Global X Alternative Income ETF

The Global X Alternative Income 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 intended to provide exposure to five income-producing categories: Master Limited Partnerships (“MLPs”) and Infrastructure, Real Estate, Preferreds, Emerging Market Bonds, and Covered Calls. The MLPs and Infrastructure category primarily consists of units of MLPs and shares of infrastructure companies. The Real Estate category provides exposure to global real estate investment trusts (“REITs”) and receives this exposure through investing directly in the Global X SuperDividend^® REIT ETF. The Preferreds category provides exposure to U.S. preferred securities and receives this exposure through investing directly in the Global X U.S. Preferred ETF. The Emerging Markets Bonds category provides exposure to emerging markets debt and receives this exposure through investing directly in the Global X Emerging Markets Bond ETF. The Covered Call category provides exposure to a covered call strategy and receives this exposure through investing directly in the Global X Nasdaq 100 Covered Call ETF.

For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 22.52%, while the Underlying Index increased 22.82%. The Fund had a net asset value of $11.51 per share on November 30, 2020 and ended the reporting period with a net asset value of $13.16 per share on November 30, 2021.

During the reporting period, the highest returns derived from Blackstone Inc. and Black Stone Minerals LP, which returned 101.06% and 82.05%, respectively. The worst performers were Holly Energy Partners, L.P. and Dominion Energy Inc, which returned -6.27% and -6.21%, respectively.

The Fund’s Underlying Index underwent a methodology update prior to the end of the reporting period, which modified the asset classes the Fund provides exposure to. Before that change, the Fund provided exposure to the highest yielding securities from various alternative income-generating asset classes, including REITs, MLPs, Business Development Companies (BDCs), and certain Closed End Fund strategies. Rising economic activity and inflation during the reporting period proved to be a tailwind for commodities and real assets, which tend to do well amid inflationary pressures. This primarily benefitted MLPs and Real Estate. BDCs also rallied as credit spreads tightened and business activity started to normalize. During the reporting period, the Fund maintained an average approximate sector exposure of 16% to Financials, 12% to Energy, 12% to Utilities, and 2% to Industrials.

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 serves as a benchmark for income seeking equity investors. The Underyling Index is designed to measure the performance of 80 high yield companies within the S&P 500^® Index (“Reference Index”) and is equally weighted to best represent the performance of this group, regardless of constituent size.

For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 26.45%, while the Underlying Index increased 26.82%. The Fund had a net asset value of $25.20 per share on November 30, 2020 and ended the reporting period with a net asset value of $31.02 per share on November 30, 2021.

During the reporting period, the highest returns derived from Nucor Corporation and Comerica Incorporated, which returned 75.43% and 74.83%, respectively. The worst performers included Sylvamo Corporation and Clorox Company, which returned -18.89% and -17.87%, respectively.

Low interest rates and successful vaccination programs buoyed the U.S. economy during the reporting period. Corporate balance sheets continued to improve and demand for higher quality companies that offered dividends also rose. Earnings growth for U.S. large-capitalization companies was strong, also boosting quality large-capitalization stocks. However, the Fund had a slight underperformance in comparison to the Reference Index (which also serves as the Fund’s benchmark index) during the reporting period related to its low exposure to the Information Technology sector. During the reporting period, the Fund maintained an approximate average sector exposure of 23% to Financials, 17% to Industrials, 14% to Consumer Staples, 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 BofA 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 seeks to fully replicate 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, 2021 (the “reporting period”), the Fund increased 4.61%, while the Underlying Index increased 4.84%. The Fund had a net asset value of $25.36 per share on November 30, 2020 and ended the reporting period with a net asset value of $25.21 per share on November 30, 2021.

During the reporting period, the highest returns came from Huntington Bancshares Inc. and KKR & Co. Inc, which returned 133.84% and 59.01%, respectively. The worst performers included Sabre Corp (6.5%) and ViacomCBS Inc (5.75%), which returned -30.12% and -28.62%, respectively.

The Fund’s holdings consist of broad exposure to U.S. preferred stocks, providing benchmark-like exposure to the asset class. As the COVID-19 pandemic waned, economic recovery and removal of lockdown measures led to renewed confidence in securities with greater credit risk, leading to a tightening in credit spreads during the reporting period. The financial system also stabilized as borrowers recovered from the effects of the COVID-19 pandemic. The market also braced for rising interest rates and investors refocused their attention on preferred stocks. Preferred stocks offer considerable exposure to the Financials sector, which tends to benefit from higher rates. Preferred stocks performed positively during the reporting period, primarily due to tight credit spreads and a preference for higher yielding instruments among investors. During the reporting period, the Fund maintained an average approximate sector allocation of 54% to Financials, 14% to Utilities, and 6% 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 BofA 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 seeks to fully replicate 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 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 6.60%, while the Underlying Index increased 6.88%. The Fund had a net asset value of $26.97 per share on November 30, 2020 and ended the reporting period with a net asset value of $27.28 per share on November 30, 2021.

During the reporting period, the highest returns derived from NGL Energy Partners L.P. and NuStar Energy L.P., which returned 44.19% and 29.90%, respectively. The worst performers included Altera Infrastructure L.P. and Fortress Transportation and Infrastructure Investors LLC, which returned -29.37% and -5.04%, respectively.

The Fund invests in a broad basket of U.S. variable-rate preferred stocks. Variable rate preferred stocks 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 preferred stocks. Higher inflation and increasing market expectations of rate hikes led to a rise in bond yields during the reporting period. This resulted in investor demand for lower duration instruments, such as variable rate preferred stocks. Tight credit spreads also benefited variable rate preferred stocks as an improving macroeconomic backdrop improved company balance sheets. During the reporting period, the Fund maintained an average approximate sector allocation of 84% to Financials, 7% to Energy, and 3% 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 tracks the price movements in shares of companies that are structured as Master Limited Partnerships (“MLPs”) and that are engaged in or 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, as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 37.49%, while the Underlying Index increased 38.19%. The Fund had a net asset value of $26.73 per share on November 30, 2020 and ended the reporting period with a net asset value of $33.59 per share on November 30, 2021.

During the reporting period, the highest returns derived from EnLink Midstream LLC and DCP Midstream LP, which returned 80.34% and 73.14%, respectively. The worst performer was TC PipeLines, L.P., which returned -0.13%.

The Fund seeks to provide exposure to midstream MLPs. Midstream MLPs operate toll-road-like business models, in which they are compensated based on the natural gas or crude oil volume they transport, store, or process. The energy market stabilized over the reporting period as the Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+, implemented policies that acted as a check on production. This occurred while global demand was rising, helping to balance the energy markets. Demand for energy rose during the reporting period as economies around the world began the reopening process as the effects of the COVID-19 pandemic waned. U.S. energy production also began increasing as exploration and production companies expanded their operations in a stronger energy market. During the reporting period, merger and acquisition activity also picked up, driving equity prices higher. The Fund outperformed broad market indices as energy markets made a strong comeback.

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 & 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 is intended to give investors a means of tracking the performance of 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. The Underlying Index limits its exposure to partnerships in order to comply with applicable tax diversification rules. Securities must be publicly traded in the United States. The Underlying Index is maintained by Solactive AG.

For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 39.64%, while the Underlying Index increased 40.58%. The Fund had a net asset value of $26.59 per share on November 30, 2020 and ended the reporting period with a net asset value of $34.89 per share on November 30, 2021.

During the reporting period, the highest returns derived from Targa Resources Corp. and EnLink Midstream LLC, which returned 122.05% and 88.91%, respectively. The worst performers included Holly Energy Partners, L.P. and TC PipeLines, LP, which returned -18.34% and -0.13%, respectively.

The Fund seeks to provide tax efficient exposure to midstream MLPs, the general partners of midstream MLPs, and energy infrastructure corporations. Midstream MLPs and energy infrastructure companies operate toll-road-like business models where they are generally compensated based on the volumes of natural gas or crude oil that they transport, store, or process. The energy market gained some stability over the reporting period as the Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+, implemented policies that limited production growth, while demand for oil and natural gas also increased with further economic reopenings globally as the effects of the COVID-19 pandemic waned. The result was higher oil prices, providing greater profitability and incentives for U.S. oil and gas producers to increase production. The midstream space experienced consolidation during the reporting period, piquing the interest of investors as M&A deals increased the scale and geographic diversification of several midstream entities. The Fund outperformed broader markets with other sector exposures during the reporting period as the energy markets made a strong comeback, backed by attractive valuations in the midstream segment and solid yields in an inflationary environment.

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 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 U.S.-listed companies that Concinnity Advisors LP, (the “Index Provider”) believes appear to achieve financial performance 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 the Index Provider. 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, 2021 (the “reporting period”), the Fund increased 25.84%, while the Underlying Index increased 26.24%. The Fund had a net asset value of $26.46 per share on November 30, 2020 and ended the reporting period with a net asset value of $32.97 per share on November 30, 2021.

During the reporting period, the highest returns derived from Nvidia Corporation and ON Semiconductor Corporation, which returned 144.07% and 113.67%, respectively. The worst performers included Universal Display Corporation and PayPal Holdings, Inc., which returned -21.92% and -20.51%, respectively.

Socially conscious companies increasingly became a focus for businesses and investors over the reporting period. Many values-based strategies apply a negative screening approach that starts with a broad market index and removes companies scoring poorly in terms of environmental, social, and governance (ESG) factors. The Underlying Index expands upon this approach by looking to identify companies that seek beneficial outcomes for a variety of stakeholders, including employees, suppliers, customers, investors, and local communities. The Fund’s investment adviser believes this methodology more proactively tailors to investor needs. During the reporting period, a focus on climate action and the transition toward net zero emissions grew causing investor and regulatory demands to increase. U.S. equities, including those in the Fund, also performed well during the reporting period, as strong earnings growth propelled these companies. The Fund’s exposure to Information Technology companies positively contributed to performance. The Fund had the highest average approximate sector exposure to the Information Technology (26%), Health Care (14%), and Consumer Discretionary (12%) sectors during the reporting period.

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 exhibiting characteristics of one of three primary factors: value, momentum, or low volatility. Each factor is represented by a sub-index that is derived from the Solactive U.S. Large & Mid Cap Index, which is designed to measure the 1,000 largest companies, by free float market capitalization, that are exchange-listed in the United States.

For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 23.01%, while the Underlying Index increased 23.42%. The Fund had a net asset value of $24.91 per share on November 30, 2020 and ended the reporting period with a net asset value of $29.86 per share on November 30, 2021.

During the reporting period, the highest returns derived from Nucor Corporation and HP Inc., which returned 104.95% and 94.77%, respectively. The worst performers included Kyndryl Holdings Incorporation and Loyalty Ventures, Inc., which returned -44.56% and -38.28%, respectively.

The Fund generated strong returns as its mean reversion strategy proved appropriate for shifting investor sentiments over the reporting period. The Underlying Index employs a dynamic multifactor investment strategy, allocating across three factors: low volatility, value, and momentum. At different points over the reporting period, momentum investing and volatility reduction swung in and out of favor, as investors grappled with concerns regarding the COVID-19 pandemic and rising inflation. During the reporting period, the mean reversion strategy provided exposure to popular factors while being able to rotate out of the best performing factors quarterly. The Fund underperformed S&P 500^® Index, its benchmark index (“Benchmark Index”) due to lower exposure to the higher-volatility Information Technology sector compared to the Benchmark Index. During the reporting period, the Fund maintained an average approximate sector allocation of 22% to Financials, 14% to Information Technology, and 13% to Health care.

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 Adaptive U.S. Risk Management ETF

The Global X Adaptive U.S. Risk Management 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. Risk Management 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 between either 100% exposure to the Solactive GBS United States 500 Index TR (“U.S. Equity Position”) or 100% exposure to a portfolio of U.S. Treasuries with 1-3 years remaining to maturity (“U.S. Treasury Position”). The Solactive GBS United States 500 Index TR is a float-adjusted market capitalization weighted index, which measures the performance of the equity securities of the 500 largest companies from the United States stock market across all sectors. A float-adjusted market capitalization weighted index weights each index component according to its market capitalization, using the number of shares that are readily available for purchase on the open market, rather than the total number of shares outstanding of an issuer. The Underlying Index seeks to provide exposure to the U.S. Equity Position during periods of normal equity market returns and seeks to provide exposure to the U.S. Treasury Position prior to and during periods of adverse market conditions, as determined by the quantitative model developed by the Index Provider. The Underlying Index seeks to anticipate periods of adverse market conditions using quantitative signals (explained in further detail below) that have been developed based on historical data.

From the inception of the Fund to the period ended November 30, 2021 (the “reporting period”), the Fund increased 20.13%, while the Underlying Index increased 19.60%. The Fund had a net asset value of $24.95 per share on January 12, 2021 and ended the reporting period with a net asset value of $29.88 per share on November 30, 2021.

During the reporting period, the highest returns derived from Moderna, Inc. and Nvidia Corporation, which returned 182.96% and 142.49%, respectively. The worst performers included Peloton Interactive, Inc. Class A and Zillow Group, Inc. Class A, which returned -71.80% and -64.45%, respectively.

The Fund generated strong returns over the reporting period, as investors sought downside risk protection for equities, and conditions were generally favorable for the Fund’s strategy. Equity markets encountered high volatility over the reporting period, stemming from fears over the COVID-19 pandemic, high commodity prices, and increasing inflation. In this environment, strategies that consider both short and long-term indicators to make investment decisions often appeal to investors. Such a strategy allows the portfolio to hedge against unfavorable market conditions for equities without taking an overly cautious position. Additionally, the Fund’s equity exposures during the risk-on stages are heavily concentrated in blue-chip tech companies, which generally appreciated strongly during the reporting period. During the reporting period, the Fund maintained an average approximate sector exposure of 29% to Information Technology, 13% to Health Care, and 12% to Consumer Discretionary.

of adverse market conditions using quantitative signals that have been developed based on historical data.

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 comprised of companies selected from the Solactive U.S. Broad Market Index that are currently led by a CEO who is also a founder of the company. The components of the Underlying Index must have average daily value traded on their primary stock exchange in the last six months of at least $5 million USD.

For the 12-month period ended November 30, 2021 (the “reporting period”), the Fund increased 21.51%, while the Underlying Index increased 22.05%. The Fund had a net asset value of $28.66 per share on November 30, 2020 and ended the reporting period with a net asset value of $34.44 per share on November 30, 2021.

During the reporting period, the highest returns derived from Signature Bank and Fortinet, Inc., which returned 172.13% and 169.50%, respectively. The worst performers included Chemocentryx, Inc. and Peloton Interactive, Inc. Class A, which returned -83.07% and -54.44%, respectively.

The Fund generated a healthy return over the reporting period based on strong fundamentals and a favorable allocation. Founder-run companies generally focus on long-term value creation and generally avoid taking on debt. Investors favored growth strategies for much of the reporting period and avoided highly levered companies, due to uncertainty and margin compression related to the COVID-19 pandemic. From this perspective, many founder-run companies compared favorably against peers, triggering investor interest in holdings of the Underlying Index. The Fund’s equal weight allocation and diversified sector exposure also insulated performance against negative outliers during the reporting period. Its exposure to the Information Technology sector also benefited fund performance. During the reporting period, the Fund saw an average approximate sector allocation of 32% to the Information Technology sector, 15% to the Financials sector, and 14% to the Health Care 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.

Percentages are based on Net Assets of $35,920,746.

Cl — Class

ETF — Exchange Traded Fund

REIT — Real Estate Investment Trust

The following is a summary of the level of inputs used as of November 30, 2021, in valuing the Fund’s investments carried at value:

For the year ended November 30, 2021, 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, 2021:

Percentages are based on Net Assets of $9,615,435.

Cl — Class

As of November 30, 2021, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the year ended November 30, 2021, there have been no transfers in or out of Level 3.