Strategy. The Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the securities of the Global X Metaverse Index (the "Underlying Index") and in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") based on the securities in the Underlying Index. Solely for the purposes of complying with this policy, the Fund views securities issued by Metaverse Leaders only (as defined below) as satisfying this criterion. The Fund's 80% investment policy is non-fundamental and requires 60 days prior written notice to shareholders before it can be changed. The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of collateral received). The … Show more… The Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the securities of the Global X Metaverse Index (the "Underlying Index") and in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") based on the securities in the Underlying Index. Solely for the purposes of complying with this policy, the Fund views securities issued by Metaverse Leaders only (as defined below) as satisfying this criterion. The Fund's 80% investment policy is non-fundamental and requires 60 days prior written notice to shareholders before it can be changed. The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of collateral received). The Underlying Index is owned and was developed by Global X Management Company LLC (the Index Provider), an affiliate of the Fund and the Fund's investment adviser (the Adviser). The Underlying Index is administered and calculated by Indxx, LLC (the Index Administrator). The Underlying Index is designed to provide exposure to companies that are positioned to benefit from the development and commercialization of the metaverse. The metaverse is a set of virtual, three dimensional (3D), real-time rendered spaces and simulations that can be experienced simultaneously by users regardless of the users physical location. Specifically, the Underlying Index consists of securities issued by Metaverse Leaders, as determined by the Index Administrator. Metaverse Leaders are those companies that derive at least 50% of their revenues from one or more of the following business activities in aggregate (Metaverse Business Activities): i. Augmented/Virtual/Mixed Reality and Spatial Computing Companies involved in the development of hardware and/or software that allow users to experience or interact with extended digital realities, including fully immersive simulated virtual experience (Virtual Reality), real-world environments that are enhanced by computer generated information (Augmented Reality), and hybridized displays that represent both physical and virtual worlds, providing users the ability to experience and interact with both simultaneously (Mixed Reality). Such technologies can simulate or relay visual, audio, haptic (creating the sensation of touch for users by utilizing vibrations or other forces), or movement-driven information, among others. ii. Creator Platforms - Companies involved in the development of immersive digital platforms that enable users to create, share, and consume content and digital goods, including social networking, online video games/video game engines and esports, live streaming, digital live events, and other media content in three dimensional simulations, environments or worlds. iii. Creator Economy Companies involved in the development of infrastructure and applications that involve digital payment services for the metaverse, including cryptocurrency payments, blockchain technologies, decentralized finance solutions, the creation and distribution of Non-Fungible Tokens (NFTs) and digital asset payment gateways. iv. Digital Infrastructure/Hardware Companies that produce semiconductors, cloud computing technology (including edge computing and cloud computing security) and 5G infrastructure that are utilized for digital media consumption and/or in the development and maintenance of metaverse and related devices. In constructing the Underlying Index, the Index Administrator first identifies FactSet Industries related to the metaverse. FactSet is a leading financial data provider that maintains a comprehensive structured taxonomy designed to offer precise classification of global companies and their individual business units. Companies within these FactSet Industries, as of the selection date, are further reviewed by the Index Administrator on the basis of revenue related to Metaverse Business Activities. To be eligible for the Underlying Index, a company is considered by the Index Administrator to be a Metaverse Leader if the company generates at least 50% of its revenues from Metaverse Business Activities, as determined by the Index Administrator. In addition, companies identified by the Index Administrator as having primary business operations in Metaverse Business Activities but that do not currently generate revenues (Pre-Revenue Metaverse Leaders), as well as companies that derive greater than 0% but less than 50% of revenue from Metaverse Business Activities (Diversified Metaverse Leaders), are eligible for inclusion. Primary business operations are determined by the Index Administrator based on the business description provided by the company in official reporting documents such as Form 10-K or equivalent. Diversified Metaverse Leaders and Pre-Revenue Metaverse Leaders are subject to an individual weight cap of 4% and an aggregate weight cap of 15% at each semi-annual rebalance. To be a part of the eligible universe of the Underlying Index, certain minimum market capitalization and liquidity criteria, as defined by the Index Administrator, must be met. As of January 31, 2023, companies must have a minimum market capitalization of $200 million and a minimum average daily turnover for the last 6 months greater than or equal to $2 million in order to be eligible for inclusion in the Underlying Index. As of January 31, 2023, companies listed in the following countries were eligible for inclusion in the Underlying Index: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Greece, Hong Kong, Hungary, Indonesia, Ireland, Israel, Italy, Japan, Luxembourg, Malaysia, Mexico, Netherlands, New Zealand, Norway, Peru, Philippines, Poland, Portugal, Qatar, South Africa, South Korea, Singapore, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Arab Emirates, the United Kingdom, and the United States The Underlying Index is weighted according to a modified capitalization weighting methodology and is reconstituted and re-weighted semi-annually. Modified capitalization weighting seeks to weight constituents primarily based on market capitalization, but subject to caps on the weights of the individual securities. During each rebalance, the maximum weight of each Metaverse Leader is individually capped at 6%, the aggregate weight of Metaverse Leaders with a weight greater than or equal to 4.5% is capped at 40%, all remaining Metaverse Leaders are individually capped at a weight of 4.5%, and all constituents are subject to a minimum weight of 0.3%. Generally speaking, this approach will limit the amount of concentration in the largest market capitalization companies and increase company-level diversification. The Underlying Index may include large-, mid- or small-capitalization companies, and components primarily include communication services and information technology companies. As of January 31, 2023, the Underlying Index included companies with market capitalizations ranging from $280 million to $2.3 trillion. As of January 31, 2023, the Underlying Index had 41 constituents. The Fund's investment objective and Underlying Index may be changed without shareholder approval. The Underlying Index is created and sponsored by the Index Provider. Any determinations related to the constituents of the Underlying Index are made by the Index Administrator and are independent of the Fund's portfolio managers. The Index Administrator determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Adviser uses a "passive" or indexing approach to try to achieve the Fund's investment objective. Unlike many investment companies, the Fund does not try to outperform the Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. The Fund generally will use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the Underlying Index in approximately the same proportions as in the Underlying Index. However, the Fund may utilize a representative sampling strategy with respect to the Underlying Index when a replication strategy might be detrimental or disadvantageous to shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index, in instances in which a security in the Underlying Index becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations (such as tax diversification requirements) that apply to the Fund but not the Underlying Index. The Adviser expects that, over time, the correlation between the Fund's performance and that of the Underlying Index, before fees and expenses, will exceed 95%. A correlation percentage of 100% would indicate perfect correlation. If the Fund uses a replication strategy, it can be expected to have greater correlation to the Underlying Index than if it uses a representative sampling strategy. The Fund concentrates its investments (i.e., holds 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of January 31, 2023, the Underlying Index was concentrated in the entertainment industry and had significant exposure to the communication services sector. The Fund is classified as non-diversified, which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Show less