What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Millennials Thematic Index (“Secondary Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets.

The Secondary Index measures the performance of U.S. listed companies that provide exposure to the Millennial generation, (“Millennial Companies”). The Millennial generation refers to the demographic cohort in the US with birth years ranging from 1980 to 2000.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund decreased 0.35%, while the Secondary Index increased 0.11%. The Fund had a net asset value of $46.96 per share on December 1, 2024 and ended the reporting period with a net asset value of $46.69 per share on November 30, 2025.

Performance over the reporting period was slightly negative despite resilient U.S. spending in categories tied to digital commerce and leisure. E-commerce sales rose 5.30% year over year in Q2 2025 and overall retail and food-services sales were up 5.00% in August, with nonstore retailers up 10.10% and restaurants up 6.50%, supporting companies exposed to online shopping, travel, and dining. The Federal Reserve’s September move to lower the policy rate to a 4.00%–4.25% range improved financing conditions and sentiment toward growth and consumer-discretionary names. Still, inflation rates of close to 3.00% and consumer confidence near 94.60--below the benchmark 100 level--kept spending uneven, creating pockets of volatility for advertising- and retail-exposed holdings. A tailwind came from energy: the EIA projected that drivers’ gasoline outlays would fall to less than 2.00% of disposable income in 2025, easing pressure on discretionary budgets that benefit apparel, experiences, and ecommerce. Offsetting forces included new U.S. trade actions that lifted import costs and added pricing uncertainty for retailers and brands reliant on overseas sourcing. On balance, stronger online and experiential spending, an easier policy backdrop, and lower fuel burdens outweighed tariff-related and sentiment headwinds, supporting gains across consumer, internet, travel, and payments exposures.

Sector Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Aging Population Thematic Index (“Secondary 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 Secondary Index.

The Secondary Index is designed to track the performance of companies listed in developed markets that facilitate the demographic trend of longer average life spans and the aging of the global population. The Secondary Index provides access to companies involved in biotechnology, medical devices, pharmaceuticals, senior living facilities and specialized health care services, which respond to the needs of this demographic.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 16.09%, while the Secondary Index increased 16.58%. The Fund had a net asset value of $31.91 per share on December 1, 2024 and ended the reporting period with a net asset value of $36.70 per share on November 30, 2025.

The Fund’s performance over the reporting period was positive, supported by trends tied to aging demographics and continued adoption of care-enhancing technologies. Utilization rates at senior-living facilities remained strong, driving steady demand across related service providers. Convergence in the treatment of key age-related disorders also advanced, with improved diagnoses and wider use of metabolic therapies, such as GLP-1 medications, each expanding the addressable market for chronic-care management. Additionally, greater uptake of surgical devices and equipment continued to improve recovery times and procedure turnover for common orthopedic interventions, including hip and knee replacements. Together, these demand drivers helped offset policy and pricing headwinds across the broader healthcare landscape, allowing the Fund to post positive performance over the reporting period.

Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global FinTech Thematic Index (“Secondary 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 Secondary Index.

The Secondary Index is designed to provide exposure to exchange-listed companies in developed markets that provide financial technology products and services, including companies involved in mobile payments, peer-to-peer and marketplace lending, financial analytics software and alternative currencies as determined by Indxx, LLC, the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund decreased 9.18%, while the Secondary Index decreased 8.70%. The Fund had a net asset value of $33.96 per share on December 1, 2024 and ended the reporting period with a net asset value of $30.68 per share on November 30, 2025.

The Fund’s performance was negative during the reporting period, as regulatory uncertainty and cost pressures weighed on payments and financial software providers. A more accommodative interest-rate backdrop later in the reporting period provided some support for payments, software, and crypto-exposed companies following the U.S. Federal Reserve’s rate cut in September. Consumer activity remained resilient, including increased online retail volumes during major mid-year discount events, which supported transaction growth for payment networks and digital wallets. In Europe, easing monetary policy helped stabilize sentiment around payments platforms and processors. However, elevated U.S. inflation and tariff uncertainty weighed on margins through higher input costs and competitive discounting. Regulatory cross-currents in the United States related to open banking initiatives and proposed overdraft-fee caps introduced additional uncertainty around data-sharing and bank-fee economics, resulting in the Fund’s decline in performance over the reporting period.

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Internet of Things Thematic Index (“Secondary 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 Secondary Index.

The Secondary Index is designed to track the performance of companies that stand to potentially benefit from the broader adoption of the Internet of Things (“IoT”). This includes the development and manufacturing of semiconductors and sensors, integrated products and solutions, and applications serving smart grids, smart homes, connected cars, and the industrial internet.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 2.32%, while the Secondary Index increased 2.94%. The Fund had a net asset value of $36.14 per share on December 1, 2024 and ended the reporting period with a net asset value of $36.74 per share on November 30, 2025.

The Fund delivered a positive result over the reporting period, helped by a cyclical upswing in chips and sensors for connected devices, with industry data showing sustained year-over-year gains through mid‑to‑late 2025 in the Americas and Europe. Easing U.S. financial conditions after the September 2025 rate cut supported valuations for growth and technology exposures that supply connectivity and sensing content across markets. In Europe, the phased rollout of the AI Act added regulatory clarity for companies building AI‑enabled edge hardware and data‑rich devices. U.S. industrial policy remained a tailwind: CHIPS Act awards and a new advanced packaging center in New York aimed to strengthen domestic supply for communications components. In Japan, the shift away from negative rates influenced locally listed component makers, but policy guidance signaled only gradual normalization. Handset unit growth stayed modest, yet vendors' push toward on‑device AI increased semiconductor content per device, supporting suppliers leveraged to premium smartphones.

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Robotics & Artificial Intelligence Thematic Index (“Secondary 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 Secondary Index.

The Secondary Index is designed to track the performance of exchange-listed companies in developed markets that are involved in the development of robotics and/or artificial intelligence, including companies involved in developing industrial robots and production systems, automated inventory management, unmanned vehicles, voice/image/text recognition, and medical robots or robotic instruments.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 6.12%, while the Secondary Index increased 6.38%. The Fund had a net asset value of $33.25 per share on December 1, 2024 and ended the reporting period with a net asset value of $35.20 per share on November 30, 2025.

The Fund posted positive performance during the reporting period, aided by strong demand for semiconductors and factory automation tied to artificial intelligence buildouts. Global chip sales accelerated in 2025, creating a supportive backdrop for component suppliers and equipment makers exposed to data centers and AI infrastructure. In Japan, a key market for industrial robotics, industry data showed a clear rebound in robot orders from late 2024 through mid‑2025, which improved sentiment toward automation leaders. Currency headlines in Japan introduced bursts of volatility, but policymakers repeatedly signaled readiness to counter yen volatility, limiting effects on Japanese exporters. In Europe, the phased implementation of the EU’s AI Act added regulatory clarity for regional automation and AI suppliers, even as compliance costs begin to surface. In the United States, awards from the U.S. CHIPS and Science Act for advanced packaging and manufacturing and a partial reopening of licensed AI‑chip sales to China supported expectations for continued investment in AI hardware and related equipment, aiding sector performance.

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx U.S. Infrastructure Development Index (“Secondary 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 Secondary Index.

The Secondary Index is designed to measure the performance of U.S. listed companies that provide exposure to domestic infrastructure development, including companies involved in construction and engineering; production of infrastructure raw materials, composites and products; industrial transportation; and producers/distributors of heavy construction equipment (collectively, "U.S. Infrastructure Development Companies"), as defined by Indxx, LLC, the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 6.76%, while the Secondary Index increased 7.27%. The Fund had a net asset value of $45.71 per share on December 1, 2024 and ended the reporting period with a net asset value of $48.51 per share on November 30, 2025.

The Fund gained over the reporting period, supported by steady federal transportation funding and a robust pipeline of state-level projects. Non-residential building activity, driven by manufacturing and other commercial projects, as well as steady gains in infrastructure-related non-building work helped offset some of the softening in residential starts.  Record-high U.S. data center construction related to AI boosted activity across the infrastructure development value chain. Challenges included softer mid-year construction spending, manufacturing activity below expansion thresholds, and higher steel and aluminum tariffs. However, anticipated rate cuts improved financing conditions for capital projects, while policy shifts kept the construction planning pipeline moving forward, particularly for data centers and manufacturing. Overall, federal funding, municipal awards, and select private sector projects outweighed economic and cost headwinds, driving the Fund's positive performance.

Average Annual Total Returns as of November 30, 2025

Asset/Sector Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Autonomous & Electric Vehicles Index (“Secondary 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 Secondary Index.

The Secondary Index is designed to measure the performance of exchange-listed companies that are involved in the development of electric vehicles and/or autonomous vehicles, including companies that produce electric/hybrid vehicles, electric/hybrid vehicle components and materials, autonomous driving technology, and network connected services for transportation, (collectively, "Autonomous and Electric Vehicle Companies"), as defined by Solactive AG, the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 27.19%, while the Secondary Index increased 27.51%. The Fund had a net asset value of $23.64 per share on December 1, 2024 and ended the reporting period with a net asset value of $29.48 per share on November 30, 2025.

The Fund posted gains during the reporting period, supported by steady electric vehicle (“EV”) adoption in key markets. In China, extended vehicle trade-in subsidies and a growing range of more affordable EV models helped sustain demand and broaden the buyer base. In Europe, definitive tariffs on China-made battery EVs reduced price pressure on regional automakers and their suppliers, lending support to European holdings. In the United States, an accelerated expiration of certain EV tax credits prompted a short-term boost in EV sales as consumers moved to secure remaining incentives. Battery materials rebounded as supply curtailments raised the cost of lithium, which, despite raising input costs also signaled improved lithium battery supply chain fundamentals. A more accommodative U.S. interest rate outlook later in 2025, as well as advancements in autonomous technologies, also supported valuations across growth and tech-linked exposures.

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Artificial Intelligence & Big Data Index (“Secondary 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 Secondary Index.

The Secondary Index is designed to measure the performance of exchange-listed companies that are positioned to benefit from the further development and implementation of artificial intelligence (“AI”) technology, as well as to companies that provide hardware for the development of artificial intelligence, as determined by Indxx Inc., the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 29.42%, while the Secondary Index increased 30.22%. The Fund had a net asset value of $38.75 per share on December 1, 2024 and ended the reporting period with a net asset value of $50.08 per share on November 30, 2025.

The Fund recorded positive returns over the reporting period, supported by heavy AI infrastructure buildouts from major U.S. cloud platforms, such as Microsoft, Alphabet, and Amazon, supporting demand across semiconductors, software, and data-center equipment. Strong earnings further reinforced this demand backdrop and aided sentiment across key semiconductor and networking holdings. The U.S. government’s expanded restrictions on advanced AI chip exports largely redirected capacity toward U.S. cloud customers and other markets the Fund is exposed to, mitigating downside. Easing U.S. rate expectations reduced discount‑rate pressure on longer‑duration tech assets. Although periodic volatility emerged amid debates over AI model efficiency and spending intensity, substantial hyperscaler investment, solid earnings, and manageable policy headwinds ultimately supported gains.

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Genomics Index (“Secondary 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 Secondary Index.

The Secondary Index is designed to measure the performance of exchange-listed companies that are positioned to benefit from further advances in the field of genomic science, as well as applications thereof, as determined by Solactive AG, the provider of the Secondary Index. Genomics Companies may include companies in the biotechnology industry. Companies in the biotechnology industry include companies that are involved in business activities related to the research, development, manufacturing and/or marketing of products based on genetic analysis and genetic engineering.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 7.26%, while the Secondary Index increased 7.65%. The Fund had a net asset value of $10.83 per share on December 1, 2024 and ended the reporting period with a net asset value of $46.42 per share on November 30, 2025. On August 29, 2025, the Fund effected a reverse stock split at a ratio of 1:4. The reverse stock split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

The Fund posted a positive result over the reporting period, supported by policy and regulatory catalysts across core genomics and biotech exposures. U.S. access policy improved when Centers for Medicare & Medicaid Services launched its Cell and Gene Therapy Access Model with participation from 33 states plus D.C. and Puerto Rico, signaling broader Medicaid coverage for high-cost gene therapies. Regulatory momentum helped as the U.S. Food and Drug Administration cleared new genetic medicines, including the first cell-based gene therapy for recessive dystrophic epidermolysis bullosa and a companion diagnostic for targeted oncology. The U.S. Federal Reserve's September 2025 rate cut eased financial conditions, benefiting research-heavy healthcare companies. These supports were partly offset by China's ban on imports of a leading U.S. sequencing company's instruments, which pressured some Fund holdings. Overall, policy tailwinds and U.S. approvals outweighed trade-related weakness, helping the Fund finish positively during the reporting period.

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Cloud Computing Index (“Secondary 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 Secondary Index.

The Secondary Index is designed to measure the performance of exchange-listed companies that are positioned to benefit from the increased adoption of cloud computing technology, including but not limited to companies whose principal business is in offering computing Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), Infrastructure-as-a-Service (IaaS), managed server storage space and data center REITs, and/or cloud and edge computing infrastructure and hardware (collectively, “Cloud Computing Companies”), as defined by Indxx LLC, the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund decreased 7.83%, while the Secondary Index decreased 7.25%. The Fund had a net asset value of $24.64 per share on December 1, 2024 and ended the reporting period with a net asset value of $22.71 per share on November 30, 2025.

The Fund's performance was negative during the reporting period, reflecting a challenging environment for growth-oriented technology equities. While easing U.S. monetary policy and improved regulatory clarity for large cloud platforms provided some support, these factors were outweighed by periods of market volatility and pressure on valuation multiples for longer-duration software and technology companies. Inflation remained near 3% year over year into September 2025, contributing to cautious investor sentiment toward growth equities. Trade policy uncertainty persisted for much of the period, though tariff exemptions helped limit near-term cost pressures across hardware and data-center supply chains. Demand for cloud infrastructure, data centers, and AI-related workloads remained a longer-term positive, but was insufficient to offset headwinds facing the sector during the reporting period.

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Cybersecurity Index (“Secondary 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 Secondary Index.

The Secondary Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from increased adoption of cybersecurity technology, including but not limited to companies whose principal business is in the development and management of security protocols preventing intrusion and attacks on systems, networks, applications, computers, and mobile devices, as determined by the index provider.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund decreased 5.95%, while the Secondary Index decreased 5.55%. The Fund had a net asset value of $33.44 per share on December 1, 2024 and ended the reporting period with a net asset value of $31.42 per share on November 30, 2025.

The cybersecurity sector faced uneven conditions during the reporting period, with policy support and long-term demand drivers offset by periods of market volatility, which negatively impacted the Fund's performance. In Europe, the implementation of the Network and Information Security Directive 2 (NIS2) in October 2024 and the entry into force of the EU’s Cyber Resilience Act in December 2024 reinforced multi-year compliance-driven spending, though impacts were gradual over. In the United States, federal support continued to underpin cybersecurity investment across public-sector and critical-infrastructure projects, and sector sentiment was further supported by ongoing investment and M&A activity. However, valuation pressure on growth-oriented software companies and broader market volatility weighed on cybersecurity equities. Additionally, a late-period U.S. government shutdown that furloughed much of the Cybersecurity and Infrastructure Security Agency (CISA) and allowed certain information-sharing protections to lapse also introduced uncertainty. As a result, the Fund’s performance was negative over the reporting period.

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Nasdaq Dorsey Wright Thematic Rotation™ Total Return Index (the “Secondary Index”).

The Secondary Index is designed to measure the performance of thematic strategies using a portfolio of exchange-traded funds (“ETFs”) issued by Global X Funds^® that target a specific theme or that has a significant overweight toward a particular theme (each, an "Underlying ETF"), as determined by the Nasdaq, Inc., the provider of the Secondary Index (“Index Provider”). The Secondary Index allocates equal index weights among the five highest-ranked Underlying ETFs within the Nasdaq Dorsey Wright Relative Strength Matrix, a proprietary, momentum-based quantitative methodology developed by the Index Provider.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 0.61%, while the Secondary Index increased 0.33%. The Fund had a net asset value of $25.46 per share on December 1, 2024 and ended the reporting period with a net asset value of $25.42 per share on November 30, 2025.

The Fund delivered a positive result over the reporting period, supported by U.S. macro and policy developments aligned with its technology, consumer internet, and digital asset themes. The U.S. Federal Reserve’s September 2025 rate cut lowered discount rates and improved risk appetite for high‑growth, long‑duration holdings. Consumer internet allocations benefited from steady online activity, with second‑quarter 2025 e‑commerce sales up quarter‑over‑quarter and year‑over‑year, supporting positions tied to online retail demand. Social media exposure was influenced by regulatory shifts after the U.S. Supreme Court upheld the ban‑or‑sale law for a major Chinese-owned short‑form video platform, a move that likely redirected advertising budgets toward U.S. platforms held by the Fund. Policy clarity in digital assets also aided sentiment, including the passing of federal stablecoin legislation in the U.S., which bolstered the payments and blockchain ecosystem that underpin related equity holdings. Additionally, evolving U.S. export controls on advanced AI chips and continued CHIPS Act incentives steered more of the advanced‑computing supply chain and investment toward the U.S., a mixed but generally supportive backdrop for domestic AI, cloud, and semiconductor holdings.

Asset Weightings^{Footnote Reference*}

Top Holdings

Material Fund Changes

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at https://www.globalxetfs.com/funds/gxdw/ or upon request at 1-888-493-8631.

At a meeting held on November 19, 2024, the Board of Trustees of the Fund approved changes to the Fund's name, ticker, Secondary Index, 80% investment policy, and principal investment strategies.

Effective April 1, 2025, the Fund changed its name and ticker from Global X Thematic Growth ETF (GXTG) to Global X Dorsey Wright Thematic ETF (GXDW). In addition, the Fund’s underlying index changed from the Solactive Thematic Growth Index to the Nasdaq Dorsey Wright Thematic Rotation™ Index, with Nasdaq, Inc. as the new index provider. Effective April 1, 2025, the Fund’s investment objective is to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Secondary Index and its principal strategy is to invest at least 80% of its total assets in the securities of the Secondary Index.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Video Games & Esports Index (“Secondary Index”). The Fund is passively managed, and generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from increased consumption related to video games and esports, including companies whose principal business is in video game development/publishing, video game and esports content distribution and streaming, operating/owning esports leagues/teams, and producing video game/esports hardware. To be eligible for the Secondary Index, a company must generate at least 50% of its revenues from video games and esports activities, as defined by the Index Provider.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 30.85%, while the Secondary Index increased 31.28%. The Fund had a net asset value of $24.35 per share on December 1, 2024 and ended the reporting period with a net asset value of $31.44 per share on November 30, 2025.

The Fund posted a positive performance over reporting period. A late-cycle shift in U.S. monetary policy, including a September 2025 rate cut, lowered discount rates and helped support growth-oriented gaming equities tied to consumer discretionary spending and digital advertising, aiding sentiment across the theme. In Europe, enforcement of the Digital Markets Act forced changes to App Store rules and fees, allowing more steering to alternative payments, supporting margin improvement and user acquisition flexibility for mobile game developers. In Japan, policy normalization alongside periods of Yen weakness tied to political developments provided a tailwind to exporters’ reported earnings and valuations within the interactive entertainment space. Taken together, easier U.S. financial conditions, a friendlier approval environment in China, and EU platform rule changes collectively outweighed intermittent headwinds, supporting gains across the fund’s core geographies and industry exposures.

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X HealthTech Index ("Secondary Index"). The Secondary Index is owned and was developed by Global X Management Company, LLC (the "Index Provider"), an affiliate of the Fund and its investment adviser and is administered by Mirae Asset Global Indices Pvt. Ltd., an affiliate of the Index Provider.

The Secondary Index is designed to track the performance of Healthcare Technology companies, including providers of healthcare software and analytics, smart medical devices, technology-enabled healthcare services, and artificial intelligence-driven drug discovery.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 1.13%, while the Secondary Index increased 1.69%. The Fund had a net asset value of $10.46 per share on December 1, 2024 and ended the reporting period with a net asset value of $31.71 per share on November 30, 2025. On August 29, 2025, the Fund effected a reverse stock split at a ratio of 1:3. The reverse stock split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

Performance over the reporting period was positive, supported by a more favorable U.S. policy and interest-rate backdrop for health-technology companies. The Federal Reserve’s September 2025 rate cut helped ease discount rate pressure and reduced funding costs, providing a tailwind for growth-oriented digital-health and medtech businesses. The calendar year 2025 Physician Fee Schedule also expanded telehealth services and maintained virtual-supervision allowances, supporting broader adoption of remote-care tools. Online pharmacies gained traction in 2025 as improved access to high-demand treatments like GLP-1s accelerated consumer uptake. In Europe, initial obligations under the AI Act took effect in 2025, with additional requirements coming online in August and creating both compliance costs and clearer guardrails for AI-enabled clinical software. Overall, the Fund delivered positive returns as easier financial conditions and supportive U.S. reimbursement policy outweighed regulatory considerations.

Country Weightings^{Footnote Reference*}