ONOF

Adaptive U.S. Risk Management ETF

Morningstar Rating™ - Overall rating out of 236 Tactical Allocation funds, based on risk-adjusted returns as of 02/28/2025

Reasons to Consider ONOF

Risk Management

ONOF is designed to maintain exposure to the equity markets when the trending environment is positive, and then move to a risk-off position when that trend reverses.

Four Signal Approach

ONOF incorporates moving average, convergence/ divergence (MACD), drawdown, and volatility as indicators to shift between equity and fixed income exposure – each receiving an equal vote in the strategy.

Lessen Downside Risk

The strategy seeks to mitigate the extent of drawdowns while remaining invested in equities as much as possible.

Key Information As of 03/24/25

Inception Date	01/12/21
Total Expense Ratio	0.40%
Net Assets	$121.93 million
NAV	$32.87
Fact Sheet	View the document

ETF Summary

The Global X Adaptive U.S. Risk Management ETF (ONOF) seeks to provide a risk management solution by employing four technical indicators to dictate whether the Fund is participating in the U.S. equity markets or in a defensive stance in short term treasuries.

ETF Objective

The Global X Adaptive U.S. Risk Management ETF (ONOF) 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. Risk Management Index.

Trading Details As of 03/24/25

Ticker	ONOF
Bloomberg Index Ticker	AWSRSK
CUSIP	37954Y194
ISIN	US37954Y1947
Primary Exchange	NYSE Arca
Shares Outstanding	3,710,000
Number of Holdings	11
30-Day Median Bid-Ask Spread	0.12%

Distributions As of 03/24/25

30-Day SEC Yield	0.87%
Distribution Frequency	Semi-Annually

ETF Prices As of 03/24/25

NAV	$32.87	Daily Change	-$0.04	-0.12%
Market Price	$32.88	Daily Change	-$0.02	-0.06%

As of recent (12/31/24) As of recent (12/31/24)	Fund NAV	Market Price	Index
1 Year	19.38%	19.45%	20.00%
3 Years	5.61%	5.50%	6.11%
Since Inception	10.32%	10.33%	10.60%
1 Year	13.04%	12.69%	13.58%
3 Years	12.30%	12.28%	12.87%
Since Inception	10.27%	10.23%	10.55%
Year-to-Date	19.38%	19.45%	20.00%
1 Month	-2.50%	-2.50%	-2.46%
3 Months	2.76%	2.76%	2.88%
Since Inception	47.68%	47.75%	49.17%
Year-to-Date	1.40%	1.23%	1.45%
1 Month	-1.63%	-1.85%	-1.61%
3 Months	-1.13%	-1.30%	-1.05%
Since Inception	49.75%	49.57%	51.33%

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.

Net Assets (%)	Ticker	Name	SEDOL	Market Price ($)	Shares Held	Market Value ($)
17.35		T 4 1/8 01/31/27	BSPRXZ7	1.01	21,000,000	21,154,649.35
16.62		T 4 1/4 12/31/26	BS60BJ5	1.01	20,000,000	20,262,085.64
14.97		T 4 1/4 01/15/28	BSLQ8M0	1.01	18,000,000	18,251,990.68
12.28		T 3 3/4 08/31/26	BRBK5F7	1.00	15,000,000	14,967,085.60
10.43		T 4 1/8 11/15/27	BRK1506	1.02	12,500,000	12,715,402.21
10.08		T 4 7/8 05/31/26	BS3FRT5	1.02	12,000,000	12,288,616.01
8.43		T 4 7/8 04/30/26	BLDCKD2	1.03	10,000,000	10,274,741.02
8.41		T 4 1/2 05/15/27	BQSB5L2	1.03	10,000,000	10,255,032.80
0.98		B 03/27/25	BT9K6G1	1.00	1,200,000	1,199,721.80
0.37		T 4 1/8 02/28/27	BTJX0Q8	1.00	450,000	452,014.61
0.08		CASH		1.00	102,125	102,124.93
0.01		OTHER PAYABLE & RECEIVABLES		1.00	9,593	9,592.76
0.00	SIRI	SIRIUS XM HOLDINGS INC	BQWS627	23.95	4	93.41

Holdings are subject to change. "Cash" denotes U.S. dollars.

ETF Documents

Latest Premium / Discount As of 03/24/25

NAV	$32.87
Market Price	$32.88
Premium / (Discount)	$0.01

Current View 2025 Q1 As of 03/24/25

Days at Premium	32
Days at NAV	0
Days at Discount	23
Greatest Premium	0.41%
Greatest Discount	-0.33%

Daily Premium / Discount History As of 03/24/25

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

The primary explanation is that timing discrepancies can arise between the NAV and the trading price of the Fund. Since shares of the Fund trade on the open market, prices are affected by the constant flow of information received by investors, corporations and financial institutions. Depending on how this changing information affects investor sentiment, shares of the Fund may deviate slightly from the value of the Fund's underlying assets. The NAV of the Fund is only calculated once a day (normally at 4:00 p.m. eastern time). As a result, shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares, because shares are purchased and sold at current market prices. However, due to the creation and redemption process that is unique to ETFs, market makers are able to minimize these deviations from NAV by taking advantage of arbitrage opportunities.

What causes these time discrepancies?

Close of Trading Times. Although both the NAV and the daily market price of the Fund are generally calculated based on prices at the closing time of the exchange (generally 4:00 p.m. eastern time), slight differences in this timing may cause discrepancies.

Time of Last Trade. Trading of Global X funds generally takes place during normal trading hours (9:30 a.m. to 4:00 p.m. eastern time). However, it is important to note that the last trade - from which the closing price is determined - may not occur at exactly 4:00 p.m. eastern time. Therefore, changing market sentiment during the time difference may cause the NAV to deviate from the closing price.

International Holdings. The premiums and discounts for funds with significant holdings in international markets may be less accurate due to the different closing times of various international markets. Because the Funds trade during U.S. market hours while the underlying securities may not, the time lapse between the markets can result in differences between the NAV and the trading price.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. 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 2/28, ONOF was rated against the following numbers of Tactical Allocation funds over the following time periods: 236 during the last 3 years. With respect to these Tactical Allocation funds, ONOF received a Morningstar Rating of 5 stars. Past performance is not indicative of future results.

© 2025 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.

The Fund is based on the “modern portfolio theory” approach to asset allocation, which is a framework for determining the allocation of a portfolio with the goal of achieving an intended investment outcome based on a given level of risk. This framework relies heavily on the anticipated volatilities, investment returns and correlations of particular asset classes or securities. There is no guarantee that the Underlying Index will outperform any alternative strategy that might be employed in respect of the component assets or that past volatilities and correlations of particular asset classes or securities will be indicative of future results. ONOF 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. The 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, and do not represent the returns you would receive if you traded shares at other times. NAVs are calculated using prices as of 4:00 PM Eastern Time. Indices are unmanaged and do not include the effect of fees, expenses or sales charges. One cannot invest directly in an index.

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

Global X Management Company LLC serves as an advisor to Global X Funds. The Funds are distributed by SEI Investments Distribution Co. (SIDCO), which is not affiliated with Global X Management Company LLC or Mirae Asset Global Investments. Global X Funds are not sponsored, endorsed, issued, sold or promoted by 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.