Before publishing it we checked it against the issuer's own page. Four of the things the review says cannot be known are published there, on the page the review itself links to. They are the index the fund is built to mirror, the cost inside its swap agreement, whether it hedges its currency, and the dates its two fee figures are as of. Naming them rather than only counting them is deliberate, because a count with nothing behind it is the kind of figure this series exists to refuse.
And the cost, which the review does state, is understated. The review says the fund costs 0.28% a year, and calls that the management expense ratio plus the trading expense ratio together. It is not. The management expense ratio alone is 0.28%. The trading expense ratio is a further 0.18%. Both are as of December 31, 2025, and those two dates are among the four things above that the issuer publishes and the review declined to report. The two of them come to 0.46%, which is our arithmetic on two sourced figures rather than a third figure anyone published.
That 0.46% is still not the whole cost of holding the fund, and the gap is the swap fee, which is one of the four things named above. We should be printing that figure here and we are not. When we read the issuer's page we recorded that a swap fee is stated there and did not record what it said, so we do not have the number in hand, and this series does not print a figure it holds no record of. That is our failure a second time on the same page, and it is a smaller one only because it is visible. What the swap actually charged the fund is a separate quantity again, and that one is settled in the annual management report, which the review correctly says it has not read.
The review also says it cannot name the index the fund is built to mirror without a document we have not read. An index is the published list of companies a fund's return is measured against. The issuer names this fund's index in its investment objective, in a sentence on the product page. The review is right that this fund does not hold that list, and the point survives the correction. It holds cash and a swap agreement, and a bank pays it the index's return.
The published reviews in this series carry a section called what we refused, and why. This is that section turned on a review. The review publishes when its fee figures are re-sourced and correctly labelled, when the swap fee is read and recorded, and when every refusal left in it names either the source that settles it or the reason nobody can settle it.
The issuer's own page
https://www.globalx.ca/product/hxe
This is a notice about a review we have not published, and not a forecast of future performance.