The Global X PureCap℠ MSCI Consumer Discretionary ETF (GXPD) seeks to provide uncapped, market capitalization exposure to the Consumer Discretionary sector. The fund tracks an index of U.S.-listed companies classified within the Consumer Discretionary sector under the Global Industry Classification Standard (GICS®), as determined by MSCI. While GXPD is subject to the same diversification requirements as any other regulated investment company, the fund aims to track an index that does not currently impose company-level weighting restrictions. The MSCI USA Consumer Discretionary Index follows a free float market capitalization weighting methodology, which weights companies based on the value of their publicly available shares without capping individual securities. Paired with the lack of company-level weighting restrictions, this approach enables greater exposure to the sector’s most influential names. To closely track the index, the fund uses representative sampling, an indexing strategy that selects a subset of securities designed to reflect the performance and risk characteristics of the full index and may invest in ETFs or securities with similar characteristics to index constituents.