* The Fund commenced operations on April 12, 2019.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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.

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 and above.

* The Fund commenced operations on April 26, 2022.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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.

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 and above.

* The Fund commenced operations on May 4, 2016.

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 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.

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 and above.

Global X Education ETF

The Global X Education ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Education Thematic 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 globally that provide educational products and services, including companies primarily involved in digital learning and educational content/publishing, as well as early childhood education, secondary education, higher education, professional education and enterprise video and chat communication platforms, (collectively, "Education Companies"), as defined by Indxx, LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2022 (the “reporting period”), the Fund decreased 22.82%, while the Underlying Index decreased 22.36%. The Fund had a net asset value of $28.62 per share on November 30, 2021 and ended the reporting period with a net asset value of $22.03 per share on November 30, 2022, following a 1:3 reverse share split on December 19, 2022.

During the reporting period, the highest returns came from Koolearn Technology Holding Limited and Pearson Plc, which returned 404.30% and 54.96%, respectively. The worst performers were Zhangmen Education, Inc and Skillsoft Corp, which returned -91.50% and -83.65%, respectively.

The growing popularity of open-source educational resources, free online content, and an increased threat of a substitute product or service affected the education industry's growth, resulting in negative returns for the Fund during the reporting period. Furthermore, Chinese regulators ordered all private Education Companies to halt or cease commercially viable offerings. As a result, Chinese education technology stocks suffered. This adversely affected investor sentiment across the entire education technology segment. During the reporting period, the average approximate sector weighting of the Fund was highest in Consumer Discretionary (60%), followed by Communication Services (23%) and Information Technology (14%). Geographically, the Fund maintained an average allocation of (49%) to United States stocks, followed by China (15%) and the United Kingdom (10%).

* The Fund commenced operations on July 10, 2020.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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.

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 and above.

Global X Cannabis ETF

The Global X Cannabis ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Cannabis 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 active in the cannabis industry (collectively, "Cannabis Companies"), as defined by Solactive AG, the provider of the Underlying Index (the "Index Provider"). In order to be eligible for inclusion in the Underlying Index, a company is considered by the Index Provider to be a Cannabis Company if it derives at least 50% of its revenue, operating income, or assets from the cannabis industry.

For the 12-month period ended November 30, 2022 (the “reporting period”), the Fund decreased 63.88%, while the Underlying Index decreased 64.90%. The Fund had a net asset value of $43.32 per share on November 30, 2021 and ended the reporting period with a net asset value of $14.95 per share on November 30, 2022, following a 1:6 reverse share split on June 10, 2022.

During the reporting period, the highest returns came from Fire & Flower Holdings Corp and BYND Cannasoft Enterprises, Inc, which returned 107.51% and 67.67%, respectively. The worst performers were Auxly Cannabis Group Inc and Power REIT, which returned -91.47% and -91.37%, respectively.

Continued banking restrictions on Cannabis Companies in the U.S. and rising interest rates contributed to the Fund’s negative performance over the reporting period. Ongoing impediments in meaningful cannabis regulation, such as the Secure and Far Enforcement (SAFE) Banking Act in the U.S. hampered investor sentiment. In legal markets, such as Canada, ongoing competition from the illegal cannabis market resulted in continued pricing compression. Small-capitalization companies with growth oriented profiles, including many Cannabis Companies, were particularly affected by the macroeconomic environment during the reporting period. During the reporting period, the Fund had an average approximate sector allocation of 83% to Health care and 6% to Financials. Geographically, the fund maintained an average allocation of 67% to stocks in Canada, followed by the United States (28%) and Australia (3%).

* The Fund commenced operations on September 17, 2019.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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.

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 and above.

Global X China Biotech Innovation ETF

The Global X China Biotech Innovation ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Biotech Innovation 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 directly involved in China’s biotechnology industry. In constructing the index, Solactive AG, the provider of the Underlying Index, utilizes FactSet Industry classifications to identify companies that are directly involved in the biotechnology industry. Only those securities classified in the biotechnology industry according to FactSet as of each rebalance date are eligible for inclusion in the Underlying Index. The Underlying Index is weighted according to a modified capitalization weighting methodology and is reconstituted and re-weighted semi-annually.

For the 12-month period ended November 30, 2022 (the “reporting period”), the Fund decreased 39.24%, while the Underlying Index decreased 38.81%. The Fund had a net asset value of $15.96 per share on November 30, 2021 and ended the reporting period with a net asset value of $9.68 per share on November 30, 2022.

During the reporting period, the highest returns came from CSPC Pharmaceutical Group Limited and 3SBio, Inc, which returned 32.36% and 27.30%, respectively. The worst performers were Kintor Pharmaceutical Ltd and JW (Cayman) Therapeutics Co. Ltd, which returned -76.43% and -71.12%, respectively.

The Fund generated negative returns during the reporting period, as many biotech companies faced a cash crunch and struggled to raise capital as investors who bought shares during the COVID-19 pandemic began to move away from the sector. Ongoing macroeconomic worries overshadowed traditional biotechnology catalysts and hampered down pharmaceutical mergers and acquisitions (M&A) activity, impacting the Fund's performance. Ongoing disruptions in China due to the spread of COVID-19 and an increased focus on diversifying manufacturing capabilities also hampered the Chinese Biotechnology sector. In the U.S., President Biden signed an executive order to increase domestic biopharmaceutical production to lessen dependency on China, a move that particularly impacted China-based Biotechnology firms with significant revenue exposure to Western markets. During the reporting period, the Fund had an average approximate allocation of 96% to Health Care, and 4% to Consumer Staples. Geographically, the Fund maintained an average allocation of 93% to China, 5% to United States and 2% to Hong Kong.

* The Fund commenced operations on September 22, 2020.

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 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.

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 and above.

Global X Telemedicine & Digital Health ETF

The Global X Telemedicine & Digital Health ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Telemedicine & Digital Health Index (“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 positioned to benefit from further advances in the field of telemedicine and digital health, as well as applications thereof (collectively, "Telemedicine & Digital Health Companies"), as defined by Solactive AG, the provider of the Underlying Index (the "Index Provider"). In order to be eligible for inclusion in the Underlying Index, a company is considered by the Index Provider to be a Telemedicine & Digital Health Company if it derives at least 50% of its revenue, operating income, or assets from telemedicine and/ or digital health. Telemedicine & Digital Health Companies include those involved in the following business activities: (i) telemedicine, (ii) healthcare analytics, (iii) connected healthcare devices, and/ or (iv) administrative digitization.

For the 12-month period ended November 30, 2022 (the “reporting period”), the Fund decreased 25.06%, while the Underlying Index decreased 24.68%. The Fund had a net asset value of $16.32 per share on November 30, 2021 and ended the reporting period with a net asset value of $12.23 per share on November 30, 2022.

During the reporting period, the highest returns came from Signify Health, Inc and SOC Telemed, Inc, which returned 110.6% and 47.78%, respectively. The worst performers were GoodRx Holdings, Inc and Invitae Corp, which returned -89.08% and -82.53%, respectively.

The Fund generated negative returns during the reporting period, as many telehealth flexibilities were temporary and thus phased out as the COVID-19 pandemic faded, resulting in moderated growth expectations for Telemedicine and Digital Health companies. Although many Telemedicine & Digital Health Companies continue to invest in integrated capabilities that enable long-term adoption and integration with digital health technology, uncertainty around the timing and way governments will treat the use of telemedicine and digital health slowed the industry's growth. Given an uncertain regulatory backdrop, digital health firms garnered further scrutiny regarding their path to profitability, leading to layoffs across the industry. During the reporting period, the average approximate sector weightings of the Fund were reported to be the highest in Health Care, at 88%, followed by Consumer Discretionary at 10%. Geographically, the Fund maintained an average allocation of 87% to United States stocks, followed by China (10%) and Germany (2%).

* The Fund commenced operations on May 9, 2016.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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.

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 and above.

* The Fund commenced operations on May 9, 2016.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when 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.

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 and above.