Global X Income Outlook
September 2021

Table of contents•

Charts:oRising Consumer Costso

Yield By Sector and Asset Classo

Duration by Fixed Income Asset Classo

Equity and Sector Valuationso

Dividend Yields by US & Ex-US High Dividend EquitiesoImplied Volatility Vs Implied Option Premium ChartsoIndex Characteristicso

Fixed Income Duration and YieldsoTreasury Yield SpreadsoYield by Credit-Rating ComparisonoAsset Class Correlation•

Income Family: Explore Our Funds•

Definitions•

Risk Information© Global X Management Company LLC
Confidential | All numbers are approximate

1

GLOBAL X INCOME OUTLOOK

9/30/2021

US CPI & PCE YoY Growth
Source: Bloomberg, Bureau of Economic Analysis, Bureau of Labor Statistics. Data from 9/30/20 to 8/30/21.
6%
5%
4%
3%
2%
1%
0%
09/2020

10/2020

11/2020

12/2020

01/2021YoY Consumer Price Index Growth (CPI)

02/2021

03/202104/202105/202106/2021

07/2021

08/2021

YoY US Personal Consumption Expenditure Index Growth (PCE)European Natural Gas Prices Are Surging This Year
Source: Bloomberg. Data from 3/31/21 to 9/30/21.
3530

USD ($)

25
20
15
10
5

0
3/31/2021

4/30/2021

5/31/2021
Henry Hub (US) Natural Gas

6/30/2021

7/31/2021

8/31/2021

9/30/2021

Netherlands TTF Natural Gas (USD pricing)© Global X Management Company LLC
Confidential | All numbers are approximate

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GLOBAL X INCOME OUTLOOK

9/30/2021

US TSA Traveler Data
Source: TSA. Data from 9/30/19 to 9/30/21.

3

2.5

Millions

2

1.5

1

0.5

0
09/2019

12/2019

03/2020

06/2020

09/2020

12/2020© Global X Management Company LLC
Confidential | All numbers are approximate

03/202106/2021

09/2021

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GLOBAL X INCOME OUTLOOK

9/30/2021

YIELD BY ASSET CLASS 1 (%)
Source: Bloomberg and Federal Reserve as of 9/30/2021

S&P 500 SECTOR YIELD (%)
Source: Bloomberg as of 9/30/2021(1) Asset class representations are as follows, MLPs, S&P MLP Index; High Yield Bonds, Bloomberg US Corporate High Yield Total Return Index; Emerging Market (EM) Bonds, Bloomberg EM USD
Aggregate Total Return Index; Corporate Bonds, Bloomberg US Corporate Total Return Index; REITs, FTSE NAREIT All Equity REITS Index; Equities, S&P 500 Index; and Preferreds, BofA Merrill Lynch
Fixed Rate Preferred Securities Index.

© Global X Management Company LLC
Confidential | All numbers are approximate

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GLOBAL X INCOME OUTLOOK

9/30/2021

EQUITY VALUATIONS (EV/EBITDA) – 5 YEAR AVERAGE 2
Source: Bloomberg as of 9/30/2021

S&P 500 SECTOR VALUATIONS (EV/EBITDA)
Source: Bloomberg as of 9/30/2021(2) Asset class representations are as follows, MLPs, S&P MLP Index; US Small Cap Equities, Russell 2000 Index; Emerging Market High Dividend Equities, MSCI Emerging Markets High Dividend Yield
Index; Asia ex-Japan High Dividend Equities, MSCI AC Asia ex Japan High Dividend Yield Index; REITs, FTSE NAREIT All Equity REITS Index; US Large Cap High Dividend Equities, MSCI USA HighDividend Yield Index; and European High Dividend Equities, MSCI Europe High Dividend Yield Index; Global High Dividend Equities, MSCI ACWI High Dividend Yield Index.

© Global X Management Company LLC
Confidential | All numbers are approximate

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GLOBAL X INCOME OUTLOOK

9/30/2021

Dividend Yields by US & Ex-US High Dividend Equities 3
Source: Bloomberg as of 9/30/2021

International high dividend equities offer meaningful yield spreads compared to their US counterparts. The slower international COVID-19 recovery
and the underperformance of value stocks in Q2 likely kept spreads wide, but regional opportunities in international equities exist for income
investors in Europe and Asia.

US & Ex-US High Dividend Equity Yields
7%

6%

5%

4%

3%

2%
Sep-16

Jan-17May-17

Sep-17Jan-18May-18

Sep-18Jan-19US High Dividend Equities

May-19Sep-19Jan-20May-20

Sep-20Jan-21

May-21

Sep-21

Ex-US High Dividend Equities(3) Asset class representations are as follows, US High Dividend Equities, MSCI USA High Dividend Yield Index; Ex US High Dividend Equities, MSCI ACWI Ex USA High Dividend Yield Gross Total Return
USD Index© Global X Management Company LLC
Confidential | All numbers are approximate

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GLOBAL X INCOME OUTLOOK

9/30/2021

S&P 500 IMPLIED VOLATILITY VS IMPLIED 1-MONTH AT-THE-MONEY-OPTION PREMIUM
Source: Bloomberg & CBOE as of 9/30/2021. Premiums measured by Black Scholes model for an S&P 500 Index Option with 1 -Month AtThe-Money Vanilla European Call Option sold using standard index option dates of third Thursday closeout and third Friday open.

The COVID-19 pandemic drove volatility on major equity indices up, and options premiums stayed elevated with it. Higher implied volatility is positively
correlated to higher options premiums. Implied volatility today remains higher than pre-pandemic levels for indexes like the Nasdaq 100 and Russell
2000.
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

8%
7%

6%
5%
4%
3%
2%
1%
0%

Oct-16

Feb-17 May-17 Aug-17

Dec-17Mar-18

Jul-18Oct-18

Feb-19 May-19 Sep-19

Implied Volatility (LHS)

Dec-19Apr-20Jul-20

Oct-20Feb-21 May-21 Sep-21

Implied Premium (RHS)

NASDAQ 100 IMPLIED VOLATILITY VS IMPLIED 1-MONTH AT-THE-MONEY-OPTION PREMIUM
Source: Bloomberg & CBOE as of 9/30/2021. Premiums measured by Black Scholes model for a Nasdaq 100 Index Option with 1 -Month AtThe-Money Vanilla European Call Option sold using standard index option dates of third Thursday closeout and third Friday open.
100%

8%

80%

6%

60%

4%

40%

2%

20%
0%
Oct-160%
Feb-17

Jun-17

Sep-17Jan-18May-18Aug-18Dec-18Implied Volatility (LHS)

Apr-19Jul-19

Nov-19Mar-20Jun-20

Oct-20Feb-21

May-21

Sep-21

Implied Premium (RHS)© Global X Management Company LLC
Confidential | All numbers are approximate

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GLOBAL X INCOME OUTLOOK

9/30/2021

RUSSELL 2000 IMPLIED VOLATILITY VS IMPLIED 1-MONTH AT-THE-MONEY-OPTION PREMIUM
Source: Bloomberg & CBOE as of 9/30/2021. Premiums measured by Black Scholes model for a Russell 2000 Index Option with 1 -Month AtThe-Money Vanilla European Call Option sold using standard index option dates of third Thursday closeout and third Friday open.
80%

8%

70%

7%

60%

6%

50%

5%

40%

4%

30%

3%

20%

2%

10%

1%

0%
Oct-16 Feb-17 Jun-17 Sep-17 Jan-18 May-18 Aug-18 Dec-18 Apr-19
Implied Volatility (LHS)

Jul-190%
Nov-19 Mar-20 Jun-20 Oct-20 Feb-21 May-21 Sep-21

Implied Premium (RHS)

INDEX CHARACTERISTICS
Source: Bloomberg as of 9/30/2021© Global X Management Company LLC
Confidential | All numbers are approximate

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GLOBAL X INCOME OUTLOOK

9/30/2021

US 10-YEAR BREAKEVEN TO CONSUMER PRICE INDEX (%)
Source: Bloomberg as of 9/30/2021
Breakeven Treasury yields measure the market’s inflation expectations based on the difference between nominal bond yields and inflation
protected bond yields of the same maturity. Q2 CPI numbers were significantly higher due to lower COVID-19 induced base numbers, but these highlevels are expected to be transitory.
6.00

5.00

4.00

3.00
Difference
Difference

2.00

1.00

0.00
Oct-16Oct-17Oct-18CPI Inflation Index

Sep-19Sep-20

Sep-21

10 Year Breakeven Treasury Yield© Global X Management Company LLC
Confidential | All numbers are approximate

9

GLOBAL X INCOME OUTLOOK

9/30/2021

SWAP SPREAD TO TREASURY YIELDS
Source: Bloomberg as of 9/30/2021

Swap spreads are the difference between the fixed-rate payment on a swap and the yield on government bonds of the same maturity. Short andmid duration yields are expected to rise modestly, while long duration yields are forecasted to fall, implying a flattening of the yield curve.

CENTRAL BANKS POLICY RATES AND FUTURE PROJECTIONS
Source: Bloomberg as of 9/30/2021© Global X Management Company LLC
Confidential | All numbers are approximate

10

GLOBAL X INCOME OUTLOOK

9/30/2021

CREDIT SPREAD TO 10-YEAR TREASURY YIELD 5
Source: Bloomberg as of 9/30/2021
Credit spreads have been tightening considerably after the initial COVID-19 induced spike. Supported by the Federal Reserve and investor
euphoria surrounding the re-opening economy, high yield spreads against the 10-year fell to their lowest levels since 2014.

5%
4%
3%
2%
1%
0%
Aug-16

Jan-17

Jun-17Oct-17Mar-18Aug-18Dec-18May-19Investment Grade Bonds Yield

Oct-19Mar-20Jul-20Dec-20May-21

Sep-21

Dec-20May-21

Sep-21

Spread to 10-Year Treasury

12%
10%
8%
6%
4%
2%
0%
Aug-16

Jan-17

Jun-17Oct-17Mar-18Aug-18Dec-18High Yield Bonds Yield

May-19Oct-19Mar-20Jul-20Spread to 10-Year Treasury(5) Asset class representations are as follows, High Yield Bonds, Bloomberg US Corporate High Yield Total Return Index; Investment Grade Bonds, Bloomberg US Corporate Total Return Index;10 Year
Treasuries, United States Government Bond 10Y. Investment Grade and High Yield represented by Yield to Worst metric.

© Global X Management Company LLC
Confidential | All numbers are approximate

11

GLOBAL X INCOME OUTLOOK

9/30/2021

YIELD BY CREDIT-RATING COMPARISON 6
Source: Bloomberg as of 9/30/2021

A

2.66%

2.81%
2.91%

2.25%

1.95%

2.12%

1.80%

1.06%

1.14%

1.23%
0.65%

0.68%

0.59%
0.12% 0.16%

2.42%

2.62%

0.31%

0.16% 0.22%

0.38%

0.16% 0.21%

BBB

0.36%

BB
3.12%

3.27%
4.75% 4.85%

2.50%
4.14%
3.10%

1.51%

2.25%
0.90%
0.30% 0.41%

0.59%

1.82%
1.13%

1.45%

(6) Ratings are based on the composite average of the three rating agencies that is Moody’s, S&P, & Fitch and are measured on a scale that generally ranges from AAA (highest) to D (lowest). Yield rates are
for US senior unsecured bonds denominated in USD with Bloomberg composite rating that have BVAL prices at the market close. BVAL prices are as per Bloomberg Valuation Service (BVAL) which is anevaluated pricing service for measuring, monitoring and managing the value of existing fixed income positions.

© Global X Management Company LLC
Confidential | All numbers are approximate

12

GLOBAL X INCOME OUTLOOK

9/30/2021

DURATION BY FIXED INCOME ASSET CLASS 4 (Years)
Source: Bloomberg as of 9/30/2021
10

8.71

8
6.71
6
4.62

5.19

5.41

6.93

5.48

3.97
4

2

1.76

2.13

0
Convertible
Bonds

Variable Rate High Yield Bonds
Preferreds

MBS

Municipal Bonds Broad Preferreds

TIPS

Investment Emerging Market Corporate Bonds
Grade Bonds
Bonds

FIXED INCOME YIELDS (YIELD TO WORST) – 5 YEAR AVERAGE 4
Source: Bloomberg as of 9/30/2021
7
5.82

6
5
4

4.04

4.20

4.82

4.74
3.00

3

2.02

2.13

2.95
2.10

2

2.45
1.83

2.28
1.56

1.98
1.12

1.90
1.17

1.07 1.05

10High Yield Bonds

EM Bonds

Variable Rate Corporate BondsBroad Preferreds
Preferreds
Current

MBS

Investment
Grade Bonds

Municipal Bonds

TIPS

Convertible
Bonds

5 Year Avg(4) Asset class representations are as follows, Convertible Bonds, Bloomberg US Convertible Bond Index; Variable Rate Preferreds, ICE US Variable Rate Preferred Securities Index; MBS, Bloomberg US
MBS Index; High Yield Bonds, Bloomberg US Corporate High Yield Total Return Index; Broad Preferreds, ICE BofAML Diversified Core US Preferred Securities Index; Municipal Bonds; Bloomberg
Municipal Bond Index; Bloomberg Agg Index, Bloomberg US Aggregate Bond Index; Emerging Market (EM) Bonds, Bloomberg EM USD Aggregate Total Return Index; TIPS, Bloomberg US Treasury
Inflation Notes TR Index; Corporate Bonds, Bloomberg US Corporate Total Return Index© Global X Management Company LLC
Confidential | All numbers are approximate

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GLOBAL X INCOME OUTLOOK

9/30/2021

CORRELATION BY ASSET CLASS TO 7-10 YEAR TREASURY 7 (5-Year)
Source: Bloomberg as of 9/30/2021

ASSET CLASS CORRELATION 7 (5-Year)
Source: Bloomberg as of 9/30/2021(7) Asset class representations are as follows, MLPs, S&P MLP Index; High Yield Bonds Bloomberg US Corporate High Yield Total Return Index; Emerging Market (EM) Bonds, Bloomberg EM USD
Aggregate Total Return Index; Corporate Bonds, Bloomberg US Corporate Total Return Index; REITs, FTSE NAREIT All Equity REITS Index; High Dividend Equities, MSCI USA High Dividend Yield Index;
US Equities, S&P 500 Index; 7 - 10 Year Treasuries, Bloomberg U.S. Treasury: 7-10 Year Index; and Preferreds, BofA Merrill Lynch Fixed Rate Preferred Securities Index.

© Global X Management Company LLC
Confidential | All numbers are approximate

14

GLOBAL X INCOME OUTLOOK

9/30/2021

Offering solutions for investors seeking to increase or diversify the yield potential of their portfolio, the Income family offers dividend
strategies – including our SuperDividend® ETFs – as well as products targeting MLPs and renewable energy, preferreds, covered calls,
Risk Managed Income, Emerging Market Bonds, and our TargetIncome ETFs.

Dividend
SDIV

SuperDividend® ETF

DIVSuperDividend® U.S. ETF

SRET

MLPs & Energy
MLPA

MLP ETF

SuperDividend® REIT ETF

MLPX

MLP & Energy Infrastructure ETF

SDEM

MSCI SuperDividend® Emerging Markets ETF

Preferreds

ALTY

Alternative Income ETF

SPFF

SuperIncomeTM Preferred ETF

EFAS

MSCI SuperDividend® EAFE ETF

PFFD

U.S. Preferred ETF

QDIV

S&P 500® Quality Dividend ETF

PFFVVariable Rate Preferred ETF

Covered Call

Risk Managed Income

QYLD

Nasdaq 100 Covered Call ETF

XYLD

S&P 500 Covered Call ETF

RYLD

Russell 2000 Covered Call ETF

QYLG

S&P 500 Covered Call & Growth ETF

XYLG

Nasdaq 100 Covered Call & Growth ETF

QRMI

Nasdaq 100 Risk Managed Income ETF

XRMI

S&P 500 Risk Managed Income ETF

Fixed Income
EMBD

Emerging Markets Bonds ETF© Global X Management Company LLC
Confidential | All numbers are approximate

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GLOBAL X INCOME OUTLOOK

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Definitions
For more information on high income strategies, please visit: www.globalxetfs.com/income-etfs
S&P MLP Index provides investors with exposure to the leading partnerships that trade on the NYSE and NASDAQ. The index includes both master
limited partnerships (MLPs) and publicly traded limited liability companies (LLCs), which have a similar legal structure to MLPs and share the same tax
benefits.
Bloomberg US Corporate High Yield Total Return Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities areclassified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of
risk, based on the indices’ EM country definition, are excluded.
Bloomberg EM USD Aggregate Total Return Index is a flagship hard currency Emerging Markets debt benchmark that includes fixed and floating-rate
USD dollar-denominated debt issued from sovereign, quasi-sovereign, and corporate EM issuers.
FTSE NAREIT All Equity REITS Index is a free float adjusted market capitalization weighted index that includes all tax qualified equity REITs listed in the
NYSE, AMEX, and NASDAQ National Market.
The Bloomberg US Corporate Total Return Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD
denominated securities publicly issued by US and non-US industrial, utility and financial issuers.
MSCI USA High Dividend Yield Index is based on the MSCI USA Index, its parent index, and includes large and mid cap stocks. The index is designed toreflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend
yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks withpotentially deteriorating fundamentals that could force them to cut or reduce dividends.
S&P 500 Index tracks the performance of 500 leading U.S. stocks and captures approximately 80% coverage of available U.S. market capitalization. It is
widely regarded as the best single gauge of large-cap U.S. equities.
ICE BofA Merrill Lynch Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in
the U.S. domestic market.
MSCI ACWI Index captures large and mid cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. The index
covers approximately 85% of the global investable equity opportunity set. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland,
France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK
and the US. EM countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico,
Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
The Bloomberg US Treasury: 7-10 Year Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury with 7-9.9999 years
to maturity.
At-The-Money (ATM) is when an option’s strike price is equal to the current market price of the underlying security.

© Global X Management Company LLC
Confidential | All numbers are approximate

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GLOBAL X INCOME OUTLOOK

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Definitions Continued
Correlation is a measure that shows how two securities move in relation to each other. A correlation of 1 implies that the securities will exhibit the same
price movements. A correlation of 0 means the securities demonstrate completely unrelated price movements.
Dividend Yield is a financial ratio that measures the quantum of cash dividends paid out to shareholders relative to the market value per share.
Dividend Growth rate is the annualized percentage rate of growth that a particular stock's dividend undergoes over a period of time.

Return on Equity is the amount of net income returned as a percentage of shareholders equity. It measures a corporation's profitability by revealing how
much profit a company generates with the money shareholders have invested.
Price to Earnings is a ratio for valuing a company that measures its current share price relative to its per-share earnings
Price to Book is a ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by thelatest quarter's book value per share.
Price to Sales is a valuation ratio that compares a company's stock price to its revenues.
Dividend Coverage is the ratio of company's earnings (net income) over the dividend paid to shareholders, calculated as net profit or loss attributable toordinary shareholders by total ordinary dividend.
Earnings Growth is the percentage change in a firm's earnings per share (EPS) in a period, as compared with the same period from the previous year
Leverage (Debt to EBITDA) ratio is a measurement of leverage, calculated as a company's interest-bearing liabilities minus cash or cash equivalents,
divided by its EBITDA. EBITDA is the earnings before interest, taxes, depreciation, and amortization.
US Composite AAA BVAL yield rates for US senior unsecured bonds denominated in USD with Bloomberg composite rating AAA that have BVAL prices
at the market close.
US Composite AA BVAL yield rates for US senior unsecured bonds denominated in USD with Bloomberg composite rating AA that have BVAL prices at
the market close.

US Composite A BVAL yield rates for US senior unsecured bonds denominated in USD with Bloomberg composite rating A that have BVAL prices at themarket close.
US Composite BBB BVAL yield rates for US senior unsecured bonds denominated in USD with Bloomberg composite rating BBB that have BVAL prices
at the market close.
US Composite BB BVAL yield rates for US senior unsecured bonds denominated in USD with Bloomberg composite rating BB that have BVAL prices at
the market close.

© Global X Management Company LLC
Confidential | All numbers are approximate

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GLOBAL X INCOME OUTLOOK

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Risk Information
Carefully consider the fund’s investment objectives, risk factors, charges, and expenses before investing. This and additional information canbe found in the fund’s full or summary prospectus, which may be obtained by calling (1.888.493.8631), or by visiting globalxetfs.com. Read theprospectus carefully before investing.

Investing involves risk, including possible loss of principal. International investments may involve risk of capital loss from unfavorable fluctuation incurrency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Investments insecurities of MLPs involve risk that differ from investments in common stock including risks related to limited control and limited rights to vote on mattersaffecting the MLP. MLP common units and other equity securities can be affected by macro-economic and other factors affecting the stock market ingeneral, expectations of interest rates, investor sentiment towards MLPs or the energy sector, changes in a particular issuer’s financial condition, or
unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow).
Investments in the energy industry, entail significant risk and volatility.
High yielding stocks are often speculative, high-risk investments. These companies can be paying out more than they can support and may reduce theirdividends or stop paying dividends at any time, which could have a material adverse effect on the stock price of these companies.
The Covered Call suite engages in options trading. An option is a contract sold by one party to another that gives the buyer the right, but not the
obligation, to buy (call) or sell (put) a stock at an agreed upon price within a certain period or on a specific date. A covered call option involves holding along position in a particular asset, in this case U.S. common equities, and writing a call option on that same asset with the goal of realizing additional
income from the option premium. By selling covered call options, the funds limit their opportunity to profit from an increase in the price of the underlying
index above the exercise price, but continue to bear the risk of a decline in the index. A liquid market may not exist for options held by the funds. While
the funds receive premiums for writing the call options, the price they realize from the exercise of an option could be substantially below the indicescurrent market price.
Bonds and bond funds will decrease in value as interest rates rise. High yield bonds involve greater risks of default or downgrade and are more volatile
than investment grade securities, due to the speculative nature of their investments. In addition to the normal risks associated with investing, real estate
and REIT investments are subject to changes in economic conditions, credit risk and interest rate fluctuations. Emerging markets involve heightened risks
related to the same factors as well as increased volatility and lower trading volume. Preferred stock is subject to many of the risks associated with debt
securities, including interest rate risk. In addition, preferred stock may not pay a dividend, an issuer may suspend payment of dividends on preferred stockat any time, and in certain situations an issuer may call or redeem its preferred stock or convert it to common stock.
Variable and Floating Rate Securities may have limits on the maximum increases in coupon rates and may lag behind changes in market rates. A
downward adjustment in coupon rates may decrease the Fund’s income as a result of its investment in variable or floating rate securities. Performance ofcompanies in the Financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions,credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets.
EMBD is actively managed, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe
by generating short-term gains, which may be taxed at a higher rate.

© Global X Management Company LLC
Confidential | All numbers are approximate

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GLOBAL X INCOME OUTLOOK

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Risk Information Continued
U.S. Treasury securities are considered to be of high credit quality and are backed by the full faith and credit of the U.S. government. U.S. Treasury
securities, if held to maturity, guarantee a return of principal while no other securities mentioned in this material offer such a guarantee.
Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce
returns. The information provided is not intended for trading purposes, and should not be considered investment advice.
Indices are unmanaged and do not include the effect of fees, expenses or sales charges. One cannot invest directly in an index. Past performance is nota guarantee of future results.
Global X Management Company, LLC serves as an advisor to the Global X Funds. The Funds are distributed by SEI Investments Distribution Co.
(SIDCO, 1 Freedom Valley Drive, Oaks, PA, 19456), which is not affiliated with Global X Management Company, LLC.

© Global X Management Company LLC
Confidential | All numbers are approximate

19Thank you.