Global X Dorsey Wright Thematic ETF

Global X Dorsey Wright Thematic ETF (GXDW) is a fund of funds that tracks the Nasdaq Dorsey Wright Thematic Rotation Total Return Index. It holds the five Global X thematic ETFs with the strongest relative performance and reviews them monthly. Instead of one theme, it shifts toward whichever themes are leading, and it charges 0.50% a year. It is tiny, with about $6.4 million in net assets as of August 31, 2026, and it lost 48.03% in 2022.

• Over the year to Oct 27, 2026, GXDW returned -10.8%, 8th of 8 among similar funds.
• The deepest fall in its price history was 26.3% (May 11, 2026 to Jul 29, 2026), not yet recovered.

As of Aug 31, 2026, the fund held 11 securities; the ten largest made up 124.46% of assets.

• Over the three months to Aug 31, 2026, investors withdrew a net $1.7M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +6.11%, -13.36%, -12.12%.

GXDW tracks the Nasdaq Dorsey Wright Thematic Rotation Total Return Index. The index is built by Nasdaq, Inc., which is independent of the fund's adviser, Global X Management Company LLC. The index picks only from Global X thematic ETFs, ranging from cybersecurity and cloud computing to hydrogen and video games. Nasdaq ranks them with its Dorsey Wright Relative Strength Matrix. This is a momentum method: it compares how each fund's price has done against the others over various time periods.

At each month-end, the index picks the five top-ranked ETFs and weights them equally. Whenever one drops out and another joins, all five are reset to equal weights. The mix can change quickly. As of January 31, 2026, the index leaned toward the communication services and consumer discretionary sectors. On August 31, 2026, the fund held the Global X Cybersecurity, Lithium & Battery Tech, Artificial Intelligence & Technology, Hydrogen and Internet of Things ETFs, at roughly a fifth each.

The fund generally copies the index, holding the same ETFs in the same proportions. That means owners carry the risks of every company inside those funds. Portfolio turnover was 191.21%, according to its March 27, 2026 prospectus. In other words, it traded holdings worth nearly twice its average assets in a year, and those trading costs are not part of the expense ratio. The fund may also lend out up to one-third of its total assets.

• GXDW charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).

It holds just five thematic ETFs picked by momentum, and it swung from a 61.74% gain in 2020 to a 48.03% loss in 2022.

GXDW could add a rules-based tilt toward leading growth themes, but it comes with large swings. It launched in October 2019, so it has no 2008 record. Its prospectus shows a 61.74% gain in 2020, the year of the COVID crash. It lost 48.03% in 2022, its worst calendar year. Since April 1, 2025, its deepest drop was 26.3%, from May 11 to July 29, 2026, and it had not regained that high by October 27, 2026. Anyone drawing money in a year like 2022 would be cashing out shares at much lower prices.

Income is modest: the trailing 12-month yield was 1.45% as of October 27, 2026, paid twice a year. In the SEC's standard example, the 0.50% expense ratio adds up to $628 over 10 years on $10,000. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by other buffer (defined-outcome) funds, largest first.