0001432353-20-000228.txt : 20200610 0001432353-20-000228.hdr.sgml : 20200610 20200610133037 ACCESSION NUMBER: 0001432353-20-000228 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 13 FILED AS OF DATE: 20200610 DATE AS OF CHANGE: 20200610 EFFECTIVENESS DATE: 20200610 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Global X Funds CENTRAL INDEX KEY: 0001432353 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-151713 FILM NUMBER: 20954324 BUSINESS ADDRESS: STREET 1: 605 THIRD AVENUE STREET 2: 43RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10158 BUSINESS PHONE: (212) 644-6110 MAIL ADDRESS: STREET 1: 605 THIRD AVENUE STREET 2: 43RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10158 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Global X Funds CENTRAL INDEX KEY: 0001432353 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22209 FILM NUMBER: 20954325 BUSINESS ADDRESS: STREET 1: 605 THIRD AVENUE STREET 2: 43RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10158 BUSINESS PHONE: (212) 644-6110 MAIL ADDRESS: STREET 1: 605 THIRD AVENUE STREET 2: 43RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10158 0001432353 S000068631 Global X Variable Rate Preferred ETF C000219547 Global X Variable Rate Preferred ETF PFFV 485BPOS 1 pffvxbrlfiling.htm 485BPOS Document


As filed with the U.S. Securities and Exchange Commission
on June 10, 2020
Securities Act File No. 333-151713
Investment Company Act File No. 811-22209
 
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
 
FORM N-1A
 
Registration Statement Under The Securities Act Of 1933 þ
 
Pre-Effective Amendment No. ________ q
 
Post-Effective Amendment No. 606 þ
 
and/or
 
Registration Statement Under The Investment Company Act Of 1940 þ
 
Amendment No. 609 þ
(Check appropriate box or boxes)
 
Global X Funds
(Exact Name of Registrant as Specified in Charter)
600 Lexington Avenue, 20th Floor
New York, NY 10022
(Address of Principal Executive Office)
 
Registrant’s Telephone Number, including Area Code:  (212) 644-6440
 
Send Copies of Communications to:
 
 
 
Luis Berruga
Eric S. Purple, Esquire
600 Lexington Avenue, 20th Floor
Stradley Ronon Stevens & Young, LLP
New York, New York 10022
2000 K Street, N.W., Suite 700
(NAME AND ADDRESS OF AGENT FOR SERVICE)
Washington D.C. 20006


 
It is proposed that this filing will become effective (check appropriate box)
þ immediately upon filing pursuant to paragraph (b)
q on ____ pursuant to paragraph (b)
q 60 days after filing pursuant to paragraph (a)(1)
q on (date) pursuant to paragraph (a)(1)
q 75 days after filing pursuant to paragraph (a)(2)
q on (date) pursuant to paragraph (a)(2) of rule 485.
 
If appropriate, check the following box:
q this post-effective amendment designates a new effective date for a previously filed post-effective amendment.






EXPLANATORY NOTE

This Post-Effective Amendment No. 606 to the Trust's Registration Statement on Form N-1A is filed for the sole purpose of submitting the XBRL exhibits for the risk/return summary information provided in Post-Effective Amendment No. 600 filed 5/26/2020 which became effective 5/26/2020, and incorporates Parts A, B and C from said amendment.





SIGNATURES
 
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all the requirements for the effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment No. 606 to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York, and State of New York, on this 10th day of June, 2020.
 
Global X Funds
 
By: /s/ Luis Berruga
      Luis Berruga
 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

Name
 
Title
 
Date
 
 
 
 
 
/s/ Luis Berruga
 
Trustee, President
 
June 10, 2020
Luis Berruga
 
 
 
 
 
 
 
 
 
/s/ Chang Kim
 
Treasurer
 
June 10, 2020
Chang Kim
 
 
 
 
 
 
 
 
 
*
 
 Trustee
 
June 10, 2020
Charles A. Baker
 
 
 
 
 
 
 
 
 
*
 
 Trustee
 
June 10, 2020
Susan M. Ciccarone
 
 
 
 
 
 
 
 
 
*
 
Trustee
 
June 10, 2020
Clifford J. Weber
 
 
 
 
 
 
 
 
 
*/s/ Luis Berruga
 
 
 
 
Attorney-In-Fact, pursuant to power of attorney
 
 
 










EXHIBIT INDEX


Index No.
Description of Exhibit
EX-101.INS
XBRL Instance Document
EX-101.SCH
XBRL Taxonomy Extension Schema Document
EX-101.CAL
XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF
XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB
XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE
XBRL Taxonomy Extension Presentation Linkbase




EX-101.INS 2 ck0001432353-20191130.xml XBRL INSTANCE DOCUMENT 0001432353 2020-05-26 2020-05-26 0001432353 ck0001432353:GlobalXFundsMember ck0001432353:S000068631Member 2020-05-26 2020-05-26 0001432353 ck0001432353:GlobalXFundsMember ck0001432353:S000068631Member ck0001432353:C000219547Member 2020-05-26 2020-05-26 xbrli:pure iso4217:USD false 2020-05-27 2020-05-26 2019-11-30 485BPOS 0001432353 Global X Funds PFFV &lt;div style="display: none"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact ck0001432353_GlobalXFundsMember column dei_LegalEntityAxis compact ck0001432353_S000068631Member column rr_ProspectusShareClassAxis compact ck0001432353_C000219547Member row primary compact * ~ &lt;/div> PERFORMANCE INFORMATION 0.0000 The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Example: <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example does not take into account customary brokerage commissions that you pay when purchasing or selling Shares of the Fund in the secondary market.</font></div></div> &lt;div style="display: none"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact ck0001432353_GlobalXFundsMember column dei_LegalEntityAxis compact ck0001432353_S000068631Member column rr_ProspectusShareClassAxis compact ck0001432353_C000219547Member row primary compact * ~ &lt;/div> 26 80 You will also incur usual and customary brokerage commissions when buying and selling Shares. FEES AND EXPENSES <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. You will also incur usual and customary brokerage commissions when buying and selling Shares.</font></div></div> 0.0025 0.0025 INVESTMENT OBJECTIVE <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The </font><font style="font-family:inherit;font-size:10pt;">Global X Variable Rate Preferred ETF</font><font style="font-family:inherit;font-size:10pt;"> ("Fund") seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the </font><font style="font-family:inherit;font-size:10pt;">ICE U.S. Variable Rate Preferred Securities Index</font><font style="font-family:inherit;font-size:10pt;"> ("Underlying Index").</font></div></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): Other Expenses are based on estimated amounts for the current fiscal year. 0.0000 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Fund does not have a full calendar year of performance. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's returns and comparing the Fund's performance to the Underlying Index. The Fund's performance is not necessarily indicative of how the Fund will perform in the future. </font></div></div> The Fund does not have a full calendar year of performance. The Fund's performance is not necessarily indicative of how the Fund will perform in the future. Portfolio Turnover: <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. This is a new fund and does not yet have a portfolio turnover rate to disclose.</font></div></div> 2020-05-26 SUMMARY OF PRINCIPAL RISKS As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. There is no guarantee that the Fund will achieve its investment objective. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value ("NAV"), trading price, yield, total return and ability to meet its investment objective, as well as other risks that are described in greater detail in the </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Additional Information About the </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Fund</font><font style="font-family:inherit;font-size:10pt;"> section of this Prospectus and in the Statement of Additional Information ("SAI"). The order of the below risk factors does not indicate the significance of any particular risk factor.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:none;">Asset Class Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">Securities and other assets in the Underlying Index or otherwise held in the Fund's portfolio may underperform in comparison to the general securities markets, a particular securities market or other asset classes.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Equity Securities Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">Equity securities are subject to changes in value, and their values may be more volatile than other asset classes, as a result of such factors as a company&#8217;s business performance, investor perceptions, stock market trends and general economic conditions.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Fixed-to-Floating Rate Securities Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">The Fund invests in fixed-to-floating rate preferred securities, which are securities that have an initial term with a fixed dividend rate and following this initial term bear a floating dividend rate. Securities which include a floating or variable interest rate component can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Although floating rate preferred securities can be less sensitive to interest rate risk than fixed-rate preferred securities, they are subject to the risks applicable to preferred securities more generally.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Hybrid Securities Investment Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">Hybrid securities are subject to the risks of equity securities and risks of debt securities. The claims of holders of hybrid securities of an issuer are generally subordinated to those of holders of traditional debt securities in bankruptcy, and thus hybrid securities may be more volatile and subject to greater risk than traditional debt securities and may, in certain circumstances, even be more volatile than traditional equity securities. At the same time, hybrid securities may not fully participate in gains of their issuer and thus potential returns of such securities are generally more limited than traditional equity securities, which would participate in such gains.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Preferred Stock Investment Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">Preferred stock may be subordinated to bonds or other debt instruments in an issuer&#8217;s capital structure, meaning that an issuer&#8217;s preferred stock generally pays dividends only after the issuer makes required payments to holders of its bonds and other debt. Additionally, in certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. Preferred stock may be less liquid than many other types of securities, such as common stock, and generally provides no voting rights with respect to the issuer. </font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">Preferred stock is subject to many of the risks associated with debt securities, including risks associated with floating rate debt.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Variable and Floating Rate Securities Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">During periods of increasing interest rates, changes in the coupon rates of variable or floating rate securities may lag behind the changes in market rates or may have limits on the maximum increases in coupon rates. Alternatively, during periods of declining interest rates, the coupon rates on such securities will typically readjust downward resulting in a lower yield. Floating rate securities may trade infrequently, and their value may be impaired when the Fund needs to liquidate such securities. A downward adjustment in coupon rates may decrease the Fund's income as a result of its investment in variable or floating rate securities.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Capitalization Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Large-Capitalization Companies Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">: </font><font style="font-family:inherit;font-size:10pt;">Large-capitalization companies may trail the returns of the overall stock market. Large-capitalization stocks tend to go through cycles of doing better - or worse - than the stock market in general. These periods have, in the past, lasted for as long as several years.</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Mid-Capitalization Companies Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">: </font><font style="font-family:inherit;font-size:10pt;">Mid-capitalization companies may have greater price volatility, lower trading volume and less liquidity than large-capitalization companies. In addition, mid-capitalization companies may have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources and less competitive strength than large-capitalization companies.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Small-Capitalization Companies Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">Compared to mid- and large-capitalization companies, small-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Concentration Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">To the extent that the Underlying Index concentrates in investments related to a particular industry or group of industries, the Fund will also concentrate its investments to approximately the same extent. Similarly, if the Underlying Index has significant exposure to one or more sectors, the Fund&#8217;s investments will likely have significant exposure to such sectors. In such event, the Fund&#8217;s performance will be particularly susceptible to adverse events impacting such industry or sector, which may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in a particular industry or sector. As a result, the value of the Fund&#8217;s investments may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries or sectors.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Risks Related to Investing in the Banking Industry</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">The performance of stocks in the banking industry may be affected by extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers can negatively impact banking companies. Banks may also be subject to severe price competition. Competition is high among banking companies and failure to maintain or increase market share may result in lost market value.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Risks Related to Investing in the Financials Sector</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">: </font><font style="font-family:inherit;font-size:10pt;">Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the past, and the impact of more stringent capital requirements and of current or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber-attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund.</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Credit Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">: </font><font style="font-family:inherit;font-size:10pt;">Credit risk refers to the possibility that the issuer of the security will not be able to make principal and interest payments when due. Changes in an issuer&#8217;s credit rating or the market&#8217;s perception of an issuer&#8217;s creditworthiness may also affect the value of the Fund&#8217;s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Foreign Financial Institution Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">Certain of the securities that comprise the Underlying Index, while traded on U.S. exchanges, may be issued by foreign financial institutions. Therefore, the Fund may be subject to the risks of investing in securities issued by foreign companies, which may not be subject to the same regulations as companies domiciled in the U.S. The health of many foreign financial institutions is often tied closely with the financial stability of the local economy in which they are domiciled, and therefore are subject to additional risks including but not limited to: policy changes, slow economic growth, and high levels of debt.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Foreign Securities Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">The Fund may invest, without limit, in foreign securities. The Fund's investments in foreign securities can be riskier than U.S. securities investments. Investments in the securities of foreign issuers (including investments in ADRs and GDRs) are subject to the risks associated with investing in those foreign markets, such as heightened risks of inflation or nationalization. The prices of foreign securities and the prices of U.S. securities have, at times, moved in opposite directions. In addition, securities of foreign issuers may lose value due to political, economic and geographic events affecting a foreign issuer or market. During periods of social, political or economic instability in a country or region, the value of a foreign security traded on U.S. exchanges could be affected by, among other things, increasing price volatility, illiquidity, or the closure of the primary market on which the security (or the security underlying the ADR or GDR) is traded. You may lose money due to political, economic and geographic events affecting a foreign issuer or market. </font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Geographic Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">: </font><font style="font-family:inherit;font-size:10pt;">A natural, biological or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund&#8217;s investments in the affected region or in a region economically tied to the affected region. The securities in which the Fund invests and, consequently, the Fund are also subject to specific risks as a result of their business operations, including, but not limited to:</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Risk of Investing in Developed Markets</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">The Fund&#8217;s investment in a developed country issuer may subject the Fund to regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries tend to represent a significant portion of the global economy and have generally experienced slower economic growth than some less developed countries. Certain developed countries have experienced security concerns, such as terrorism and strained international relations. Incidents involving a country&#8217;s or region&#8217;s security may cause uncertainty in its markets and may adversely affect its economy and the Fund&#8217;s investments. In addition, developed countries may be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or availability of certain commodities.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Risk of Investing in the United States</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">A decrease in imports or exports, changes in trade regulations and/or an economic recession in the U.S. may have a material adverse effect on the U.S. economy.</font></div><div style="line-height:120%;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">High Yield Securities Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">Securities that are rated below investment grade (commonly referred to as "junk bonds", including those bonds rated lower than "BBB-" by Standard &amp; Poor&#8217;s</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> (a division of the McGraw-Hill Companies, Inc.) ("S&amp;P") and Fitch, Inc. ("Fitch"), "Baa3" by Moody&#8217;s</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> Investors Service, Inc. ("Moody&#8217;s"), or "BBBL" by Dominion Bond Rating Service Limited ("Dominion")), or are unrated but may be judged to be of comparable quality, at the time of purchase, may be more volatile than higher-rated securities of similar maturity. Investing in junk bonds is speculative.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Interest Rate Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">: </font><font style="font-family:inherit;font-size:10pt;">Variable and floating rate securities generally are less sensitive to interest rate changes than fixed rate securities but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. When the Fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities, which may also impact the net asset value of the Fund&#8217;s Shares.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Issuer Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">Fund performance depends on the performance of individual companies in which the Fund invests. Changes to the financial condition of any of those companies may cause the value of their securities to decline.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">LIBOR Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">On July 27, 2017, the United Kingdom&#8217;s Financial Conduct Authority, which regulates LIBOR, announced that it intends to phase out LIBOR by the end of 2021. There remains uncertainty regarding the future of LIBOR and the nature of any replacement rate. The replacement and/or discontinuation of LIBOR could lead to significant short-term and long-term uncertainty and market instability. The unavailability and/or discontinuation of LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments that reference LIBOR. While some instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate setting methodology, not all instruments may have such provisions and there is uncertainty regarding the effectiveness of any alternative methodology. In addition, the unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Market Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">Turbulence in the financial markets and reduced liquidity may negatively affect issuers, which could have an adverse effect on the Fund. If the securities held by the Fund experience poor liquidity, the Fund may be unable to transact at advantageous times or prices, which may decrease the Fund&#8217;s returns. In addition, there is a risk that policy changes by central governments and governmental agencies, including the Federal Reserve or European Central Bank, which could include increasing interest rates, could cause increased volatility in financial markets and lead to higher levels of Fund redemptions, which could have a negative impact on the Fund. Furthermore, local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments and trading of its Shares. The Fund&#8217;s NAV could decline over short periods due to short-term market movements and over longer periods during market downturns.</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">New Fund Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">: </font><font style="font-family:inherit;font-size:10pt;">The Fund is a new fund, with no operating history, which may result in additional risks for investors in the Fund. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Trustees may determine to liquidate the Fund. While shareholder interests will be the paramount consideration, the timing of any liquidation may not be favorable to certain individual shareholders. New funds are also subject to Large Shareholder Risk.</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Non-Diversification Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">The Fund is classified as a &#8220;non-diversified&#8221; investment company under the Investment Company Act of 1940 ("1940 Act"). As a result, the Fund is subject to the risk that it may be more volatile than a diversified fund because the Fund may invest its assets in a smaller number of issuers or may invest a larger proportion of its assets in a single issuer. As a result, the gains and losses on a single investment may have a greater impact on the Fund&#8217;s NAV and may make the Fund more volatile than more diversified funds.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Operational Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">The Fund is exposed to operational risk arising from a number of factors, including but not limited to human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Additionally, cyber security failures or breaches of the electronic systems of the Fund, the Adviser, and the Fund's other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions and negatively impact the Fund's business operations, potentially resulting in financial losses to the Fund and its shareholders. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate for those risks that they are intended to address.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Passive Investment Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">The Fund is not actively managed, and the Adviser does not attempt to take defensive positions in declining markets. Unlike many investment companies, the Fund does not seek to outperform its Underlying Index. Therefore, it would not necessarily buy or sell a security unless that security is added or removed, respectively, from the Underlying Index, even if that security generally is underperforming. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:none;">Index-Related Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations and/or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Management Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">The Fund will not fully replicate its Underlying Index and may hold securities not included in its Underlying Index. The Adviser&#8217;s investment strategy, the implementation of which is subject to a number of constraints, may cause the Fund to underperform the market or its relevant benchmark or adversely affect the ability of the Fund to achieve its investment objective. </font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Tracking Error Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">Tracking error may occur because of differences between the instruments held in the Fund's portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund's holding of uninvested cash, size of the Fund, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Risks Associated with Exchange-Traded Funds</font><font style="font-family:inherit;font-size:10pt;">: </font><font style="font-family:inherit;font-size:10pt;">As an ETF, the Fund is subject to the following risks:</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Authorized Participants Concentration Risk</font><font style="font-family:inherit;font-size:10pt;">: </font><font style="font-family:inherit;font-size:10pt;"> The Fund has a limited number of financial institutions that may act as Authorized Participants and engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may be more likely to trade at a premium or discount to NAV, and possibly face trading halts and/or delisting from an exchange.</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;"> Authorized Participants Concentration Risk may be heightened because the Fund invests in non-U.S. securities.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Large Shareholder Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">: </font><font style="font-family:inherit;font-size:10pt;">Redemptions by large shareholders could have a significant negative impact on the Fund. If a large shareholder were to redeem all, or a large portion, of its Shares, there is no guarantee that the Fund will be able to maintain sufficient assets to continue operations in which case the Board of Trustees may determine to liquidate the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on a national securities exchange and may, therefore, have a material upward or downward effect on the market price of the Shares.</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Listing Standards Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">: </font><font style="font-family:inherit;font-size:10pt;">Under continuous listing standards adopted by the Fund&#8217;s listing exchange, the Fund will be required to confirm on an ongoing basis that the components of the Underlying Index satisfy the applicable listing requirements. In the event that the Underlying Index does not comply with the applicable listing requirements, the Fund would be required to rectify such non-compliance by requesting that the Index Provider modify the Underlying Index, adopting a new underlying index, or obtaining relief from the SEC. Failure to rectify such non-compliance may result in the Fund being delisted by the listing exchange. In addition, the Fund may face the risk of being delisted if the Fund does not meet certain conditions of the listing exchange. Any resulting liquidation of the Fund could cause the Fund to incur elevated transaction costs and could result in negative tax consequences for its shareholders.</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Market Trading Risks and Premium/Discount Risks</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">Shares of the Fund are publicly traded on a national securities exchange, which may subject shareholders to numerous market trading risks. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of assets in the Fund or an active trading market for Shares may result in Shares trading at a significant premium or discount to NAV. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Trading Halt Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Valuation Risk</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">The sales price the Fund could receive for a security may differ from the Fund&#8217;s valuation of the security and may differ from the value used by the Underlying Index, particularly for securities that trade in low value or volatile markets or that are valued using a fair value methodology (such as during trading halts).&#160;The value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares.</font></div></div> The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940 ("1940 Act"). As a result, the Fund is subject to the risk that it may be more volatile than a diversified fund because the Fund may invest its assets in a smaller number of issuers or may invest a larger proportion of its assets in a single issuer. As a result, the gains and losses on a single investment may have a greater impact on the Fund’s NAV and may make the Fund more volatile than more diversified funds. Global X Variable Rate Preferred ETF PRINCIPAL INVESTMENT STRATEGIES <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Fund invests at least 80% of its total assets, plus borrowings for investments purposes (if any), in the securities of the Underlying Index and in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") based on the securities in the Underlying Index. The Fund's 80% investment policy is non-fundamental and requires 60 days prior written notice to shareholders before it can be changed.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Underlying Index is designed to track the broad-based performance of the U.S.-listed variable rate preferred securities market. Qualifying preferred securities must be listed on a U.S. exchange, denominated in U.S. dollars, have floating or variable dividends or coupons, and have a minimum amount outstanding of $</font><font style="font-family:inherit;font-size:10pt;">50</font><font style="font-family:inherit;font-size:10pt;"> million. Qualifying preferred securities may, however, be issued by non-U.S. companies. Qualifying securities must be issued in $25, $50, $100, or $1000 par/liquidation preference increments, must have a traded market value of greater than $6 million in each of the previous three calendar months, and must have at least one year remaining to maturity, as determined by ICE Data Indices, LLC (the "Index Provider"). </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Constituents in the Underlying Index are capitalization-weighted based on their current amount outstanding times the market price plus accrued interest. A weighting cap of </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;"> is applied at the issuer level to limit the aggregate weight of a single issuer to </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;"> at each rebalance. The Underlying Index may include large-, mid- or small-capitalization companies. Components of the Underlying Index primarily include </font><font style="font-family:inherit;font-size:10pt;">financials</font><font style="font-family:inherit;font-size:10pt;"> companies. The Underlying Index is rebalanced </font><font style="font-family:inherit;font-size:10pt;">quarterly</font><font style="font-family:inherit;font-size:10pt;">. The Underlying Index may include securities that are rated below investment grade or that are unrated but may be deemed to be of a comparable quality. The Fund's investment objective and Underlying Index may be changed without shareholder approval. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Underlying Index is sponsored by the Index Provider, which is an organization that is independent of the Fund and Global X Management Company LLC, the investment adviser for the Fund ("Adviser"). The Index Provider determines the relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Fund generally uses a representative sampling strategy with respect to the Underlying Index. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index in terms of key risk factors, performance attributes and other characteristics. These include country weightings, market capitalization and other financial characteristics of securities. The Fund may or may not hold all of the securities in the Underlying Index.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 </font><font style="font-family:inherit;font-size:10pt;">May 1, 2020</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">the Underlying Index was concentrated in the banking industry and had significant exposure to the financials sector</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> Other Expenses are based on estimated amounts for the current fiscal year. EX-101.SCH 3 ck0001432353-20191130.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT EX-101.CAL 4 ck0001432353-20191130_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 ck0001432353-20191130_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 ck0001432353-20191130_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Shareholder Fees: Prospectus: Document Information, Document [Axis] Document [Domain] Global X Funds Global X Funds, cik 0001432353 Series [Axis] Entity [Domain] Global X Variable Rate Preferred ETF Global X Variable Rate Preferred ETF Global X Variable Rate Preferred ETF, S000068631 Share Class [Axis] Share Classes Global X Variable Rate Preferred ETF Global X Variable Rate Preferred ETF Class Global X Variable Rate Preferred ETF Class, C000219547 Performance Measure [Axis] Before Taxes After Taxes on Distributions After Taxes on Distributions and Sales Shareholder Fees Column [Text] Maximum Cumulative Sales Charge (as a percentage of Offering Price) Maximum Cumulative Sales Charge (as a percentage) Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) Maximum Deferred Sales Charge (as a percentage of Offering Price) Maximum Deferred Sales Charge (as a percentage) Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Expense Example, No Redemption: Expense Example, No Redemption, By Year, Column [Text] Expense Example, No Redemption, 1 Year Expense Example, No Redemption, 3 Years Expense Example, No Redemption, 5 Years Expense Example, No Redemption, 10 Years Risk/Return: Risk/Return Detail [Table] Document Type Document Period End Date Entity Registrant Name Central Index Key Amendment Flag Amendment Description Trading Symbol Document Creation Date Document Effective Date Prospectus Date Risk/Return [Heading] Objective [Heading] Objective, Primary [Text Block] Objective, Secondary [Text Block] Expense [Heading] Expense Narrative [Text Block] Shareholder Fees Caption [Text] Operating Expenses Caption [Text] Operating Expenses Column [Text] Management Fees (as a percentage of Assets) Distribution and Service (12b-1) Fees Distribution or Similar (Non 12b-1) Fees Component1 Other Expenses Component2 Other Expenses Component3 Other Expenses Other Expenses (as a percentage of Assets): Acquired Fund Fees and Expenses Expenses (as a percentage of Assets) Fee Waiver or Reimbursement Net Expenses (as a percentage of Assets) Fee Waiver or Reimbursement over Assets, Date of Termination Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Portfolio Turnover, Rate Expense Footnotes [Text Block] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expense Breakpoint Discounts [Text] Expense Breakpoint, Minimum Investment Required [Amount] Expense Exchange Traded Fund Commissions [Text] Expenses Represent Both Master and Feeder [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Other Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Other Expenses Had Extraordinary Expenses Been Included [Text] Expenses Restated to Reflect Current [Text] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Expense Example [Heading] Expense Example by Year [Heading] Expense Example Narrative [Text Block] Expense Example by, Year, Caption [Text] Expense Example, with Redemption, 1 Year Expense Example, with Redemption, 3 Years Expense Example, with Redemption, 5 Years Expense Example, with Redemption, 10 Years Expense Example, No Redemption Narrative [Text Block] Expense Example, No Redemption, By Year, Caption [Text] Expense Example Footnotes [Text Block] Expense Example Closing [Text Block] Strategy [Heading] Strategy Narrative [Text Block] Strategy Portfolio Concentration [Text] Risk [Heading] Risk Narrative [Text Block] Risk Footnotes [Text Block] Risk Closing [Text Block] Risk Lose Money [Text] Risk Nondiversified Status [Text] Risk Money Market Fund [Text] Risk Not Insured Depository Institution [Text] Risk Caption Risk Column [Text] Risk [Text] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Performance Information Illustrates Variability of Returns [Text] Performance One Year or Less [Text] Performance Additional Market Index [Text] Performance Availability Phone [Text] Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Bar Chart [Heading] Bar Chart Narrative [Text Block] Bar Chart Does Not Reflect Sales Loads [Text] Annual Return Caption [Text] Annual Return, Column [Text] Annual Return, Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual Return 2003 Annual Return 2004 Annual Return 2005 Annual Return 2006 Annual Return 2007 Annual Return 2008 Annual Return 2009 Annual Return 2010 Annual Return 2011 Annual Return 2012 Annual Return 2013 Annual Return 2014 Annual Return 2015 Annual Return 2016 Annual Return 2017 Annual Return 2018 Annual Return 2019 Annual Return 2020 Bar Chart Footnotes [Text Block] Bar Chart Closing [Text Block] Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] Bar Chart, Returns for Class Not Offered in Prospectus [Text] Year to Date Return, Label Bar Chart, Year to Date Return, Date Bar Chart, Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return, Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return, Date Lowest Quarterly Return Performance Table Heading Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes [Text] Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table One Class of after Tax Shown [Text] Performance Table Explanation after Tax Higher Performance Table Narrative Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Performance Table Footnotes Performance Table Closing [Text Block] Caption Column Label 1 Year 5 Years 10 Years Since Inception Inception Date Money Market Seven Day Yield, Caption [Text] Money Market Seven Day Yield Column [Text] Money Market Seven Day Yield Phone Money Market Seven Day Yield Money Market Seven Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column [Text] Thirty Day Yield Phone Thirty Day Yield Thirty Day Tax Equivalent Yield Coregistrant [Axis] Coregistrant [Domain] Expense Example: Expense Example, By Year, Column [Text] Average Annual Return: Shareholder Fees [Table] Annual Fund Operating Expenses [Table] Expense Example, With Redemption [Table] Expense Example, No Redemption [Table] Bar Chart [Table] Performance [Table] Market Index Performance [Table] Operating Expenses: Bar Chart Table: EX-101.PRE 7 ck0001432353-20191130_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 10 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} ZIP 11 0001432353-20-000228-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001432353-20-000228-xbrl.zip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v3.20.1
Total
Global X Funds | Global X Variable Rate Preferred ETF
Global X Variable Rate Preferred ETF
INVESTMENT OBJECTIVE
The Global X Variable Rate Preferred ETF ("Fund") seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE U.S. Variable Rate Preferred Securities Index ("Underlying Index").
FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. You will also incur usual and customary brokerage commissions when buying and selling Shares.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
Annual Fund Operating Expenses
Global X Funds
Global X Variable Rate Preferred ETF
Global X Variable Rate Preferred ETF
Management Fees (as a percentage of Assets) 0.25%
Distribution and Service (12b-1) Fees none
Other Expenses (as a percentage of Assets): none [1]
Expenses (as a percentage of Assets) 0.25%
[1] Other Expenses are based on estimated amounts for the current fiscal year.
Example:
The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example does not take into account customary brokerage commissions that you pay when purchasing or selling Shares of the Fund in the secondary market.
The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Global X Funds | Global X Variable Rate Preferred ETF | Global X Variable Rate Preferred ETF | USD ($) 26 80
Portfolio Turnover:
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. This is a new fund and does not yet have a portfolio turnover rate to disclose.
PRINCIPAL INVESTMENT STRATEGIES
The Fund invests at least 80% of its total assets, plus borrowings for investments purposes (if any), in the securities of the Underlying Index and in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") based on the securities in the Underlying Index. The Fund's 80% investment policy is non-fundamental and requires 60 days prior written notice to shareholders before it can be changed.

The Underlying Index is designed to track the broad-based performance of the U.S.-listed variable rate preferred securities market. Qualifying preferred securities must be listed on a U.S. exchange, denominated in U.S. dollars, have floating or variable dividends or coupons, and have a minimum amount outstanding of $50 million. Qualifying preferred securities may, however, be issued by non-U.S. companies. Qualifying securities must be issued in $25, $50, $100, or $1000 par/liquidation preference increments, must have a traded market value of greater than $6 million in each of the previous three calendar months, and must have at least one year remaining to maturity, as determined by ICE Data Indices, LLC (the "Index Provider").

Constituents in the Underlying Index are capitalization-weighted based on their current amount outstanding times the market price plus accrued interest. A weighting cap of 10% is applied at the issuer level to limit the aggregate weight of a single issuer to 10% at each rebalance. The Underlying Index may include large-, mid- or small-capitalization companies. Components of the Underlying Index primarily include financials companies. The Underlying Index is rebalanced quarterly. The Underlying Index may include securities that are rated below investment grade or that are unrated but may be deemed to be of a comparable quality. The Fund's investment objective and Underlying Index may be changed without shareholder approval.

The Underlying Index is sponsored by the Index Provider, which is an organization that is independent of the Fund and Global X Management Company LLC, the investment adviser for the Fund ("Adviser"). The Index Provider determines the 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 uses a representative sampling strategy with respect to the Underlying Index. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index in terms of key risk factors, performance attributes and other characteristics. These include country weightings, market capitalization and other financial characteristics of securities. The Fund may or may not hold all of the securities in 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 May 1, 2020, the Underlying Index was concentrated in the banking industry and had significant exposure to the financials sector.
SUMMARY OF PRINCIPAL RISKS
As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. There is no guarantee that the Fund will achieve its investment objective. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value ("NAV"), trading price, yield, total return and ability to meet its investment objective, as well as other risks that are described in greater detail in the Additional Information About the Fund section of this Prospectus and in the Statement of Additional Information ("SAI"). The order of the below risk factors does not indicate the significance of any particular risk factor.

Asset Class Risk: Securities and other assets in the Underlying Index or otherwise held in the Fund's portfolio may underperform in comparison to the general securities markets, a particular securities market or other asset classes.

Equity Securities Risk: Equity securities are subject to changes in value, and their values may be more volatile than other asset classes, as a result of such factors as a company’s business performance, investor perceptions, stock market trends and general economic conditions.

Fixed-to-Floating Rate Securities Risk: The Fund invests in fixed-to-floating rate preferred securities, which are securities that have an initial term with a fixed dividend rate and following this initial term bear a floating dividend rate. Securities which include a floating or variable interest rate component can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Although floating rate preferred securities can be less sensitive to interest rate risk than fixed-rate preferred securities, they are subject to the risks applicable to preferred securities more generally.

Hybrid Securities Investment Risk: Hybrid securities are subject to the risks of equity securities and risks of debt securities. The claims of holders of hybrid securities of an issuer are generally subordinated to those of holders of traditional debt securities in bankruptcy, and thus hybrid securities may be more volatile and subject to greater risk than traditional debt securities and may, in certain circumstances, even be more volatile than traditional equity securities. At the same time, hybrid securities may not fully participate in gains of their issuer and thus potential returns of such securities are generally more limited than traditional equity securities, which would participate in such gains.

Preferred Stock Investment Risk: Preferred stock may be subordinated to bonds or other debt instruments in an issuer’s capital structure, meaning that an issuer’s preferred stock generally pays dividends only after the issuer makes required payments to holders of its bonds and other debt. Additionally, in certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. Preferred stock may be less liquid than many other types of securities, such as common stock, and generally provides no voting rights with respect to the issuer. Preferred stock is subject to many of the risks associated with debt securities, including risks associated with floating rate debt.

Variable and Floating Rate Securities Risk: During periods of increasing interest rates, changes in the coupon rates of variable or floating rate securities may lag behind the changes in market rates or may have limits on the maximum increases in coupon rates. Alternatively, during periods of declining interest rates, the coupon rates on such securities will typically readjust downward resulting in a lower yield. Floating rate securities may trade infrequently, and their value may be impaired when the Fund needs to liquidate such securities. A downward adjustment in coupon rates may decrease the Fund's income as a result of its investment in variable or floating rate securities.
 
Capitalization Risk: Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment.

Large-Capitalization Companies Risk: Large-capitalization companies may trail the returns of the overall stock market. Large-capitalization stocks tend to go through cycles of doing better - or worse - than the stock market in general. These periods have, in the past, lasted for as long as several years.

Mid-Capitalization Companies Risk: Mid-capitalization companies may have greater price volatility, lower trading volume and less liquidity than large-capitalization companies. In addition, mid-capitalization companies may have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources and less competitive strength than large-capitalization companies.

Small-Capitalization Companies Risk: Compared to mid- and large-capitalization companies, small-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid.

Concentration Risk: To the extent that the Underlying Index concentrates in investments related to a particular industry or group of industries, the Fund will also concentrate its investments to approximately the same extent. Similarly, if the Underlying Index has significant exposure to one or more sectors, the Fund’s investments will likely have significant exposure to such sectors. In such event, the Fund’s performance will be particularly susceptible to adverse events impacting such industry or sector, which may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in a particular industry or sector. As a result, the value of the Fund’s investments may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries or sectors.

Risks Related to Investing in the Banking Industry: The performance of stocks in the banking industry may be affected by extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers can negatively impact banking companies. Banks may also be subject to severe price competition. Competition is high among banking companies and failure to maintain or increase market share may result in lost market value.

Risks Related to Investing in the Financials Sector: Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the past, and the impact of more stringent capital requirements and of current or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber-attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund.

Credit Risk: Credit risk refers to the possibility that the issuer of the security will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value.

Foreign Financial Institution Risk: Certain of the securities that comprise the Underlying Index, while traded on U.S. exchanges, may be issued by foreign financial institutions. Therefore, the Fund may be subject to the risks of investing in securities issued by foreign companies, which may not be subject to the same regulations as companies domiciled in the U.S. The health of many foreign financial institutions is often tied closely with the financial stability of the local economy in which they are domiciled, and therefore are subject to additional risks including but not limited to: policy changes, slow economic growth, and high levels of debt.

Foreign Securities Risk: The Fund may invest, without limit, in foreign securities. The Fund's investments in foreign securities can be riskier than U.S. securities investments. Investments in the securities of foreign issuers (including investments in ADRs and GDRs) are subject to the risks associated with investing in those foreign markets, such as heightened risks of inflation or nationalization. The prices of foreign securities and the prices of U.S. securities have, at times, moved in opposite directions. In addition, securities of foreign issuers may lose value due to political, economic and geographic events affecting a foreign issuer or market. During periods of social, political or economic instability in a country or region, the value of a foreign security traded on U.S. exchanges could be affected by, among other things, increasing price volatility, illiquidity, or the closure of the primary market on which the security (or the security underlying the ADR or GDR) is traded. You may lose money due to political, economic and geographic events affecting a foreign issuer or market.

Geographic Risk: A natural, biological or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in the affected region or in a region economically tied to the affected region. The securities in which the Fund invests and, consequently, the Fund are also subject to specific risks as a result of their business operations, including, but not limited to:

Risk of Investing in Developed Markets: The Fund’s investment in a developed country issuer may subject the Fund to regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries tend to represent a significant portion of the global economy and have generally experienced slower economic growth than some less developed countries. Certain developed countries have experienced security concerns, such as terrorism and strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and may adversely affect its economy and the Fund’s investments. In addition, developed countries may be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or availability of certain commodities.

Risk of Investing in the United States: A decrease in imports or exports, changes in trade regulations and/or an economic recession in the U.S. may have a material adverse effect on the U.S. economy.

High Yield Securities Risk: Securities that are rated below investment grade (commonly referred to as "junk bonds", including those bonds rated lower than "BBB-" by Standard & Poor’s® (a division of the McGraw-Hill Companies, Inc.) ("S&P") and Fitch, Inc. ("Fitch"), "Baa3" by Moody’s® Investors Service, Inc. ("Moody’s"), or "BBBL" by Dominion Bond Rating Service Limited ("Dominion")), or are unrated but may be judged to be of comparable quality, at the time of purchase, may be more volatile than higher-rated securities of similar maturity. Investing in junk bonds is speculative.

Interest Rate Risk: Variable and floating rate securities generally are less sensitive to interest rate changes than fixed rate securities but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. When the Fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities, which may also impact the net asset value of the Fund’s Shares.

Issuer Risk: Fund performance depends on the performance of individual companies in which the Fund invests. Changes to the financial condition of any of those companies may cause the value of their securities to decline.

LIBOR Risk: On July 27, 2017, the United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that it intends to phase out LIBOR by the end of 2021. There remains uncertainty regarding the future of LIBOR and the nature of any replacement rate. The replacement and/or discontinuation of LIBOR could lead to significant short-term and long-term uncertainty and market instability. The unavailability and/or discontinuation of LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments that reference LIBOR. While some instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate setting methodology, not all instruments may have such provisions and there is uncertainty regarding the effectiveness of any alternative methodology. In addition, the unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades.

Market Risk: Turbulence in the financial markets and reduced liquidity may negatively affect issuers, which could have an adverse effect on the Fund. If the securities held by the Fund experience poor liquidity, the Fund may be unable to transact at advantageous times or prices, which may decrease the Fund’s returns. In addition, there is a risk that policy changes by central governments and governmental agencies, including the Federal Reserve or European Central Bank, which could include increasing interest rates, could cause increased volatility in financial markets and lead to higher levels of Fund redemptions, which could have a negative impact on the Fund. Furthermore, local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments and trading of its Shares. The Fund’s NAV could decline over short periods due to short-term market movements and over longer periods during market downturns.

New Fund Risk: The Fund is a new fund, with no operating history, which may result in additional risks for investors in the Fund. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Trustees may determine to liquidate the Fund. While shareholder interests will be the paramount consideration, the timing of any liquidation may not be favorable to certain individual shareholders. New funds are also subject to Large Shareholder Risk.

Non-Diversification Risk: The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940 ("1940 Act"). As a result, the Fund is subject to the risk that it may be more volatile than a diversified fund because the Fund may invest its assets in a smaller number of issuers or may invest a larger proportion of its assets in a single issuer. As a result, the gains and losses on a single investment may have a greater impact on the Fund’s NAV and may make the Fund more volatile than more diversified funds.

Operational Risk: The Fund is exposed to operational risk arising from a number of factors, including but not limited to human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Additionally, cyber security failures or breaches of the electronic systems of the Fund, the Adviser, and the Fund's other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions and negatively impact the Fund's business operations, potentially resulting in financial losses to the Fund and its shareholders. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate for those risks that they are intended to address.

Passive Investment Risk: The Fund is not actively managed, and the Adviser does not attempt to take defensive positions in declining markets. Unlike many investment companies, the Fund does not seek to outperform its Underlying Index. Therefore, it would not necessarily buy or sell a security unless that security is added or removed, respectively, from the Underlying Index, even if that security generally is underperforming. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund’s return to be lower than if the Fund employed an active strategy.

Index-Related Risk: There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations and/or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.

Management Risk: The Fund will not fully replicate its Underlying Index and may hold securities not included in its Underlying Index. The Adviser’s investment strategy, the implementation of which is subject to a number of constraints, may cause the Fund to underperform the market or its relevant benchmark or adversely affect the ability of the Fund to achieve its investment objective.

Tracking Error Risk: Tracking error may occur because of differences between the instruments held in the Fund's portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund's holding of uninvested cash, size of the Fund, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.

Risks Associated with Exchange-Traded Funds: As an ETF, the Fund is subject to the following risks:

Authorized Participants Concentration Risk: The Fund has a limited number of financial institutions that may act as Authorized Participants and engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may be more likely to trade at a premium or discount to NAV, and possibly face trading halts and/or delisting from an exchange. Authorized Participants Concentration Risk may be heightened because the Fund invests in non-U.S. securities.

Large Shareholder Risk: Redemptions by large shareholders could have a significant negative impact on the Fund. If a large shareholder were to redeem all, or a large portion, of its Shares, there is no guarantee that the Fund will be able to maintain sufficient assets to continue operations in which case the Board of Trustees may determine to liquidate the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on a national securities exchange and may, therefore, have a material upward or downward effect on the market price of the Shares.

Listing Standards Risk: Under continuous listing standards adopted by the Fund’s listing exchange, the Fund will be required to confirm on an ongoing basis that the components of the Underlying Index satisfy the applicable listing requirements. In the event that the Underlying Index does not comply with the applicable listing requirements, the Fund would be required to rectify such non-compliance by requesting that the Index Provider modify the Underlying Index, adopting a new underlying index, or obtaining relief from the SEC. Failure to rectify such non-compliance may result in the Fund being delisted by the listing exchange. In addition, the Fund may face the risk of being delisted if the Fund does not meet certain conditions of the listing exchange. Any resulting liquidation of the Fund could cause the Fund to incur elevated transaction costs and could result in negative tax consequences for its shareholders.

Market Trading Risks and Premium/Discount Risks: Shares of the Fund are publicly traded on a national securities exchange, which may subject shareholders to numerous market trading risks. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of assets in the Fund or an active trading market for Shares may result in Shares trading at a significant premium or discount to NAV. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.

Trading Halt Risk: An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.

Valuation Risk: The sales price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Underlying Index, particularly for securities that trade in low value or volatile markets or that are valued using a fair value methodology (such as during trading halts). The value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares.
PERFORMANCE INFORMATION
The Fund does not have a full calendar year of performance. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's returns and comparing the Fund's performance to the Underlying Index. The Fund's performance is not necessarily indicative of how the Fund will perform in the future.
XML 13 FilingSummary.xml IDEA: XBRL DOCUMENT 3.20.1 html 3 111 1 true 3 0 false 2 false true R1.htm 010000 - Document - Risk/Return Summary {Unlabeled} Sheet http://xbrl.sec.gov/rr/role/RiskReturn Risk/Return Summary 1 false false R4.htm 040000 - Disclosure - Risk/Return Detail Data {Elements} Sheet http://xbrl.sec.gov/rr/role/RiskReturnDetailData Risk/Return Detail Data 2 false false All Reports Book All Reports ck0001432353-20191130.xml ck0001432353-20191130.xsd ck0001432353-20191130_cal.xml ck0001432353-20191130_def.xml ck0001432353-20191130_lab.xml ck0001432353-20191130_pre.xml http://xbrl.sec.gov/rr/2012-01-31 http://xbrl.sec.gov/dei/2012-01-31 true true XML 14 R4.htm IDEA: XBRL DOCUMENT v3.20.1
Label Element Value
Prospectus: rr_ProspectusTable  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Nov. 30, 2019
Entity Registrant Name dei_EntityRegistrantName Global X Funds
Central Index Key dei_EntityCentralIndexKey 0001432353
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate May 27, 2020
Document Effective Date dei_DocumentEffectiveDate May 26, 2020
Prospectus Date rr_ProspectusDate May 26, 2020
Global X Funds | Global X Variable Rate Preferred ETF  
Prospectus: rr_ProspectusTable  
Risk/Return [Heading] rr_RiskReturnHeading Global X Variable Rate Preferred ETF
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Global X Variable Rate Preferred ETF ("Fund") seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE U.S. Variable Rate Preferred Securities Index ("Underlying Index").
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. You will also incur usual and customary brokerage commissions when buying and selling Shares.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. This is a new fund and does not yet have a portfolio turnover rate to disclose.
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions You will also incur usual and customary brokerage commissions when buying and selling Shares.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other Expenses are based on estimated amounts for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example does not take into account customary brokerage commissions that you pay when purchasing or selling Shares of the Fund in the secondary market.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Fund invests at least 80% of its total assets, plus borrowings for investments purposes (if any), in the securities of the Underlying Index and in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") based on the securities in the Underlying Index. The Fund's 80% investment policy is non-fundamental and requires 60 days prior written notice to shareholders before it can be changed.

The Underlying Index is designed to track the broad-based performance of the U.S.-listed variable rate preferred securities market. Qualifying preferred securities must be listed on a U.S. exchange, denominated in U.S. dollars, have floating or variable dividends or coupons, and have a minimum amount outstanding of $50 million. Qualifying preferred securities may, however, be issued by non-U.S. companies. Qualifying securities must be issued in $25, $50, $100, or $1000 par/liquidation preference increments, must have a traded market value of greater than $6 million in each of the previous three calendar months, and must have at least one year remaining to maturity, as determined by ICE Data Indices, LLC (the "Index Provider").

Constituents in the Underlying Index are capitalization-weighted based on their current amount outstanding times the market price plus accrued interest. A weighting cap of 10% is applied at the issuer level to limit the aggregate weight of a single issuer to 10% at each rebalance. The Underlying Index may include large-, mid- or small-capitalization companies. Components of the Underlying Index primarily include financials companies. The Underlying Index is rebalanced quarterly. The Underlying Index may include securities that are rated below investment grade or that are unrated but may be deemed to be of a comparable quality. The Fund's investment objective and Underlying Index may be changed without shareholder approval.

The Underlying Index is sponsored by the Index Provider, which is an organization that is independent of the Fund and Global X Management Company LLC, the investment adviser for the Fund ("Adviser"). The Index Provider determines the 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 uses a representative sampling strategy with respect to the Underlying Index. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index in terms of key risk factors, performance attributes and other characteristics. These include country weightings, market capitalization and other financial characteristics of securities. The Fund may or may not hold all of the securities in 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 May 1, 2020, the Underlying Index was concentrated in the banking industry and had significant exposure to the financials sector.
Risk [Heading] rr_RiskHeading SUMMARY OF PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. There is no guarantee that the Fund will achieve its investment objective. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value ("NAV"), trading price, yield, total return and ability to meet its investment objective, as well as other risks that are described in greater detail in the Additional Information About the Fund section of this Prospectus and in the Statement of Additional Information ("SAI"). The order of the below risk factors does not indicate the significance of any particular risk factor.

Asset Class Risk: Securities and other assets in the Underlying Index or otherwise held in the Fund's portfolio may underperform in comparison to the general securities markets, a particular securities market or other asset classes.

Equity Securities Risk: Equity securities are subject to changes in value, and their values may be more volatile than other asset classes, as a result of such factors as a company’s business performance, investor perceptions, stock market trends and general economic conditions.

Fixed-to-Floating Rate Securities Risk: The Fund invests in fixed-to-floating rate preferred securities, which are securities that have an initial term with a fixed dividend rate and following this initial term bear a floating dividend rate. Securities which include a floating or variable interest rate component can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Although floating rate preferred securities can be less sensitive to interest rate risk than fixed-rate preferred securities, they are subject to the risks applicable to preferred securities more generally.

Hybrid Securities Investment Risk: Hybrid securities are subject to the risks of equity securities and risks of debt securities. The claims of holders of hybrid securities of an issuer are generally subordinated to those of holders of traditional debt securities in bankruptcy, and thus hybrid securities may be more volatile and subject to greater risk than traditional debt securities and may, in certain circumstances, even be more volatile than traditional equity securities. At the same time, hybrid securities may not fully participate in gains of their issuer and thus potential returns of such securities are generally more limited than traditional equity securities, which would participate in such gains.

Preferred Stock Investment Risk: Preferred stock may be subordinated to bonds or other debt instruments in an issuer’s capital structure, meaning that an issuer’s preferred stock generally pays dividends only after the issuer makes required payments to holders of its bonds and other debt. Additionally, in certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. Preferred stock may be less liquid than many other types of securities, such as common stock, and generally provides no voting rights with respect to the issuer. Preferred stock is subject to many of the risks associated with debt securities, including risks associated with floating rate debt.

Variable and Floating Rate Securities Risk: During periods of increasing interest rates, changes in the coupon rates of variable or floating rate securities may lag behind the changes in market rates or may have limits on the maximum increases in coupon rates. Alternatively, during periods of declining interest rates, the coupon rates on such securities will typically readjust downward resulting in a lower yield. Floating rate securities may trade infrequently, and their value may be impaired when the Fund needs to liquidate such securities. A downward adjustment in coupon rates may decrease the Fund's income as a result of its investment in variable or floating rate securities.
 
Capitalization Risk: Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment.

Large-Capitalization Companies Risk: Large-capitalization companies may trail the returns of the overall stock market. Large-capitalization stocks tend to go through cycles of doing better - or worse - than the stock market in general. These periods have, in the past, lasted for as long as several years.

Mid-Capitalization Companies Risk: Mid-capitalization companies may have greater price volatility, lower trading volume and less liquidity than large-capitalization companies. In addition, mid-capitalization companies may have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources and less competitive strength than large-capitalization companies.

Small-Capitalization Companies Risk: Compared to mid- and large-capitalization companies, small-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid.

Concentration Risk: To the extent that the Underlying Index concentrates in investments related to a particular industry or group of industries, the Fund will also concentrate its investments to approximately the same extent. Similarly, if the Underlying Index has significant exposure to one or more sectors, the Fund’s investments will likely have significant exposure to such sectors. In such event, the Fund’s performance will be particularly susceptible to adverse events impacting such industry or sector, which may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in a particular industry or sector. As a result, the value of the Fund’s investments may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries or sectors.

Risks Related to Investing in the Banking Industry: The performance of stocks in the banking industry may be affected by extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers can negatively impact banking companies. Banks may also be subject to severe price competition. Competition is high among banking companies and failure to maintain or increase market share may result in lost market value.

Risks Related to Investing in the Financials Sector: Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the past, and the impact of more stringent capital requirements and of current or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber-attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund.

Credit Risk: Credit risk refers to the possibility that the issuer of the security will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value.

Foreign Financial Institution Risk: Certain of the securities that comprise the Underlying Index, while traded on U.S. exchanges, may be issued by foreign financial institutions. Therefore, the Fund may be subject to the risks of investing in securities issued by foreign companies, which may not be subject to the same regulations as companies domiciled in the U.S. The health of many foreign financial institutions is often tied closely with the financial stability of the local economy in which they are domiciled, and therefore are subject to additional risks including but not limited to: policy changes, slow economic growth, and high levels of debt.

Foreign Securities Risk: The Fund may invest, without limit, in foreign securities. The Fund's investments in foreign securities can be riskier than U.S. securities investments. Investments in the securities of foreign issuers (including investments in ADRs and GDRs) are subject to the risks associated with investing in those foreign markets, such as heightened risks of inflation or nationalization. The prices of foreign securities and the prices of U.S. securities have, at times, moved in opposite directions. In addition, securities of foreign issuers may lose value due to political, economic and geographic events affecting a foreign issuer or market. During periods of social, political or economic instability in a country or region, the value of a foreign security traded on U.S. exchanges could be affected by, among other things, increasing price volatility, illiquidity, or the closure of the primary market on which the security (or the security underlying the ADR or GDR) is traded. You may lose money due to political, economic and geographic events affecting a foreign issuer or market.

Geographic Risk: A natural, biological or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in the affected region or in a region economically tied to the affected region. The securities in which the Fund invests and, consequently, the Fund are also subject to specific risks as a result of their business operations, including, but not limited to:

Risk of Investing in Developed Markets: The Fund’s investment in a developed country issuer may subject the Fund to regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries tend to represent a significant portion of the global economy and have generally experienced slower economic growth than some less developed countries. Certain developed countries have experienced security concerns, such as terrorism and strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and may adversely affect its economy and the Fund’s investments. In addition, developed countries may be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or availability of certain commodities.

Risk of Investing in the United States: A decrease in imports or exports, changes in trade regulations and/or an economic recession in the U.S. may have a material adverse effect on the U.S. economy.

High Yield Securities Risk: Securities that are rated below investment grade (commonly referred to as "junk bonds", including those bonds rated lower than "BBB-" by Standard & Poor’s® (a division of the McGraw-Hill Companies, Inc.) ("S&P") and Fitch, Inc. ("Fitch"), "Baa3" by Moody’s® Investors Service, Inc. ("Moody’s"), or "BBBL" by Dominion Bond Rating Service Limited ("Dominion")), or are unrated but may be judged to be of comparable quality, at the time of purchase, may be more volatile than higher-rated securities of similar maturity. Investing in junk bonds is speculative.

Interest Rate Risk: Variable and floating rate securities generally are less sensitive to interest rate changes than fixed rate securities but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. When the Fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities, which may also impact the net asset value of the Fund’s Shares.

Issuer Risk: Fund performance depends on the performance of individual companies in which the Fund invests. Changes to the financial condition of any of those companies may cause the value of their securities to decline.

LIBOR Risk: On July 27, 2017, the United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that it intends to phase out LIBOR by the end of 2021. There remains uncertainty regarding the future of LIBOR and the nature of any replacement rate. The replacement and/or discontinuation of LIBOR could lead to significant short-term and long-term uncertainty and market instability. The unavailability and/or discontinuation of LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments that reference LIBOR. While some instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate setting methodology, not all instruments may have such provisions and there is uncertainty regarding the effectiveness of any alternative methodology. In addition, the unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades.

Market Risk: Turbulence in the financial markets and reduced liquidity may negatively affect issuers, which could have an adverse effect on the Fund. If the securities held by the Fund experience poor liquidity, the Fund may be unable to transact at advantageous times or prices, which may decrease the Fund’s returns. In addition, there is a risk that policy changes by central governments and governmental agencies, including the Federal Reserve or European Central Bank, which could include increasing interest rates, could cause increased volatility in financial markets and lead to higher levels of Fund redemptions, which could have a negative impact on the Fund. Furthermore, local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments and trading of its Shares. The Fund’s NAV could decline over short periods due to short-term market movements and over longer periods during market downturns.

New Fund Risk: The Fund is a new fund, with no operating history, which may result in additional risks for investors in the Fund. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Trustees may determine to liquidate the Fund. While shareholder interests will be the paramount consideration, the timing of any liquidation may not be favorable to certain individual shareholders. New funds are also subject to Large Shareholder Risk.

Non-Diversification Risk: The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940 ("1940 Act"). As a result, the Fund is subject to the risk that it may be more volatile than a diversified fund because the Fund may invest its assets in a smaller number of issuers or may invest a larger proportion of its assets in a single issuer. As a result, the gains and losses on a single investment may have a greater impact on the Fund’s NAV and may make the Fund more volatile than more diversified funds.

Operational Risk: The Fund is exposed to operational risk arising from a number of factors, including but not limited to human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Additionally, cyber security failures or breaches of the electronic systems of the Fund, the Adviser, and the Fund's other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions and negatively impact the Fund's business operations, potentially resulting in financial losses to the Fund and its shareholders. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate for those risks that they are intended to address.

Passive Investment Risk: The Fund is not actively managed, and the Adviser does not attempt to take defensive positions in declining markets. Unlike many investment companies, the Fund does not seek to outperform its Underlying Index. Therefore, it would not necessarily buy or sell a security unless that security is added or removed, respectively, from the Underlying Index, even if that security generally is underperforming. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund’s return to be lower than if the Fund employed an active strategy.

Index-Related Risk: There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations and/or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.

Management Risk: The Fund will not fully replicate its Underlying Index and may hold securities not included in its Underlying Index. The Adviser’s investment strategy, the implementation of which is subject to a number of constraints, may cause the Fund to underperform the market or its relevant benchmark or adversely affect the ability of the Fund to achieve its investment objective.

Tracking Error Risk: Tracking error may occur because of differences between the instruments held in the Fund's portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund's holding of uninvested cash, size of the Fund, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.

Risks Associated with Exchange-Traded Funds: As an ETF, the Fund is subject to the following risks:

Authorized Participants Concentration Risk: The Fund has a limited number of financial institutions that may act as Authorized Participants and engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may be more likely to trade at a premium or discount to NAV, and possibly face trading halts and/or delisting from an exchange. Authorized Participants Concentration Risk may be heightened because the Fund invests in non-U.S. securities.

Large Shareholder Risk: Redemptions by large shareholders could have a significant negative impact on the Fund. If a large shareholder were to redeem all, or a large portion, of its Shares, there is no guarantee that the Fund will be able to maintain sufficient assets to continue operations in which case the Board of Trustees may determine to liquidate the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on a national securities exchange and may, therefore, have a material upward or downward effect on the market price of the Shares.

Listing Standards Risk: Under continuous listing standards adopted by the Fund’s listing exchange, the Fund will be required to confirm on an ongoing basis that the components of the Underlying Index satisfy the applicable listing requirements. In the event that the Underlying Index does not comply with the applicable listing requirements, the Fund would be required to rectify such non-compliance by requesting that the Index Provider modify the Underlying Index, adopting a new underlying index, or obtaining relief from the SEC. Failure to rectify such non-compliance may result in the Fund being delisted by the listing exchange. In addition, the Fund may face the risk of being delisted if the Fund does not meet certain conditions of the listing exchange. Any resulting liquidation of the Fund could cause the Fund to incur elevated transaction costs and could result in negative tax consequences for its shareholders.

Market Trading Risks and Premium/Discount Risks: Shares of the Fund are publicly traded on a national securities exchange, which may subject shareholders to numerous market trading risks. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of assets in the Fund or an active trading market for Shares may result in Shares trading at a significant premium or discount to NAV. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.

Trading Halt Risk: An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.

Valuation Risk: The sales price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Underlying Index, particularly for securities that trade in low value or volatile markets or that are valued using a fair value methodology (such as during trading halts). The value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares.
Risk Lose Money [Text] rr_RiskLoseMoney As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940 ("1940 Act"). As a result, the Fund is subject to the risk that it may be more volatile than a diversified fund because the Fund may invest its assets in a smaller number of issuers or may invest a larger proportion of its assets in a single issuer. As a result, the gains and losses on a single investment may have a greater impact on the Fund’s NAV and may make the Fund more volatile than more diversified funds.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE INFORMATION
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The Fund does not have a full calendar year of performance. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's returns and comparing the Fund's performance to the Underlying Index. The Fund's performance is not necessarily indicative of how the Fund will perform in the future.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The Fund does not have a full calendar year of performance.
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's performance is not necessarily indicative of how the Fund will perform in the future.
Global X Funds | Global X Variable Rate Preferred ETF | Global X Variable Rate Preferred ETF  
Prospectus: rr_ProspectusTable  
Trading Symbol dei_TradingSymbol PFFV
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 0.25%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets none [1]
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 0.25%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 26
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 80
[1] Other Expenses are based on estimated amounts for the current fiscal year.
XML 15 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; }