MLPX

MLP & Energy Infrastructure ETF

Morningstar Rating™ - Overall rating out of 99 Energy Limited Partnership funds, based on risk-adjusted returns as of 05/31/2022

Overview Prices & Performance Holdings & Characteristics Research Documents

Reasons to Consider MLPX

Tax Efficient

Unlike traditional MLP funds, MLPX avoids fund level taxes by limiting direct MLP exposure and investing in similar entities, such as the General Partners of MLPs and other energy infrastructure corporations.

Midstream Exposure

MLPX invests in midstream infrastructure entities such as pipelines and storage facilities that have less sensitivity to energy prices.

High Income Potential

MLPX invests in MLPs and other energy infrastructure companies, which may result in above-average yields.

Key Information As of 07/01/22

Inception Date	08/06/13
Total Expense Ratio	0.45%
Net Assets	$919.68 million
NAV	$38.58
Fact Sheet

ETF Summary

The Global X MLP & Energy Infrastructure ETF (MLPX) is a tax-efficient vehicle for gaining access to MLPs and similar entities, such as the General Partners of MLPs and energy infrastructure corporations.

ETF Objective

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

Trading Details As of 07/01/22

Ticker	MLPX
Bloomberg Index Ticker	SOLMLPX
CUSIP	37954Y293
ISIN	US37954Y2937
Primary Exchange	NYSE Arca
Shares Outstanding	23,837,506
Number of Holdings	26
30-Day Median Bid-Ask Spread	0.08%

Distributions As of 07/01/22

30-Day SEC Yield	6.06%
Distribution Frequency	Quarterly

ETF Prices As of 07/01/22

NAV	$38.58	Daily Change	$0.44	1.16%
Market Price	$38.55	Daily Change	$0.44	1.15%

As of recent (03/31/22) As of recent (03/31/22)	Fund NAV	Market Price	Index
1 Year	43.54%	43.00%	44.64%
3 Years	9.92%	9.88%	10.61%
5 Years	5.52%	5.49%	6.21%
Since Inception	4.52%	4.57%	5.21%
1 Year	32.48%	32.66%	33.49%
3 Years	12.52%	12.57%	13.23%
5 Years	7.76%	7.79%	8.46%
Since Inception	4.88%	4.94%	5.56%
Year-to-Date	22.56%	22.50%	22.90%
1 Month	7.44%	7.50%	7.58%
3 Months	22.56%	22.50%	22.90%
Since Inception	46.63%	47.16%	55.14%
Year-to-Date	27.21%	27.34%	27.72%
1 Month	6.45%	6.62%	6.57%
3 Months	11.51%	11.75%	11.80%
Since Inception	52.19%	52.98%	61.22%

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 ($)	Shares Held	Market Value ($)
9.46	ENB	ENBRIDGE INC	2478906	42.66	2,056,408	87,726,365.28
9.22	TRP	TC ENERGY CORP	BJMY6F9	52.61	1,625,733	85,529,813.13
8.72	WMB	WILLIAMS COS INC	2967181	31.29	2,586,899	80,944,069.71
7.69	KMI	KINDER MORGAN INC	B3NQ4P8	16.98	4,203,171	71,369,843.58
7.42	LNG	CHENIERE ENERGY INC	2654364	131.95	521,426	68,802,160.70
6.21	OKE	ONEOK INC	2130109	56.75	1,015,946	57,654,935.50
4.60	EPD	ENTERPRISE PRODU	2285388	24.63	1,733,446	42,694,774.98
4.51	PBA	PEMBINA PIPELINE CORP	B4PPQG5	35.51	1,178,200	41,837,882.00
4.35	ET	ENERGY TRANSFER LP	B0WHXD2	10.02	4,029,794	40,378,535.88
4.30	MMP	MAGELLAN MIDSTRE	2723037	48.18	828,167	39,901,086.06
4.17	AM	ANTERO MIDSTREAM CORP	BJBT0Q4	9.25	4,184,193	38,703,785.25
4.17	TRGP	TARGA RESOURCES CORP	B55PZY3	61.00	633,450	38,640,450.00
3.74	ETRN	EQUITRANS MIDSTREAM CORP	BFMWBV6	6.47	5,359,080	34,673,247.60
3.71	MPLX	MPLX LP	B847R56	29.66	1,160,103	34,408,654.98
3.13	ENLC	ENLINK MIDSTREAM LLC	BJTNDQ9	8.82	3,290,819	29,025,023.58
2.74	PAGP	PLAINS GP HOLD-A	BDGHN95	10.53	2,414,496	25,424,642.88
2.09	WES	WESTERN MIDSTREA	BJ552C8	24.52	788,746	19,340,051.92
1.91	PAA	PLAINS ALL AMER	2311960	10.10	1,750,022	17,675,222.20
1.79	AROC	ARCHROCK INC	BYRGSX7	8.39	1,982,967	16,637,093.13
1.70	HESM	HESS MIDSTREAM-A	BKPK695	28.15	560,798	15,786,463.70
1.13	DCP	DCP MIDSTREAM LP	B0SF374	29.70	352,748	10,476,615.60
0.77	KNTK	KINETIK HOLDINGS INC	BLPNQJ1	34.59	205,386	7,104,301.74
0.75	CQP	CHENIERE ENERGY	B1VNH36	44.11	157,040	6,927,034.40
0.74	SHLX	SHELL MIDSTREAM	BRWQCC0	14.25	480,804	6,851,457.00
0.51	CEQP	CRESTWOOD EQUITY	BY7R056	24.52	194,020	4,757,370.40
0.30	HEP	HOLLY ENERGY PARTNERS LP	B00N3V0	16.11	175,019	2,819,556.09
0.18		CASH		1.00	1,688,479	1,688,479.36

Holdings are subject to change.

ETF Characteristics As of 07/01/22

Return on Equity	17.80%
Weighted Avg. Market Cap	30,119 M
	2021	2022
Price-to-earnings	18.80	12.33
Price-to-book value	2.24	2.16

Source: AltaVista Research, LLC

ETF Risk Stats As of 07/01/22

Versus	Beta
S&P 500	1.48
MSCI EAFE	1.54
MSCI Emg. Mkts	1.47
Standard Deviation	38.60%

Source: AltaVista Research, LLC

ETF Research

MLP Monthly: April 2022

MLP Insights

Global X Income Outlook

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ETF Documents

Latest Premium / Discount As of 07/01/22

NAV	$38.58
Market Price	$38.55
Premium / (Discount)	($0.03)

Current View 2022 Q3 As of 07/01/22

Days at Premium	0
Days at NAV	0
Days at Discount	1
Greatest Premium	0.00%
Greatest Discount	-0.08%

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.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Read MoreExchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales load. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three- year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

As of 5/31, MLPX was rated against the following number of Energy Limited Partnership funds over the following time periods: 99 during the last 3 years, 76 during the last 5 years. With respect to these Energy Limited Partnership funds, MLPX received a Morningstar Rating of 3 and 4 stars, respectively. Past performance is not indicative of future results.

© 2022 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Investing involves risk, including the possible loss of principal. 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). The Fund invests in the energy industry, which entails significant risk and volatility. MLPX is non-diversified.

The Fund invests in small and mid-capitalization companies, which pose greater risks than large companies. The Fund also expects to pay distributions, which will be treated as a return of capital for tax purposes rather than from net profits and shareholders should not assume that the source of distributions is from the net profits of the Fund.

The Fund derives substantially all of its cash flow from investments in equity securities of MLPs. The amount of cash that the Fund will have available to pay or distribute to you depends entirely on the ability of the MLPs that the Fund owns to make distributions to their partners and the tax character of those distributions. Neither the Fund nor the Adviser has control over the actions of underlying MLPs. The amount of cash that each individual MLP can distribute to its partners will depend on the amount of cash it generates from operations, which will vary from quarter to quarter depending on factors affecting the energy infrastructure market generally. Available cash will also depend on the MLPs’ level of operating costs (including incentive distributions to the general partner), level of capital expenditures, debt service requirements, acquisition costs (if any), fluctuations in working capital needs, and other factors. The MLP holdings of the Fund expect to generate significant investment income, and the Fund’s investments may not distribute the expected or anticipated levels of cash, resulting in the risk that the Fund may not have the ability to make cash distributions as investors expect from MLP-focused investments. Past distributions are not indicative of future distributions. There is no guarantee that dividends will be paid.

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.