subject to several qualitative dividend outlook checks applied by Solactive AG, the provider of the Underlying Index. The components of the Underlying Index are weighted equally, and adjustments are conducted annually with additional quarterly dividend sustainability checks. The Underlying Index is a total return index.

For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 32.21%, while the Underlying Index increased 32.62%. The Fund had a net asset value of $10.61 per share on October 31, 2020 and ended the reporting period with a net asset value of $13.01 per share on October 31, 2021.

During the reporting period, the highest returns derived from China Power International Development Ltd. and PhosAgro, which returned 185.4% and 127.65%, respectively. The worst performers included Hoegh LNG Partners LP and Yuzhou Group Holdings Co Ltd, which returned -69.9% and -67.43%, respectively.

The stocks held by the Fund have some of the highest dividend yields in the world. As the COVID-19 pandemic eased, high-dividend-yield sectors, such as Real Estate and Energy, strongly rallied during the reporting period, contributing to the Fund’s robust performance. The Fund’s strategy performed well during the fiscal year, given the low-interest-rate environment, outperforming the broader MSCI ACWI Index. During the reporting period, the Fund had an approximate average exposure of 27% to U.S. stocks, 16% to Chinese stocks, 8% to Hong Kong stocks, and 6% to U.K. stocks. By sector, it averaged an approximate exposure of 27% to Real Estate Investment Trusts, 25% to Financial Services, 14% to Energy, and 9% to Mortgage Materials.

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.

Global X SuperDividend^® U.S. ETF

The Global X SuperDividend^® U.S. ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx SuperDividend^® U.S. Low Volatility 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 maintained by Indxx, LLC, (the “Index Provider”). The Underlying Index tracks the performance of a maximum of 50 equally weighted common stocks, Master Limited Partnerships, and Real Estate Investment Trusts that rank among the highest dividend yielding equity securities in the United States, as defined by the Index Provider. The components of the Underlying Index will have also paid dividends consistently over the last two years. The Underlying Index is comprised of securities that the Index Provider determines to have lower relative volatility than the market.

For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 42.53%, while the Underlying Index increased 42.80%. The Fund had a net asset value of $14.99 per share on October 31, 2020 and ended the reporting period with a net asset value of $20.13 per share on October 31, 2021.

During the reporting period, the highest returns derived from MPLX LP and Compass Diversified Holdings, which returned 96.26% and 88.46%, respectively. The worst performers included National Presto Industries, Inc. and PetMed Express, Inc., which returned -18.62% and -17.24%, respectively.

The Fund invests in many of the highest-yielding stocks in the United States. High-dividend investing is a value-oriented strategy, which seeks to produce low-volatility returns. The strategy performed well during the fiscal year, given the low-interest-rate environment and recovery from the COVID-19 pandemic, outperforming the broader S&P 500^® Index. The Fund’s exposure to sectors aided by the reopening from the COVID-19 pandemic, such as Real Estate and Energy, added to the strong performance during the reporting period relative to the benchmark. During the fiscal year, by sector, the Fund averaged an exposure of 23% to Consumer Staples, 19% to Energy, 13% to Real Estate, and 12% to Utilities. Given the income-oriented nature of these sectors, they could be affected by changes in interest rates, particularly in the short term.

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.

Global X MSCI SuperDividend^® EAFE ETF

The Global X MSCI SuperDividend^® EAFE ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EAFE Top 50 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 tracks the performance of 50 equally-weighted companies that rank among the highest dividend yielding equity securities from international developed markets across Europe, Australasia, and the Far East as defined by MSCI, the provider of the Underlying Index.

For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 43.05%, while the Underlying Index increased 44.08%. The Fund had a net asset value of $11.44 per share on October 31, 2020 and ended the reporting period with a net asset value of $15.62 per share on October 31, 2021.

During the reporting period, the highest returns derived from Banco Bilbao Vizcaya Argentaria, S.A. and Klepierre S.A., which returned 121.69% and 101.38%, respectively. The worst performers included Rio Tinto Limited and Aurizon Holdings Ltd., which returned -22.39% and -12.96%, respectively.

The Fund tracks performance of 50 equally weighted companies that rank among the highest dividend yielding securities in Europe, Australasia, and the Far East. Developed international markets began recovering from the effects of the COVID-19 pandemic and value stocks, in particular, benefited from an improved global economy. A lifting of travel and lockdown restrictions boosted cyclical businesses and, by extension, the financial systems in developed markets. The recovery in Western European economies drove much of the Fund’s returns during the reporting period. During the reporting period, sector weighting reported highest in Financials (31.5%), followed by Communication Services (13.4%). The Fund has the highest average exposure to U.K. stocks at 22%, ahead of Japan (10.7%), France (9.4%), and Hong Kong (8.2%).

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.

Global X MSCI SuperDividend^® Emerging Markets ETF

The Global X MSCI SuperDividend^® Emerging Markets ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Top 50 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 tracks the performance of 50 equally-weighted companies that rank among the highest dividend yielding equity securities in emerging markets, as defined by MSCI, the provider of the Underlying Index. The Underlying Index may include components from the following countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, India, Indonesia, Malaysia, Mexico, Pakistan, Romania, Russia, South Africa, South Korea, Taiwan, Thailand and United Arab Emirates. The Underlying Index begins with the MSCI Emerging Markets Index, which is a capitalization weighted index, as its starting universe, and then follows a rules-based methodology that is designed to select among the highest dividend yielding equity securities of the MSCI Emerging Markets Index.

For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 25.83%, while the Underlying Index increased 27.69%. The Fund had a net asset value of $9.53 per share on October 31, 2020 and ended the reporting period with a net asset value of $11.26 per share on October 31, 2021.

During the reporting period, the highest returns came from China Power International Development Ltd. and PhosAgro, which returned 185.4% and 127.65%, respectively. The worst performers included China Fortune Land Development Co Ltd. and China Aoyuan Group Limited, which returned -74.51% and -57.6%, respectively.

Stocks held in the Fund are among those with the highest dividend yields in the emerging markets. During the reporting period, the low-interest-rate environment globally, combined with effective COVID-19 vaccine distribution, accelerated the reopening of emerging economies, setting up economic recovery in many emerging nations. Emerging markets also benefited from escalating commodity prices on supply constraints, combined with elevated demand over the fiscal year. During the reporting period, the Fund averaged an approximate stock exposure of 27% in China, 10% in Russia, 8% in Brazil, and 8% in South Africa. By sector, it had the highest exposure to Financials (27%), followed by Real Estate (18%), Materials (14%), and Energy (12%) during the reporting period.

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.

Global X SuperDividend^® REIT ETF

The Global X SuperDividend^® REIT ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global SuperDividend^® REIT 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 Real Estate Investment Trusts (“REITs”) that rank among the highest yielding REITs globally, as determined by Solactive AG, the provider of the Underlying Index. Solactive AG screens the highest yielding REITs to exclude REITs that have historically exhibited the highest volatility, as determined by the index provider.

For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 38.84%, while the Underlying Index increased 39.33%. The Fund had a net asset value of $7.56 per share on October 31, 2020 and ended the reporting period with a net asset value of $9.82 per share on October 31, 2021.

During the reporting period, the highest returns derived from Chimera Investment Corporation and Iron Mountain, Inc., which returned 105.78% and 86.79%, respectively. The worst performers included Fibra Uno and CapitaLand China Trust, which returned -8.26% and -7.91%, respectively.

The Fund invests in REITs, which have some of the highest dividend yields worldwide. During the reporting period, REITs registered solid performance, exploiting the robust recovery of the global economy from the COVID-19 pandemic. Given their higher yielding nature, REITs continued to catch investors’ attention in a low-interest-rate environment at the start of the fiscal year. As the reopening accelerated in the second quarter of 2021 and global mobility resumed, demand for real estate increased. Concerns about inflation also led investors to turn to REITs, since higher costs can often be passed along to tenants. During the reporting period, the Fund averaged an approximate exposure of 65% to Mortgage REITs and 35% to Financials. Geographically, the United States led average approximate exposure at 74%, followed by Canada (9%) and Australia (8%).

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.

Global X NASDAQ 100^® Covered Call ETF

The Global X NASDAQ^® 100 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 NASDAQ-100-100^® 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 CBOE NASDAQ-100^® BuyWrite Index (“BXN Index”) is a benchmark index that measures the performance of a theoretical portfolio that holds a variety of the stocks included in the NASDAQ-100^® Index (“Reference Index”) and “writes” (or sells) a succession of one-month at-the-money (“ATM”) Reference Index covered call options. The Underlying Index replicates the methodology used to calculate the BXN Index, with one exception: the written Reference Index covered call options are held until one day prior to the expiration date (i.e., generally the Thursday preceding the third Friday of the month) and are liquidated at a volume weighted average price determined at the close.

For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 23.89%, while the Underlying Index increased 24.46%. The Fund had a net asset value of $20.65 per share on October 31, 2020 and ended the reporting period with a net asset value of $22.82 per share on October 31, 2021.

During the reporting period, the highest returns derived from Moderna, Inc., and Tesla Inc., which returned 411.65% and 187.08%, respectively. The worst performers included Zoom Video Communications Inc., and Peloton Interactive Inc., which returned -40.41% and -34.61%, respectively.

The Fund invests in stocks on the NASDAQ-100^® and “writes” or “sells” corresponding call options on the Reference Index. The strategy tends to produce higher yields in volatile and uncertain times, when it can collect higher option premiums. The Fund underperformed the benchmark, the NASDAQ-100^®, during the reporting period, as volatility subsided over the fiscal year, reducing the amount of premiums received on written options. The Fund’s performance was affected as stocks rallied over the period, with progress in COVID-19 vaccinations leading to a shift from a stay-at-home economy to a reopening economy. The Fund collected high option premiums when the market was volatile, but the NASDAQ-100^® market rally later in the period limited the upside at the Fund level due to the ATM options writing. The Fund benefited from the constituents of NASDAQ-100^®, which performed positively during the reporting period. Given the Fund’s options-writing strategy, it loses profit potential if the Reference Index rises above the strike price of the index call option.

The Nasdaq-100^® Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization.

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.

Global X S&P 500^® Covered Call ETF

The Global X S&P 500^® 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 S&P 500 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 total rate of return of a S&P 500^® Index covered call strategy. This strategy consists of holding a portfolio indexed to the S&P 500^® Index and selling a succession of one-month at-the-money S&P 500^® Index call options. A covered call strategy is generally considered to be an investment strategy in which an investor buys a security, and sells (or “writes”) a call option on that security in an attempt to generate more income. Each time the Fund writes a covered call option, the Fund receives a payment of money from the investor who buys the option from the Fund, which is called the premium. If the value of the Fund’s call option that it has written declines because of a decline in the value of the S&P 500^® Index, the premium that the Fund received for writing the covered call option offsets this loss to some extent.

For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 30.67%, while the Underlying Index increased 31.54%. The Fund had a net asset value of $42.45 per share on October 31, 2020 and ended the reporting period with a net asset value of $50.37 per share on October 31, 2021.

During the reporting period, the highest returns derived from Devon Energy Corporation and Diamondback Energy Inc., which returned 370.78% and 324.25%, respectively. The worst performers included Penn National Gaming Inc., and MarketAxess Holdings Inc., which returned -39.00% and -23.77%, respectively.

The Fund invests in stocks listed on the S&P 500^® Index and “writes” or “sells” corresponding call options on the same index. The S&P 500^® Index generated strong returns in the reporting period, reaching record levels, which contributed to the Fund’s performance. However, the Fund’s gains were constrained by call-option writing, leading to underperformance versus the broad S&P 500^® Index. The Fund collected high option premiums when the market was volatile, but the stock rally later in the period affected its performance. The S&P 500^® Index improved in the period with accommodative Federal Reserve policies, the reopening economy, and strong earnings. Given the Fund’s options-writing strategy, it cedes potential profit when the Underlying Index advances above the strike price of the index call option.

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.

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 provider of the Underlying Index. In seeking to track the Underlying Index, the Fund follows a “buywrite” (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.

For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 38.82%, while the Underlying Index increased 39.62%. The Fund had a net asset value of $20.45 per share on October 31, 2020 and ended the reporting period with a net asset value of $25.18 per share on October 31, 2021.

During the reporting period, the Vanguard Russell 2000 ETF, the only holding of the Fund, returned 50.63%.

The Fund invests in the Vanguard Russell 2000 ETF, which invests in the underlying holdings of the Russell 2000 Index and “writes” or “sells” corresponding call options on the same index. During the reporting period, U.S. small cap stocks strongly rallied at the end of 2020 and in the early stages of 2021. However, small cap stocks did not perform as well for the rest of the reporting period, with waves of COVID-19 outbreaks, news about the Federal Reserve’s tapering plans, and inflation worries. The U.S. Dollar was generally on an upward trajectory, which helped domestic-oriented small cap stocks. High volatility in the small-cap space and broader market saw the Fund collect higher option premiums during the reporting period. Given the Fund’s options-writing strategy, it cedes potential profit when the Russell 2000 Index advances above the strike price of the index call option.

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. 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 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.

For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 33.42%, while the Underlying Index increased 34.37%. The Fund had a net asset value of $26.27 per share on October 31, 2020 and ended the reporting period with a net asset value of $33.09 per share on October 31, 2021.

During the reporting period, the highest returns came from Moderna Inc and Tesla Inc, which returned 411.65% and 187.08%, respectively. The worst performers included Zoom Video Communications Inc. and Peloton Interactive Inc, which returned -40.41% and -34.61%, respectively.

The Fund follows a “covered call” or “buy-write” strategy, buying stocks on the Nasdaq-100^® and “writing” or “selling” corresponding call options on approximately 50% of the value of the portfolio of stocks on the same index. Over the reporting period, the Fund collected high option premiums when the market was volatile, and participated in some of the market rally in the Nasdaq-100^®. Technology stocks performed well over the reporting period, with the higher adoption of technologies and the low interest rate environment. The Fund underperformed the Nasdaq-100^® due to the call options written to generate income.

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.

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. The Reference Index is a float-adjusted market capitalization weighted index which measures the performance of the equity securities of 500 industrial, information technology, utility and financial companies, amongst other sectors, and is regarded as generally representative of the U.S. stock market.

During the reporting period ended October 31, 2021 (the “reporting period”), the Fund increased 35.18%, while the Underlying Index increased 37.26%. The Fund had a net asset value of $24.69 per share on October 31, 2020 and ended the reporting period with a net asset value of $31.83 per share on October 31, 2021.

During the reporting period, the highest returns derived from Devon Energy Corporation and Diamondback Energy Inc., which returned 370.78% and 324.25%, respectively. The worst performers included Penn National Gaming Inc. and MarketAxess Holdings Inc., which returned -39.00% and -23.77%, respectively.

The Fund follows a “covered-call” or “buy-write” strategy, purchasing stocks on the Reference Index, and “writing” or “selling” corresponding call options on approximately 50% of the value of the portfolio of stocks on the Reference Index. Over the reporting period, it collected high option premiums when the market was volatile, but the stock rally later during the reporting period affected its returns to some extent, leading to underperformance in comparison to the Reference Index, which reached an all-time high.

* The Fund commenced operations on September 18, 2020.

** The CBOE S&P 500 Half BuyWrite Index (the “BXMH Index”) measures the total rate of return of a hypothetical “covered call” strategy applied to the S&P 500 Composite Price Index (the “S&P 500^® Index”) that only writes half a unit of an at-the-money monthly Call option for every notional unit of the long position.

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 above.

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 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, 2021 (the “reporting period”), the Fund increased 13.71%, while the Underlying Index increased 14.56%. The Fund had a net asset value of $11.12 per share on October 31, 2020 and ended the reporting period with a net asset value of $11.94 per share on October 31, 2021.

During the reporting period, the highest returns derived from Sabre Corporation and Crestwood Equity Partners LP, which returned 103.17% and 84.75%, respectively. The worst performers included ViacomCBS Inc., and Becton Dickinson, which returned

-6.51% and -4.80%, respectively.

The Fund invests in preferred shares, with some of the highest dividend yields in the United States and Canada. Globally, effective COVID-19 vaccination programs drove economic growth during the reporting period. During the reporting period, accomodative Federal Reserve policies kept rates low and credit spreads tight, driving interest in higher yielding assets, such as preferred stock. Investors also refocused their attention on preferred stocks due to their considerable sector exposure to Financials, which benefits from a stronger economy. During the reporting period, the Fund had an approximate average sector exposure of 58% to Financials, 8% to Information Technology, and 6% to Energy.

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.

Global X Renewable Energy Producers ETF

The Global X Renewable Energy Producers ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Renewable Energy Producers 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 a net total return index designed to track the performance of companies that are involved in the generation, distribution, transmission, or providing infrastructure to the renewable energy space, as defined by Indxx, the provider of the Underlying Index.

For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 15.37%, while the Underlying Index increased 15.96%. The Fund had a net asset value of $14.87 per share on October 31, 2020 and ended the reporting period with a net asset value of $16.82 per share on October 31, 2021.

During the reporting period, the highest returns came from China Longyuan Power Group Corp. Ltd. Class H and Gunkul Engineering Public Co. Ltd. NVDR, which returned 246.40% and 163.12%, respectively. The worst performers were Scatec ASA and Azure Power Global Ltd., which returned -48.25% and -37.25%, respectively.

Durable tailwinds resulted in solid performance for renewable energy producers despite significant obstacles over the reporting period. The COVID-19 pandemic continued to disrupt supply chains across several sectors, driving up prices and making it more difficult for renewable energy producers to acquire equipment or components. However, costs associated with renewable energy remained competitive against traditional energy sources in most markets, especially as oil and gas prices rallied higher. Increasing demand for power globally and mounting urgency to address climate change also drove the segment forward during the reporting period. Notably, the United States reported record renewable energy consumption in the first half of 2021, while key markets such as China, the European Union, and Canada continued to add capacity. Increasingly forthcoming international commitments coupled with new technologies such as green hydrogen could continue to expand the reach of clean energy. Sector weightings of the Fund were reported to be the highest in Utilities, at 88.3%. Geographically, the Fund maintained an average allocation of 14.6% to United States stocks, followed by New Zealand (9.6%) and Canada (8.5%).

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 500^® Catholic Values ETF

The Global X S&P 500^® Catholic Values 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^® 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 U.S. equity securities included in the S&P 500^® Index while maintaining alignment with the moral and social teachings of the Catholic Church. The Underlying Index applies exclusion criteria to the constituents of the S&P 500^® Index in order to create a benchmark aligned with the moral and social teachings of the Catholic Church. These values are consistent with the Socially Responsible Investment Guidelines outlined by the United States Conference of Catholic Bishops (USCCB). The Underlying Index is designed for investors who do not want to breach religious norms in their passive investment strategies. The Underlying Index is reweighted quarterly so that its sector exposures match the sector exposures of the S&P 500^® Index..

For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 43.54%, while the Underlying Index increased 43.94%. The Fund had a net asset value of $40.32 per share on October 31, 2020 and ended the reporting period with a net asset value of $57.22 per share on October 31, 2021.

During the reporting period, the highest returns came from Devon Energy Corporation and Diamondback Energy Inc., which returned 370.78% and 324.25%, respectively. The worst performers were MarketAxess Holdings Inc., and Incyte Corporation which returned -23.77% and -22.69%, respectively.

The Fund provides exposure to companies within the S&P 500^® Index whose business practices align with the investment guidelines set by the USCCB. As of October 31, 2021, the Fund had 474 equity holdings compared with the 505 holdings of the S&P 500^® Index. To mitigate the potential performance differences between the S&P 500^® Index and the Fund, the Fund’s sector exposures are reweighted to align with those of the S&P 500^® Index on a quarterly basis. Because of supportive fiscal and monetary policies in the U.S., during the reporting period the economy experienced a strong recovery and corporate profitability increased, all helping to propel equity markets. Over the reporting period, Information Technology had the highest average sector weighting of 28% in the Fund, followed by Health Care at 13% and Financials at 12%.

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.

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 applies exclusion criteria to the constituents of the S&P EPAC ex-Korea Large Cap Index in order to create a benchmark aligned with Catholic values. These values are consistent with the Social Responsible Investment Guidelines outlined by the United States Conference of Catholic Bishops (USCCB). The Underlying Index is designed for investors who do not want to breach religious norms in their passive investment strategies. The Underlying Index is reweighted quarterly so that the Underlying Index’s sector exposures match the sector exposures of the S&P EPAC ex-Korea Large Cap Index.

For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 33.79%, while the Underlying Index increased 34.43%. The Fund had a net asset value of $24.98 per share on October 31, 2020 and ended the reporting period with a net asset value of $32.8 per share on October 31, 2021.

During the reporting period, the highest returns came from Ascendas REIT and Norsk Hydro ASA which returned 518.75% and 177.76%, respectively. The worst performers were China Evergrande New Energy Vehicle Group Ltd. and Alibaba Health Information Technology Ltd. which returned -86.88% and -63.38%, respectively.

The Fund provides exposure to companies in developed markets outside of the U.S., whose business practices align with the investment guidelines set by the USCCB. To mitigate the potential performance differences between the Fund and traditional International equity benchmarks, the Fund’s sector exposures are reweighted to align with those of the S&P EPAC ex-Korea Large Cap Index on a quarterly basis. During the reporting period, Financials had the highest average weighting of 17% in the Fund, followed by Industrials at 15% and Health Care at 13%. Geographically, the Fund had an approximate average exposure of 32% to Japan, 10% to Australia, 9% to the United Kingdom.

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.

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 that Solactive AG (the “Index Provider”) characterizes as hedge funds. Hedge funds are selected 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. Additional filters are applied to eliminate hedge funds that have high turnover rates for equity holdings. Only hedge funds with concentrated top holdings are included in the selection process. Once the hedge fund pool has been determined, the Index Provider utilizes 13F filings to compile the top stock holding from each of these hedge funds. The stocks are screened for liquidity and equal weighted.

For the 12-month period ended October 31, 2021 (the “reporting period”), the Fund increased 37.43%, while the Underlying Index increased 37.36%. The Fund had a net asset value of $37.31 per share on October 31, 2020 and ended the reporting period with a net asset value of $50.24 per share on October 31, 2021.

During the reporting period, the highest returns came from Tenet Healthcare Corporation and Cheniere Energy Inc., which returned 192.01% and 116%, respectively. The worst performers were Turning Point Therapeutics, Inc. and Amicus Therapeutics Inc., which returned -64.43% and -49.52%, 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 but trailed the S&P 500^® Index. Quarterly rebalancing results in dynamic exposures, which can change significantly through the year. The Fund benefited from its exposure to the Information Technology, Consumer Discretionary, and Communication Services sectors, which delivered strong performance compared to other sectors. The Fund’s underperformance relative to the S&P 500^® Index was primarily the result of more limited exposure in the Information Technology sector, as well as underperformance in stock selection in that sector. Poor stock selection in the Health Care sector also negatively contributed to performance relative to the S&P 500^® Index.

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.

Global X S&P 500^® Tail Risk ETF

The Global X S&P 500^® Tail Risk 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 Tail Risk 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 risk management strategy that holds the underlying stocks of the S&P 500^® Index and applies a protective put strategy (i.e. long put options) on the S&P 500^® Index. The Underlying Index specifically reflects the performance of the component securities of the S&P 500^® Index, combined with a long position in 10% out-of-the-money (“OTM”) put options that correspond to the value of the portfolio of stocks in the S&P 500^® Index.

From the inception of the Fund to the period ended October 31, 2021 (the “reporting period”), the Fund increased 1.43%, while the Underlying Index increased 1.59%. The Fund had a net asset value of $27.33 per share on August 25, 2021 and ended the reporting period with a net asset value of $27.72 per share on October 31, 2021.

During the reporting period, the highest returns came from Tesla Inc., and Coterra Energy Inc., which returned 56.64% and 45.53%, respectively. The worst performers were Biogen Inc., and DaVita Inc., which returned -22.19% and -21.05%, respectively.

The Fund invests in the stocks in the S&P 500^® Index, while buying OTM put options on the S&P 500^® Index. While the strategy provides uncapped growth potential, it offers a measure of downside risk, mitigating significant selloffs of greater than approximately -10% between the purchase of the put option and its expiration in three months. Since its launch, the Fund has benefited from the S&P 500’s equity market rally. Accommodative monetary policies and earnings growth drove some of the Underlying Index’s gains during the reporting period. Nonetheless, the gains were pared by costs associated with protection-buying puts, causing a measure of underperformance versus the S&P 500^® Index.

* The Fund commenced operations on August 25, 2021.

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 above.

Global X S&P 500^® Risk Managed Income ETF

The Global X S&P 500^® Risk Managed Income 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 Risk Managed 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 measures the performance of a risk managed income strategy that holds the underlying stocks of the S&P 500^® Index and applies an options collar strategy (i.e., a mix of short (sold) call options and long (purchased) put options) on the S&P 500^® Index. The Underlying Index specifically reflects the performance of the component securities of the S&P 500^® Index, combined with a long position in the 5% out-of-the-money (“OTM”) put options and a short position in at-the-money (“ATM”) call options, each corresponding to the value of the portfolio of stocks in the S&P 500^® Index. The options collar seeks to generate a net-credit, meaning that the premium received from the sale of the call options is greater than the premium paid when buying the put options.

From the inception of the Fund to the period ended October 31, 2021 (the “reporting period”), the Fund increased 1.60%, while the Underlying Index increased 1.82%. The Fund had a net asset value of $26.77 per share on August 25, 2021 and ended the reporting period with a net asset value of $26.83 per share on October 31, 2021.

During the reporting period, the highest returns derived from Tesla Inc. and Coterra Energy Inc., which returned 56.64% and 45.53%, respectively. The worst performers included Biogen Inc. and DaVita Inc., which returned -22.19% and -21.05%, respectively.

The Fund’s options collar strategy tends to produce higher yields in volatile and uncertain times, allowing the Fund to collect higher option premiums and mitigate risks arising from a major market selloff through the purchase of protective puts. Since its launch, the Fund has been earning income from the volatility inherent to equities; as volatility increases, option premiums become more expensive, resulting in a greater net credit when selling the ATM call option and buying the OTM put option. The S&P 500^® also finished modestly higher in the period, benefiting the Fund.

* The Fund commenced operations on August 25, 2021.

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.

Global X S&P 500^® Collar 95-110 ETF

The Global X S&P 500^® Collar 95-110 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 3-Month Collar 95-110 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 risk management strategy that holds the underlying stocks of the S&P 500^® Index and applies an options collar strategy (i.e., a mix of short call options and long put options) on the S&P 500^® Index. The Underlying Index specifically reflects the performance of the component securities of the S&P 500^® Index, combined with a long position in 5% out-of-the-money (“OTM”) put options and a short position in 10% OTM call options, each corresponding to the value of the portfolio of stocks in the S&P 500^® Index.

From the inception of the Fund to the period ended October 31, 2021 (the “reporting period”), the Fund increased 1.06%, while the Underlying Index increased 1.12%. The Fund had a net asset value of $27.28 per share on August 25, 2021 and ended the reporting period with a net asset value of $27.57 per share on October 31, 2021.

During the reporting period, the highest returns came from Tesla Inc. and Coterra Energy Inc., which returned 56.64% and 45.53%, respectively. The worst performers were Biogen Inc. and DaVita Inc., which returned -22.19% and -21.05%, respectively.

The Fund invests in the stocks in the S&P 500^® Index, while applying a net-debit options collar strategy, meaning the cost of the purchased put option is expected to surpass the premiums received from selling the call option. The strategy is designed for investing in a broad basket of U.S. equities, while capping the upside at 10% over the three-month option period and limiting the downside to 5%. The intention is to balance between limiting the downside and retaining upside potential, while ensuring the strategy is not too costly to implement. Returns during the reporting period finished modestly higher as market expectations were tapered with hawkish monetary policies and concerns about potential further waves of COVID-19 outbreaks. Since its launch, the Fund’s returns were range-bound within the collar strategy the Fund is designed to implement.

* The Fund commenced operations on August 25, 2021.

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 above.

Global X NASDAQ 100^® Tail Risk ETF

The Global X NASDAQ^® 100 Tail Risk ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the NASDAQ -100 Quarterly Protective Put 90 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 risk management strategy that holds the underlying stocks of the NASDAQ-100^® Index and applies a protective put strategy by purchasing long put options on the NASDAQ-100^® Index. The Underlying Index specifically reflects the performance of the component securities of the NASDAQ-100^® Index, combined with a long position in 10% out-of-the-money (“OTM”) put options that correspond to the value of the portfolio of stocks in the NASDAQ-100^® Index.

From the inception of the Fund to period ended October 31, 2021 (the “reporting period”), the Fund increased 1.83%, while the Underlying Index increased 1.8%. The Fund had a net asset value of $25.13 per share on August 25, 2021 and ended the reporting period with a net asset value of $25.59 per share on October 31, 2021.

During the reporting period, the highest returns came from Tesla Inc. and Atlassian Corp PLC which returned 56.64% and 29.63%, respectively. The worst performers were Biogen Inc. and Peloton Interactive Inc., which returned -22.19% and -21.34%, respectively.

The Fund invests in the stocks in the NASDAQ-100^® Index, while buying OTM put options on the same index. While the strategy provides uncapped growth potential, it offers a measure of downside risk, mitigating significant selloffs of greater than approximately -10% between the purchase of the put and the options’ expiration in three months. Tail risk strategies can crimp potential downside risks while helping investors participate in rising markets. Since its launch, the Fund has benefited from the equity rally in the underlying stocks of the NASDAQ-100^® Index. Nonetheless, the gains have been pared by costs associated with protection-buying puts, causing a measure of underperformance versus the NASDAQ-100^® Index.

* The Fund commenced operations on August 25, 2021.

The Nasdaq-100^® Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization.

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 above.

Global X NASDAQ 100^® Risk Managed Income ETF

The Global X NASDAQ 100^® Risk Managed Income ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the NASDAQ-100 Monthly Net Credit Collar 95-100 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 risk managed income strategy that holds the underlying stocks of the NASDAQ-100^® Index and applies an options collar strategy (i.e., a mix of short (sold) call options and long (purchased) put options) on the NASDAQ-100^® Index. The Underlying Index specifically reflects the performance of the component securities of the NASDAQ-100^® Index, combined with a long position in the 5% out-of-the-money (“OTM”) put options and a short position in at-the-money (“ATM”) call options, each corresponding to the value of the portfolio of stocks in the NASDAQ-100^® Index. The options collar strategy seeks to generate a net-credit, meaning that the premium received from the sale of the call options is greater than the premium paid when buying the put options.

From the inception of the Fund to period ended October 31, 2021 (the “reporting period”), the Fund decreased 0.69%, while the Underlying Index decreased 1.11%. The Fund had a net asset value of $24.60 per share on August 25, 2021 and ended the reporting period with a net asset value of $24.12 per share on October 31, 2021.

During the reporting period, the highest returns derived from Tesla Inc. and Atlassian Corp PLC, which returned 56.64% and 29.63%, respectively. The worst performers included Biogen Inc. and Peloton Interactive Inc., which returned -22.19% and -21.34%, respectively.

The Fund’s options collar strategy seeks to produce higher yields in volatile and uncertain times, allowing the Fund to collect higher option premiums and mitigate risks arising from a major market selloff through the purchase of protective puts.

Since its launch, the Fund has been earning income from the volatility inherent to equities. As volatility increases, option premiums become more expensive, resulting in a greater net credit when selling ATM call options and buying OTM put options. The Fund finished slightly down for the reporting period, as rising bond yields negatively affected technology and growth stocks to which the NASDAQ-100^® Index is heavily exposed. The net positive premiums generated by the Fund helped offset some of the losses.

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.

Global X NASDAQ 100^® Collar 95-110 ETF

The Global X NASDAQ 100^® Collar 95-110 ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the NASDAQ-100 Quarterly Collar 95-110 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 risk management strategy that holds the underlying stocks of the NASDAQ-100^® Index and applies an options collar strategy (i.e., a mix of short call options and long put options) on the NASDAQ-100^® Index. The Underlying Index specifically reflects the performance of the component securities of the NASDAQ-100^® Index, combined with a long position in 5% out-of-the-money (“OTM”) put options and a short position in 10% OTM call options, each corresponding to the value of the portfolio of stocks in the NASDAQ-100^® Index.

From the inception of the Fund to the period ended October 31, 2021 (the “reporting period”), the Fund increased 2.06%, while the Underlying Index increased 1.87%. The Fund had a net asset value of $25.27 per share on August 25, 2021 and ended the reporting period with a net asset value of $25.78 per share on October 31, 2021.

During the reporting period, the highest returns came from Tesla Inc. and Atlassian Corp. PLC, which returned 56.64% and 29.63%, respectively. The worst performers were Biogen Inc. and Peloton Interactive Inc., which returned -22.19% and -21.34%, respectively.

The Fund invests in the stocks in the NASDAQ-100^® Index, while applying a net-debit options collar strategy, meaning the cost of the purchased put option is expected to surpass the premiums received from selling the call option. Furthermore, the strategy is designed for investing in a tech-heavy basket of U.S. equities, capping the upside at 10% over the three-month option horizon and limiting downside to 5%. The intention is to balance between limiting downside and retaining upside potential while ensuring the strategy is not too costly to implement. During the reporting period, major central banks began to implement or consider implementing tighter monetary policies as inflation accelerated amid strong economic growth and disrupted supply chains, resulting in modestly positive markets. Since its launch, the Fund’s returns were range-bound within the collar strategy the Fund is designed to implement.

* The Fund commenced operations on August 25, 2021.

The Nasdaq-100^® Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization.

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 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.

Percentages are based on Net Assets of $401,892,780.

For the year ended October 31, 2021, there have been no transfers in or out of Level 3.

Amounts designated as “—“ are $0 or have been rounded to $0.

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.