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AUSF

Adaptive U.S. Factor ETF

Morningstar Rating™ - Overall rating out of 379 Mid-Cap Value funds, based on risk-adjusted returns as of 10/31/2023

Reasons to Consider AUSF

Outperformance Potential

AUSF seeks to outperform traditional market capitalization weighted indexes by allocating across three factors – minimum volatility, value, and momentum – that have historically demonstrated advantages compared to broad benchmark indexes.

Dynamic Factor Allocation

AUSF either allocates to two factors with a 50% / 50% weighting, or all three factors with a weighting of 40% / 40% / 20% depending on the trailing returns of each factor.

Tax Efficient

Dynamically allocating across multiple factors within one ETF can result in tax efficiencies compared to buying and selling individual factor ETFs.

Key Information As of 11/22/23

Inception Date 08/24/18
Total Expense Ratio 0.27%
Net Assets $184.76 million
NAV $34.15
Fact Sheet View the document

ETF Summary

The Global X Adaptive U.S. Factor ETF (AUSF) seeks to outperform traditional cap-weighted indexes by employing a dynamic multi-factor investment strategy that allocates across three factors: minimum volatility, value, and momentum.

ETF Objective

The Global X Adaptive U.S. Factor ETF (AUSF) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Adaptive Wealth Strategies® U.S. Factor Index.

Trading Details As of 11/22/23

Ticker AUSF
Bloomberg Index Ticker AWSUSF
CUSIP 37954Y574
ISIN US37954Y5740
Primary Exchange NYSE Arca
Shares Outstanding 5,410,002
Number of Holdings 194
30-Day Median Bid-Ask Spread 0.26%

Distributions As of 11/22/23

30-Day SEC Yield 1.40%
Distribution Frequency Quarterly

ETF Prices As of 11/22/23

NAV $34.15 Daily Change $0.11 0.32%
Market Price $34.22 Daily Change $0.20 0.59%

Performance History

As of recent
(09/30/23)
As of recent
(09/30/23)
Fund NAV Market Price Index
1 Year 13.71% 13.67% 14.27%
3 Years 15.43% 15.49% 15.77%
5 Years 7.99% 7.98% 8.34%
Since Inception 7.83% 7.83% 8.17%
1 Year 1.26% 1.23% 1.59%
3 Years 14.73% 14.87% 15.05%
5 Years 8.88% 8.86% 9.22%
Since Inception 7.56% 7.56% 7.90%
Year-to-Date 2.82% 2.89% 3.09%
1 Month -4.69% -4.75% -4.67%
3 Months -0.53% -0.62% -0.45%
Since Inception 46.94% 46.94% 49.33%
Year-to-Date 2.14% 2.20% 2.40%
1 Month -0.67% -0.67% -0.66%
3 Months -5.24% -5.16% -5.20%
Since Inception 45.96% 45.96% 48.34%

Performance is shown on a total return basis (i.e., with gross income reinvested, where applicable). Cumulative return is the aggregate amount that an investment has gained or lost over time. Annualized return is the average return gained or lost by an investment each year over a given time period.

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

Top Holdings As of 11/24/23

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
2.66 NVDA NVIDIA CORP 2379504 477.76 10,322 4,931,438.72
2.61 ADBE ADOBE INC 2008154 619.43 7,807 4,835,890.01
2.60 AVGO BROADCOM INC BDZ78H9 978.87 4,910 4,806,251.70
2.51 META META PLATFORMS INC B7TL820 338.23 13,740 4,647,280.20
2.49 BRK/B BERKSHIRE HATH-B 2073390 362.68 12,719 4,612,926.92
2.47 MA MASTERCARD INC - A B121557 412.50 11,076 4,568,850.00
2.41 GE GENERAL ELECTRIC CO BL59CR9 119.97 37,132 4,454,726.04
2.32 LLY ELI LILLY & CO 2516152 601.10 7,162 4,305,078.20
1.98 ORCL ORACLE CORP 2661568 116.25 31,579 3,671,058.75
1.70 CMCSA COMCAST CORP-CLASS A 2044545 42.58 73,949 3,148,748.42
1.66 CSCO CISCO SYSTEMS INC 2198163 48.36 63,555 3,073,519.80
1.65 LIN LINDE PLC BNZHB81 414.22 7,389 3,060,671.58
1.47 NFLX NETFLIX INC 2857817 479.56 5,678 2,722,941.68
1.35 BKNG BOOKING HOLDINGS INC BDRXDB4 3,115.59 803 2,501,818.77
1.27 AMAT APPLIED MATERIALS INC 2046552 150.34 15,625 2,349,062.50
1.10 CAT CATERPILLAR INC 2180201 247.36 8,205 2,029,588.80
1.00 TJX TJX COMPANIES INC 2989301 89.97 20,510 1,845,284.70
1.00 LRCX LAM RESEARCH CORP 2502247 717.50 2,568 1,842,540.00
0.95 PCAR PACCAR INC 2665861 92.00 19,109 1,758,028.00
0.84 UBER UBER TECHNOLOGIES INC BK6N347 55.32 28,011 1,549,568.52
0.79 ISRG INTUITIVE SURGICAL INC 2871301 318.01 4,623 1,470,160.23
0.77 ETN EATON CORP PLC B8KQN82 228.72 6,211 1,420,579.92
0.71 SNPS SYNOPSYS INC 2867719 542.69 2,406 1,305,712.14
0.67 KLAC KLA CORP 2480138 555.64 2,236 1,242,411.04
0.66 TOL TOLL BROTHERS INC 2896092 85.52 14,226 1,216,607.52
0.63 MTH MERITAGE HOMES CORP 2601326 141.64 8,287 1,173,770.68
0.62 BCC BOISE CASCADE CO B9BP4R1 114.48 10,000 1,144,800.00
0.62 FDX FEDEX CORP 2142784 257.61 4,426 1,140,181.86
0.61 M MACY'S INC 2345022 14.87 76,471 1,137,123.77
0.58 INTC INTEL CORP 2463247 43.96 24,500 1,077,020.00
0.57 CDNS CADENCE DESIGN SYS INC 2302232 270.61 3,911 1,058,355.71
0.57 GEN GEN DIGITAL INC BJN4XN5 21.27 49,611 1,055,225.97
0.57 UBSI UNITED BANKSHARES INC 2905794 33.36 31,547 1,052,407.92
0.57 TMHC TAYLOR MORRISON HOME CORP B832462 45.08 23,236 1,047,478.88
0.56 CADE CADENCE BANK BMCS168 24.70 41,841 1,033,472.70
0.56 VZ VERIZON COMMUNIC 2090571 37.41 27,537 1,030,159.17
0.55 SRC SPIRIT REALTY CAPITAL INC BHHZBZ8 40.96 25,047 1,025,925.12
0.55 PARA PARAMOUNT GLOBAL-CLASS B BKTNTR9 14.21 71,633 1,017,904.93
0.55 TDG TRANSDIGM GROUP INC B11FJK3 970.73 1,042 1,011,500.66
0.55 OZK BANK OZK BZ56Q65 41.48 24,347 1,009,913.56
0.54 GRMN GARMIN LTD B3Z5T14 121.03 8,307 1,005,396.21
0.53 FYBR FRONTIER COMMUNI BP0V999 21.41 46,106 987,129.46
0.53 T AT&T INC 2831811 16.21 60,702 983,979.42
0.53 EMN EASTMAN CHEMICAL CO 2298386 81.89 12,012 983,662.68
0.53 C CITIGROUP INC 2297907 45.23 21,581 976,108.63
0.52 COF CAPITAL ONE FINA 2654461 106.57 9,106 970,426.42
0.52 KEY KEYCORP 2490911 11.84 81,768 967,724.28
0.52 SNV SYNOVUS FINANCIAL CORP BMH4NJ8 29.90 32,324 966,487.60
0.52 TFC TRUIST FINANCIAL CORP BKP7287 31.78 30,385 965,635.30
0.52 FITB FIFTH THIRD BANCORP 2336747 27.25 35,435 965,603.75
0.52 MTG MGIC INVESTMENT CORP 2548616 17.66 54,540 963,176.40
0.52 KHC KRAFT HEINZ CO/THE BYRY499 34.94 27,525 961,723.50
0.52 RITM RITHM CAPITAL CORP BRJ9GW0 10.18 94,307 960,045.26
0.52 FHN FIRST HORIZON CORP 2341484 12.15 78,880 958,392.00
0.52 WBS WEBSTER FINANCIAL CORP 2945143 43.12 22,210 957,695.20
0.52 COLB COLUMBIA BANKING 2176608 21.99 43,529 957,202.71
0.52 PB PROSPERITY BANCSHARES INC 2310257 58.83 16,270 957,164.10
0.52 UAL UNITED AIRLINES B4QG225 39.71 24,092 956,693.32
0.51 HBAN HUNTINGTON BANCSHARES INC 2445966 10.88 86,373 939,738.24
0.51 HUN HUNTSMAN CORP B0650B9 25.30 37,140 939,642.00
0.51 X UNITED STATES STEEL CORP 2824770 34.85 26,909 937,778.65
0.51 JEF JEFFERIES FINANC BG0Q4Z2 35.04 26,742 937,039.68
0.51 MAN MANPOWERGROUP INC 2562490 76.27 12,269 935,756.63
0.51 IAC IAC INC BNDYF48 48.47 19,291 935,034.77
0.51 JNPR JUNIPER NETWORKS INC 2431846 27.33 34,205 934,822.65
0.50 TPR TAPESTRY INC BF09HX3 30.58 30,529 933,576.82
0.50 VLY VALLEY NATIONAL BANCORP 2935326 8.77 106,364 932,812.28
0.50 CMC COMMERCIAL METALS CO 2213260 44.05 21,160 932,098.00
0.50 FNB FNB CORP 2041308 11.77 79,171 931,842.67
0.50 SNX TD SYNNEX CORP 2002554 98.69 9,408 928,475.52
0.50 ALLY ALLY FINANCIAL INC B72XK05 27.21 34,087 927,507.27
0.50 IVZ INVESCO LTD B28XP76 13.81 66,913 924,068.53
0.50 RTX RTX CORPORATION BM5M5Y3 79.98 11,511 920,649.78
0.50 STWD STARWOOD PROPERT B3PQ520 19.90 46,200 919,380.00
0.50 CFG CITIZENS FINANCIAL GROUP BQRX1X3 26.87 34,125 916,938.75
0.50 AM ANTERO MIDSTREAM CORP BJBT0Q4 13.26 69,137 916,756.62
0.49 ARW ARROW ELECTRONICS INC 2051404 119.92 7,628 914,749.76
0.49 WAL WESTERN ALLIANCE BANCORP B0CCGJ4 49.05 18,625 913,556.25
0.49 NXST Nexstar Media Group Inc 2949758 149.88 6,092 913,068.96
0.49 CMA COMERICA INC 2212870 43.76 20,772 908,982.72
0.49 CAG CONAGRA BRANDS INC 2215460 28.49 31,897 908,745.53
0.49 MTB M & T BANK CORP 2340168 125.62 7,193 903,584.66
0.49 WFC WELLS FARGO & CO 2649100 42.92 21,030 902,607.60
0.49 DTM DT MIDSTREAM INC BN7L880 57.12 15,792 902,039.04
0.49 DOW DOW INC BHXCF84 51.67 17,435 900,866.45
0.49 TSN TYSON FOODS INC-CL A 2909730 48.30 18,603 898,524.90
0.48 PRGO PERRIGO CO PLC BGH1M56 30.87 29,025 896,001.75
0.48 BG BUNGE GLOBAL SA BQ6BPG9 108.01 8,288 895,186.88
0.48 GLW CORNING INC 2224701 28.20 31,635 892,107.00
0.48 AGNC AGNC INVESTMENT CORP BYYHJL8 8.71 101,764 886,364.44
0.48 KMI KINDER MORGAN INC B3NQ4P8 17.35 50,948 883,947.80
0.48 LAD LITHIA MOTORS INC 2515030 270.26 3,264 882,128.64
0.48 ONB OLD NATIONAL BANCORP 2658441 14.63 60,182 880,462.66
0.47 VTRS VIATRIS INC BMWS3X9 9.43 93,198 878,857.14
0.47 LYB LYONDELLBASELL INDU-CL A B3SPXZ3 94.13 9,336 878,797.68
0.47 AVT AVNET INC 2066505 47.21 18,542 875,367.82
0.47 KRC KILROY REALTY CORP 2495529 30.18 28,920 872,805.60
0.47 SYF SYNCHRONY FINANCIAL BP96PS6 29.83 29,207 871,244.81
0.47 OMF ONEMAIN HOLDINGS INC BYSZB89 38.29 22,753 871,212.37
0.47 AAP ADVANCE AUTO PARTS INC 2822019 53.08 16,399 870,458.92
0.47 MOS MOSAIC CO/THE B3NPHP6 36.41 23,808 866,849.28
0.47 BBY BEST BUY CO INC 2094670 69.51 12,440 864,704.40
0.47 CPRT COPART INC 2208073 50.81 16,983 862,906.23
0.47 ABG ASBURY AUTOMOTIVE GROUP 2855855 209.76 4,109 861,903.84
0.47 MSM MSC INDL DIRECT 2567655 99.01 8,690 860,396.90
0.46 ROP ROPER TECHNOLOGIES INC 2749602 525.59 1,635 859,339.65
0.46 OKE ONEOK INC 2130109 67.32 12,718 856,175.76
0.46 RDN RADIAN GROUP INC 2173911 25.38 33,689 855,026.82
0.46 CVS CVS HEALTH CORP 2577609 69.42 12,289 853,102.38
0.46 PFE PFIZER INC 2684703 30.50 27,798 847,839.00
0.46 RF REGIONS FINANCIAL CORP B01R311 16.05 52,791 847,295.55
0.45 DD DUPONT DE NEMOURS INC BK0VN47 71.52 11,770 841,790.40
0.45 ZION ZIONS BANCORP NA 2989828 34.35 24,465 840,372.75
0.45 GM GENERAL MOTORS CO B665KZ5 28.18 29,627 834,888.86
0.45 HPE HEWLETT PACKA BYVYWS0 15.83 52,347 828,653.01
0.45 CHRD CHORD ENERGY CORP BLDDYB1 161.71 5,116 827,308.36
0.44 IP INTERNATIONAL PAPER CO 2465254 32.93 24,771 815,709.03
0.44 AJG ARTHUR J GALLAGHER & CO 2359506 252.92 3,184 805,297.28
0.43 CHK CHESAPEAKE ENERGY CORP BMZ5LZ5 82.15 9,771 802,687.65
0.43 CTRA COTERRA ENERGY INC 2162340 26.77 29,389 786,743.53
0.42 F FORD MOTOR CO 2615468 10.40 74,313 772,855.20
0.42 PH PARKER HANNIFIN CORP 2671501 433.67 1,782 772,799.94
0.42 CIVI CIVITAS RESOURCES INC BMG9GG2 69.03 11,173 771,272.19
0.41 ST SENSATA TECHNOLO BFMBMT8 31.99 23,967 766,704.33
0.41 APO APOLLO GLOBAL MA BN44JF6 91.14 8,399 765,484.86
0.41 NYCB NY COMM BANCORP 2711656 9.17 83,405 764,823.85
0.40 HP HELMERICH & PAYNE 2420101 37.61 19,724 741,819.64
0.40 ALB ALBEMARLE CORP 2046853 128.87 5,718 736,878.66
0.40 UNM UNUM GROUP 2433842 43.17 17,055 736,264.35
0.40 ANET ARISTA NETWORKS INC BN33VM5 218.39 3,364 734,663.96
0.39 VAC MARRIOTT VACATIONS WORLD B45K9N8 77.14 9,304 717,710.56
0.34 CRH US CRH PLC-SPONSORED ADR B01ZKD6 61.76 10,300 636,128.00
0.34 ACGL ARCH CAPITAL GROUP LTD 2740542 86.60 7,215 624,819.00
0.33 DHI DR HORTON INC 2250687 127.48 4,779 609,226.92
0.33 OGN ORGANON & CO BLDC8J4 11.36 53,607 608,975.52
0.31 FICO FAIR ISAAC CORP 2330299 1,069.54 544 581,829.76
0.29 VRSK VERISK ANALYTICS INC B4P9W92 239.54 2,225 532,976.50
0.28 BKR BAKER HUGHES CO BDHLTQ5 33.89 15,279 517,805.31
0.26 LEN LENNAR CORP-A 2511920 127.63 3,707 473,124.41
0.25 VRT VERTIV HOLDINGS CO BL3LWS8 42.68 10,779 460,047.72
0.25 SMCI SUPER MICRO COMPUTER INC B1VQR35 285.67 1,606 458,786.02
0.25 RCL ROYAL CARIBBEAN 2754907 104.45 4,342 453,521.90
0.24 PHM PULTEGROUP INC 2708841 88.10 5,022 442,438.20
0.23 DELL DELL TECHNOLOGIES -C BHKD3S6 74.41 5,623 418,407.43
0.21 IR INGERSOLL-RAND INC BL5GZ82 71.33 5,451 388,819.83
0.18 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 134.71 2,507 337,717.97
0.15 DKNG DRAFTKINGS INC-CL A BLDDH12 38.70 7,274 281,503.80
0.15 ARES ARES MANAGEMENT CORP - A BF14BT1 109.22 2,567 280,367.74
0.15 FLT FLEETCOR TECHNOLOGIES INC B4R28B3 234.01 1,195 279,641.95
0.15 OTHER PAYABLE & RECEIVABLES 1.00 271,656 271,655.69
0.14 NVR NVR INC 2637785 6,195.06 43 266,387.58
0.14 XPO XPO INC B6Z1355 89.17 2,808 250,389.36
0.13 WFRD WEATHERFORD INTERNATIONAL BLNN369 93.56 2,533 236,987.48
0.13 RS RELIANCE STEEL & ALUMINUM 2729068 268.00 862 231,016.00
0.12 LII LENNOX INTERNATIONAL INC 2442053 416.43 550 229,036.50
0.12 DECK DECKERS OUTDOOR CORP 2267278 637.07 344 219,152.08
0.12 FTI TECHNIPFMC PLC BDSFG98 21.30 10,160 216,408.00
0.12 AXON AXON ENTERPRISE INC BDT5S35 228.42 943 215,400.06
0.11 EME EMCOR GROUP INC 2474164 216.50 944 204,376.00
0.11 EXAS EXACT SCIENCES CORP 2719951 65.99 3,003 198,167.97
0.11 SAIA SAIA INC 2982399 424.11 467 198,059.37
0.11 OC OWENS CORNING B1FW7Q2 133.06 1,460 194,267.60
0.10 MANH MANHATTAN ASSOCIATES INC 2239471 223.14 859 191,677.26
0.10 TW TRADEWEB MARKE-A BJXMVK2 95.36 1,886 179,848.96
0.09 PNR PENTAIR PLC BLS09M3 63.22 2,748 173,728.56
0.09 ACLS AXCELIS TECHNOLOGIES INC BD420Q8 128.36 1,261 161,861.96
0.09 ELF ELF BEAUTY INC BDDQ975 114.38 1,397 159,788.86
0.08 SSD SIMPSON MFG 2809250 163.34 925 151,089.50
0.08 RMBS RAMBUS INC 2721967 67.48 2,198 148,321.04
0.08 WYNN WYNN RESORTS LTD 2963811 88.31 1,628 143,768.68
0.07 BRBR BELLRING BRANDS INC BN70ZC0 49.95 2,756 137,662.20
0.07 APG API GROUP CORP BMBPH06 29.98 4,511 135,239.78
0.07 NVT NVENT ELECTRIC PLC BDVJJQ5 54.11 2,490 134,733.90
0.07 ONTO ONTO INNOVATION INC BKZ7N95 137.59 979 134,700.61
0.07 PRI PRIMERICA INC B50K3X8 211.97 595 126,122.15
0.07 FIX COMFORT SYSTEMS USA INC 2036047 198.82 615 122,274.30
0.06 OLED UNIVERSAL DISPLAY CORP 2277880 165.48 696 115,174.08
0.06 APP APPLOVIN CORP-CLASS A BMV3LG4 39.49 2,772 109,466.28
0.06 NSIT INSIGHT ENTERPRISES INC 2475060 150.03 723 108,471.69
0.06 SCCO SOUTHERN COPPER CORP 2823777 74.21 1,455 107,975.55
0.06 CELH CELSIUS HOLDINGS INC B19HX21 53.56 2,007 107,494.92
0.06 CLH CLEAN HARBORS INC 2202473 162.91 651 106,054.41
0.06 TPX TEMPUR SEALY INT 2216991 39.60 2,669 105,692.40
0.05 RIG TRANSOCEAN LTD B3KFWW1 6.56 15,348 100,682.88
0.05 ALSN ALLISON TRANSMIS B4PZ892 54.18 1,853 100,395.54
0.05 VNT VONTIER CORP BH4GV32 33.36 2,966 98,945.76
0.05 ESAB ESAB CORP BJLTMN5 79.79 1,130 90,162.70
0.05 EVR EVERCORE INC - A B1BHXZ2 146.90 577 84,761.30
0.04 FLS FLOWSERVE CORP 2288406 38.20 2,025 77,355.00
0.04 BMI BADGER METER INC 2069128 149.55 494 73,877.70
0.04 AZEK AZEK CO INC/THE BKPVG43 31.46 2,343 73,710.78
0.04 IOT SAMSARA INC-CL A BPK3058 27.27 2,537 69,183.99
0.04 ATKR Atkore Inc BDHF495 132.20 486 64,249.20
0.03 COTY COTY INC-CL A BBBSMJ2 11.36 5,026 57,095.36
0.03 AAON AAON INC 2268130 63.83 890 56,808.70
0.01 CASH 1.00 18,638 18,637.62
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 10/31/23

Sector Weight (%)
Financials 24.7
Information Technology 21.6
Industrials 13.2
Consumer Discretionary 10.5
Communication Services 8.8
Materials 7.2
Health Care 5.6
Energy 5.1
Consumer Staples 2.3
Real Estate 1.0

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Packaged Software 8.9
Regional Banks 6.9
Semiconductors 6.4
Internet Software/Services 5.2
Industrial Machinery 5.0
Pharmaceuticals: Major 3.9
Multi-Line Insurance 3.4
Finance/Rental/Leasing 3.4
Information Technology Services 2.9
Major Banks 2.9
Trucks/Construction/Farm Machinery 2.4
Other 48.7

Source: new windowAltaVista Research, LLC

All Sector, Industry and Geographic breakdowns, where provided, are based on equity positions held by the ETF and exclude cash, currencies, and other holdings.

ETF Characteristics As of 11/22/23

Return on Equity 22.60%
Weighted Avg. Market Cap 149,431 M
2022 2023
Price-to-earnings 21.61 19.32
Price-to-book value 4.75 4.03

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 10/31/23

Versus Beta
S&P 500 0.75
NASDAQ-100 0.44
MSCI EAFE 0.69
MSCI Emg. Mkts 0.42
Standard Deviation 15.60%

Source: new windowAltaVista Research, LLC

ETF Documents

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

As of 10/31, AUSF was rated against the following numbers of Mid-Cap Value funds over the following time periods: 379 during the last 3 years, 363 during the last 5 years. With respect to these Mid-Cap Value funds, AUSF received a Morningstar Rating of 5 stars for both periods. Past performance is not indicative of future results.

© 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Investing involves risk, including the possible loss of principal. 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. Indices are unmanaged and do not include the effect of fees, expenses or sales charges. One cannot invest directly in an index. Performance of companies in the financial 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.  AUSF is non-diversified.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Beginning October 15, 2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates current NAV per share. Prior to October 15, 2020, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time. The returns shown do not represent the returns you would receive if you traded shares at other times.

Since the Fund’s shares did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in Shares, the NAV of the Fund is used to calculate market returns.

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

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