Global X Lithium & Battery Tech ETF (ticker: LIT)
Global X SuperDividend^® ETF (ticker: SDIV)
Global X Social Media ETF (ticker: SOCL)
Global X Guru^® Index ETF (ticker: GURU)
Global X SuperIncome™ Preferred ETF (ticker: SPFF)
Global X SuperDividend^® U.S. ETF (ticker: DIV)
Global X S&P 500^® Covered Call ETF (ticker: XYLD)
Global X NASDAQ 100^® Covered Call ETF (ticker: QYLD)
Global X MSCI SuperDividend^® Emerging Markets ETF (ticker: SDEM)
Global X SuperDividend^® REIT ETF (ticker: SRET)
Global X Renewable Energy Producers ETF (ticker: RNRG)
Global X S&P 500^® Catholic Values ETF (ticker: CATH)
Global X MSCI SuperDividend^® EAFE ETF (ticker: EFAS)
Global X E-commerce ETF (ticker: EBIZ)
Global X Russell 2000 Covered Call ETF (ticker: RYLD)
Global X S&P Catholic Values Developed ex-U.S. ETF (ticker: CEFA)
Global X Nasdaq 100^® Covered Call & Growth ETF (ticker: QYLG)
Global X S&P 500^® Covered Call & Growth ETF (ticker: XYLG)
Global X Emerging Markets Internet & E-commerce ETF (ticker: EWEB)
Global X NASDAQ 100^® Tail Risk ETF (ticker: QTR)
Global X NASDAQ 100^® Risk Managed Income ETF (ticker: QRMI)
Global X NASDAQ 100^® Collar 95-110 ETF (ticker: QCLR)
Global X S&P 500^® Tail Risk ETF (ticker: XTR)
Global X S&P 500^® Risk Managed Income ETF (ticker: XRMI)
Global X S&P 500^® Collar 95-110 ETF (ticker: XCLR)
Global X Disruptive Materials ETF (ticker: DMAT)
Global X Dow 30^® Covered Call ETF (ticker: DJIA)
Global X Russell 2000 Covered Call & Growth ETF (ticker: RYLG)
Global X Financials Covered Call & Growth ETF (ticker: FYLG)
Global X Health Care Covered Call & Growth ETF (ticker: HYLG)
Global X Information Technology Covered Call & Growth ETF (ticker: TYLG)
Global X Nasdaq 100^® ESG Covered Call ETF (ticker: QYLE)
Global X S&P 500^® ESG Covered Call ETF (ticker: XYLE)
Global X Dow 30® Covered Call & Growth ETF (ticker: DYLG)

Annual Report

October 31, 2023

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ (defined below) shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary (such as a broker-dealer or bank). Instead, shareholder reports will be available on the Funds’ website (www.globalxetfs.com/explore), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary.

You may elect to receive all future Fund shareholder reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of Fund shareholder reports and for details about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

Shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Shares may only be redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “SEC” or “Commission”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT is available on the Commission’s website at https://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-888-493-8631; and (ii) on the Commission’s website at https://www.sec.gov.

Management Discussion of Fund Performance (unaudited)
Global X Lithium & Battery Tech ETF

Global X Lithium & Battery Tech ETF

The Global X Lithium & Battery Tech ETF (the “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 (the “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 measure broad-based equity market performance of global companies involved in the lithium industry, as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund decreased 28.63%, while the Underlying Index decreased 28.42%. The Fund had a net asset value of $67.13 per share on October 31, 2022 and ended the reporting period with a net asset value of $47.33 on October 31, 2023.

During the reporting period, the highest returns came from Simplo Technology Co Ltd and BYD Co Ltd-H, which returned 41.43% and 36.22%, respectively. The worst performers were Freyr Battery SA and Core Lithium Ltd, which returned -75.88% and -74.26, respectively.

The Fund recorded negative performance over the reporting period, as lithium producers were impacted by declining prices, and both lithium producers and battery manufacturers were impacted by weakened demand. In particular, lithium prices were weighed down by performance in the Chinese spot market, the largest spot market in the world by a wide margin, amid weakened demand and bearish sentiment. Notably, electric vehicle (EV) sales in China were weaker at the start of 2023 and remained volatile for several months due to policy changes, including the end of subsidies on EV purchases, as well as a decline in consumer sentiment amid the broader economic slowdown. To counter slower demand and continued uncertainty over the short-term, battery makers largely worked through built up inventories instead of taking on new lithium contracts. During the reporting period, the Fund had an average approximate stock exposure of 35.44% in China and 24.62% in the United States. By sector, the Fund had its highest average exposure to Materials at 38.16%, Consumer Discretionary at 23.17% and Industrials at 23.03%.

1

Management Discussion of Fund Performance (unaudited)

Global X Lithium & Battery Tech ETF

Growth of a $10,000 Investment

(At Net Asset Value)

*Fund commenced operations on July 22, 2010.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waiver sand/or expense reimbursements (if applicable), returns would have been lower.

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

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page.

2

Management Discussion of Fund Performance (unaudited)
Global X SuperDividend^® ETF

Global X SuperDividend^® ETF

The Global X SuperDividend^® ETF (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global SuperDividend^® Index (the “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 100 equally weighted companies that rank among the highest dividend yielding equity securities in the world, including emerging market countries, as defined by Solactive AG, the provider of the Underlying Index (“Index Provider”). The Index Provider applies certain dividend stability filters.

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund decreased 0.31%, while the Underlying Index increased 0.49%. The Fund had a net asset value of $23.05 per share on October 31, 2022 and ended the reporting period with a net asset value of $20.36 on October 31, 2023, following a 1:3 reverse share split on December 19, 2022.

During the reporting period, the highest returns came from China SCE Group Holdings Ltd and Powerlong Real Estate Holdings, which returned 199.23% and 196.66%, respectively. The worst performers were Manulife US REIT and Grange Resources Limited, which returned -85.27% and -60.84%, respectively.

The Fund generated negative returns during the reporting period, as uncertainty on the direction of interest rates continued to impact global equity markets. Real estate experienced a continued decline, as high interest rates increased financing costs, which negatively impacted Mortgage REITs, the largest industry holding in the Fund. The Materials sector also detracted from performance in 2023, as recession worries around the world depressed returns. However, elevated energy prices and structural supply issues lent strength to energy and energy-linked industrial holdings within the Fund’s portfolio. During the reporting period, the Fund had an average approximate exposure of 30.33% to stocks in United States and 13.45% in Brazil. By sector, it had the highest exposure to Financials at 31.29%, Materials at 15.72% and Energy at 13.99%.

3

Management Discussion of Fund Performance (unaudited)
Global X SuperDividend^® ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on June 8, 2011.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waiver sand/or expense reimbursements (if applicable), returns would have been lower.

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

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page.

4

Management Discussion of Fund Performance (unaudited)
Global X Social Media ETF

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 (the “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 reflect the performance of companies involved 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.

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 40.40%, while the Underlying Index increased 41.27%. The Fund had a net asset value of $24.88 per share on October 31, 2022, and ended the reporting period with a net asset value of $34.75 on October 31, 2023.

During the reporting period, the highest returns came from Meitu Inc and Meta Platforms Inc-Class A which returned 366.35% and 223.39%, respectively. The worst performers were Bumble Inc A and Giftee Inc, which returned -47.09% and -45.04%, respectively.

During the reporting period, the Fund achieved positive performance, driven by escalating user engagement and increased time spent on global social media platforms. Bundled product offerings encompassing entertainment, news, and diverse content verticals generated additional revenue streams, reflecting the social media industry’s adaptability and resilience. Industry-wide price adjustments reinforced social media platforms’ potential, signifying confidence in their future growth. The incorporation of generative artificial intelligence (AI) technology proved pivotal, personalizing user experiences. Furthermore, strategic workforce reductions within social media firms resonated positively with investors and improved profit margins. Lower valuations of these companies also attracted the attention of prospective investors during the reporting period. During the reporting period, the Fund had an average approximate stock exposure of 38.19% in the United States, 34.80% in China and 13.40% in South Korea.

5

Management Discussion of Fund Performance (unaudited)
Global X Social Media ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on November 14, 2011.

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 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 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.

6

Management Discussion of Fund Performance (unaudited)
Global X Guru^® Index ETF

Global X Guru^® Index ETF

The Global X Guru Index ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Guru Index (the “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 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, 2023 (the “reporting period”), the Fund increased 2.58%, while the Underlying Index increased 1.96%. The Fund had a net asset value of $33.48 per share on October 31, 2022 and ended the reporting period with a net asset value of $34.23 on October 31, 2023.

During the reporting period, the highest returns came from BiliBili Inc-Sponsored ADR and GDS Holdings Ltd-ADR, which returned 129.48% and 119.24%, respectively. The worst performers were Fate Therapeutics Inc and Icahn Enterprises LP, which returned -72.32% and -63.75%, respectively.

During the reporting period, an increased focus on technological advancements within artificial intelligence technology, led to positive investor sentiment towards technology sector holdings within the Fund. Pharmaceutical holdings that made weight loss drug advancements positively impacted the Fund during the reporting period. Furthermore, as inflation within the U.S. declined, the Federal Reserve’s slower pace of interest rate hikes during the reporting period positively impacted holdings within the Fund. Amid geopolitical concerns, oil refiners and explorers within the Fund provided a level of negative performance as volatility in the oil markets remained apparent during the reporting period. During the reporting period, the Fund had the highest sector exposure to Health Care at 18.38%, Consumer Discretionary at 14.59%, Information Technology at 12.46% and Financials at 12.37%.

7

Management Discussion of Fund Performance (unaudited)
Global X Guru^® Index ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on June 4, 2012.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waiver sand/or expense reimbursements (if applicable), returns would have been lower.

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

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page.

8

Management Discussion of Fund Performance (unaudited)

Global X SuperIncome™ Preferred ETF

Global X SuperIncome™ Preferred ETF

The Global X SuperIncome™ Preferred ETF (“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X U.S. High Yield Preferred Index (the “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 listed in the United States, as determined by Solactive AG, the administrator of the Underlying Index (“Index Administrator”). 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 the Index Administrator. The Underlying Index does not seek to directly reflect the performance of the companies issuing the preferred stock. The Underlying Index is owned and was developed by Global X Management Company LLC, an affiliate of the Fund and the Fund’s investment adviser.

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund decreased 9.26% and the Underlying Index decreased 9.01%. The Fund had a net asset value of $9.67 per share on October 31, 2022 and ended the reporting period with a net asset value of $8.21 on October 31, 2023.

During the reporting period, the highest returns came from Rithm Capital Corp and Annaly Capital Management Inc., which returned 24.42% and 22.29%, respectively. The worst performers were First Republic Bank and Signature Bank, which returned -99.75% and -99.62%, respectively.

The Fund generated negative returns over the reporting period as challenging geopolitical concerns and monetary policy tightening by central banks weighed negatively on preferred stock and fixed income markets. The U.S. Federal Reserve slowed down its pace of interest rate hikes during the reporting period, however, borrowers continued to feel the negative impact of rising interest costs. Furthermore, the banking sector, one of the primary issuers of preferred securities, continued to face pressure due to regulatory concerns about potential contagion following the collapse of certain regional banks during the middle of the reporting period. This led to fears of widening credit spreads for preferred securities, which dampened valuations during the reporting period. During the reporting period, the Fund had an approximate average sector exposure of 72.04% to Financials, 7.11% to Communication Services, and 5.25% to Utilities.

9

Management Discussion of Fund Performance (unaudited)

Global X SuperIncome™ Preferred ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* Fund commenced operations on July 16, 2012.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waiver sand/or expense reimbursements (if applicable), returns would have been lower.

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

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page.

10

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® U.S. ETF

Global X SuperDividend^® U.S. ETF

The Global X SuperDividend^® U.S. ETF (the “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 (the “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, LCC (the “Index Provider”). The Underlying Index tracks the performance of 50 equally weighted common stocks, MLPs and REITs 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, 2023 (the “reporting period”), the Fund decreased 12.60% and the Underlying Index decreased 12.09%. The Fund had a net asset value of $19.18 per share on October 31, 2022 and ended the reporting period with a net asset value of $15.62 on October 31, 2023.

During the reporting period, the highest returns came from US Compression Partners LP and Magellan Midsteam Partners, which returned 52.91% and 38.82%, respectively. The worst performers were PetMed Express, Inc. and Lumen Technologies, Inc., which returned -65.20% and -56.11%, respectively.

The Fund generated negative returns during the reporting period as elevated interest rates resulted in higher borrowing costs, reduced profit margins, and increased pressures on underlying constituents. This negatively impacted interest rate sensitive sectors within the Fund such as real estate investment trusts (REITs) and utilities. A strong U.S. dollar, coupled with slower-than-expected economic activity globally weighed negatively on energy prices, creating mixed impacts on the Fund’s energy holdings. Lastly, the rise in financing costs translated into reduced cash flows for REITs, due to increased carrying costs for acquisitions and development projects. During the reporting period, the Fund had an average sector exposure of 23.89% to Energy, 15.24% to Consumer Staples and 14.41% to Financials.

11

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® U.S. ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on March 11, 2013.

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.

12

Management Discussion of Fund Performance (unaudited)

Global X S&P 500^® Covered Call ETF

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 (the “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 two parts: (1) all the equity securities in the S&P 500^® Index (the “Reference Index”) in substantially similar weight as the Reference Index; and (2) short (written) call options on up to 100% of the S&P 500^® Index.

For the 12-month period ending October 31, 2023 (the “reporting period”), the Fund increased 6.45%, while the Underlying Index increased 7.27%. The Fund had a net asset value of $40.00 per share on October 31, 2022 and ended the reporting period with a net asset value of $38.18 on October 31, 2023.

During the reporting period, the highest returns came from Meta Platforms Inc. Class-A and Nvidia Corp., which returned 223.39% and 202.32%, respectively. The worst performers were Signature Bank and SVB Financial Group, which returned -99.92% and -99.83%, respectively.

The Fund recorded positive returns during the reporting period as a slower pace of interest rate hikes by the Federal Reserve positively impacted the valuations of the growth-style names held within the Underlying Index. Concurrently, corporate earnings largely met market expectations and quelled concerns over an impending recession and drove investor confidence in U.S. markets, including holdings within the Fund. Market volatility was subdued, on a relative basis, and the Fund’s buy-write strategy contributed to a level of underperformance relative to the Reference Index. Despite the Fund’s inability to participate in the Reference Index’s upward price appreciation, the Fund still managed to generate positive returns during the reporting period due to the premiums produced by its buy-write option strategy.

13

Management Discussion of Fund Performance (unaudited)

Global X S&P 500^® Covered Call ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on June 21, 2013.

** Hybrid Index performance reflects the performance of the S&P 500^® Stock Covered Call Index through September 14, 2017, the CBOE S&P 500 2% OTM BuyWrite Index through August 20, 2020 and the CBOE S&P 500 BuyWrite Index thereafter.

The Fund operated as the Horizons S&P 500^® Covered Call ETF (the “Predecessor Fund”), a series of Horizons ETF Trust I, prior to the Fund’s acquisition of the assets and assumption of the liabilities of the Predecessor Fund on December 24, 2018 (See Note 1 in Notes to Financial Statements).

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.

14

Management Discussion of Fund Performance (unaudited)

Global X S&P 500^® Covered Call ETF

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.

15

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ 100^® Covered Call ETF

Global X NASDAQ 100^® Covered Call ETF

The Global X Nasdaq 100^® Covered Call ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the CBOE Nasdaq-100^® BuyWrite V2 Index (the “Underlying Index”). The Fund is passively managed and 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 portfolio of the stocks included in the Nasdaq-100^® Index (“Reference Index”), and “writes” (or sells) a succession of one-month at-the-money (“ATM”) covered call options on the Reference Index. 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 ending October 31, 2023 (the “reporting period”), the Fund increased 15.91%, while the Underlying Index increased 16.68%. The Fund had a net asset value of $16.15 per share on October 31, 2022 and ended the reporting period with a net asset value of $16.60 on October 31, 2023.

During the reporting period, the highest returns came from Meta Platforms Inc- Class A and Nvidia Corp, which returned 223.39% and 202.32%, respectively. The worst performers were Enphase Energy Inc and Lucid Group Inc, which returned -74.49% and -71.17%, respectively.

During the reporting period, the Fund experienced positive performance as the adoption of new machine learning platforms and advancements in artificial intelligence technology resulted in valuation expansions for technology sector constituents within the Fund. The Fund underperformed its Reference Index during the reporting period since its covered call strategy mitigates the upside potential for options premiums. During the reporting period, the Fund had average stock exposure of 48.60% to the Information Technology sector, 16.14% to the Communication Services sector and 14.43% to the Consumer Discretionary sector.

16

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ 100^® Covered Call ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on December 11, 2013.

** Hybrid Index performance reflects the performance of the CBOE NASDAQ-100^® BuyWrite Index through October 14, 2015 and CBOE NASDAQ-100^® BuyWrite V2 Index thereafter.

The Fund operated as the Horizons NASDAQ 100^® Covered Call ETF (the “Predecessor Fund”), a series of Horizons ETF Trust I, prior to the Fund’s acquisition of the assets and assumption of the liabilities of the Predecessor Fund on December 24, 2018 (See Note 1 in Notes to Financial Statements).

On October 14, 2015, Global X Management Company LLC (The “Advisor”) changed the Fund’s primary benchmark from the BXN Index to BXNT Index in connection with a change in the Fund’s principal strategies. The Advisor believes the BXNT Index is a better measure of the Fund’s performance. Returns reflect a blended benchmark.

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.

17

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ 100^® Covered Call ETF

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.

18

Management Discussion of Fund Performance (unaudited)

Global X MSCI SuperDividend^® Emerging Markets ETF

Global X MSCI SuperDividend^® Emerging Markets ETF

The Global X MSCI SuperDividend^® Emerging Markets ETF (the “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 (the “Underlying Index”). The Fund is passively managed and 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 based on the MSCI Emerging Markets Index, its parent index (the “Parent Index”), which includes large and mid-cap stocks across 23 emerging markets countries. The Underlying Index aims to reflect the performance of 50 securities from the Parent Index, selected by dividend yield that have increased or maintained their dividend per share compared to the previous year or have increased or maintained their payout ratio (defined as dividend per share/earnings per share) if the dividend per share has dropped by up to 10%.

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 13.77%, while the Underlying Index increased 14.97%. The Fund had a net asset value of $21.36 per share on October 31, 2022 and ended the reporting period with a net asset value of $22.48 on October 31, 2023, following a 1:3 reverse share split on December 19, 2022.

During the reporting period, the highest returns came from Lite-On Technology Corp. and Eastern Co, which returned 128.95% and 122.87%, respectively. The worst performers were Shanghai Lujiazui Fin & Trad-B and Braskem SA-Pref A, which returned -45.22% and -40.01%, respectively.

The Fund experienced a positive return during the reporting period as the reorganization of strategic supply chains supported opportunities for companies in emerging markets. China’s reopening, following the relaxation of COVID-19 restrictions, led to a resurgence in private consumption. Technology holdings in Taiwan experienced positive sentiment, as manufacturers of chips and electronics benefited from a tech-driven rally in the first half of 2023. During the reporting period, exporters from emerging market nations generally benefited from a strengthening dollar and higher oil prices. This positively impacted holdings within the energy sector, particularly global petroleum and oil refiners, which saw increased demand for refining capacity. During the reporting period, the Fund had an average stock exposure of 26.27% in China, 15.10% in Taiwan and 12.55% in Brazil. By sector, it had the highest average exposure to Materials at 30.28%, Financials at 20.86% and Energy at 17.88%.

19

Management Discussion of Fund Performance (unaudited)

Global X MSCI SuperDividend^® Emerging Markets ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on March 16, 2015.

** Hybrid Index performance reflects the performance of the INDXX SuperDividend^® Emerging Markets Index through November 15, 2016 and the MSCI Emerging Markets Top 50 Dividend Index thereafter.

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 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.

20

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® REIT ETF

Global X SuperDividend^® REIT ETF

The Global X SuperDividend^® REIT ETF (the “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 (the “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.

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund decreased 6.97% and the Underlying Index decreased 6.32%. The Fund had a net asset value of $21.65 per share on October 31, 2022 and ended the reporting period with a net asset value of $18.67 on October 31, 2023, following a 1:3 reverse share split on December 19, 2022.

During the reporting period, the highest returns came from AGNC Investment Corp. and Annaly Capital Management, Inc., which returned 47.80% and 30.94%, respectively. The worst performers were Northwest Healthcare Properties and Global Net Lease Inc, which returned -63.31% and -40.61%, respectively.

The Fund generated negative returns over the reporting period as tightening credit conditions, declining demand for commercial office space, and rising interest rates weighed down REIT performance. Increasing financing costs made it difficult for REITs to fund acquisitions and development projects. This led to reduced prospects for growth and negatively impacted the Fund’s constituents. REITs concentrated in long-term care and data center facilities performed well during the reporting period, while holdings concentrated in office space and mortgage investments exhibited negative performance. Furthermore, upward wage pressure and reduced leasing activities adversely impacted the profitability of underlying portfolio companies. During the reporting period, the Fund had an average approximate exposure of 58.68% to the United States and 18.28% to Singapore.

21

Management Discussion of Fund Performance (unaudited)

Global X SuperDividend^® REIT ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on March 16, 2015.

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.

22

Management Discussion of Fund Performance (unaudited)

Global X Renewable Energy Producers ETF

Global X Renewable Energy Producers ETF

The Global X Renewable Energy Producers ETF (the “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 (the “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 publicly traded companies that produce energy from renewable sources including wind, solar, hydroelectric, geothermal, and biofuels (including publicly traded companies that are formed to own operating assets that produce defined cash flows, as defined by Indxx LLC, the provider of the Underlying Index.

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund decreased 27.93%, while the Underlying Index decreased 27.72%. The Fund had a net asset value of $13.05 per share on October 31, 2022 and ended the reporting period with a net asset value of $9.30 on October 31, 2023.

During the reporting period, the highest returns came from Concord New Energy Goup Ltd and Verbund AG which returned 26.85% and 15.91%, respectively. The worst performers were Enviva Inc and Renova Inc, which returned -93.73% and -67.62%, respectively.

The Fund recorded negative performance over the reporting period, as renewable energy producers saw their performances impacted by higher interest rates, long permitting timelines, and project delays, as well as elevated materials costs throughout the wind and solar power value chains. Within the solar industry developers faced dampened residential and commercial demand in key markets, such as the U.S. and China. Notably, high polysilicon costs translated into higher costs across the entire solar power value chain, impacting demand and leading to project delays. In the U.S., policy uncertainty over tariffs at the federal level and shifting policies for residential solar in California also created headwinds. Wind power project developers faced continued challenges within the supply chain, along with pressures due to elevated project costs and higher interest rates. During the reporting period, the Fund had an average approximate stock exposure of 12.54% in Canada, 11.88% in the United States, 11.60% in Brazil and 10.72% in New Zealand.

23

Management Discussion of Fund Performance (unaudited)

Global X Renewable Energy Producers ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* Fund commenced operations on May 27, 2015.

**Hybrid index performance reflects the performance of the Indxx Global YieldCo Index through November 18, 2018 and the Indxx YieldCo & Renewable Energy Income Index thereafter. Effective February 1, 2021, the name of the Underlying Index changed from Indxx YieldCo & Renewable Energy Income Index to the Indxx Renewable Energy Producers Index.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waiver sand/or expense reimbursements (if applicable), returns would have been lower.

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

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

24

Management Discussion of Fund Performance (unaudited)

Global X Renewable Energy Producers ETF

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

25

Management Discussion of Fund Performance (unaudited)
Global X S&P 500^® Catholic Values ETF

Global X S&P 500^® Catholic Values ETF

The Global X S&P 500^® Catholic Values ETF (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P 500^® Catholic Values Index (the “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 S&P 500^® Catholic Values 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 is based on the S&P 500^® Index, and generally comprises approximately 500 or less U.S. listed common stocks. All index constituents are members of the S&P 500^® Index and follow the eligibility criteria for that index. From this starting universe, constituents are screened to exclude companies involved in activities which are perceived to be inconsistent with Catholic values as outlined in the Socially Responsible Investment Guidelines of the United States Conference of Catholic Bishops. The Underlying Index then reweights the remaining constituents so that the Underlying Index’s sector exposures matches the sector exposures of the S&P 500^® Index.

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 9.22%, while the Underlying Index increased 9.56%. The Fund had a net asset value of $47.19 per share on October 31, 2022 and ended the reporting period with a net asset value of $50.89 on October 31, 2023.

During the reporting period, the highest returns came from Meta Platforms Inc Class-A and Nvidia Corp, which returned 223.39% and 202.32%, respectively. The worst performers were Signature Bank and SVB Financial Group, which returned -99.92% and -99.83%, respectively.

The Fund recorded positive performance over the reporting period as the Federal Reserve’s pace of interest rate hikes slowed due to positive inflation data. Improved market estimates of economic growth resulted in increased stock valuations for companies held by the Fund. Artificial Intelligence and robotics technology enabled additional growth avenues for information technology companies, the largest sector exposure of the Fund. Furthermore, positive inflation adjusted wage growth in the labor market helped the U.S. economy remain resilient. During the reporting period, the Fund had an average approximate sector exposure to Information Technology at 25.76%, Health Care at 14.15% and Financials at 13.38%.

26

Management Discussion of Fund Performance (unaudited)
Global X S&P 500^® Catholic Values ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* Fund commenced operations on April 18, 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 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.

27

Management Discussion of Fund Performance (unaudited)
Global X MSCI SuperDividend^® EAFE ETF

Global X MSCI SuperDividend^® EAFE ETF

The Global X MSCI SuperDividend^® EAFE ETF (the “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 (the “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 Europe, Australasia and the Far East, as defined by MSCI, the provider of the Underlying Index.

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 14.08%, while the Underlying Index increased 14.21%. The Fund had a net asset value of $11.98 per share on October 31, 2022 and ended the reporting period with a net asset value of $12.76 on October 31, 2023.

During the reporting period, the highest returns came from Swiss RE AG and Kawasaki Kisen Kaisha Ltd, which returned 55.89% and 54.17%, respectively. The worst performers were Aroundtown SA and Xinyi Glass Holdings Ltd, which returned -55.79% and -22.82%, respectively.

The Fund performed positively during the reporting period as developed market central banks signaled potential pauses to interest rate hikes, particularly in the European Union, as weaker growth and cooling labor markets eased inflation tensions. Purchases of long-term Gilts by the Bank of England helped stabilize the United Kingdom’s local currency in response to market dislocations from its budget proposal during the reporting period. Multinational insurance companies domiciled in Europe were positively impacted, spurred by higher investment earnings from elevated interest rates. Japanese holdings within the Fund outperformed regional peers, driven by strong economic data which increased foreign investment inflows. Japanese transport companies within the Fund such as oil tankers, container ships and liquefied natural gas (LNG) carriers, benefited from increased exports related to automobiles and a continued pickup in LNG spot charter rates. During the reporting period, the Fund had the highest average exposure to United Kingdom at 16.18% and Japan at 12.72%. By sector, the Fund had the highest average exposure to Financials at 30.90% and Communication Services at 14.92%.

28

Management Discussion of Fund Performance (unaudited)
Global X MSCI SuperDividend^® EAFE ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on November 14, 2016.

The MSCI EAFE Index (Net) (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

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.

29

Management Discussion of Fund Performance (unaudited)
Global X E-commerce ETF

Global X E-commerce ETF

The Global X E-commerce ETF (the “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 (the “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 the increased adoption of e-commerce as a distribution model, including but not limited to companies whose principal business is in operating e-commerce platforms, providing e-commerce software and services, and/or selling goods and services online (collectively, “E-commerce Companies”), as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 12.13%, while the Underlying Index increased 12.60%. The Fund had a net asset value of $15.14 per share on October 31, 2022 and ended the reporting period with a net asset value of $16.96 on October 31, 2023.

During the reporting period, the highest returns came from Ehealth Inc and Ocado Group Plc, which returned 220.15% and 121.99%, respectively. The worst performers were Qurate Retail Inc Series-A and Liveperson Inc, which returned -81.17% and -75.02%, respectively.

The Fund achieved positive returns during the reporting period, benefitting from the e-commerce landscape’s shift towards an omnichannel business model. This evolution to an omnichannel business model emphasized the necessity of an online presence, even for traditional brick-and-mortar stores. Industry leaders prioritized technological advancements during the reporting period, notably generative artificial intelligence. Given these changes during the reporting period, E-Commerce Companies delivered personalized product recommendations to consumers, simplified listing options for merchants, enhanced cybersecurity on e-commerce platforms, and introduced efficient chatbots for customer interactions. Additionally, advertising became a prominent revenue source for digital marketplace players within the e-commerce domain. Furthermore, e-commerce’s share of total retail sales continued its upward trajectory during the reporting period. During the reporting period, the Fund had an average approximate stock exposure of 49.95% in the United States and 20.01% in China. By sector, it had the highest average sector exposure to Consumer Discretionary at 65.97% and Communication Services at 14.22%.

30

Management Discussion of Fund Performance (unaudited)
Global X E-commerce ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on November 27, 2018.

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

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waiver sand/or expense reimbursements (if applicable), returns would have been lower.

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

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices above.

31

Management Discussion of Fund Performance (unaudited)
Global X Russell 2000 Covered Call ETF

Global X Russell 2000 Covered Call ETF

The Global X Russell 2000 Covered Call ETF (the “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 and 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 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 Reference Index.

For the 12-month period ending October 31, 2023 (the “reporting period”), the Fund decreased 7.18%, while the Underlying Index decreased 6.92%. The Fund had a net asset value of $19.55 per share on October 31, 2022 and ended the reporting period with a net asset value of $16.10 on October 31, 2023.

During the reporting period, the highest returns came from Reata Pharmaceuticals, Inc. Class A and Prometheus Biosciences Inc, which returned 435.28% and 280.65%, respectively. The worst performers were Babylon Holdings Ltd Class A and Avaya Holdings Corp., which returned -100.00% and -99.97%, respectively.

During the reporting period, the Fund underperformed due to the U.S. regional banking crisis, which hampered the credit and financial position of small businesses. Additionally, high interest rate levels increased borrowing costs and weakened the balance sheets of smaller companies. Investor sentiment decreased as a lack of liquidity raised the chances of borrower default. During the reporting period, the Fund’s options-writing strategy led it to outperform its Reference Index as a result of the premiums received. By sector, the Fund had the highest average exposure to Financials at 11.63% and Industrials at 11.48%.

32

Management Discussion of Fund Performance (unaudited)
Global X Russell 2000 Covered Call ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on April 17, 2019.

The Russell 2000 Index is an index measuring the performance of approximately 2,000 smallest-cap American companies in the Russell 3000 Index, which is made up of 3,000 of the largest U.S. stocks. It is a market-cap weighted 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 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.

33

Management Discussion of Fund Performance (unaudited)
Global X S&P Catholic Values Developed ex-US ETF

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

The Global X S&P Catholic Values Developed ex-U.S. ETF (the “Fund”) seeks to provide 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 (the “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 of the U.S. while maintaining alignment with the moral and social teachings of the Catholic Church. The Underlying Index is based on the S&P EPAC ex-Korea Large Cap Index, a benchmark index that provides exposure to the large capitalization segment of developed markets within the Europe and Asia Pacific regions, excluding Korea. The S&P EPAC ex-Korea Large Cap Index does not target any specific sector exposure. All index constituents are members of the S&P EPAC ex-Korea Large Cap Index and follow the eligibility criteria for that index. From this starting universe, constituents are screened to exclude companies involved in activities which are perceived to be inconsistent with Catholic values as outlined in the Socially Responsible Investment Guidelines of the United States Conference of Catholic Bishops. The Underlying Index then reweights the remaining constituents so that the Underlying Index’s sector exposures match the current sector exposures of the S&P EPAC ex-Korea Large Cap Index.

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 13.45%, while the Underlying Index increased 13.69%. The Fund had a net asset value of $23.30 per share on October 31, 2022 and ended the reporting period with a net asset value of $25.87 on October 31, 2023.

During the reporting period, the highest returns came from Disco Corp and UniCredit SPA, which returned 119.41% and 111.89%, respectively. The worst performers were Embracer Group AB Class-B and China Evergrande New Energy Vehicle Group Ltd., which returned -66.79% and -66.48%, respectively.

The Fund performed positively during the reporting period as higher exports and lower energy prices drove the performance of developed market equities. Japanese equities within the Fund experienced positive investor sentiment driven by share buybacks and improved economic data within the country. Furthermore, Japanese exports increased from a weakened yen. Fund holdings in the Consumer Discretionary sector were positively impacted by rising consumer confidence as a result of easing inflation, strong wage growth, and low unemployment. Securities of European banks held by the Fund benefited from elevated interest rates in the European Union and United Kingdom resulting in higher net interest income during the reporting period. During the reporting period, the Fund had an average approximate stock exposure of 26.65% in Japan, 12.03% in France and 10.85% in Australia. By sector, it had the highest exposure to Financials at 18.57%, Industrials at 14.35% and Health Care at 14.22%.

34

Management Discussion of Fund Performance (unaudited)
Global X S&P Catholic Values Developed ex-US ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* Fund commenced operations on June 22, 2020.

The MSCI EAFE Index (Net) (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

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.

35

Management Discussion of Fund Performance (unaudited)
Global X S&P Catholic Values Developed ex-US ETF

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.

36

Management Discussion of Fund Performance (unaudited)
Global X Nasdaq 100^® Covered Call & Growth ETF

Global X Nasdaq 100^® Covered Call & Growth ETF

The Global X NASDAQ 100^® Covered Call & Growth ETF (the “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 (the “Underlying Index”). The Fund is passively managed and 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 benchmark index that measures the performance of a theoretical portfolio that owns the portfolio of stocks included in the NASDAQ-100^® Index (the “Reference Index”), and “writes” (or sells) corresponding call options on approximately 50% of the value of the portfolio of stocks in the Reference Index.

For the 12-month period ending October 31, 2023 (the “reporting period”), the Fund increased 21.43% and the Underlying Index increased 22.23%. The Fund had a net asset value of $22.80 per share on October 31, 2022 and ended the reporting period with a net asset value of $26.07 on October 31, 2023.

During the reporting period, the highest returns came from Meta Platforms Inc Class-A and Nvidia Corp, which returned 223.39% and 202.32%, respectively. The worst performers were Enphase Energy Inc and Lucid Group Inc, which returned -74.49% and -71.17%, respectively.

The Fund produced a positive total return over the course of the reporting period. Inflationary data that underscored softer pricing represented a market catalyst and positive earnings performances, increasing investor sentiment for holdings within the Fund. Advancements made within generative artificial intelligence (AI), positively impacted valuations of Fund holdings. Furthermore, semiconductor-related companies whose businesses provided the necessary hardware for the continued increase in spending for AI computing power were positively impacted from an increase in demand. During the reporting period, the Fund had an average approximate stock exposure of 48.69% in the Information Technology sector, 16.18% in Communication Services sector and 14.45% in Consumer Discretionary sector.

37

Management Discussion of Fund Performance (unaudited)
Global X Nasdaq 100^® Covered Call & Growth ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on September 18, 2020.

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.

38

Management Discussion of Fund Performance (unaudited)
Global X S&P 500^® Covered Call & Growth ETF

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

The Global X S&P 500^® Covered Call & Growth ETF (the “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 (the “Underlying Index”). The Fund is passively managed and 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 benchmark index that measures the performance of a theoretical portfolio that owns the portfolio of stocks included in the S&P 500^® Index (the “Reference Index”), and “writes” (or sells) corresponding call options on approximately 50% of the value of the portfolio of stocks in the Reference Index.

For the 12-month period ending October 31, 2023 (the “reporting period”), the Fund increased 8.01%, while the Underlying Index increased 8.80%. The Fund had a net asset value of $25.47 per share on October 31, 2022 and ended the reporting period with a net asset value of $26.07 on October 31, 2023.

During the reporting period, the highest returns came from Meta Platforms Inc-Class A and Nvidia Corp, which returned 223.39% and 202.32%, respectively. The worst performers were Signature Bank and SVB Financial Group, which returned -99.92% and -99.83%, respectively.

During the reporting period, the Fund generated positive returns as corporate earnings met market expectations and softening levels of inflation contributed to improving investor sentiment towards holdings within the Fund. A slowing of interest rate hikes by the U.S. Federal Reserve further ushered in a positive outlook for many of the Fund’s top constituents. The Fund’s 50% covered call writing strategy allowed the Fund to participate in some of the Reference Index’s upside, while also generating supplemental option premiums. In environments such as this, the Fund’s options-writing strategy has the potential to cede a measure of upside participation relative to its Reference Index. However, it does so in exchange for these premiums, which may help support the Fund’s performance during stagnant or declining markets. During the reporting period, the Fund had an approximate average sector exposure of 25.74% to Information Technology, 14.19% to Health Care, and 13.29% to Financials.

39

Management Discussion of Fund Performance (unaudited)
Global X S&P 500^® Covered Call & Growth ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on September 18, 2020.

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.

40

Management Discussion of Fund Performance (unaudited)
Global X Emerging Markets Internet & E-commerce ETF

Global X Emerging Markets Internet & E-commerce ETF

The Global X Emerging Markets Internet & E-commerce ETF (the “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 (the “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 countries (collectively, “Emerging Markets Internet & E-commerce Companies”), 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 have jointly developed the eligibility and selection criteria for the Underlying Index. In order to be eligible for inclusion in the Underlying Index, a company is considered by the CTA to be an Emerging Markets Internet & E-commerce Company if it derives 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.

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund increased 22.28%, while the Underlying Index increased 23.19%. The Fund had a net asset value of $16.38 per share on October 31, 2022 and ended the reporting period with a net asset value of $19.97 on October 31, 2023, following a 1:3 reverse share split on December 19, 2022.

During the reporting period, the highest returns came from iQIYI Inc-ADR and Vipshop Holdings Ltd-ADR, which returned 130.69% and 104.59%, respectively. The worst performers were Magazine Luiza SA and PT GoTo Gojek Tokopedia Tbk, which returned -69.04% and -50.03%, respectively.

The Fund recorded positive returns during the reporting period as better-than-expected economic performance, a gradual decline in headline inflation in emerging markets, and China’s reopening post-COVID-19 lockdowns supported market sentiment. Supportive government policies towards innovation and the expansion of digital services in local markets weighed positively, as well. Furthermore, the Chinese e-Commerce market continued to grow, supported by the rise in consumer preference for online shopping, improved payment infrastructure, and proliferation of payment tools. Lastly, the increased popularity of social commerce and livestream shopping attracted investor attention. During the reporting period, the Fund had an average approximate stock exposure of 62.9% in China. By sector, it had the highest average exposure to Consumer Discretionary at 54.04% and Communication Services at 34.46%.

41

Management Discussion of Fund Performance (unaudited)
Global X Emerging Markets Internet & E-commerce ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on November 9, 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 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

42

Management Discussion of Fund Performance (unaudited)
Global X Emerging Markets Internet & E-commerce ETF

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.

43

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ 100^® Tail Risk ETF

Global X NASDAQ 100^® Tail Risk ETF

The Global X Nasdaq 100^® Tail Risk ETF (the “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 (the “Underlying Index”). The Fund is passively managed and 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 (the “Reference Index”) and applies a protective put strategy with long (purchased) put options on the Reference Index. The Underlying Index specifically reflects the performance of the component securities of the Reference 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 Reference Index.

For the 12-month period ending October 31, 2023 (the “reporting period”), the Fund increased 19.42%, while the Underlying Index increased 19.41%. The Fund had a net asset value of $19.08 per share on October 31, 2022 and ended the reporting period with a net asset value of $22.71 on October 31, 2023.

During the reporting period, the highest returns came from Meta Platforms Inc Class-A and Nvidia Corp, which returned 223.39% and 202.32%, respectively. The worst performers were Enphase Energy Inc and Lucid Group Inc, which returned -74.49% and -71.17%, respectively.

The Fund performed positively during the reporting period on account of higher valuations, increased consumer spending, and positive real wage growth. Furthermore, investors’ focus on companies showcasing real-world applications of artificial intelligence drove growth prospects for software equities in the Fund. During the reporting period, the Fund had an average approximate stock exposure of 48.46% in the Information Technology sector, 16.10% in the Communication Services sector and 14.35% in Consumer Discretionary sector.

44

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ 100^® Tail Risk ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* 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.

45

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ 100^® Risk Managed Income ETF

Global X NASDAQ 100^® Risk Managed Income ETF

The Global X Nasdaq 100^® Risk Managed Income ETF (the “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 (the “Underlying Index”). The Fund is passively managed and 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 (the “Reference Index”) and applies an options collar strategy consisting of a mix of short (sold) call options and long (purchased) put options on the Reference Index. The Underlying Index specifically reflects the performance of the component securities of the Reference 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 Reference Index. The options collar seeks to generate a net-credit, meaning that the premium received from the sale of the call options will be greater than the premium paid when buying the put options.

For the 12-month period ending October 31, 2023 (the “reporting period”), the Fund increased 3.42%, while the Underlying Index increased 3.60%. The Fund had a net asset value of $18.17 per share on October 31, 2022 and ended the reporting period with a net asset value of $16.64 on October 31, 2023.

During the reporting period, the highest returns came from Meta Platforms Inc Class-A and Nvidia Corp., which returned 223.39% and 202.32%, respectively. The worst performers were Enphase Energy Inc. and Lucid Group Inc., which returned -74.49% and -71.17%, respectively.

During the reporting period, new investment opportunities within the artificial intelligence space positively supported the Fund’s performance. Workforce reductions, paired with increasing cash flows amongst the Fund’s largest technology sector holdings, led to a decrease in costs and an improvement in margins during the reporting period. By sector, the Fund had the highest average exposure to Information Technology at 48.59%, Communication Services at 16.14% and Consumer Discretionary at 14.43%.

46

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ 100^® Risk Managed Income ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* 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 on the previous page.

47

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ 100^® Collar 95-110 ETF

Global X NASDAQ 100^® Collar 95-110 ETF

The Global X Nasdaq 100^® Collar 95-110 ETF (the “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 (the “Underlying Index”). The Fund is passively managed and 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 (the “Underlying Index”) and applies an options collar strategy with a mix of short (sold) call options and long (purchased) put options on the Reference Index. The Underlying Index specifically reflects the performance of the component securities of the Reference 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 Reference Index.

For the 12-month period ending October 31, 2023 (the “reporting period”), the Fund increased 7.01% and the Underlying Index increased 6.86%. The Fund had a net asset value of $22.00 per share on October 31, 2022 and ended the reporting period with a net asset value of $23.47 on October 31, 2023.

During the reporting period, the highest returns came from Meta Platforms Inc Class-A and Nvidia Corp, which returned 223.39% and 202.32%, respectively. The worst performers were Enphase Energy Inc. and Lucid Group Inc., which returned -74.49% and -71.17%, respectively.

During the reporting period, evolving artificial intelligence capabilities bolstered investor sentiment in the technology sector and resulted in positive performance for the Fund and its holdings. Furthermore, the Federal Reserve’s pace of interest rate hikes slowed during the reporting period relative to that of the previous reporting period, which increased investor sentiment towards information technology and communication services sector holdings within the Fund. During the reporting period, by sector, the Fund retained its highest average exposures to Information Technology at 48.3%, Communication Services at 16.04% and Consumer Discretionary at 14.33%.

48

Management Discussion of Fund Performance (unaudited)

Global X NASDAQ 100^® Collar 95-110 ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* 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.

49

Management Discussion of Fund Performance (unaudited)

Global X S&P 500^® Tail Risk ETF

Global X S&P 500^® Tail Risk ETF

The Global X S&P 500^® Tail Risk ETF (the “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 (the “Underlying Index”). The Fund is passively managed and 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 (the “Reference Index”) and applies a protective put strategy (i.e. long (purchased) put options) on the Reference Index. The Underlying Index specifically reflects the performance of the component securities of the Reference 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 Reference Index.

For the 12-month period ending October 31, 2023 (the “reporting period”), the Fund increased 5.51%, while the Underlying Index increased 6.06%. The Fund had a net asset value of $23.21 per share on October 31, 2022 and ended the reporting period with a net asset value of $24.23 on October 31, 2023.

During the reporting period, the highest returns came from Meta Platforms Inc. Class-A and Nvidia Corp, which returned 223.39% and 202.32%, respectively. The worst performers were Signature Bank and SVB Financial Group, which returned -99.92% and -99.83%, respectively.

During the reporting period, the Fund recorded a positive return as revised market estimates of economic growth boosted investor confidence. Softening inflation data and the Federal Reserve’s slower pace of interest rate hikes positively impacted the performance of growth style companies held within the Fund. Artificial Intelligence and robotics technology supported additional growth avenues for technology sector constituents leading to optimistic sentiment amongst investors. Furthermore, positive inflation-adjusted wage growth in the labor market helped the U.S. economy remain resilient, and positively impacted U.S. consumer confidence, thus benefitting the Fund. During the reporting period, the Fund retained its highest average sector exposures to Information Technology at 25.68%, Health Care at 14.21% and Financials at 13.26%.

50

Management Discussion of Fund Performance (unaudited)

Global X S&P 500^® Tail Risk ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* 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.

51

Management Discussion of Fund Performance (unaudited)

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

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

The Global X S&P 500 Risk Managed Income ETF (the “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 (the “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 (the “Reference Index”) and applies an options collar strategy which is a mix of short (sold) call options and long (purchased) put options on the Reference Index. The Underlying Index specifically reflects the performance of the component securities of the Reference 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 Reference Index. The options collar seeks to generate a net-credit, meaning that the premium received from the sale of the call options will be greater than the premium paid when buying the put options.

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund decreased 0.61%, while the Underlying Index increased 0.16%. The Fund had a net asset value of $21.05 per share on October 31, 2022 and ended the reporting period with a net asset value of $18.56 on October 31, 2023.

During the reporting period, the highest returns came from Meta Platforms Inc Class-A and Nvidia Corp, which returned 223.39% and 202.32%, respectively. The worst performers were Signature Bank and SVB Financial Group, which returned -99.92% and -99.83%, respectively.

During the reporting period, subdued market volatility had an impact on the performance of the Fund. The Fund experienced a modestly negative return during the reporting period, underperforming its Reference Index. The Fund’s methodical net credit collar implementation lowered the Fund’s ability to retain upside participation during most of the reporting period. A steep downturn in the Fund’s holdings towards the end of the reporting period was only partially thwarted by the Fund’s put option protection. During the reporting period, the Fund had an average approximate sector exposure to Information Technology of 25.65%, Health Care at 14.15%, and Financials at 13.26%.

52

Management Discussion of Fund Performance (unaudited)

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

Growth of a $10,000 Investment

(At Net Asset Value)

* 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.

53

Management Discussion of Fund Performance (unaudited)

Global X S&P 500^® Collar 95-110 ETF

Global X S&P 500^® Collar 95-110 ETF

The Global X S&P 500^® Collar 95-110 ETF (the “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 (the “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 (the “Reference Index”) and applies an options collar strategy with a mix of short (sold) call options and long (purchased) put options on Reference Index. The Underlying Index specifically reflects the performance of the component securities of the Reference 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 Reference Index.

For the 12-month period ending October 31, 2023 (the “reporting period”), the Fund increased 2.20%, while the Underlying Index increased 2.79%. The Fund had a net asset value of $24.47 per share on October 31, 2022 and ended the reporting period with a net asset value of $24.68 on October 31, 2023.

During the reporting period, the highest returns came from Meta Platforms Inc Class-A and Nvidia Corp, which returned 223.39% and 202.32%, respectively. The worst performers were Signature Bank and SVB Financial Group, which returned -99.92% and -99.83%, respectively.

During the reporting period, better-than-expected corporate earnings in the U.S., spurred by softening inflation and resilient jobs data, weighed positively on holdings within the Fund. Concurrently, domestic equity markets derived optimism from the slowing pace of interest rate hikes being taken by the U.S. Federal Reserve. This environment promoted positive returns for the Fund, which had its largest average sector exposures within Information Technology at 25.59%, Health Care at 14.10% and Financials at 13.20%, during the reporting period.

54

Management Discussion of Fund Performance (unaudited)

Global X S&P 500^® Collar 95-110 ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* 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.

55

Management Discussion of Fund Performance (unaudited)

Global X Disruptive Materials ETF

Global X Disruptive Materials ETF

The Global X Disruptive Materials ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Disruptive Materials Index (the “Underlying Index”). The Fund is passively managed, which means the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to companies that produce metals and other raw or composite materials that have been identified as being essential to disruptive technologies such as lithium batteries, solar panels, wind turbines, fuel cells, robotics, and 3D printers. Each material has been determined by Solactive AG, the provider of the Underlying Index (the “Index Provider”) to be instrumental to the development and materialization of one or more disruptive technologies. Disruptive technologies refer to those technologies that are essential to the development and materialization of long-term, structural changes to existing products, services, industries, or sectors. Specifically, the Underlying Index will include securities issued by “Disruptive Materials Companies” as defined by the Index Provider.

For the 12-month period ended October 31, 2023 (the “reporting period”), the Fund decreased 19.96%, while the Underlying Index decreased 19.66%. The Fund had a net asset value of $18.07 per share on October 31, 2022 and ended the reporting period with a net asset value of $14.23 on October 31, 2023.

During the reporting period, the highest returns came from China Nonferrous Mining Corp. Ltd. and Southern Copper Corporation, which returned 77.19% and 58.23%, respectively. The worst performers were Jervois Global Ltd and Syrah Resources Ltd, which returned -93.20% and -72.45%, respectively.

The Fund generated negative returns during the reporting period as the performances of many disruptive materials producers were negatively impacted by dampened demand and higher supply levels amid global macroeconomic headwinds. In particular, prices for key battery materials such as lithium, graphite, cobalt, and nickel saw declines over the reporting period. These prices were primarily impacted by weakened demand and bearish sentiment due to the Chinese economy and the potential for resulting weakened demand for electric vehicles (EVs) and EV batteries. Furthermore, platinum miners continued to face short-term headwinds with a challenging operating environment due to South Africa’s energy crisis, as well as elevated production costs and lower platinum prices. During the reporting period, the Fund had an average approximate stock exposure of 27.62% in China and 19.14% in the United States.

56

Management Discussion of Fund Performance (unaudited)

Global X Disruptive Materials ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on January 24, 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 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.

57

Management Discussion of Fund Performance (unaudited)

Global X Dow 30^® Covered Call ETF

Global X Dow 30^® Covered Call ETF

The Global X Dow 30^® Covered Call ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the DJIA Cboe BuyWrite v2 Index (the “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 covered call strategy that holds a theoretical portfolio of the underlying stocks of the Dow Jones Industrial Average^® (the “Reference Index”) and “writes” (or sells) a succession of one-month at-the-money (“ATM”) covered call options on the Reference Index. The Underlying Index specifically reflects the performance of the component securities of the Reference Index, combined with written (sold) ATM call options corresponding to the value of the portfolio of stocks in the Reference Index.

For the 12-month period ending October 31, 2023 (the “reporting period”), the Fund increased 3.30%, while the Underlying Index increased 4.27%. The Fund had a net asset value of $21.89 per share on October 31, 2022 and it ended the reporting period with a net asset value of $20.89 on October 31, 2023.

During the reporting period, the highest returns came from Microsoft Corp and Intel Corp, which returned 47.06% and 32.70%, respectively. The worst performers were Walgreens Boots Alliance Inc and 3M Co, which returned -38.80% and -23.63%, respectively.

During the reporting period, the Fund recorded positive returns as a product of supportive data regarding the U.S. economy. Positive corporate earnings results, softening levels of inflation, and high consumer confidence positively impacted holdings within the Fund. Despite the Reference Index experiencing mostly muted levels of volatility, the Fund was still able to deliver modest outperformance relative to the Reference Index over the course of the reporting period. This outperformance was driven by the premiums received from the Fund’s covered call writing strategy. During the reporting period, the Fund had the highest average sector exposure to Financials at 20.33%, Health Care at 19.96% and Information Technology at 16.81%.

58

Management Discussion of Fund Performance (unaudited)

Global X Dow 30^® Covered Call ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on February 23, 2022.

The Dow Jones Industrial Average^®, Dow Jones, or simply the Dow, is a stock market index of 30 prominent companies listed on stock exchanges in the United States. The DJIA is one of the oldest and most commonly followed equity indexes.

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.

59

Management Discussion of Fund Performance (unaudited)

Russell 2000 Covered Call & Growth ETF

Global X Russell 2000 Covered Call & Growth ETF

The Global X Russell 2000 Covered Call & Growth ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Cboe Russell 2000 Half BuyWrite Index (the “Underlying Index”). The Fund is passively managed and 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 covered call strategy that holds a theoretical portfolio of the underlying stocks of 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 correspond to approximately 50% of the value of the portfolio of stocks in the Reference Index.

For the 12-month period ended October 31, 2022 (the “reporting period”), the Fund decreased 8.16%, while the Underlying Index decreased 7.66%. The Fund had a net asset value of $26.58 per share on October 31, 2022 and ended the reporting period with a net asset value of $22.38 on October 31, 2023.

During the reporting period, the Vanguard Russell 2000 ETF, the only equity holding of the Fund, returned -8.60%.

During the reporting period, holdings within the Fund experienced a sell-off as a product of rising interest rates and the fallout of the regional banking crisis. Thus, the Reference Index’s decline negatively impacted the performance of the Fund. Furthermore, performance was also deterred by biotechnology companies within the Fund as merger and acquisition activities remained stifled during the reporting period. When the market was volatile, the Fund collected elevated levels of option premiums, offsetting a portion of its negative equity performance. This led to the Fund’s outperformance of its Reference Index during the reporting period.

60

Management Discussion of Fund Performance (unaudited)

Russell 2000 Covered Call & Growth ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on October 4, 2022.

The Russell 2000 Index is a U.S. small-cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index. The index is maintained by FTSE Russell, a subsidiary of the London Stock Exchange Group.

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.

61

Management Discussion of Fund Performance (unaudited)

Global X Financials Covered Call & Growth ETF

Global X Financials Covered Call & Growth ETF

The Global X Financials Covered Call & Growth ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Cboe S&P Financial Select Sector Half BuyWrite Index (the “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 partially covered call strategy that holds a theoretical portfolio of the underlying securities of the Financial Select Sector Index (the “Reference Index”). The Index “writes” (or sells) a succession of one-month at-the-money covered call options on the Financial Select Sector SPDR Fund (the “Reference Fund”), or such other fund that seeks to track the performance of the Reference Index, as determined by Cboe. The call options correspond to approximately 50% of the value of the securities in the Reference Index, thereby representing a partially covered call strategy.

From the inception of the Fund to the period ending October 31, 2023 (the “reporting period”), the Fund decreased 5.40% and the Underlying Index decreased 4.31%. The Fund had a net asset value of $24.88 per share on November 21, 2022 and ended the reporting period with a net asset value of $22.30 on October 31, 2023.

During the reporting period, the highest returns came from Arch Capital Group Ltd. and Cboe Global markets Inc., which returned 51.64% and 34.19%, respectively. The worst performers were Signature Bank and First Republic Bank, which returned -99.82% and -99.73%, respectively.

Since its inception, the Fund has recorded negative returns as a product of banking sector volatility stemming from elevated interest rates. The U.S. regional banking crisis and its aftermath had a negative impact on investor confidence within the financial sector. These negative catalysts came in conjunction with higher loan charge-offs, which resulted in decreased equity valuations within the banking sector over the course of the reporting period. Financial company performance was also impaired by higher deposit funding costs due to higher short-term interest rates. A level of the downside performance associated with the Fund’s underlying equity positions was partially offset by premiums received from its covered call strategy.

62

Management Discussion of Fund Performance (unaudited)

Global X Financials Covered Call & Growth ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on November 21, 2022.

The Financial Select Sector Index is a modified market capitalization weighted index containing the securities of the S&P 500^® Index that are classified within the financials sector under the Global Industry Classification System (“GICS”), including securities of companies from the following industries: diversified financial services; insurance; banks; capital markets; mortgage real estate investment trusts (“REITs”); consumer finance; and thrifts and mortgage finance.

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.

63

Management Discussion of Fund Performance (unaudited)

Global X Health Care Covered Call & Growth ETF

Global X Health Care Covered Call & Growth ETF

The Global X Health Care Covered Call & Growth ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Cboe S&P Health Care Select Sector Half BuyWrite Index (the “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 partially covered call strategy that holds a theoretical portfolio of the underlying securities of the Health Care Select Sector Index (the “Reference Index”). The Index “writes” (or sells) a succession of one-month at-the-money covered call options on the Health Care Select Sector SPDR Fund (the “Reference Fund”), or such other fund that seeks to track the performance of the Reference Index, as determined by Cboe. The call options correspond to approximately 50% of the value of the securities in the Reference Index, thereby representing a partially covered call strategy.

From the Fund’s inception through the period ending October 31, 2023 (the “reporting period”), the Fund decreased 2.05%, while the Underlying Index decreased 2.26%. The Fund had a net asset value of $25.06 per share on November 21, 2022 and ended the reporting period with a net asset value of $23.42 on October 31, 2023.

During the reporting period, the highest returns came from Eli Lilly and Co and West Pharmaceutical Services, which returned 54.59% and 41.56%, respectively. The worst performers were Insulet Corp and Moderna Inc, which returned -57.61% and -57.02%, respectively.

Since its inception, the Fund recorded a negative return as a result of economic instability across the broader health care sector. Contracting operating margins, declining patient volumes, and pressured payer relationships impacted performance and, consequently, the Fund’s underlying holdings. Inflationary pressures increased the cost of drugs, equipment, and supplies, dampening investor sentiment over the course of the reporting period, including towards the U.S. health care sector. A level of the downside performance associated with the Fund’s underlying equity positions was partially offset by premiums received from its covered call strategy.

64

Management Discussion of Fund Performance (unaudited)

Global X Health Care Covered Call & Growth ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on November 21, 2022.

The Health Care Select Sector Index is a modified market capitalization weighted index containing the securities of the S&P 500^® Index that are classified within the health care sector under the Global Industry Classification System (“GICS”), including securities of companies from the following industries: pharmaceuticals; health care equipment and supplies; health care providers and services; biotechnology; life sciences tools and services; and health care technology.

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.

65

Management Discussion of Fund Performance (unaudited)

Global X Information Technology Covered Call & Growth ETF

Global X Information Technology Covered Call & Growth ETF

The Global X Information Technology Covered Call & Growth ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Cboe S&P Technology Select Sector Half BuyWrite Index. (the “Underlying Index”). The Fund is passively managed, and 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 partially covered call strategy that holds a theoretical portfolio of the underlying securities of the Information Technology Select Sector Index (the “Reference Index”). The Underlying Index “writes” (or sells) a succession of one-month at-the-money covered call options on the Information Technology Select Sector SPDR^® Fund, or such other fund that seeks to track the performance of the Reference Index, as determined by Cboe. The call options correspond to approximately 50% of the value of the securities in the Reference Index, creating a partially covered call strategy.

From inception of the Fund to the period ending October 31, 2023 (the “reporting period”), the Fund increased 23.27% and the Underlying Index increased 23.97%. The Fund had a net asset value of $24.74 per share on November 21, 2022 and ended the reporting period with a net asset value of $28.86 on October 31, 2023.

During the reporting period, the highest returns came from Nvidia Corp. and Broadcom Inc., which returned 166.40% and 66.96%, respectively. The worst performers were SolarEdge Technologies Inc and Enphase Energy Inc, which returned -74.80 % and -74.17%, respectively.

Since its inception, the Fund has recorded positive returns supported by evolving artificial intelligence (AI) capabilities, increased internal investment activity, and a heightened need for data security. Generative AI technology enabled companies to create personalized user experiences and made it easier for advertisers to produce targeted messaging. Thus, technology companies who offered generative AI solutions and/or technology largely benefited during the reporting period. These developments led to increased investor sentiment towards many of the holdings within the Fund.

66

Management Discussion of Fund Performance (unaudited)

Global X Information Technology Covered Call & Growth ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on November 21, 2021.

The Information Technology Select Sector Index is a modified market capitalization weighted index containing the securities of the S&P 500 Index^® that are classified within the information technology sector under the Global Industry Classification System (“GICS”), including securities of companies from the following industries: technology hardware, storage, and peripherals; software; communications equipment; semiconductors and semiconductor equipment; IT services; and electronic equipment, instruments and components.

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.

67

Management Discussion of Fund Performance (unaudited)

Global X Nasdaq 100^® ESG Covered Call ETF

Global X NASDAQ 100^® ESG Covered Call ETF

The Global X NASDAQ 100^® ESG Covered Call ETF (“Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Nasdaq-100 ESG BuyWrite Index (the “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 seeks to provide long exposure to an equity portfolio that applies a set of specific Environmental, Social and Governance (“ESG”) criteria as part of its security selection process, while also selling call options generally associated with such exposure. Specifically, the Underlying Index measures the performance of a covered call strategy, also known as a “buy-write” strategy, that seeks to provide long exposure by “buying” the underlying components of the Nasdaq-100 ESG Index (the “Reference Index”) and to generate options premium income by “writing” (selling) a succession of one-month, at-the-money (“ATM”) covered call options on the Nasdaq-100 Index. In seeking to track the Underlying Index, the Fund invests in the securities reflected in the Underlying Index by purchasing the underlying holdings of the Reference Index in proportion to their weight in the Reference Index, and systematically writing (selling) a succession of one-month, ATM covered call options on the Nasdaq-100 Index.

From inception of the Fund on February 21, 2023 through the period ending October 31, 2023 (the “reporting period”), the Fund increased 9.67%, while the Underlying Index increased 9.53%. The Fund had a net asset value of $24.46 per share on February 21, 2023 and ended the reporting period with a net asset value of $24.77 on October 31, 2023.

During the reporting period, the highest returns came from Nvidia Corp and Meta Platforms Inc., which returned 97.51% and 75.08%, respectively. The worst performers were SolarEdge Technologies Inc and Enphase Energy Inc, which returned -74.21% and -60.54%, respectively.

Since its inception, the Fund experienced positive returns as inflationary pressures lessened and supported the Federal Reserve’s decision to slow the pace of its interest rate hikes. This positively impacted growth-oriented names within the fund over the course of the reporting period. During the reporting period, the Fund had an average approximate sector exposure to Information Technology at 58.61% and Communication Services at 12.65%.

68

Management Discussion of Fund Performance (unaudited)

Global X Nasdaq 100^® ESG Covered Call ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on February 21, 2023.

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.

69

Management Discussion of Fund Performance (unaudited)

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

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

The Global X S&P 500^® ESG 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^® ESG BuyWrite Index (the “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 seeks to provide long exposure to an equity portfolio that applies a set of specific Environmental, Social and Governance criteria as part of its security selection process, while also “selling” call options generally associated with such exposure. Specifically, the Underlying Index measures the performance of a covered call strategy, also known as a “buy-write” strategy, that seeks to provide long exposure by “buying” the underlying components of the S&P 500 ESG Index (the “Reference Index”) and “writing” (selling) a succession of one-month, at-the-money (“ATM”) covered call options on the Reference Index to generate premium income.

From the inception of the Fund through the period ending October 31, 2023 (the “reporting period”), the Fund increased 1.79%, while the Underlying Index increased 2.42%. The Fund had a net asset value of $24.65 per share on February 21, 2023 and ended the reporting period with a net asset value of $23.79 on October 31, 2023.

During the reporting period, the highest returns came from Nvidia Corp and Eli Lilly & Co, which returned 97.51% and 69.93%, respectively. The worst performers were SolarEdge Technologies Inc and FMC Corp, which returned -73.41% and -57.01%, respectively.

Softening inflation and a deceleration of interest rate hikes by central banks around the world supported investor sentiment resulting in modestly positive performance for the Fund since its inception. Due to the Fund’s ATM call option writing strategy, the Fund has a propensity to underperform its Reference Index during times when the underlying asset is trending on a strong upward trajectory. Thus, the Reference Index’s increase during the reporting period led to the Fund trailing the Reference Index during the reporting period. The Fund produced its returns harnessing its largest sector exposures to Information Technology at 30.07%, Health Care at 13.95% and Financials at 12.56%.

70

Management Discussion of Fund Performance (unaudited)

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

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on February 21, 2023.

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.

71

Management Discussion of Fund Performance (unaudited)

Global X Dow 30^® Covered Call & Growth ETF

Global X Dow 30^® Covered Call & Growth ETF

The Global X Dow 30^® Covered Call & Growth ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Cboe DJIA Half BuyWrite Index (the “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 partially covered call strategy that holds a theoretical portfolio of the underlying stocks of the Dow Jones Industrial Average^® (the “Reference Index”) and “writes” (or sells) a succession of one-month at-the-money covered call options on the same. The call options correspond to approximately 50% of the value of the securities in the Reference Index, thereby creating a partially covered call strategy.

From the inception of the Fund through the period ending October 31, 2023 (the “reporting period”), the Fund decreased 5.35% and the Underlying Index decreased 5.31%. The Fund had a net asset value of $25.81 per share on July 25, 2023 and ended the reporting period with a net asset value of $24.20 on October 31, 2023.

During the reporting period, the highest returns came from Microsoft Corporation and Intel Corporation, which returned 47.06% and 32.70%, respectively. The worst performers were Walgreens Boots Alliance, Inc. and 3M Company, which returned -38.80% and -23.63%, respectively.

Since its inception, the Fund has recorded negative returns as a product of elevated interest rates and concerns over inflation, which in turn negatively impacted U.S. equities held by the Fund during the reporting period. Rising unemployment since the Fund’s inception and weaker consumer confidence, coupled with adverse geopolitical proceedings detracted from the Fund’s performance. Option premiums collected by the Fund helped dampen a level of the impact of its negative performance. During the reporting period, the Fund’s average sector exposure was most heavily weighted towards Health Care at 19.88%, followed by Financials 19.84%, and Information Technology 18.23%.

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Management Discussion of Fund Performance (unaudited)

Global X Dow 30^® Covered Call & Growth ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on July 25, 2023.

The Dow Jones Industrial Average^®, Dow Jones, or simply the Dow, is a stock market index of 30 prominent companies listed on stock exchanges in the United States. The DJIA is one of the oldest and most commonly followed equity indexes.

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.

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Sector Weightings (Unaudited)†:

† Sector weightings percentages are based on the total market value of investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

The accompanying notes are an integral part of the financial statements.

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The accompanying notes are an integral part of the financial statements.

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The accompanying notes are an integral part of the financial statements.

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Percentages are based on Net Assets of $2,095,790,645.

The following is a summary of the level of inputs used as of October 31, 2023, in valuing the Fund’s investments carried at value:

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

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

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Sector Weightings (Unaudited)†:

† Sector weightings percentages are based on the total market value of investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

The accompanying notes are an integral part of the financial statements.

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The accompanying notes are an integral part of the financial statements.

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