United States

MLPA

MLP ETF

Overview Prices & Performance Holdings & Characteristics Research Documents

Reasons to Consider MLPA

High Income Potential

MLPs typically pay high yields to investors because they do not pay corporate income taxes.

Midstream Exposure

MLPA invests in midstream pipelines and storage facilities that have less sensitivity to energy prices.

Low Expense Ratio

MLPA’s expense ratio is over 16% less than the competitor average.¹

¹Expense ratio was 16.7% lower than the competitor average net expense ratio as of 7/1/22, per ETF.com (category: “Equity: U.S. MLPs”)

Key Information As of 07/01/22

Inception Date	04/18/12
Total Expense Ratio	0.45%
Net Assets	$1.14 billion
NAV	$37.39
Fact Sheet

ETF Summary

The Global X MLP ETF (MLPA) invests in some of the largest, most liquid midstream Master Limited Partnerships (MLPs).

ETF Objective

The Global X MLP ETF (MLPA) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive MLP Infrastructure Index.

Trading Details As of 07/01/22

Ticker	MLPA
Bloomberg Index Ticker	MLPAMIDG
CUSIP	37954Y343
ISIN	US37954Y3430
Primary Exchange	NYSE Arca
Shares Outstanding	30,398,637
Number of Holdings	20
30-Day Median Bid-Ask Spread	0.13%

Distributions As of 07/01/22

Distribution Frequency

Quarterly

Taxes As of 07/01/22

Effective Tax Rate	23.28%
Net Deferred Tax Asset/(Liability)	$26,409,493
The ETF will accrue a Valuation Allowance equal to the inverse of any net deferred tax asset, resulting in an adjusted net deferred tax asset of $0. The fund will not accrue a Valuation Allowance if it holds a net deferred tax liability.

ETF Prices As of 07/01/22

NAV	$37.39	Daily Change	$0.49	1.34%
Market Price	$37.43	Daily Change	$0.56	1.52%

As of recent month & quarter-end (06/30/22) As of recent month & quarter-end (06/30/22)	Fund NAV	Market Price	Index
1 Year	3.30%	3.02%	3.95%
3 Years	-1.87%	-1.91%	-1.27%
5 Years	-2.15%	-2.17%	-1.66%
10 Years	-0.60%	-0.61%	0.82%
Since Inception	-0.80%	-0.82%	0.59%
1 Year	3.30%	3.02%	3.95%
3 Years	-1.87%	-1.91%	-1.27%
5 Years	-2.15%	-2.17%	-1.66%
10 Years	-0.60%	-0.61%	0.82%
Since Inception	-0.80%	-0.82%	0.59%
Year-to-Date	9.30%	9.27%	9.83%
1 Month	-12.77%	-13.00%	-13.42%
3 Months	-6.68%	-6.85%	-6.53%
Since Inception	-7.89%	-8.02%	6.21%
Year-to-Date	9.30%	9.27%	9.83%
1 Month	-12.77%	-13.00%	-13.42%
3 Months	-6.68%	-6.85%	-6.53%
Since Inception	-7.89%	-8.02%	6.21%

Index performance shown represents the Hybrid Solactive MLP Infrastructure Index which consists of the Solactive MLP Composite Index from the inception of the Fund through March 31, 2015, and the Solactive MLP Infrastructure (Gross) Index going forward.

Cumulative return is the aggregate amount that an investment has gained or lost over time. Annualized return is the average return gained or lost by an investment each year over a given time period.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. High short-term performance of the Fund, when observed, is unusual and investors should not expect such performance to be repeated.

Net Assets (%)	Ticker	Name	SEDOL	Market Price ($)	Shares Held	Market Value ($)
10.99	EPD	ENTERPRISE PRODU	2285388	24.63	5,078,149	125,074,809.87
9.48	ET	ENERGY TRANSFER LP	B0WHXD2	10.02	10,770,535	107,920,760.70
9.41	MMP	MAGELLAN MIDSTRE	2723037	48.18	2,221,756	107,044,204.08
8.23	MPLX	MPLX LP	B847R56	29.66	3,156,222	93,613,544.52
6.98	WES	WESTERN MIDSTREA	BJ552C8	24.52	3,240,714	79,462,307.28
6.07	PAA	PLAINS ALL AMER	2311960	10.10	6,837,747	69,061,244.70
5.39	PBFX	PBF LOGISTICS LP	BM7SDY5	15.59	3,934,766	61,343,001.94
5.22	NS	NUSTAR ENERGY LP	2738804	14.43	4,116,142	59,395,929.06
5.19	SHLX	SHELL MIDSTREAM	BRWQCC0	14.25	4,141,531	59,016,816.75
5.08	DKL	DELEK LOGISTICS	B927XT1	50.23	1,151,479	57,838,790.17
4.83	HEP	HOLLY ENERGY PARTNERS LP	B00N3V0	16.11	3,413,040	54,984,074.40
4.46	DCP	DCP MIDSTREAM LP	B0SF374	29.70	1,708,842	50,752,607.40
4.34	CEQP	CRESTWOOD EQUITY	BY7R056	24.52	2,014,623	49,398,555.96
4.14	CQP	CHENIERE ENERGY	B1VNH36	44.11	1,069,012	47,154,119.32
3.92	GEL	GENESIS ENERGY L.P.	2372257	8.37	5,336,581	44,667,182.97
2.09	HESM	HESS MIDSTREAM-A	BKPK695	28.15	843,375	23,741,006.25
2.07	RTLR	RATTLER MIDSTREAM LP	BJV12K8	13.64	1,728,098	23,571,256.72
1.88	ENLC	ENLINK MIDSTREAM LLC	BJTNDQ9	8.82	2,427,403	21,409,694.46
0.17		CASH		1.00	1,962,548	1,962,548.31
0.06	PSX	PHILLIPS 66	B78C4Y8	84.37	8,114	684,578.18
0.01	NGL	NGL ENERGY PARTNERS LP	B45GFM7	1.51	50,000	75,500.00

Holdings are subject to change.

ETF Characteristics As of 07/01/22

Return on Equity	25.20%
Weighted Avg. Market Cap	14,796 M
	2021	2022
Price-to-earnings	14.64	10.10
Price-to-book value	2.60	2.51

Source: AltaVista Research, LLC

ETF Risk Stats As of 07/01/22

Versus	Beta
S&P 500	1.78
MSCI EAFE	1.80
MSCI Emg. Mkts	1.78
Standard Deviation	48.30%

Source: AltaVista Research, LLC

ETF Research

MLP Monthly: June 2022

MLP Insights

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ETF Documents

Latest Premium / Discount As of 07/01/22

NAV	$37.39
Market Price	$37.43
Premium / (Discount)	$0.04

Current View 2022 Q3 As of 07/01/22

Days at Premium	1
Days at NAV	0
Days at Discount	0
Greatest Premium	0.10%
Greatest Discount	0.00%

Daily Premium / Discount History As of 07/01/22

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How can the Fund trade at a premium/discount to its NAV?

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.

What causes these time discrepancies?

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.

Investing involves risk, including the possible loss of principal. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Investments in securities of MLPs involve risk that differ from investments in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP. MLP common units and other equity securities can be affected by macro-economic and other factors affecting the stock market in general, 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).

MLPA invests in the energy industry, which entails significant risk and volatility. The Fund is non-diversified. The Fund invests in small and mid-capitalization companies, which pose greater risks than large companies. The Fund has a different and more complex tax structure than traditional ETFs and investors should consider carefully the significant tax implications of an investment in the Fund.

MLPA is taxed as a regular corporation for federal income tax purposes, which differs from most investment companies. Due to its investment in MLPs, the Fund will be obligated to pay applicable federal and state corporate income taxes on its taxable income, as opposed to most other investment companies. The Fund expects that a portion of the distributions it receives from MLPs may be treated as tax-deferred return of capital. The amount of taxes currently paid by the Fund will vary depending on the amount of income and gains derived from MLP interests and such taxes will reduce an investor’s return. The Fund will accrue deferred income taxes for any future tax liability associated certain MLP interests. Upon the sale of an MLP security, the Fund may be liable for previously deferred taxes which may increase expenses and lower the Fund’s NAV.

The potential tax benefits from investing in MLPs depend on them being treated as partnerships for federal income tax purposes. If the MLP is deemed to be a corporation then its income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution to the Fund which could result in a reduction of the Fund’s value.

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. Beginning October 15, 2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates current NAV per share. Prior to October 15, 2020, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time. The returns shown do not represent the returns you would receive if you traded shares at other times. Indices are unmanaged and do not include the effect of fees, expenses or sales charges. One cannot invest directly in an index.

Carefully consider the Fund’s investment objectives, risks, and charges and expenses before investing. This and other information can be found in the Fund’s summary or full prospectuses. Please read the prospectus carefully before investing.

Global X Management Company LLC serves as an advisor to Global X Funds. The Funds are distributed by SEI Investments Distribution Co. (SIDCO), which is not affiliated with Global X Management Company LLC or Mirae Asset Global Investments. Global X Funds are not sponsored, endorsed, issued, sold or promoted by Solactive AG, nor does Solactive AG make any representations regarding the advisability of investing in the Global X Funds. Neither SIDCO, Global X nor Mirae Asset Global Investments are affiliated with Solactive AG.