SEI Investments Distribution Co. (1 Freedom Valley Drive, Oaks, PA, 19456) is the distributor for the Global X Funds.

Check the background of SIDCO and Global X's Registered Representatives on FINRA's BrokerCheck.

ZAP seeks to invest in companies that stand to benefit from the increased electricity demand and electrification within the United States, including those involved in electricity generation, transmission, and distribution, and the modernization of grid infrastructure and smart grid technology.

IPAV seeks to invest in companies that stand to benefit from a potential increase in infrastructure activity in international markets, including those involved in engineering and construction services, the production of infrastructure raw materials, heavy construction equipment, infrastructure transportation, and smart grid components.

DTCR seeks to invest in companies that own, operate, or develop data centers and cellular towers, as well as those that manufacture the servers and hardware powering these facilities, offering targeted exposure to the digital infrastructure underpinning the AI economy.

PAVE can complement broad U.S. equity allocations by delivering targeted exposure to companies across the U.S. infrastructure development value chain that are poised to benefit from the convergence of AI infrastructure buildout, manufacturing reshoring, and rising power demand.

With a multi-year megaproject backlog and major planned U.S. manufacturing investment, the fund offers a way to position for capital expenditure reshaping the domestic industrial base, filling a gap in portfolios where infrastructure developers may be underrepresented relative to traditional industrial conglomerates.

The American Society of Civil Engineers assigned a letter grade of C to the state of U.S. infrastructure in its 2025 report card, highlighting the need for investment.¹

America is committed to improving its aging infrastructure. The Infrastructure Investment and Jobs Act, Inflation Reduction Act, and CHIPS and Science Act appropriated nearly $1tn to fund critical infrastructure projects.²

As the economy evolves, so do infrastructure needs. PAVE seeks to capture this trend by investing in companies that are part of the infrastructure theme, regardless of sector or industry.

¹American Society of Engineers, Mar 2025

²Politico, 2024

The financial statements include the Fund's disclosures required by Items 7 through 11 of Form N-CSR, which includes the financial statements, financial highlights, and other important information when applicable.

The financial statements include the Fund's disclosures required by Items 7 through 11 of Form N-CSR, which includes the financial statements, financial highlights, and other important information when applicable.

AI is driving a stack of interlinked technologies, from semiconductors to data centers to energy, shaping the next era of growth and innovation.

The U.S. manufacturing footprint is expanding, potentially creating significant opportunities for companies across the infrastructure value chain.

The Premium/Discount chart demonstrates the difference between the daily market price of shares of the Fund and the Fund's net asset value (NAV). The vertical axis of the chart shows the premium or discount of the daily market price as a percentage of the NAV. The horizontal axis shows each trading day in the time period, and each data point in the chart represents the Premium/Discount on that day. The data presented in the chart and table above represent past performance and cannot be used to predict future results.

The primary explanation is that timing discrepancies can arise between the NAV and the trading price of the Fund. Since shares of the Fund trade on the open market, prices are affected by the constant flow of information received by investors, corporations and financial institutions. Depending on how this changing information affects investor sentiment, shares of the Fund may deviate slightly from the value of the Fund's underlying assets. The NAV of the Fund is only calculated once a day (normally at 4:00 p.m. eastern time). As a result, shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares, because shares are purchased and sold at current market prices. However, due to the creation and redemption process that is unique to ETFs, market makers are able to minimize these deviations from NAV by taking advantage of arbitrage opportunities.

Close of Trading Times. Although both the NAV and the daily market price of the Fund are generally calculated based on prices at the closing time of the exchange (generally 4:00 p.m. eastern time), slight differences in this timing may cause discrepancies.

Time of Last Trade. Trading of Global X funds generally takes place during normal trading hours (9:30 a.m. to 4:00 p.m. eastern time). However, it is important to note that the last trade - from which the closing price is determined - may not occur at exactly 4:00 p.m. eastern time. Therefore, changing market sentiment during the time difference may cause the NAV to deviate from the closing price.

International Holdings. The premiums and discounts for funds with significant holdings in international markets may be less accurate due to the different closing times of various international markets. Because the Funds trade during U.S. market hours while the underlying securities may not, the time lapse between the markets can result in differences between the NAV and the trading price.

Source: AltaVista Research, LLC