Global X Funds NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

(Exact name of registrant as specified in charter)

605 Third Avenue, 43rd floor

New York, NY 10158

(Address of principal executive offices) (Zip code)

Thomas Park

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

(Name and address of agent for service)

With a copy to:

Global X Management Company LLC

605 Third Avenue, 43rd floor

New York, NY 10158

Eric S. Purple, Esq.

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W., Suite 700

Washington, DC 20006-1871

Registrant’s telephone number, including area code: (212) 644-6440

Date of fiscal year end: November 30, 2023

Date of reporting period: November 30, 2023

Item 1. Reports to Stockholders.

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.

Global X Millennial Consumer ETF (ticker: MILN)
Global X Aging Population ETF (ticker: AGNG)
Global X Health & Wellness ETF (ticker: BFIT)
Global X Robotics & Artificial Intelligence ETF (ticker: BOTZ)
Global X FinTech ETF (ticker: FINX)
Global X Internet of Things ETF (ticker: SNSR)
Global X U.S. Infrastructure Development ETF (ticker: PAVE)
Global X Autonomous & Electric Vehicles ETF (ticker: DRIV)
Global X Artificial Intelligence & Technology ETF (ticker: AIQ)
Global X Genomics & Biotechnology ETF (ticker: GNOM)
Global X Cloud Computing ETF (ticker: CLOU)
Global X Cannabis ETF (ticker: POTX)
Global X Thematic Growth ETF (ticker: GXTG)
Global X Video Games & Esports ETF (ticker: HERO)
Global X Cybersecurity ETF (ticker: BUG)
Global X Telemedicine & Digital Health ETF (ticker: EDOC)
Global X China Biotech Innovation ETF (ticker: CHB)
Global X CleanTech ETF (ticker: CTEC)
Global X Data Center REITs & Digital Infrastructure ETF (ticker: VPN)
Global X Clean Water ETF (ticker: AQWA)
Global X AgTech & Food Innovation ETF (ticker: KROP)
Global X Blockchain ETF (ticker: BKCH)
Global X Hydrogen ETF (ticker: HYDR)
Global X Solar ETF (ticker: RAYS)
Global X Wind Energy ETF (ticker: WNDY)
Global X Green Building ETF (ticker: GRNR)
Global X Metaverse ETF (ticker: VR)
Global X PropTech ETF (ticker: PTEC)
Global X Carbon Credits Strategy ETF (ticker: NTRL)
Global X Defense Tech ETF (ticker: SHLD)

Annual Report

November 30, 2023

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ (defined below) shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary (such as a broker-dealer or bank). Instead, shareholder reports will be available on the Funds’ website (www. globalxetfs.com/explore), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary.

You may elect to receive all future Fund shareholder reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of Fund shareholder reports and for details about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

Management Discussion of Fund Performance	1
Schedules of Investments/Consolidated Schedule of Investments
Global X Millennial Consumer ETF	64
Global X Aging Population ETF	69
Global X Health & Wellness ETF	75
Global X Robotics & Artificial Intelligence ETF	79
Global X FinTech ETF	84
Global X Internet of Things ETF	90
Global X U.S. Infrastructure Development ETF	96
Global X Autonomous & Electric Vehicles ETF	100
Global X Artificial Intelligence & Technology ETF	107
Global X Genomics & Biotechnology ETF	114
Global X Cloud Computing ETF	119
Global X Cannabis ETF	123
Global X Thematic Growth ETF	127
Global X Video Games & Esports ETF	130
Global X Cybersecurity ETF	135
Global X Telemedicine & Digital Health ETF	139
Global X China Biotech Innovation ETF	142
Global X CleanTech ETF	145
Global X Data Center REITs & Digital Infrastructure ETF	151
Global X Clean Water ETF	154
Global X AgTech & Food Innovation ETF	157
Global X Blockchain ETF	160
Global X Hydrogen ETF	164
Global X Solar ETF	167
Global X Wind Energy ETF	172
Global X Green Building ETF	176
Global X Metaverse ETF	181
Global X Proptech ETF	184
Global X Carbon Credits Strategy ETF	188
Global X Defense Tech ETF	191
Glossary	194
Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities	195
Statements of Operations/Consolidated Statement of Operations	203
Statements of Changes in Net Assets/Consolidated Statement of Changes in Net Assets	211
Financial Highlights/Consolidated Financial Highlights	226
Notes to Financial Statements/Notes to Consolidated Financial Statements	246
Report of Independent Registered Public Accounting Firm	280
Disclosure of Fund Expenses	283
Approval of Investment Advisory Agreement	288
Supplemental Information	296
Trustees and Officers of the Trust	297
Notice to Shareholders	299

Table of Contents

Shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Shares may only be redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “SEC” or “Commission”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT is available on the Commission’s website at https://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-888-493-8631; and (ii) on the Commission’s website at https://www.sec.gov

Management Discussion of Fund Performance (unaudited)

Global X Millennial Consumer ETF

Global X Millennial Consumer ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Millennials Thematic Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index measures the performance of U.S. listed companies that provide exposure to the Millennial generation, (“Millennial Companies”). The Millennial generation refers to the demographic cohort in the US with birth years ranging from 1980 to 2000.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 15.87%, while the Underlying Index increased 16.42%. The Fund had a net asset value of $28.43 per share on November 30, 2022 and ended the reporting period with a net asset value of $32.86 on November 30, 2023.

During the reporting period, the highest returns came from Carvana Co. Class A and Meta Platforms Inc. Class A, which returned 306.23% and 177.01%, respectively. The worst performers were Bed Bath & Beyond Inc and 2U Inc., which returned -91.37% and -87.77%, respectively.

The Fund recorded positive returns during the reporting period, capitalizing on the evolving preferences of Millennial and Gen Z consumers, a significant global demographic. These cohorts increasingly favored cutting-edge technology and convenience, driven by heightened social media consumption that propelled mobile shopping and alternative payment methods during the reporting period. Noteworthy trends included a preference for experiential pursuits (such as travel) over material possessions and a discernible shift toward access over ownership, observed in the popularity of ridesharing and collaborative consumption. These trends not only presented lucrative opportunities for modern companies but also contributed to the enduring success of established legacy businesses, fueled by the growing spending capacity of these consumer groups. During the reporting period, the Fund had the highest sector exposure to Consumer Discretionary at 42.78% and Communication Services at 23.77%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Millennial Consumer ETF	15.87%	15.97%	-2.11%	-2.10%	9.11%	9.10%	11.35%	11.29%
Indxx Millennials Thematic Index	16.42%	16.42%	-1.66%	-1.66%	9.65%	9.65%	11.87%	11.87%
S&P 500^® Index	13.84%	13.84%	9.76%	9.76%	12.51%	12.51%	13.19%	13.19%

Management Discussion of Fund Performance (unaudited)

Global X Millennial Consumer ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on May 4, 2016.

The S&P 500^®Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when sold, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)

Global X Aging Population ETF

Global X Aging Population ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Aging Population Thematic Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to track the performance of companies listed in developed markets that are expected to directly or indirectly contribute to increasing the life-spans of the senior population of the world. The Underlying Index provides access to companies involved in biotechnology, medical devices, pharmaceuticals, senior living facilities and specialized health care services, which respond to the needs of this demographic.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 2.42%, while the Underlying Index increased 2.80%. The Fund had a net asset value of $26.46 per share on November 30, 2022 and ended the reporting period with a net asset value of $26.93 on November 30, 2023.

During the reporting period, the highest returns came from Seagen, Inc. and Novo Nordisk A/S Class B, which returned 75.64% and 68.44%, respectively. The worst performers were FibroGen, Inc. and Cano Health, Inc. Class A, which returned -96.16% and -96.12%, respectively.

The Fund recorded modestly positive returns during the reporting period as advances in medical science and technology supported growth of the healthcare industry. Continued growth of the aging population theme resulted in increased demand for medical care and healthcare services, leading to positive investor sentiment. Growing focus on research and development (R&D) in the medical industry towards addressing age-related disorders like cardiovascular illnesses and type 2 diabetes also played a role in growing returns. Furthermore, senior living facilities benefited from increased demand for round-the-clock care and operational improvements to better scale care. Ongoing supply chain and macroeconomic headwinds limited upside in the Fund during the reporting period, with inflationary pressures impacting margins in the medical devices sector. The Fund also benefitted from a slower-than-expected rebound for aging-related surgical procedures following the COVID-19 pandemic.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Aging Population ETF	2.42%	1.54%	0.79%	0.63%	6.28%	6.10%	8.62%	8.86%
Indxx Aging Population Thematic Index	2.80%	2.80%	1.03%	1.03%	6.51%	6.51%	8.90%	8.90%
MSCI ACWI Index (Net)	12.01%	12.01%	5.69%	5.69%	9.07%	9.07%	9.71%	9.71%

Management Discussion of Fund Performance (unaudited)

Global X Aging Population ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on May 9, 2016.

The MSCI ACWI (Net) (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)

Global X Health & Wellness ETF

Global X Health & Wellness ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Health & Wellness Thematic Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to track the performance of companies listed in developed markets that provide products and services aimed at promoting physical wellness through active and healthy lifestyles, including but not limited to fitness equipment and technology, athletic apparel, nutritional supplements, and organic/ natural food offerings.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 5.64%, while the Underlying Index increased 6.04%. The Fund had a net asset value of $21.37 per share on November 30, 2022 and ended the reporting period with a net asset value of $22.35 on November 30, 2023.

During the reporting period, the highest returns came from BellRing Brands, Inc. and WW International, Inc., which returned 112.36% and 105.08%, respectively. The worst performers were F45 Training Holdings, Inc. and Li Ning Company Limited, which returned -66.17% and -63.76%, respectively.

The Fund recorded positive returns during the reporting period as increased focus on health, prevention, and self-care among consumers supported the global health and wellness market. Higher consumer spending on products and services geared towards maintaining a healthy and active lifestyle further supported investor sentiment. Technological advancements and integration of digital devices in the health and wellness industry increased demand for fitness wearable devices. Furthermore, the wellness economy continued to grow amid increased government expenditure on the development of sophisticated healthcare infrastructure and new medical technologies. Ongoing supply chain and recessionary concerns limited upside in the Fund during the reporting period, with slower-than-expected demand for high end home workout equipment and athletic apparel. During the reporting period, the Fund had an average approximate stock exposure of 39.93% in the United States and 14.72% in Japan. By sector, the Fund had its highest exposures, on average, to Consumer Discretionary at 70.84%, followed by Consumer Staples at 23.61%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Health & Wellness ETF	5.64%	5.36%	-1.71%	-1.93%	4.52%	4.35%	6.27%	6.34%
Indxx Global Health & Wellness Thematic Index	6.04%	6.04%	-1.38%	-1.38%	4.90%	4.90%	6.70%	6.70%
MSCI ACWI Index (Net)	12.01%	12.01%	5.69%	5.69%	9.07%	9.07%	9.71%	9.71%

Management Discussion of Fund Performance (unaudited)

Global X Health & Wellness ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on May 9, 2016.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)

Global X Robotics & Artificial Intelligence ETF

Global X Robotics & Artificial Intelligence ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Robotics & Artificial Intelligence Thematic Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index seeks to invest in companies that potentially stand to benefit from increased adoption and utilization of robotics and artificial intelligence (AI), including those involved with industrial robotics and automation, non-industrial robots, and autonomous vehicles.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 25.75%, while the Underlying Index increased 26.09%. The Fund had a net asset value of $21.09 per share on November 30, 2022 and ended the reporting period with a net asset value of $26.47 on November 30, 2023.

During the reporting period, the highest returns came from Rainbow Robotics and Symbotic Inc., which returned 448.70% and 199.60%, respectively. The worst performers were Tusimple Holdings Inc. Class A and Faro Technologies Inc., which returned -62.18% and -38.60%, respectively.

The Fund recorded positive returns during the reporting period amid heightened adoption rates of automation to combat labor shortages and supply chain inefficiencies in artificial intelligence, alongside other advancements. Industrial robotics installations experienced momentum worldwide over the course of the reporting period. This trend was fueled by the increasing affordability and sophistication of robots, which led to higher precision and productivity across various industries. Concurrently, the shift towards reshoring and supply chain diversification spurred demand for automated manufacturing. This demand proved crucial in enhancing quality, reducing costs, and maintaining global competitiveness. In the U.S. specifically, substantial investment in chip manufacturing also propelled automation. Similarly, service robots, especially those used in delivery and healthcare, also expanded their presence due to advancements in generative AI technology and the growing use of internet of things devices. During the reporting period, the Fund had an average approximate stock exposure of 46.74% in United States and 32.29% in Japan. By sector, the Fund had its highest average sector exposure to Information Technology at 42.77%, followed by Industrials at 39.46%).

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Robotics & Artificial Intelligence ETF	25.75%	23.56%	-5.73%	-5.65%	6.76%	6.69%	8.83%	8.81%
Indxx Global Robotics & Artificial Intelligence Thematic Index	26.09%	26.09%	-5.24%	-5.24%	7.22%	7.22%	9.22%	9.22%
MSCI ACWI Index (Net)	12.01%	12.01%	5.69%	5.69%	9.07%	9.07%	9.32%	9.32%

Management Discussion of Fund Performance (unaudited)

Global X Robotics & Artificial Intelligence ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on September 12, 2016.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)

Global X FinTech ETF

The Global X FinTech ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global FinTech Thematic Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies in developed markets that provide financial technology products and services, including companies involved in mobile payments, peer-to-peer (“P2P”) and marketplace lending, financial analytics software and alternative currencies (collectively, “FinTech Companies”), as defined by Indxx, LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 9.70%, while the Underlying Index increased 10.00%. The Fund had a net asset value of $20.44 per share on November 30, 2022 and ended the reporting period with a net asset value of $22.37 on November 30, 2023.

During the reporting period, the highest returns came from Coinbase Global Inc. Class-A and Riot Platforms Inc., which returned 172.73% and 169.89%, respectively. The worst performers were Sunlight Financial Holdings Inc. Class A and Linklogis Inc. Class-B, which returned -61.33% and -55.42%, respectively.

The Fund recorded positive performance during the reporting period as digital wallet adoption and point-of-sale (POS) systems generated additional revenues for FinTech Companie. In response to the U.S. Federal Reserve’s increase in interest rates and borrowing costs, market players adapted to the economic environment by embracing new features and functionalities to stabilize revenues, with a focus on improving margins. Furthermore, the rise of artificial intelligence and machine learning reduced costs for financial institutions in assessing the credibility of borrowers and their spending behaviors. Lastly, the broader improvement in the crypto industry further helped boost revenues and profits in crypto exposed franchises of FinTech Companies. Companies that supply financial software and technology to traditional banks and legacy financial institutions also saw strong performance, and banks continued to spend incremental dollars on digitizing their information technology. During the reporting period, the Fund had an average approximate stock exposure of 62.90% in United States. By sector, it had the highest exposure to Financials at 66.39% and Information Technology at 27.47%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X FinTech ETF	9.70%	8.82%	-17.87%	-17.92%	-0.68%	-0.73%	6.49%	6.46%
Indxx Global Fintech Thematic Index	10.00%	10.00%	-17.58%	-17.58%	-0.22%	-0.22%	7.04%	7.04%
MSCI ACWI Index (Net)	12.01%	12.01%	5.69%	5.69%	9.07%	9.07%	9.32%	9.32%

Management Discussion of Fund Performance (unaudited)

Global X FinTech ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on September 12, 2016.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)

Global X Internet of Things ETF

Global X Internet of Things ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Internet of Things Thematic Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index seeks to invest in companies that stand to potentially benefit from the broader adoption of the Internet of Things (“IoT”). This includes the development and manufacturing of semiconductors and sensors, integrated products and solutions, and applications serving smart grids, smart homes, connected cars, and the industrial internet.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 7.26%, while the Underlying Index increased 7.78%. The Fund had a net asset value of $30.54 per share on November 30, 2022 and ended the reporting period with a net asset value of $32.45 on November 30, 2023.

During the reporting period, the highest returns came from Samsara Inc. CL-A and Arlo Technologies Inc., which returned 188.98% and 137.96%, respectively. The worst performers were Butterfly Network Inc. and Spirent Communications Plc, which returned -70.52% and -55.14%, respectively.

The Fund recorded positive returns during the reporting period amid heightened industrial and automotive demand due to increased spending on industrial automation and growing use of semiconductors in autonomous vehicles. Furthermore, businesses benefitted through the synergy between IoT, data analytics, and generative artificial intelligence (AI) to optimize operations and improve customer experiences. Enhanced connectivity through high-speed internet, including 5G networks, provided greater network reliability and opened new possibilities for IoT applications in areas such as smart cities and healthcare. Lastly, increased deployments of IoT solutions amid development of more robust encryption protocols and security measures further supported IoT growth. During the reporting period, by sector, the Fund had the highest average exposure to Information Technology at 65.51% and Industrials at 17.10%.

Management Discussion of Fund Performance (unaudited)

Global X Internet of Things ETF

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Internet of Things ETF	7.26%	6.64%	3.33%	3.34%	13.42%	13.45%	12.12%	12.12%
Indxx Global Internet of Things Thematic Index	7.78%	7.78%	3.72%	3.72%	13.80%	13.80%	12.50%	12.50%
MSCI ACWI Index (Net)	12.01%	12.01%	5.69%	5.69%	9.07%	9.07%	9.32%	9.32%

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on September 12, 2016.

Management Discussion of Fund Performance (unaudited)

Global X Internet of Things ETF

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous pages.

Management Discussion of Fund Performance (unaudited)

Global X U.S. Infrastructure Development ETF

Global X U.S. Infrastructure Development ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx U.S. Infrastructure Development Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to measure the performance of U.S. listed companies that provide exposure to domestic infrastructure development, including companies involved in construction and engineering; production of infrastructure raw materials, composites and products; industrial transportation; and producers/distributors of heavy construction equipment (collectively, “U.S. Infrastructure Development Companies”), as defined by Indxx, LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 13.63%, while the Underlying Index increased 14.31%. The Fund had a net asset value of $27.94 per share on November 30, 2022 and ended the reporting period with a net asset value of $31.50 on November 30, 2023.

During the reporting period, the highest returns came from Powell Industries Inc. and Atlas Technical Consultants, which returned 221.37% and 124.21%, respectively. The worst performers were Titan Machinery Inc. and Calix Inc., which returned -48.08% and -45.88%, respectively.

The Fund recorded a positive performance during the reporting period as U.S. Infrastructure Development Companies continued to benefit from high demand for construction work and positive sentiments toward the Infrastructure Investment and Jobs Act (IIJA), Inflation Reduction Act (IRA), and CHIPS Act. The United States also experienced a surge in manufacturing construction spending as companies reoriented their supply chains in the fallout from disruptive events such as the COVID-19 pandemic and conflict in Ukraine. Infrastructure companies with the expertise to build out industrial capacity also benefitted from this onshoring trend. Lastly, after softening around the beginning of the reporting period, construction input prices stabilized, providing support for materials suppliers within the Fund. During the reporting period, by sector, the Fund had the highest exposure to Industrials at 71.80% and Materials at 22.00%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X U.S. Infrastructure Development ETF	13.63%	13.59%	16.62%	16.53%	15.98%	15.95%	12.31%	12.31%
Indxx U.S. Infrastructure Development Index	14.31%	14.31%	17.32%	17.32%	16.60%	16.60%	12.90%	12.90%
S&P 500^® Index	13.84%	13.84%	9.76%	9.76%	12.51%	12.51%	12.17%	12.17%

Management Discussion of Fund Performance (unaudited)

Global X U.S. Infrastructure Development ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on March 6, 2017.

The S&P 500^®Index is a market capitalization weighted composite index of 500 large capitalization U.S. companies.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)

Global X Autonomous & Electric Vehicles ETF

Global X Autonomous & Electric Vehicles ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Autonomous & Electric Vehicles Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies that are involved in the development of electric vehicles and/or autonomous vehicles, including companies that produce electric/hybrid vehicles, electric/hybrid vehicle components and materials, autonomous driving technology, and network connected services for transportation, as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 2.71%, while the Underlying Index increased 2.64%. The Fund had a net asset value of $22.89 per share on November 30, 2022 and ended the reporting period with a net asset value of $23.19 on November 30, 2023.

During the reporting period, the highest returns came from NVIDIA Corporation and Hyster-Yale Materials Handling, Inc. Class A, which returned 176.47% and 67.61%, respectively. The worst performers were Plug Power Inc. and Innoviz Technologies Ltd., which returned -74.69% and -68.16%, respectively.

The Fund recorded modestly positive returns during the reporting period due to strong performances from big tech companies that are aligned with autonomous vehicle development as well as continued growth for the electric vehicle (“EV”) industry. A combination of accommodative government policy, technological innovation, deployment of charging infrastructure, and expanded commitments from traditional automakers continued to support progress in EV adoption. Declining battery-related commodity costs and price wars between automakers improved EV affordability, although they continue to sell at an upfront premium to internal combustion engine vehicles. EV sales did not grow as quickly as expected during the reporting period due to economic headwinds in China and elevated borrowing costs for consumers around the world. During the reporting period, the Fund had an average approximate stock exposure of 55.50% in the United States and 10.81% in Japan. By sector, it had the highest average exposure to Consumer Discretionary at 35.39%, followed by Information Technology at 29.80%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Autonomous & Electric Vehicles ETF	2.71%	1.65%	2.94%	2.75%	13.34%	13.32%	9.33%	9.27%
Solactive Autonomous & Electric Vehicles Index	2.64%	2.64%	3.17%	3.17%	13.53%	13.53%	9.49%	9.49%
MSCI ACWI Index (Net)	12.01%	12.01%	5.69%	5.69%	9.07%	9.07%	7.51%	7.51%

Management Discussion of Fund Performance (unaudited)

Global X Autonomous & Electric Vehicles ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on April 13, 2018.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)

Global X Artificial Intelligence & Technology ETF

Global X Artificial Intelligence & Technology ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Artificial Intelligence & Big Data Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies in developed markets that are positioned to benefit from the further development and implementation of artificial intelligence technology, as well as to companies that provide critical technology and services for the analysis of large and complex data sets (collectively, “Artificial Intelligence & Big Data Companies”).

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 38.56%, while the Underlying Index increased 39.45%. The Fund had a net asset value of $21.54 per share on November 30, 2022 and ended the reporting period with a net asset value of $29.73 on November 30, 2023.

During the reporting period, the highest returns came from Alchip Technologies Ltd. and Super Micro Computer Inc., which returned 233.68% and 203.08%, respectively. The worst performers were Meituan-Class B and Envestnet Inc., which returned -44.66% and -41.49%, respectively.

The Fund recorded positive performance during the reporting period as strong growth in the artificial intelligence (“AI”) market and its positive impact on productivity supported economic gains. The growing use of AI-as-a-service gave an opportunity for cloud computing companies to monetize their services by partnering with emerging AI startups and upselling additional cloud infrastructure to their expansive user bases. Additionally, the introduction of new generative AI tools to enhance user experiences contributed to the Fund’s performance. Multi-sectoral applications of AI for automation, productivity enhancement, and quality control gave investors confidence in companies looking to utilize AI for improving profit margins. Investor confidence was also boosted as the technology companies operating in this realm prioritized cost-cutting measures and workforce reductions to enhance margins and improve bottom-line performance. During the reporting period, the Fund had the highest average sector exposure to Information Technology at 61.36%, followed by Communication Services at 14.79%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Artificial Intelligence & Technology ETF	38.56%	37.28%	5.14%	4.98%	16.43%	16.45%	13.60%	13.60%
Indxx Artificial Intelligence & Big Data Index	39.45%	39.45%	5.67%	5.67%	16.94%	16.94%	14.09%	14.09%
MSCI ACWI Index (Net)	12.01%	12.01%	5.69%	5.69%	9.07%	9.07%	7.23%	7.23%

Management Discussion of Fund Performance (unaudited)

Global X Artificial Intelligence & Technology ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on May 11, 2018.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X Genomics & Biotechnology ETF

Global X Genomics & Biotechnology ETF

Global X Genomics & Biotechnology ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Genomics Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from further advances in the field of genomic science and biotechnology, as well as applications thereof (collectively, “Genomics & Biotechnology Companies”), as defined by Solactive AG, the provider of the Underlying Index (“Index Provider”). In order to be eligible for inclusion in the Underlying Index, a company is considered by the Index Provider to be a Genomics & Biotechnology Company if it derives at least 50% of its revenue, operating income, or assets from genomics and/or biotechnology.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 22.60%, while the Underlying Index decreased 22.22%. The Fund had a net asset value of $13.45 per share on November 30, 2022 and ended the reporting period with a net asset value of $10.41 on November 30, 2023.

During the reporting period, the highest returns came from Avidity Biosciences Inc. and Natera Inc., which returned 42.52% and 36.07%, respectively. The worst performers were Bionano Genomics Inc. and Sangamo Therapeutics Inc., which returned -93.53% and -91.88%, respectively.

The Fund recorded negative returns during the reporting period on account of challenges faced by biotechnology companies due to growing inflationary pressures and regulatory scrutiny. Rising interest rates affected biotech companies that rely on debt financing to fund their research and development expenses. This forced the industry to prioritize operational efficiencies to expand cash runway and accelerate the path towards profitability, in turn, deprioritizing product innovation. Genomics & Biotechnology Companies were also impacted by a slowdown in mergers and acquisitions (M&A) amid growing scrutiny from regulatory bodies that has put a hold on potential exit opportunities for smaller genomics companies. Continued supply chain constraints also hampered the industry during the reporting period, resulting in shortages of key medications and more costly manufacturing of complex treatment categories.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Genomics & Biotechnology ETF	-22.60%	-22.81%	-20.83%	-20.83%	-7.88%	-7.49%
Solactive Genomics Index	-22.22%	-22.22%	-20.49%	-20.49%	-7.42%	-7.42%
MSCI ACWI Index (Net)	12.01%	12.01%	5.69%	5.69%	8.30%	8.30%

Management Discussion of Fund Performance (unaudited)
Global X Genomics & Biotechnology ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on April 5, 2019.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X Cloud Computing ETF

Global X Cloud Computing ETF

Global X Cloud Computing ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Cloud Computing Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies in developed and emerging markets that are positioned to benefit from the increased adoption of cloud computing technology, including but not limited to companies whose principal business is in offering computing Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), Infrastructure-as-a-Service (IaaS), managed server storage space and data center REITs, and/or cloud and edge computing infrastructure and hardware (collectively, “Cloud Computing Companies”), as defined by Indxx LLC, the provider of the Indxx Global Cloud Computing Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 23.97%, while the Underlying Index increased 24.77%. The Fund had a net asset value of $16.77 per share on November 30, 2022 and ended the reporting period with a net asset value of $20.79 on November 30, 2023.

During the reporting period, the highest returns came from Shopify Inc. Class-A and Fastly Inc. Class-A, which returned 78.13% and 71.95%, respectively. The worst performers were 2U Inc. and Paycom Software Inc., which returned -87.77% and -46.17%, respectively.

The Fund recorded positive returns during the reporting period resulting from a broad uplift in profitability for companies as well as an increased adoption of cloud technology and generative artificial intelligence (“AI”)-based products and services. Hyperscale cloud platforms capitalized on the generative AI platform shift by quickly enabling access to emerging large-language models through their platforms, and cross selling cloud services to new customers. Similarly, software companies were able to incrementally monetize their offerings by building automated and AI-driven end solutions to clients looking to improve efficiency. Lastly, technology companies operating in the cloud computing market also focused on cost-cutting measures and workforce reductions to enhance margins and improve bottom-line performance, which helped boost broad investor confidence. The continued rise and use of data-heavy assets further helped drive spending on cloud computing services during the period.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Cloud Computing ETF	23.97%	23.78%	-6.45%	-6.53%	7.61%	7.68%
Indxx Global Cloud Computing Index	24.77%	24.77%	-5.85%	-5.85%	8.28%	8.28%
MSCI ACWI Index (Net)	12.01%	12.01%	5.69%	5.69%	8.23%	8.23%

Management Discussion of Fund Performance (unaudited)
Global X Cloud Computing ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on April 12, 2019.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X Cannabis ETF

Global X Cannabis ETF

Global X Cannabis ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Cannabis Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index, designed to provide exposure to exchange-listed companies that are active in the cannabis industry (collectively, “Cannabis Companies”). In order to be eligible for inclusion in the Cannabis Index, a company is considered by the Index Provider to be a Cannabis Company if it derives at least 50% of its revenue, operating income, or assets from the cannabis industry. These companies include those involved in the following areas of the cannabis industry: (i) the legal production, growth and distribution of marijuana, as well as extracts, derivative products or synthetic versions thereof; (ii) the legal production, growth and distribution of hemp, as well as extracts, derivative products or synthetic versions thereof; (iii) financial services (insurance offerings, property leasing, financing, capital markets activity and investments) provided to companies involved in the production, growth and distribution of cannabis; (iv) pharmaceutical applications of cannabis; (v) cannabidiol (better known as CBD) and cannabis oil products, edibles, topicals, drinks and other products; and (vi) products that may be used to consume cannabis; and (vii) the provision of software and/or online marketplaces or platforms primarily for the cannabis sector.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 61.63%, while the Underlying Index decreased 63.58%. The Fund had a net asset value of $14.95 per share on November 30, 2022 and ended the reporting period with a net asset value of $5.52 on November 30, 2023.

During the reporting period, the highest returns came from Hexo Corp. and Organigram holdings Inc., which returned 325.84% and 26.60%, respectively. The worst performers were Flora Growth Corp. and MYMD Pharmaceuticals Inc., which returned -87.50% and -86.92%, respectively.

The Fund recorded negative performance during the reporting period amid challenges of a large illicit cannabis market and varied regulatory landscape across key markets. Increased supply in the cannabis market and stringent tax requirements in legal jurisdictions hampered investor sentiment towards Cannabis Companies. Additionally, limited accessibility of capital amid a high interest rate environment and complicated regulatory landscape reduced growth prospects of Cannabis Companies. Slower-than-expected regulatory actions in key markets like the United States and Germany have delayed consolidation efforts from key market players to improve margins and achieve profitability. Lastly, chances of a recession decreased consumer spending on perceived non-essential items, including cannabis products. During the reporting period, the Fund had an average approximate stock exposure of 54.94% in Canada and 34.06% in United States. By sector, it had the highest exposure to Health Care at 65.51% and Real Estate at 18.48%.

Management Discussion of Fund Performance (unaudited)
Global X Cannabis ETF


	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Cannabis ETF	-61.63%	-62.50%	-56.06%	-56.37%	-52.38%	-52.86%
Solactive Cannabis Index	-63.58%	-63.58%	-57.51%	-57.51%	-54.61%	-54.61%
MSCI ACWI Index (Net)	12.01%	12.01%	5.69%	5.69%	8.61%	8.61%

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on September 17, 2019.

Management Discussion of Fund Performance (unaudited)
Global X Cannabis ETF

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X Thematic Growth ETF

Global X Thematic Growth ETF

The Global X Thematic Growth ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Thematic Growth Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index seeks to provide broad exposure to thematic growth strategies using a portfolio of exchange-traded funds (each, an “Underlying ETF”). The Underlying Index allocates index weights among the Underlying ETFs based on a quantitative methodology developed by Solactive AG, the provider of the Underlying Index, which is designed to determine the selection and weighting of the eligible Underlying ETFs.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 10.30%, while the Underlying Index decreased 10.39%. The Fund had a net asset value of $26.14 per share on November 30, 2022 and ended the reporting period with a net asset value of $23.05 on November 30, 2023.

During the reporting period, the highest returns came from Global X Blockchain ETF and Global X Social Media ETF, which returned 68.55% and 25.11%, respectively. The worst performers were Global X Cannabis ETF and Global X Lithium & Battery ETF, which returned -62.50% and -30.53%, respectively.

The Fund performed negatively during the reporting period on account of the performance of its underlying themes. A portion of the Fund’s negative returns were due to higher interest rates, elevated material costs and permit delays associated with renewable energy companies. Additionally, inflationary pressures, regulatory scrutiny and competition from generic manufacturers adversely impacted the performance of the biotechnology stocks. Within the disruptive materials space, dampened demand leading to higher supply levels amid an uncertain macroeconomic environment negatively contributed to the Fund’s performance. Meanwhile, lithium prices were weighed down by performance in the Chinese spot market, amid weakened demand and bearish sentiment.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Thematic Growth ETF	-10.30%	-10.78%	-17.39%	-17.45%	-1.18%	-0.99%
Solactive Thematic Growth Index	-10.39%	-10.39%	-17.63%	-17.63%	-1.41%	-1.41%
MSCI ACWI Index (Net)	12.01%	12.01%	5.69%	5.69%	8.52%	8.52%

Management Discussion of Fund Performance (unaudited)
Global X Thematic Growth ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on October 25, 2019.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous pages.

Management Discussion of Fund Performance (unaudited)
Global X Video Games & Esports ETF

Global X Video Games & Esports ETF

Global X Video Games & Esports ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Video Games & Esports Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from increased consumption related to video games and esports, including companies whose principal business is in video game development/publishing, video game and esports content distribution and streaming, operating/owning esports leagues/teams, and producing video game/ esports hardware, as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 5.29%, while the Underlying Index increased 5.71%. The Fund had a net asset value of $18.96 per share on November 30, 2022 and ended the reporting period with a net asset value of $19.93 on November 30, 2023.

During the reporting period, the highest returns came from Applovin Corp. Class-A and International Games System Co Ltd., which returned 160.10% and 79.18%, respectively. The worst performers were Skillz Inc. Class A and Gumi Inc., which returned -69.56% and -55.60%, respectively.

The Fund recorded positive returns during the reporting period due to the launch of new generations of hardware, improvements in supply chains and back-log orders, continued adoption and innovation in mobile gaming, and the increased use of virtual and augmented reality technologies. Casual mobile gaming continues to remain popular, attracting a significant number of players worldwide. Key mobile platforms brought increasingly media-rich and high-fidelity gaming experiences on smaller devices, driving a resurgence of in-app purchases and rise in the popularity of online multiplayer games. Higher investments and increased merger and acquisition (M&A) activity helped drive growth both for the acquiring companies and broader industry. Lastly, consumer access to games on the go without having to carry around a console or gaming personal computer (PC) weighed positively for mobile cloud gaming industry. During the reporting period, the Fund had an average approximate stock exposure of 33.21% in United States and 27.40% in Japan. By sector, it had the highest exposure to Communication Services at 88.90%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Video Games & Esports ETF	5.29%	3.13%	-10.78%	-11.04%	7.72%	7.53%
Solactive Video Games & Esports Index	5.71%	5.71%	-10.38%	-10.38%	8.21%	8.21%
MSCI ACWI Index (Net)	12.01%	12.01%	5.69%	5.69%	8.52%	8.52%

Management Discussion of Fund Performance (unaudited)
Global X Video Games & Esports ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on October 25, 2019.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X Cybersecurity ETF

Global X Cybersecurity ETF

Global X Cybersecurity ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Cybersecurity Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from increased adoption of cybersecurity technology, including but not limited to companies whose principal business is in the development and management of security protocols preventing intrusion and attacks to systems, networks, applications, computers, and mobile devices, as determined by Indxx LLC, the provider of the Underlying Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 19.29%, while the Underlying Index increased 19.89%. The Fund had a net asset value of $22.85 per share on November 30, 2022 and ended the reporting period with a net asset value of $26.84 on November 30, 2023.

During the reporting period, the highest returns came from Crowdstrike Holdings Inc. A and Varonis Systems Inc., which returned 101.44% and 97.22%, respectively. The worst performers were Arqit Quantum Inc. and A10 Networks Inc., which returned -93.55% and -32.08%, respectively.

The Fund recorded positive returns during the reporting period as increased digitalization and interconnectedness in the economy drove growth of the cybersecurity market. Spending on cybersecurity solutions was boosted by increasing attacks on corporations and governments, digital warfare emanating from major global conflicts, and emerging new possibilities with the rise of technologies like generative artificial intelligence (AI). Corporations responded to the escalating trend of targeted cyber-attacks by increasing investments in security technologies that suit a cloud-native deployment model of information technology (IT), cutting costs. Rising cases of complex cyber threats led to implementation of new technologies for enhancing threat detection and automating security processes. Government programs enacted in the wake of the COVID-19 pandemic to broadly safeguard citizens from a complex and worsening IT landscape also helped drive the market forward, contributing to the Fund’s positive returns. During the reporting period, the Fund had an average approximate stock exposure of 68.02% in United States and 14.06% in Israel.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Cybersecurity ETF	19.29%	18.46%	6.47%	6.25%	15.60%	16.03%
Indxx Cybersecurity Index	19.89%	19.89%	6.89%	6.89%	16.12%	16.12%
MSCI ACWI Index (Net)	12.01%	12.01%	5.69%	5.69%	8.52%	8.52%

Management Discussion of Fund Performance (unaudited)
Global X Cybersecurity ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on October 25, 2019.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X Telemedicine & Digital Health ETF

Global X Telemedicine & Digital Health ETF

Global X Telemedicine & Digital Health ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Telemedicine & Digital Health Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from further advances in the field of telemedicine and digital health, as well as applications thereof (collectively, “Telemedicine & Digital Health Companies”), as defined by Solactive AG, the provider of the Underlying Index (the “Index Provider”). In order to be eligible for inclusion in the Underlying Index, a company is considered by the Index Provider to be a Telemedicine & Digital Health Company if it derives at least 50% of its revenue, operating income, or assets from telemedicine and/ or digital health. Telemedicine & Digital Health Companies include those involved in the following business activities: (i) telemedicine, (ii) healthcare analytics, (iii) connected healthcare devices, and/ or (iv) administrative digitization.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 26.82%, while the Underlying Index decreased 26.69%. The Fund had a net asset value of $12.23 per share on November 30, 2022 and ended the reporting period with a net asset value of $8.95 on November 30, 2023.

During the reporting period, the highest returns came from Hims & Hers Health, Inc. Class A. and GoodRx Holdings, Inc. Class A, which returned 43.62% and 37.39%, respectively. The worst performers were Bionano Genomics Inc. and Invitae Corp., which returned -92.74% and -84.18%, respectively.

The Fund recorded negative returns during the reporting period as contracting operating margins, slower-than-expected regulatory activity, and ongoing inflationary concerns slowed industry growth which impacted the performance of Telemedicine & Digital Health Companies. A high interest rate environment and limited debt availability slowed innovation in the sector and delayed interoperability timelines for digital health firms. This, in turn, slowed adoption by healthcare professionals and delayed mergers and acquisitions (M&A) activity that would help consolidate and streamline a fragmented industry. Continued inflationary pressures increased the cost of medical equipment and pharmaceutical drugs, limiting physician and hospital budgets for increased digitization and automation.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Telemedicine & Digital Health ETF	-26.82%	-26.89%	-21.36%	-21.48%	-14.71%	-14.79%
Solactive Telemedicine & Digital Health Index	-26.69%	-26.69%	-21.01%	-21.01%	-14.32%	-14.32%
MSCI ACWI Index (Net)	12.01%	12.01%	5.69%	5.69%	8.68%	8.68%

Management Discussion of Fund Performance (unaudited)
Global X Telemedicine & Digital Health ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on July 29, 2020.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X China Biotech Innovation ETF

Global X China Biotech Innovation ETF

Global X China Biotech Innovation ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Biotech Innovation Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies that are directly involved in China’s biotechnology industry. In constructing the Underlying Index, the Solactive AG, the provider of the Underlying Index utilizes FactSet Industry classifications to identify companies that are directly involved in the biotechnology industry. Only those securities classified in the biotechnology industry according to FactSet as of each rebalance date are eligible for inclusion in the index. The Underlying Index is weighted according to a modified capitalization weighting methodology and is reconstituted and re-weighted semi-annually.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 11.66%, while the Underlying Index decreased 11.00%. The Fund had a net asset value of $9.68 per share on November 30, 2022 and ended the reporting period with a net asset value of $8.51 on November 30, 2023.

During the reporting period, the highest returns came from Hebei Changshan Biochemical Pharmaceutical Co., Ltd. Class A and Pacific Shuanglin Bio-pharmacy Co., Ltd. Class A, which returned 161.33% and 48.71%, respectively. The worst performers were Kintor Pharmaceutical Ltd. and CanSino Biologics, Inc. Class A, which returned -75.35% and -62.06%, respectively.

The Fund recorded negative returns during the reporting period amid growing inflationary pressures and regulatory scrutiny. Demand for contract research services and lab equipment declined amid tightening budgets and limited availability of funding. Enforcement of global regulatory reforms for drug manufacturing companies adversely impacted market sentiment. In a parallel development, China’s biotech IPO volumes declined against the backdrop of reduced investor confidence and earnings volatility. Investments in Chinese drugmaker companies declined, as investors from the US and other countries remained cautious of the stringent financing environment within the biotech industry. This also slowed down mergers and acquisitions (M&A) activity in the industry, putting a hold to potential exit opportunities for smaller healthcare firms.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X China Biotech Innovation ETF	-11.66%	-12.91%	-16.81%	-17.06%	-16.27%	-16.45%
Solactive China Biotech Innovation Index	-11.00%	-11.00%	-16.24%	-16.24%	-15.69%	-15.69%
MSCI Emerging Markets Index (Net)	4.21%	4.21%	-4.04%	-4.04%	-0.48%	-0.48%

Management Discussion of Fund Performance (unaudited)
Global X China Biotech Innovation ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on September 22, 2020.

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X CleanTech ETF

Global X CleanTech ETF

The Global X CleanTech ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global CleanTech Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from the increased adoption of technologies focused on improving the efficiency of renewable energy production and/or mitigating the adverse environmental effects of resource consumption (“CleanTech”), including, but not limited to, companies whose principal business is in developing technology relating to renewable energy, energy efficiency and storage, smart grid, lithium-ion batteries and/or fuel cells, and/or pollution prevention/amelioration (collectively, “CleanTech Companies”), as defined by Indxx LLC, the provider of the Underlying Index (“Index Provider”).

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 38.90%, while the Underlying Index decreased 38.76%. The Fund had a net asset value of $16.20 per share on November 30, 2022 and ended the reporting period with a net asset value of $9.88 on November 30, 2023.

During the reporting period, the highest returns came from Fluence Energy, Inc. Class A and Simplo Technology Co. Ltd., which returned 45.98% and 36.03%, respectively. The worst performers were Sunpower Corporation and Maxeon Solar Technologies, Ltd., which returned -82.89% and -81.74%, respectively.

The Fund performed negatively during the reporting period as CleanTech equipment manufacturers continued to have their performance impacted by rising inflation, supply bottlenecks, and elevated materials costs. Slow permitting timelines in the United States and European Union remained a significant detractor to realizing full growth potential within the wind and solar power industries. Elevated project costs and high interest rates also dampened renewable energy growth prospects across major markets and reduced equipment demand, particularly for the offshore wind and residential solar power segments. Furthermore, companies throughout the hydrogen value chain had their performances weighed down by elevated hydrogen prices, supply constraints, higher interest rates, and continued investments towards scaling production for future expected demand. During the reporting period, the Fund had an average approximate stock exposure of 33.97% in United States, 13.73% in South Korea and 12.17% in China. By sector, it had the highest average exposure to Information Technology at 47.66% and Industrials at 42.20%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X CleanTech ETF	-38.90%	-39.44%	-19.44%	-19.46%	-12.57%	-12.63%
Indxx Global CleanTech Index	-38.76%	-38.76%	-19.87%	-19.87%	-13.02%	-13.02%
MSCI ACWI Index (Net)	12.01%	12.01%	5.69%	5.69%	8.28%	8.28%

Management Discussion of Fund Performance (unaudited)
Global X CleanTech ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on October 27, 2020.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X Data Center REITs & Digital Infrastructure ETF

Global X Data Center REITs & Digital Infrastructure ETF

The Global X Data Center REITs & Digital Infrastructure ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Data Center REITs & Digital Infrastructure Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Solactive Data Center REITs & Digital Infrastructure Index is designed to provide exposure to companies that have business operations in the fields of data centers, cellular towers, and/or digital infrastructure hardware. Specifically, the Solactive Data Center REITs & Digital Infrastructure Index will include securities issued by “Data Center REITs & Digital Infrastructure Companies” as defined by Solactive AG, the provider of the Solactive Data Center REITs & Digital Infrastructure Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 8.46%, while the Underlying Index increased 8.33%. The Fund had a net asset value of $13.52 per share on November 30, 2022 and ended the reporting period with a net asset value of $14.30 on November 30, 2023.

During the reporting period, the highest returns came from Nvidia Corp. and Advanced Micro Devices, which returned 176.47% and 56.07%, respectively. The worst performers were Cyxtera Technologies Inc. and VNET Group Inc-ADR, which returned -97.95% and -44.11%, respectively.

The Fund recorded positive performance during the reporting period as growth in data usage and increased adoption of artificial intelligence (AI) positively impacted data center REITs. This led to improved earnings and dividend distributions by many Data Center REITs & Digital Infrastructure Companies. Simultaneously, the global adoption of 5G technology increased, generating positive revenue growth for communications service providers. Furthermore, demand for data storage and cloud computing services increased investor optimism toward the industry. Lastly, with an uncertain macroeconomic environment, the stock prices of companies maintaining data infrastructure reflected resilience in revenues due to the essential services they provide. During the reporting period, the Fund had an average approximate stock exposure of 72.14% in United States. By sector, it had the highest exposure to Real Estate at 58.37% and Information Technology at 29.80%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Three Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Data Center REITs & Digital Infrastructure ETF	8.46%	9.37%	0.07%	-0.07%	0.01%	0.08%
Solactive Data Center REITs & Digital Infrastructure Index	8.33%	8.33%	0.04%	0.04%	-0.02%	-0.02%
MSCI ACWI Index (Net)	12.01%	12.01%	5.69%	5.69%	8.28%	8.28%

Management Discussion of Fund Performance (unaudited)
Global X Data Center REITs & Digital Infrastructure ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on October 27, 2020.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X Clean Water ETF

Global X Clean Water ETF

The Global X Clean Water ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Clean Water Industry Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to exchange-listed companies expected to benefit from further advances in the provision of clean water, including, but not limited to, companies whose principal business is in water treatment, recycling (including water reclamation), purification, desalination, storage, distribution, and/or sustainability (collectively, “Clean Water Companies”), as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 9.50%, while the Underlying Index increased 9.83%. The Fund had a net asset value of $14.30 per share on November 30, 2022 and ended the reporting period with a net asset value of $15.40 on November 30, 2023.

During the reporting period, the highest returns came from Nomura Micro Science Co. Ltd. and Organo Corp., which returned 137.73% and 106.89%, respectively. The worst performers were Calix Ltd. and Middlesex Water Company, which returned -31.85% and -30.47%, respectively.

The Fund performed positively during the reporting period as continued investments in water technology insulated Clean Water Companies against the broader uncertain macroeconomic environment. Broadening commitment to sustainable development goals (SDGs) from the private sector as well as continued federal investments in U.S. water infrastructure from the Infrastructure Investment and Jobs Act (IIJA) lifted investor sentiment toward the clean water space. Water utility companies were able to drive consistent earnings growth and healthy dividend payouts despite an increase in costs and inflationary pressures. Lastly, high profile instances of drought and water insecurity continued to draw attention to the Clean Water Companies. During the reporting period, the Fund had an average approximate stock exposure of 62.62% in United States and 22.58% in Britain. By sector, it had the highest exposure to Industrials at 49.17% and Utilities at 37.99%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Clean Water ETF	9.50%	9.55%	2.24%	2.36%
Solactive Global Clean Water Industry Index	9.83%	9.83%	2.55%	2.55%
MSCI ACWI (Net)	12.01%	12.01%	1.81%	1.81%

Management Discussion of Fund Performance (unaudited)
Global X Clean Water ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on April 8, 2021.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X AgTech & Food Innovation ETF

Global X AgTech & Food Innovation ETF

The Global X AgTech & Food Innovation ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive AgTech & Food Innovation Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to companies that are positioned to benefit from further advances in the fields of agricultural technology (“AgTech”) and food innovation. Specifically, the Underlying Index will include securities issued by “AgTech & Food Innovation Companies” as defined by Solactive AG, the provider of the Underlying Index.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 34.41%, while the Underlying Index decreased 34.22%. The Fund had a net asset value of $15.63 per share on November 30, 2022 and ended the reporting period with a net asset value of $10.17 on November 30, 2023.

During the reporting period, the highest returns came from Sprouts Farmers Market Inc. and Ingredion Inc., which returned 25.49% and 7.66%, respectively. The worst performers were Appharvest Inc. and Benson Hill Inc., which returned -95.68% and -93.52%, respectively.

The Fund generated negative returns during the reporting period. The agriculture technology industry experienced a decline in capital investment as investors moved to more mature investment avenues. Consumer purchasing power was compressed during the reporting period due to inflation and rising borrowing costs, leading many to purchase less expensive, more traditional foods. As a result, demand for food innovation technologies and products declined. Despite higher revenue growth, companies in the plant-based food sector reported lower-than-expected earnings as they faced challenges in reducing costs and scaling operations. During the reporting period, the Fund had an average approximate stock exposure of 43.90% in United States and 27.55% in China. By sector, it had the highest exposure to Consumer Staples at 50.59% and Materials at 32.48%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X AgTech & Food Innovation ETF	-34.41%	-34.56%	-31.26%	-31.23%
Solactive AgTech & Food Innovation Index	-34.22%	-34.22%	-31.01%	-31.01%
MSCI ACWI Index (Net)	12.01%	12.01%	-0.25%	-0.25%

Management Discussion of Fund Performance (unaudited)
Global X AgTech & Food Innovation ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on July 12, 2021.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X Blockchain ETF

Global X Blockchain ETF

Global X Blockchain ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Blockchain Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to companies that are positioned to benefit from further advances in the field of blockchain technology. Specifically, the Underlying Index will include securities issued by “Blockchain Companies” as defined by Solactive AG, the provider of the Underlying Index. “Blockchain Companies” are those companies that derive at least 50% of their revenues, operating income, or assets from the following business activities: (i) digital asset mining; (ii) blockchain & digital asset transactions; (iii) blockchain applications; (iv) blockchain & digital asset hardware; and (v) blockchain & digital asset integration.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 88.92%, while the Underlying Index increased 85.88%. The Fund had a net asset value of $16.39 per share on November 30, 2022 and ended the reporting period with a net asset value of $30.72 on November 30, 2023, following a 1:4 reverse share split on December 19, 2022.

During the reporting period, the highest returns came from Cipher Mining Inc. and Northern Data AG, which returned 254.40% and 248.95%, respectively. The worst performers were SAI. TECH Global Corp. and Core Scientific Inc., which returned -63.51% and -51.99%, respectively.

The Fund recorded positive returns during the reporting period, primarily driven by positive sentiment amongst leading crypto assets. Additionally, the U.S. Federal Reserve’s decision to slow down its rate hiking activities alleviated pressure on digital asset miners while various spot bitcoin ETF applications by a handful of asset managers boosted the optimism toward and the legitimacy of cryptocurrencies. The embrace of blockchain applications expanded as banks and asset managers delved into tokenization projects, while technology companies explored innovative payment solutions using stablecoins (cryptocurrencies geared towards maintaining a stable price). Furthermore, incrementally positive regulatory developments in the EU, including the passage of the Markets in Crypto-Assets Regulation (MiCA) framework, also provided tailwinds to some of the Fund’s constituent holdings. During the reporting period, the Fund had an average approximate stock exposure of 74.26% in United States and 15.77% in Canada. By sector, it had the highest exposure to Information Technology at 67.24% and Financials at 31.64%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	NOVEMBER 30, 2023
	One Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Blockchain ETF	88.92%(1)	88.82%	-37.58%	-37.41%
Solactive Blockchain Index	85.88%	85.88%	-38.50%	-38.50%
MSCI ACWI Index (Net)	12.01%	12.01%	-0.25%	-0.25%

Management Discussion of Fund Performance (unaudited)
Global X Blockchain ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on July 12, 2021.

(1) The total return disclosed in the Financial Highlights of the Annual Report may reflect adjustments due to the rounding of the NAV after the 1:4 reverse share split on December 19, 2022.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Management Discussion of Fund Performance (unaudited)
Global X Blockchain ETF

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X Hydrogen ETF

Global X Hydrogen ETF

The Global X Hydrogen ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Hydrogen Index (“Underlying Index”).The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying index is designed to provide exposure to companies that are positioned to benefit from further advances in the field of hydrogen technology. Hydrogen technology includes products and services focused on the development and implementation of hydrogen gas as a renewable fuel source. Specifically, the Underlying Index will include securities issued by “Hydrogen Companies” as defined by Solactive AG, the provider of the Underlying Index. Hydrogen Companies are those companies that derive at least 50% of their revenues, operating income, or assets from the following business activities: (i) hydrogen production; (ii) hydrogen fuel cells; (iii) hydrogen technology; and (iv) hydrogen integration

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 46.86%, while the Underlying Index decreased 46.36%. The Fund had a net asset value of $12.27 per share on November 30, 2022 and ended the reporting period with a net asset value of $6.52 on November 30, 2023.

During the reporting period, the highest returns came from Hyster-Yale Materials Handling, Inc. Class A and Toyota Motor Corp., which returned 67.61% and 35.17%, respectively. The worst performers were Advent Technologies Holdings, Inc. Class A and Nikola Corp., which returned -83.24% and -76.18%, respectively.

The Fund performed negatively during the reporting period as Hydrogen Companies were impacted by a range of factors including inflation, supply chain challenges, and increased prices on raw materials. In particular, elevated natural gas prices and hydrogen supply constraints negatively impacted performances of hydrogen producers and service providers. In addition, high costs for the manufacturing of nascent electrolyzer technologies weighed on electrolyzer producers. Hydrogen Companies’ investments into expanding manufacturing capabilities to meet expected future hydrogen demand also contributed to net losses. During the reporting period, the Fund had an average approximate stock exposure of 38.86% in United States and 15.11% in Britain. By sector, it had the highest exposure to Industrials at 91.86%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	NOVEMBER 30, 2023
	One Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Hydrogen ETF	-46.86%	-46.08%	-43.09%	-43.05%
Solactive Global Hydrogen Index	-46.36%	-46.36%	-42.80%	-42.80%
MSCI ACWI Index (Net)	12.01%	12.01%	-0.25%	-0.25%

Management Discussion of Fund Performance (unaudited)
Global X Hydrogen ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on July 12, 2021.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X Solar ETF

Global X Solar ETF

Global X Solar ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Solar Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to companies that are positioned to benefit from further advances in the field of solar technology. Specifically, the Underlying Index consists of securities issued by “Solar Companies” as defined by Solactive AG, the provider of the Underlying Index. Solar Companies are those companies that derive at least 50% of their revenues from the following business activities: (i) solar energy materials; (ii) solar energy systems & components; (iii) solar power production; (iv) solar technology; (v) solar installation, integration & maintenance.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 46.92%, while the Underlying Index decreased 46.62%. The Fund had a net asset value of $22.06 per share on November 30, 2022 and ended the reporting period with a net asset value of $11.71 on November 30, 2023.

During the reporting period, the highest returns came from Abalance Corp. and Motech Industries Inc., which returned 19.57% and 9.25%, respectively. The worst performers were Sunpower Corp. and Maxeon Solar Technologies, which returned -82.89% and -82.06%, respectively.

The Fund recorded negative returns during the reporting period as the performances of Solar Companies were hindered by increased costs and lower than expected demand. Both solar equipment manufacturers and project developers faced dampened residential and commercial solar demand in key markets such as the U.S. and China. High polysilicon costs translated to higher costs across the entire solar power value chain, which impacted many projects already under development. Combined with high interest rates and the current macroeconomic environment, this caused some customers and developers to delay projects until prices improve. In the U.S., policy uncertainty over tariffs at the Federal level and shifting policies for residential solar in California also created headwinds. During the reporting period, the Fund had an average approximate stock exposure of 53.78% in China and 26.33% in United States. By sector, it had the highest exposure to Information Technology at 64.89% and Industrials at 23.91%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	NOVEMBER 30, 2023
	One Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Solar ETF	-46.92%	-47.16%	-27.79%	-27.71%
Solactive Solar Index	-46.62%	-46.62%	-27.39%	-27.39%
MSCI ACWI Index (Net)	12.01%	12.01%	-1.31%	-1.31%

Management Discussion of Fund Performance (unaudited)
Global X Solar ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on September 8, 2021.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X Wind Energy ETF

Global X Wind Energy ETF

The Global X Wind Energy ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Wind Energy Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to companies that are positioned to benefit from further advances in the field of wind energy technology. Specifically, the Underlying Index will include securities issued by “Wind Energy Companies” as defined by Solactive AG, the provider of the Underlying Index (the “Index Provider”). Wind Energy Companies are those companies that derive at least 50% of their revenues from the following business activities: (i) wind energy systems; (ii) wind power production; (iii) wind energy technology; and (iv) wind power integration & maintenance.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund decreased 25.94%, while the Underlying Index decreased 25.69%. The Fund had a net asset value of $17.58 per share on November 30, 2022 and ended the reporting period with a net asset value of $12.88 on November 30, 2023.

During the reporting period, the highest returns came from Century Iron & Steel Industries and Cadeler A/S, which returned 93.80% and 20.52%, respectively. The worst performers were TPI Composites Inc. and Ming Yang Smart Energy Gro-A, which returned -82.53% and -48.66%, respectively.

The Fund performed negatively during the reporting period as Wind Energy Companies were impacted by higher interest rates, project delays and cancellations, and elevated material costs. For developers, complex permitting procedures, particularly in the European Union and United States slowed project timelines in both the onshore and offshore wind power industries. Furthermore, in the offshore segment, elevated costs coupled with low contracted prices put pressure on developers and led to some notable and costly project cancellations. For wind power equipment providers (such as wind turbine manufacturers), lower short-term demand due to project delays and cancellations, elevated materials costs, and supply chain challenges weighed on the Fund’s performance. During the reporting period, the Fund had an average approximate stock exposure of 33.07% in China, 25.02% in Denmark and 18.34% in Canada. By sector, it had the highest exposure to Utilities at 51.56% and Industrials at 46.60%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	NOVEMBER 30, 2023
	One Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Wind Energy ETF	-25.94%	-27.45%	-25.05%	-25.15%
Solactive Wind Energy Index	-25.69%	-25.69%	-24.72%	-24.72%
MSCI ACWI Index (Net)	12.01%	12.01%	-1.31%	-1.31%

Management Discussion of Fund Performance (unaudited)
Global X Wind Energy ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on September 8, 2021.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X Green Building ETF

Global X Green Building ETF

Global X Green Building ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Green Building Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to companies that are positioned to benefit from increased demand for buildings that reduce or eliminate negative impacts, and/or create positive impacts, on the natural environment (“Green Building”). Specifically, the Underlying Index will include securities issued by “Green Building Companies” as defined by Solactive AG, the provider of the Underlying Index. Green Building Companies are those companies that derive at least 50% of their revenues from one or more of the following business activities, as determined by the Index Provider: (i) green building development; (ii) green building management; and (iii) green building technologies & materials.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 6.95%, while the Underlying Index increased 7.49%. The Fund had a net asset value of $20.95 per share on November 30, 2022 and ended the reporting period with a net asset value of $21.66 on November 30, 2023.

During the reporting period, the highest returns came from M/I Homes, Inc. and TopBuild Corp., which returned 107.59% and 91.97%, respectively. The worst performers were Hudson Pacific Properties, Inc. and CIFI Holdings (Group) Co. Ltd., which returned -44.44% and -34.27%, respectively.

The Fund recorded positive returns during the reporting period. Notably, demand for sustainable buildings outweighed supply in some major markets, such as the U.S. and Canada, amid more stringent regulations and concerns over risks from climate change. Additionally, buildings with green certifications were often able to command premiums over traditional buildings across major global cities. Green building service providers and technology producers, such as heating, ventilation, and air conditioning (HVAC) system manufacturers, also saw robust demand amid growing momentum for more sustainable buildings. Furthermore, a stabilization in the cost of key building materials and labor contributed to positive performances for some building developers and owners. During the reporting period, the Fund had an average approximate stock exposure of 33.19% in the United States and 14.43% in Japan. By sector, it had the highest exposure to Real Estate at 58.92%, followed by Industrials at 33.47%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED NOVEMBER 30, 2023
	One Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Green Building ETF	6.95%	6.55%	-6.89%	-6.94%
Solactive Green Building Index	7.49%	7.49%	-6.69%	-6.69%
MSCI ACWI Index (Net)	12.01%	12.01%	1.98%	1.98%

Management Discussion of Fund Performance (unaudited)
Global X Green Building ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on April 11, 2022.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X Metaverse ETF

Global X Metaverse ETF

Global X Metaverse ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X Metaverse Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is designed to provide exposure to companies that are positioned to benefit from the development and commercialization of the metaverse. The metaverse is a set of virtual, three dimensional (“3D”), real-time rendered spaces, simulations, and platforms that can be experienced simultaneously by users regardless of the users’ physical location.

For the 12-month period ended November 30, 2023 (the “reporting period”), the Fund increased 38.78%, while the Underlying Index increased 39.29%. The Fund had a net asset value of $19.20 per share on November 30, 2022 and ended the reporting period with a net asset value of $24.90 on November 30, 2023.

During the reporting period, the highest returns came from Meta Platforms Inc. Class-A and Nvidia Corp., which returned 177.01% and 176.47%, respectively. The worst performers were Keywords Studios Plc and NCsoft Corp., which returned -50.63% and -42.20%, respectively.

The Fund recorded positive returns during the reporting period amid substantial growth and progress in the underlying sub-segments and sub-industries of the metaverse, driven by the success of emerging hardware and the continued popularity of platforms. Increased demand for online gaming, blockchain technology and advancements in digital personalization led to growth and innovation opportunities in the metaverse industry. The industrial metaverse market advanced as organizations focused on the adaptation of virtual environments for a diverse set of use cases, including research and development, product development, monitoring and optimizing supply chains, and visualizing manufacturing operations, which helped boost productivity and operational effectiveness. Lastly, positive trends in the broader cryptocurrency market supported the growth prospects of companies involved in the creation and distribution of non-fungible tokens, further aiding the Fund’s performance. During the reporting period, the Fund had an average approximate stock exposure of 51.85% in United States, 20.57% in Japan, and 14.04% in China. By sector, it had the highest exposure to Communication Services at 67.69% and Information Technology at 24.28%.

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED
	NOVEMBER 30, 2023
	One Year Return		Annualized Inception to Date*
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Metaverse ETF	38.78%	36.84%	7.71%	7.32%
Global X Metaverse Index	39.29%	39.29%	8.10%	8.10%
MSCI ACWI Index (Net)	12.01%	12.01%	5.63%	5.63%

Management Discussion of Fund Performance (unaudited)
Global X Metaverse ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on April 26, 2022.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X PropTech ETF

Global X PropTech ETF

Global X PropTech ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X PropTech Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is owned and was developed by Global X Management Company LLC (the “Index Provider”), an affiliate of the Fund and the Fund’s investment adviser. The Underlying Index is administered and calculated by Mirae Asset Global Indices Pvt. Ltd. (the “Index Administrator”), an affiliate of the Index Provider. The Underlying Index is designed to provide exposure to property technology (“PropTech”) companies that are positioned to benefit from technology that optimizes the way people buy, sell, rent, design, construct, manage, and research/market residential and commercial properties. Specifically, the Underlying Index consists of securities issued by “PropTech Companies”, as determined by the Index Administrator. “PropTech Companies” are those companies that derive at least 50% of their revenues from one or more of the following business activities in aggregate, as determined by the Index Administrator: (i) property management; (ii) real estate marketplace and platforms; and (iii) real estate research and analytics.

From the inception of the Fund through the period ending November 30, 2023 (the “reporting period”), the Fund increased 8.71%, while the Underlying Index increased 8.94%. The Fund had a net asset value of $25.08 per share on April 11, 2023 and ended the reporting period with a net asset value of $27.26 on November 30, 2023.

During the reporting period, the highest returns came from Opendoor Technologies Inc. and AppFolio Inc. Class A, which returned 65.38% and 48.15%, respectively. The worst performers were WeWork Inc. Class A and Hippo Holdings Inc, which returned -92.84% and -52.89%, respectively.

The Fund recorded positive returns during the reporting period amid increased technological adoption coupled with emerging demographic trends that helped improve how the real estate sector is developed, marketed, managed, and occupied. Online real estate applications offered a comprehensive platform to search properties based on specific criteria, allowing investors to make informed decisions with less or no need for physical visits. Furthermore, digital payment systems and secure transaction portals streamlined the process of property transactions and created a transparent and immutable record of ownership, reducing fraud. Lastly, the Fund benefitted from increased adoption of property management software and mobile applications enhanced operational efficiency via a simplification of tasks such as rent collection and tenant communication.

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED NOVEMBER 30, 2023
	Cumulative Inception to Date*
	Net Asset Value	Market Price
Global X Prop Tech ETF	8.71%	8.47%
Global X PropTech Index	8.94%	8.94%
MSCI ACWI Index (Net)	8.35%	8.35%

Management Discussion of Fund Performance (unaudited)
Global X PropTech ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on April 11, 2023.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X Carbon Credits Strategy ETF

Global X Carbon Credits Strategy ETF

Global X Carbon Credits Strategy ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE Global Carbon Futures Index (“Underlying Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index seeks to provide exposure to the most actively traded carbon credit futures that require “physical delivery” of emission allowances and that are issued under “cap and trade” regimes, as determined by ICE Data Indices, LLC, the provider of the Underlying Index. A cap and trade regime is a market-based mechanism that governments or regulatory bodies use to reduce carbon dioxide and other greenhouse gases from entering the atmosphere.

From the inception of the fund through the period ending November 30, 2023 (the “reporting period”), the Fund decreased 8.99%, while the Underlying Index decreased 6.09%. The Fund had a net asset value of $34.88 per share on May 24, 2023 and ended the reporting period with a net asset value of $31.67 on November 30, 2023.

The Fund recorded negative returns during the reporting period due to lower demand for carbon allowances and policy developments that led to a temporary increase in supply. In Europe, the European Commission confirmed plans to sell an increased amount of allowances over the next few years to support the transition away from reliance on fossil fuels. Though the UK proposed to tighten the overall limit of carbon emissions, it also proposed to distribute additional allowances until 2027, which resulted in a significant decrease in the price of carbon credits futures. Separately, California carbon allowances saw a rise in price due to legislation related to tightening supply and emissions caps. There has been uncertainty in the global macroeconomic environment amidst concerns of a reduction in industrial output and recession fears. This resulted in weak demand during the reporting period which led to decreases in purchases in the voluntary carbon markets.

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD
	ENDED NOVEMBER 30, 2023
	Cumulative Inception to Date*
	Net Asset Value	Market Price
Global X Carbon Credits Strategy ETF	-8.99%	-8.50%
ICE Global Carbon Futures Index	-6.09%	-6.09%
Bloomberg Commodity Index	4.10%	4.10%

Management Discussion of Fund Performance (unaudited)
Global X Carbon Credits Strategy ETF

Growth of a 10,000 Investment

(at Net Asset Value)

* The Fund commenced operations on May 24, 2023.

Bloomberg Commodity Index (BCOM) is made up of 23 exchange-traded futures on physical commodities, representing 21 commodities which are weighted to account for economic significance and market liquidity. Weighting restrictions on individual commodities and commodity groups promote diversification.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page and above.

Management Discussion of Fund Performance (unaudited)
Global X Defense Tech ETF

Global X Defense Tech ETF

The Global X Defense Tech ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X Defense Tech Index (“Underlying Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Underlying Index.

The Underlying Index is owned and was developed by Global X Management Company LLC (the “Index Provider”), an affiliate of the Fund and the Fund’s investment adviser. The Underlying Index is administered and calculated by Mirae Asset Global Indices Pvt. Ltd. (the “Index Administrator”), an affiliate of the Index Provider. The Underlying Index is designed to provide exposure to defense technology (“Defense Tech”) companies that are positioned to benefit from technology, services, systems and hardware that cater to the defense and military sector. Specifically, the Underlying Index consists of securities issued by “Defense Tech Companies”, as determined by the Index Administrator. “Defense Tech Companies” are those companies that derive at least 50% of their revenues from one or more of the following business activities in aggregate, as determined by the Index Administrator: (i) cybersecurity; (ii) defense technology; and (iii) Advanced Military Systems and Hardware.

From the inception of the Fund to the period ended November 30, 2023 (the “reporting period”), the Fund increased 8.90%, while the Underlying Index increased 9.04%. The Fund had a net asset value of $24.82 per share on September 11, 2023 and ended the reporting period with a net asset value of $27.03 on November 30, 2023.

During the reporting period, the highest returns came from Kratos Defense & Security Solutions Inc. and Palantir Technologies Inc. Class A, which returned 29.15% and 26.98%, respectively. The worst performers were Terran Orbital Corp. and Hensoldt AG, which returned -42.14% and -18.37%, respectively.

The Fund performed positively during the reporting period, fueled by government initiatives that benefitted Defense Tech Companies such as the CHIPS and Science Act, which actively promoted investments in semiconductors and industrial development for enhancing national security. Additionally, recent international restrictions spurred growth in the domestic aerospace and defense space. Additionally, many companies began to prioritize investing in cybersecurity amid escalating cyber threats and rising geopolitical tensions, especially due to the surge in artificial intelligence implementation.

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD
	ENDED
	NOVEMBER 30, 2023
	Cumulative Inception to Date*
	Net Asset Value	Market Price
Global X Defense Tech ETF	8.90%	9.02%
Global X Defense Tech Index	9.04%	9.04%
MSCI ACWI Index (Net)	2.07%	2.07%

Management Discussion of Fund Performance (unaudited)
Global X Defense Tech ETF

Growth of a $10,000 Investment

(At Net Asset Value)

* The Fund commenced operations on September 11, 2023.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waiver sand/or expense reimbursements (if applicable), returns would have been lower.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

See definition of comparative indices on the previous page.

Schedule of Investments

November 30, 2023

Global X Millennial Consumer ETF

Sector Weightings (Unaudited)†:

† Sector weightings percentages are based on the total market value of investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

	Shares		Value
COMMON STOCK — 99.9%
SINGAPORE — 1.2%
Communication Services — 1.2%
Sea ADR ^*		35,357	$	1,280,631

UNITED STATES — 98.7%
Communication Services — 21.5%
Alphabet, Cl A ^*		27,699		3,670,949
Angi, Cl A ^*		138,088		310,698
Cargurus, Cl A ^*		16,412		354,827
Cars.com ^*		14,920		277,810
iHeartMedia, Cl A ^*		75,645		198,190
Match Group ^*		23,751		769,057
Meta Platforms, Cl A ^*		13,505		4,418,161
Netflix ^*		8,596		4,074,246
Snap, Cl A ^*		112,849		1,560,702
Spotify Technology ^*		16,472		3,049,132
TripAdvisor ^*		16,118		287,384
Vimeo ^*		82,469		290,291
Walt Disney ^*		29,505		2,734,818
Yelp, Cl A ^*		9,658		422,151

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Millennial Consumer ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
ZipRecruiter, Cl A ^*		17,085	$	229,110
				22,647,526
Consumer Discretionary — 42.8%
2U ^*		52,196		51,277
Airbnb, Cl A ^*		26,113		3,299,116
Amazon.com ^*		29,061		4,245,521
AutoNation ^*		3,988		539,457
Booking Holdings ^*		1,131		3,535,167
Capri Holdings ^*		10,690		517,824
CarMax ^*		13,436		859,098
Carter’s		4,211		287,148
Carvana, Cl A ^*		31,684		992,343
Chegg ^*		16,419		163,041
Children’s Place ^*		9,487		215,829
Chipotle Mexican Grill, Cl A ^*		1,733		3,816,499
Columbia Sportswear		5,288		414,209
Coursera ^*		26,391		521,222
Designer Brands, Cl A ^(A)		33,854		394,061
Dick’s Sporting Goods		5,277		686,538
eBay		45,651		1,872,148
Etsy ^*		10,599		803,510
Expedia Group ^*		12,570		1,711,783
GoPro, Cl A ^*		62,037		223,954
Graham Holdings, Cl B		496		311,066
Home Depot		10,184		3,192,582
Laureate Education, Cl A		24,948		327,567
Life Time Group Holdings ^*		17,132		259,721
Lowe’s		14,768		2,936,321
Lululemon Athletica ^*		8,167		3,649,016
NIKE, Cl B		23,532		2,594,874
Peloton Interactive, Cl A ^*		29,166		165,080
Perdoceo Education		21,798		379,721
Planet Fitness, Cl A ^*		7,216		490,255
Skechers USA, Cl A ^*		11,433		673,518
Starbucks		27,810		2,761,533
Strategic Education		3,141		279,455
Stride ^*		7,693		466,042
Under Armour, Cl A ^*		32,433		264,005

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Millennial Consumer ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
VF		33,047	$	552,876
Victoria’s Secret ^*		9,050		243,897
Wayfair, Cl A ^*		8,454		471,733
				45,169,007
Consumer Staples — 3.9%
Costco Wholesale		5,976		3,542,214
Medifast		3,008		199,671
Sprouts Farmers Market ^*		8,764		377,553
				4,119,438
Financials — 8.9%
Block, Cl A ^*		46,086		2,923,235
Fiserv ^*		25,713		3,358,375
LendingClub ^*		40,995		258,268
Nelnet, Cl A		3,274		274,689
PayPal Holdings ^*		39,393		2,269,431
SLM		21,592		324,528
				9,408,526
Health Care — 0.6%
Accolade ^*		19,881		173,561
American Well, Cl A ^*		134,828		171,231
Hims & Hers Health ^*		29,458		261,882
				606,674
Industrials — 6.0%
Avis Budget Group ^*		3,357		613,827
Lyft, Cl A ^*		31,416		368,510
Uber Technologies ^*		94,656		5,336,705
				6,319,042
Information Technology — 7.2%
Apple		17,973		3,413,971
Intuit		6,735		3,848,783
PowerSchool Holdings, Cl A ^*		14,823		345,673
				7,608,427
Real Estate — 7.8%
AvalonBay Communities ^‡		11,921		2,061,618

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Millennial Consumer ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Camden Property Trust ^‡		9,073	$	818,929
Centerspace ^‡		5,382		287,076
Equity Residential ^‡		32,193		1,829,850
Independence Realty Trust ^‡		19,075		259,801
Invitation Homes ^‡		51,988		1,734,320
UDR ^‡		27,989		934,832
Zillow Group, Cl A ^*		6,607		260,250
				8,186,676
TOTAL UNITED STATES				104,065,316
TOTAL COMMON STOCK (Cost $140,756,267)				105,345,947

SHORT-TERM INVESTMENT^(B)— 0.0%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 5.280% (Cost $7,792)		7,792		7,792

	Face Amount
REPURCHASE AGREEMENT^(C)— 0.0%
BNP Paribas 5.220%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $25,532 (collateralized by U.S. Treasury Obligations, ranging in par value $127 - $3,003, 2.000%, 08/15/2025, with a total market value of $26,018) (Cost $25,528)	$	25,528		25,528
TOTAL INVESTMENTS — 99.9% (Cost $140,789,587)			$	105,379,267

Percentages are based on Net Assets of $105,493,357.

*	Non-income producing security.
‡	Real Estate Investment Trust
(A)	This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $32,592.

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Millennial Consumer ETF

(B)	The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2023.
(C)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $25,528. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $–.

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	105,345,947	$	—	$	—	$	105,345,947
Short-Term Investment		7,792		—		—		7,792
Repurchase Agreement		—		25,528		—		25,528
Total Investments in Securities	$	105,353,739	$	25,528	$	—	$	105,379,267

Amounts designated as “—“are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Aging Population ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA — 0.9%
Health Care — 0.9%
Cochlear		2,566	$	464,547

BELGIUM — 1.3%
Health Care — 1.0%
UCB		7,567		560,109

Real Estate — 0.3%
Aedifica ^‡		2,424		152,209

TOTAL BELGIUM				712,318
CANADA — 0.7%
Health Care — 0.7%
Chartwell Retirement Residences		26,035		208,533
Sienna Senior Living		20,443		161,029

TOTAL CANADA				369,562
CHINA — 4.0%
Health Care — 4.0%
AK Medical Holdings		124,189		111,941
BeiGene ADR ^*		4,092		764,958
Beijing Chunlizhengda Medical Instruments, Cl H		61,866		106,935
Hansoh Pharmaceutical Group		232,643		471,225
Lifetech Scientific ^*		410,292		126,077
Luye Pharma Group ^*		331,324		165,444
Microport Scientific ^*		72,802		116,702

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Aging Population ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
SciClone Pharmaceuticals Holdings		114,300	$	199,029
Venus MedTech Hangzhou, Cl H ^*(A)(B)		105,440		75,871

TOTAL CHINA				2,138,182
DENMARK — 6.4%
Consumer Discretionary — 0.3%
GN Store Nord ^*		7,167		168,971

Health Care — 6.1%
Demant ^*		8,995		382,276
Genmab ^*		2,575		814,350
Novo Nordisk, Cl B		20,308		2,067,013
				3,263,639
TOTAL DENMARK				3,432,610
FRANCE — 0.1%
Health Care — 0.1%
Clariane		21,365		50,399

GERMANY — 0.9%
Health Care — 0.9%
Fresenius Medical Care		11,387		467,527

IRELAND — 0.2%
Health Care — 0.2%
Amarin ADR ^*		118,249		92,471

ITALY — 0.5%
Health Care — 0.5%
Amplifon		8,842		275,242

JAPAN — 8.2%
Health Care — 8.2%
Astellas Pharma		70,183		853,343
Chugai Pharmaceutical		67,164		2,370,628
Nipro		21,749		164,476
SUNWELS		6,644		102,423

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Aging Population ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Terumo		29,000	$	925,505

TOTAL JAPAN				4,416,375
NEW ZEALAND — 0.3%
Health Care — 0.3%
Ryman Healthcare		49,151		163,934

SOUTH KOREA — 1.6%
Health Care — 1.6%
Celltrion		5,742		724,995
Dentium		1,448		141,079

TOTAL SOUTH KOREA				866,074
SPAIN — 0.3%
Health Care — 0.3%
Pharma Mar		3,586		153,377

SWEDEN — 0.3%
Health Care — 0.3%
Elekta, Cl B		20,217		157,818

SWITZERLAND — 6.2%
Health Care — 6.2%
Alcon		23,395		1,773,559
Sonova Holding		2,382		691,138
Straumann Holding		6,210		858,780

TOTAL SWITZERLAND				3,323,477
UNITED KINGDOM — 3.5%
Health Care — 3.5%
AstraZeneca ADR		22,488		1,452,500
Smith & Nephew		34,059		441,303

TOTAL UNITED KINGDOM				1,893,803

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Aging Population ETF

	Shares		Value
COMMON STOCK — continued
UNITED STATES — 64.4%
Health Care — 57.7%
AbbVie		10,335	$	1,471,601
ACADIA Pharmaceuticals ^*		9,100		202,748
agilon health ^*		16,100		170,982
Agios Pharmaceuticals ^*		7,429		165,147
Alector ^*		25,316		137,213
Alphatec Holdings ^*		10,553		125,264
Amedisys ^*		2,114		197,828
Amgen		6,690		1,803,892
AngioDynamics ^*		17,702		115,594
Biogen ^*		5,827		1,363,984
Blueprint Medicines ^*		3,553		247,431
Boston Scientific ^*		32,755		1,830,677
Bristol-Myers Squibb		23,885		1,179,441
Brookdale Senior Living ^*		40,071		212,376
Cano Health ^*		1,183		8,734
DaVita ^*		3,543		359,473
Deciphera Pharmaceuticals ^*		11,140		140,475
Denali Therapeutics ^*		6,747		124,954
Dexcom ^*		14,463		1,670,766
Edwards Lifesciences ^*		19,862		1,344,856
Eli Lilly		4,485		2,650,814
Embecta		5,804		106,445
Ensign Group		2,160		231,271
Exact Sciences ^*		6,946		444,544
Exelixis ^*		12,701		277,009
FibroGen ^*		8,476		4,682
Glaukos ^*		3,392		216,715
Halozyme Therapeutics ^*		5,310		205,019
Incyte ^*		8,688		472,106
Insulet ^*		2,724		515,081
Integer Holdings ^*		2,126		185,430
Johnson & Johnson		10,123		1,565,623
LivaNova ^*		3,872		173,659
MannKind ^*		40,009		144,833
Medtronic		20,611		1,633,834
Merit Medical Systems ^*		2,234		159,865
National HealthCare		2,857		218,761
Neurocrine Biosciences ^*		3,762		438,612

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Aging Population ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Novocure ^*		4,093	$	50,221
Regeneron Pharmaceuticals ^*		2,032		1,673,982
Roche Holding		4,168		1,197,362
Seagen ^*		8,179		1,743,845
Sight Sciences ^*		18,001		61,383
Silk Road Medical ^*		4,061		37,889
Stryker		5,785		1,714,269
Teleflex		1,853		418,204
Theravance Biopharma ^*		14,001		146,730
United Therapeutics ^*		1,827		438,480
Zimmer Biomet Holdings		8,217		955,719
				30,955,823
Real Estate — 6.7%
LTC Properties ^‡		4,854		158,337
National Health Investors ^‡		3,303		179,221
Omega Healthcare Investors ^‡		9,178		291,402
Sabra Health Care REIT ^‡		14,139		206,429
Ventas ^‡		15,658		717,763
Welltower ^‡		22,639		2,017,135
				3,570,287
TOTAL UNITED STATES				34,526,110
TOTAL COMMON STOCK (Cost $60,371,029)				53,503,826

	Number of Rights
RIGHTS — 0.0%
United States — 0.0%
Radius Health#^(A)(B)		19,104		—
TOTAL RIGHTS (Cost $–)				—
TOTAL INVESTMENTS — 99.8% (Cost $60,371,029)			$	53,503,826

Percentages are based on Net Assets of $53,595,633.

*	Non-income producing security.

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Aging Population ETF

‡	Real Estate Investment Trust
#	Expiration date not available.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of November 30, 2023 was $75,871 and represented 0.1% of Net Assets.

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾			Total
Common Stock	$	53,427,955	$	—	$	75,871		$	53,503,826
Rights		—		—		—	^		—
Total Investments in Securities	$	53,427,955	$	—	$	75,871		$	53,503,826

(1) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.

^ Security is fair valued at zero.

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Health & Wellness ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.7%
CANADA — 3.0%
Consumer Discretionary — 3.0%
Gildan Activewear		7,679	$	278,196

CHINA — 6.5%
Consumer Discretionary — 6.5%
ANTA Sports Products		20,444		213,201
Li Ning		38,014		105,861
Topsports International Holdings		265,570		215,916
Xtep International Holdings		111,901		64,616

TOTAL CHINA				599,594
FRANCE — 3.1%
Consumer Staples — 3.1%
Danone		4,442		285,807

GERMANY — 7.1%
Consumer Discretionary — 7.1%
adidas		1,612		337,945
Puma		4,791		309,360

TOTAL GERMANY				647,305
IRELAND — 2.1%
Consumer Staples — 2.1%
Glanbia		11,579		195,571

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Health & Wellness ETF

	Shares		Value
COMMON STOCK — continued
ITALY — 0.8%
Consumer Discretionary — 0.8%
Technogym		8,521	$	74,285

JAPAN — 14.0%
Consumer Discretionary — 11.0%
ABC-Mart		10,532		173,865
Asics		8,113		290,309
Descente		3,265		93,974
Goldwin		2,036		158,861
Shimano		1,636		251,816
Yonex		4,004		37,322
				1,006,147
Consumer Staples — 2.4%
Ariake Japan		1,387		43,298
Yakult Honsha		7,792		174,093
				217,391
Health Care — 0.6%
Tsumura		3,260		61,634

TOTAL JAPAN				1,285,172
NETHERLANDS — 0.9%
Consumer Discretionary — 0.9%
Basic-Fit ^*		2,830		80,839

SOUTH KOREA — 1.5%
Consumer Discretionary — 1.5%
Fila Holdings		2,579		76,461
Youngone		1,900		64,357

TOTAL SOUTH KOREA				140,818
SWITZERLAND — 3.1%
Consumer Discretionary — 3.1%
On Holding, Cl A ^*		9,663		280,324

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Health & Wellness ETF

	Shares		��	Value
COMMON STOCK — continued
TAIWAN — 7.2%
Consumer Discretionary — 6.8%
Feng TAY Enterprise		42,875		$	251,841
Fulgent Sun International Holding		8,365			39,495
Giant Manufacturing		16,546			100,632
Johnson Health Tech		13,400			30,240
Merida Industry		12,960			77,785
Pou Chen		126,286			124,912
					624,905
Consumer Staples — 0.4%
Grape King Bio		6,300			30,955

TOTAL TAIWAN					655,860
UNITED KINGDOM — 5.5%
Consumer Discretionary — 5.5%
Frasers Group ^*		20,115			225,107
JD Sports Fashion		138,804			275,967

TOTAL UNITED KINGDOM					501,074
UNITED STATES — 44.9%
Consumer Discretionary — 24.1%
Columbia Sportswear		2,667			208,906
Dick’s Sporting Goods		2,096			272,689
Foot Locker		3,962			106,697
Hibbett		550			34,402
Lululemon Athletica ^*		796			355,653
NIKE, Cl B		2,288			252,298
Peloton Interactive, Cl A ^*		14,092			79,761
Planet Fitness, Cl A ^*		3,631			246,690
Shoe Carnival		1,134			27,545
Skechers USA, Cl A ^*		5,784			340,735
Under Armour, Cl A ^*		8,002			65,136
VF		13,227			221,288
					2,211,800
Consumer Staples — 16.0%
BellRing Brands ^*		5,718			302,482
Calavo Growers		958			20,779

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Health & Wellness ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Cal-Maine Foods		1,904	$	91,240
Celsius Holdings ^*		9,903		490,298
Hain Celestial Group ^*		3,840		40,589
Herbalife ^*		4,158		53,555
Medifast		475		31,530
Nu Skin Enterprises, Cl A		2,078		35,368
Simply Good Foods ^*		4,269		165,381
Sprouts Farmers Market ^*		4,434		191,017
USANA Health Sciences ^*		825		38,989
				1,461,228
Health Care — 4.5%
Dexcom ^*		2,485		287,067
Prestige Consumer Healthcare ^*		2,139		122,672
				409,739
Industrials — 0.3%
Healthcare Services Group ^*		3,133		30,421

TOTAL UNITED STATES				4,113,188
TOTAL COMMON STOCK (Cost $13,176,443)				9,138,033
TOTAL INVESTMENTS — 99.7% (Cost $13,176,443)			$	9,138,033

Percentages are based on Net Assets of $9,162,013.

*	Non-income producing security.

As of November 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Robotics & Artificial Intelligence ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.6%
CANADA — 1.6%
Industrials — 1.6%
ATS ^*		951,961	$	37,499,898

CHINA — 1.6%
Consumer Discretionary — 0.5%
Hesai Group ADR ^{* (A)}		1,028,900		10,906,340

Health Care — 1.1%
Shanghai MicroPort MedBot Group ^{* (A)}		9,807,900		25,178,085

TOTAL CHINA				36,084,425
FINLAND — 1.3%
Industrials — 1.3%
Cargotec, Cl B		571,314		28,836,549

ISRAEL — 0.5%
Consumer Discretionary — 0.5%
Maytronics		1,132,910		10,951,575

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Robotics & Artificial Intelligence ETF

	Shares		Value
COMMON STOCK — continued
JAPAN — 28.3%
Health Care — 0.1%
CYBERDYNE ^{* (A)}		1,387,970	$	2,206,331

Industrials — 17.5%
Daifuku		3,946,608		74,295,059
FANUC		4,754,721		132,315,908
Hirata		108,371		4,676,883
Shibaura Machine		274,634		7,087,149
SMC		180,360		90,829,655
Yaskawa Electric		2,290,617		87,899,822
				397,104,476
Information Technology — 10.7%
ExaWizards ^{* (A)}		830,630		2,230,596
Keyence		380,349		162,986,499
Omron		1,710,795		71,736,857
PKSHA Technology ^{* (A)}		315,731		6,695,415
				243,649,367
TOTAL JAPAN				642,960,174
NORWAY — 2.6%
Industrials — 2.6%
AutoStore Holdings ^*		35,307,033		58,780,635

SOUTH KOREA — 1.3%
Industrials — 1.3%
Hyulim ROBOT ^*		1,578,311		1,739,611
Rainbow Robotics ^*		197,207		27,116,631

TOTAL SOUTH KOREA				28,856,242
SWITZERLAND — 10.8%
Health Care — 2.2%
Tecan Group		132,262		48,521,164

Industrials — 8.6%
ABB		4,910,309		196,005,779

TOTAL SWITZERLAND				244,526,943

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Robotics & Artificial Intelligence ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM — 1.3%
Information Technology — 1.3%
Renishaw		754,367	$	29,948,538

UNITED STATES — 50.3%
Consumer Discretionary — 0.4%
iRobot ^*		281,879		10,178,651

Energy — 0.6%
Helix Energy Solutions Group ^*		1,568,340		14,616,929

Financials — 1.0%
Upstart Holdings ^{* (A)}		843,025		22,559,349

Health Care — 11.3%
Intuitive Surgical ^*		718,769		223,422,156
Omnicell ^*		461,947		15,410,552
PROCEPT BioRobotics ^*		461,163		17,095,312
				255,928,020
Industrials — 4.6%
AeroVironment ^*		261,121		35,932,861
John Bean Technologies		330,876		34,179,491
Symbotic, Cl A ^{* (A)}		623,659		32,979,088
TuSimple Holdings, Cl A ^{* (A)}		2,039,029		1,735,213
				104,826,653
Information Technology — 32.4%
Appian, Cl A ^*		424,305		15,376,813
C3.ai, Cl A ^{* (A)}		1,107,572		32,252,497
Cerence ^*		410,952		7,105,360
Cognex		1,794,085		67,637,005
Dynatrace ^*		2,194,293		117,504,390
FARO Technologies ^*		185,039		3,399,166
NVIDIA		705,008		329,732,242
Pegasystems		847,801		44,068,696
PROS Holdings ^*		473,789		17,316,988
SoundHound AI, Cl A ^{* (A)}		1,593,839		3,410,815

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Robotics & Artificial Intelligence ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
UiPath, Cl A ^*		4,891,791	$	96,661,790
				734,465,762
TOTAL UNITED STATES				1,142,575,364
TOTAL COMMON STOCK (Cost $2,305,066,743)				2,261,020,343

SHORT-TERM INVESTMENT^(B)— 0.9%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 5.280% (Cost $20,180,420)		20,180,420		20,180,420

	Face Amount
REPURCHASE AGREEMENT^(C)— 2.9%
BNP Paribas 5.220%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $66,126,589 (collateralized by U.S. Treasury Obligations, ranging in par value $330,118 - $7,778,471, 2.000%, 08/15/2025, with a total market value of $67,377,523) (Cost $66,117,002)	$	66,117,002		66,117,002
TOTAL INVESTMENTS — 103.4% (Cost $2,391,364,165)			$	2,347,317,765

Percentages are based on Net Assets of $2,269,823,632.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at November 30, 2023.The total market value of securities on loan at November 30, 2023 was $81,818,095.
(B)	The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2023.
(C)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $66,117,002. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $–.

The accompanying notes are an integral part of the financial statements.

Schedule of Investments

November 30, 2023

Global X Robotics & Artificial Intelligence ETF

The open futures contracts held by the Fund at November 30, 2023, are as follows:

Type of Contract	Number of Contracts	Expiration Date	Notional Amount		Value		Unrealized Appreciation
Long Contracts

NASDAQ 100 Index E-MINI	26	Dec-2023	$	7,998,220	$	8,312,460	$	314,240

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments and other financial instruments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,261,020,343	$	—	$	—	$	2,261,020,343
Short-Term Investment		20,180,420		—		—		20,180,420
Repurchase Agreement		—		66,117,002		—		66,117,002
Total Investments in Securities	$	2,281,200,763	$	66,117,002	$	—	$	2,347,317,765

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts^*
Unrealized Appreciation	$	314,240	$	—	$	—	$	314,240
Total Other Financial Instruments	$	314,240	$	—	$	—	$	314,240

* Futures contracts are valued at the unrealized appreciation on the instrument.

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.


Schedule of Investments	November 30, 2023

Global X FinTech ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA — 0.9%
Financials — 0.6%
HUB24		92,406	$	2,064,182
Zip ^{* (A)}		867,164		232,864
				2,297,046
Information Technology — 0.3%
IRESS		212,335		989,746

TOTAL AUSTRALIA				3,286,792
BRAZIL — 2.1%
Financials — 2.1%
Pagseguro Digital, Cl A ^*		230,624		2,324,690
StoneCo, Cl A ^*		324,160		5,056,896

TOTAL BRAZIL				7,381,586
CANADA — 0.5%
Financials — 0.4%
Nuvei ^(A)		75,232		1,544,757

Information Technology — 0.1%
Hut 8 ^{* (A)}		218,679		419,342

TOTAL CANADA				1,964,099
CHINA — 1.0%
Financials — 0.9%
Lufax Holding ADR		2,639,933		2,241,039

The accompanying notes are an integral part of the financial statements.


Schedule of Investments	November 30, 2023

Global X FinTech ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Yeahka ^*		513,914	$	919,877
				3,160,916
Information Technology — 0.1%
Linklogis, Cl B ^(A)		2,313,000		479,759

TOTAL CHINA				3,640,675
GERMANY — 0.3%
Financials — 0.3%
Hypoport ^{* (A)}		7,922		1,175,538

ISRAEL — 0.5%
Information Technology — 0.5%
Sapiens International		63,655		1,637,843

ITALY — 3.4%
Financials — 3.4%
Nexi ^*		1,518,655		11,847,534

JAPAN — 0.2%
Financials — 0.2%
WealthNavi ^{* (A)}		55,878		651,630

NETHERLANDS — 4.9%
Financials — 4.9%
Adyen ^*		14,617		17,080,891

NEW ZEALAND — 3.4%
Information Technology — 3.4%
Xero ^*		173,900		11,882,133

SOUTH KOREA — 1.6%
Financials — 1.6%
Kakaopay ^*		155,106		5,542,291

The accompanying notes are an integral part of the financial statements.


Schedule of Investments	November 30, 2023

Global X FinTech ETF

	Shares		Value
COMMON STOCK — continued
SWITZERLAND — 2.4%
Financials — 0.3%
Leonteq		21,809	$	979,405

Information Technology — 2.1%
Temenos		86,750		7,384,549

TOTAL SWITZERLAND				8,363,954
UNITED KINGDOM — 3.3%
Financials — 3.3%
Wise, Cl A ^*		1,186,024		11,723,308

UNITED STATES — 74.4%
Financials — 49.6%
Affirm Holdings, Cl A ^*		270,877		9,320,878
Bakkt Holdings ^{* (A)}		78,908		118,362
Block, Cl A ^*		268,122		17,006,978
Coinbase Global, Cl A ^*		207,235		25,846,349
Fidelity National Information Services		327,518		19,205,655
Fiserv ^*		178,766		23,348,627
Flywire ^*		120,539		2,808,559
Galaxy Digital Holdings ^{* (A)}		119,010		726,779
Global Payments		141,738		16,503,973
I3 Verticals, Cl A ^*		26,525		533,948
Jack Henry & Associates		84,559		13,418,668
Lemonade ^{* (A)}		79,835		1,410,684
LendingClub ^*		122,514		771,838
LendingTree ^*		14,468		256,084
Open Lending, Cl A ^*		145,492		929,694
Paymentus Holdings, Cl A ^*		21,799		376,469
Payoneer Global ^*		404,480		2,095,206
PayPal Holdings ^*		282,377		16,267,739
Paysafe ^*		69,756		705,233
Shift4 Payments, Cl A ^*		61,215		4,029,171
SoFi Technologies ^{* (A)}		1,074,658		7,834,257
Toast, Cl A ^*		408,572		6,075,466
Upstart Holdings ^{* (A)}		93,979		2,514,878

The accompanying notes are an integral part of the financial statements.


Schedule of Investments	November 30, 2023

Global X FinTech ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Virtu Financial, Cl A		115,294	$	2,072,986
				174,178,481
Health Care — 1.9%
HealthEquity ^*		98,014		6,568,898

Industrials — 4.2%
SS&C Technologies Holdings		265,215		14,920,996

Information Technology — 18.7%
ACI Worldwide ^*		129,747		3,469,435
BILL Holdings ^*		123,212		8,066,690
Blend Labs, Cl A ^*		242,139		307,516
Envestnet ^*		63,868		2,428,900
Guidewire Software ^*		94,836		9,477,910
Intuit		52,271		29,870,786
Marathon Digital Holdings ^{* (A)}		134,926		1,615,064
MeridianLink ^*		93,495		1,778,275
Mitek Systems ^*		51,280		578,951
nCino ^*		128,202		3,542,221
Pagaya Technologies, Cl A ^*		582,574		739,869
Riot Platforms ^{* (A)}		193,211		2,424,798
Vertex, Cl A ^*		56,279		1,579,189
				65,879,604
TOTAL UNITED STATES				261,547,979
URUGUAY — 0.9%
Financials — 0.9%
Dlocal, Cl A ^*		187,019		3,226,078

TOTAL COMMON STOCK (Cost $556,912,402)				350,952,331

The accompanying notes are an integral part of the financial statements.


Schedule of Investments	November 30, 2023

Global X FinTech ETF

	Face Amount		Value
REPURCHASE AGREEMENTS^(B)— 2.1%
Bank of America 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $434,901 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $46 - $153,383, 1.500% - 7.000%, 08/01/2027 - 09/20/2063, with a total market value of $443,534)	$	434,837	$	434,837
Citigroup Global Markets Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $1,703,362 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $14,631 - $515,279, 2.000% - 7.028%, 11/20/2043 - 01/20/2072, with a total market value of $1,737,172)		1,703,110		1,703,110
Daiwa Capital Markets 5.340%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $1,703,363 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $107 - $235,294, 0.000% - 7.000%, 01/25/2024 - 12/01/2053, with a total market value of $1,737,266)		1,703,110		1,703,110
Deutsche Bank Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $1,703,362 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $5,109 - $514,567, 2.500% - 7.500%, 06/01/2042 - 11/01/2053, with a total market value of $1,737,172)		1,703,110		1,703,110

The accompanying notes are an integral part of the financial statements.


Schedule of Investments	November 30, 2023

Global X FinTech ETF

	Face Amount		Value
REPURCHASE AGREEMENTS — continued
RBC Dominion Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $1,703,362 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $99 - $446,405, 0.000% - 6.500%, 12/14/2023 - 09/01/2053, with a total market value of $1,737,172)	$	1,703,110	$	1,703,110
TOTAL REPURCHASE AGREEMENTS (Cost $7,247,277)				7,247,277
TOTAL INVESTMENTS — 101.9% (Cost $564,159,679)			$	358,199,608

Percentages are based on Net Assets of $351,477,666.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $8,549,815.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $7,247,277. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $1,624,982.

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	350,952,331	$	—	$	—	$	350,952,331
Repurchase Agreements		—		7,247,277		—		7,247,277
Total Investments in Securities	$	350,952,331	$	7,247,277	$	—	$	358,199,608

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.


Schedule of Investments	November 30, 2023

Global X Internet of Things ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 98.9%
AUSTRIA — 1.3%
Information Technology — 1.3%
ams-OSRAM ^{* (A)}		481,866	$	947,606
Kontron		117,455		2,804,023

TOTAL AUSTRIA				3,751,629
CANADA — 0.3%
Information Technology — 0.3%
BlackBerry ^*		215,713		791,667

CHINA — 2.2%
Information Technology — 2.2%
NXP Semiconductors		31,674		6,464,030

FRANCE — 1.0%
Industrials — 1.0%
Legrand		29,859		2,880,637

The accompanying notes are an integral part of the financial statements.


Schedule of Investments	November 30, 2023

Global X Internet of Things ETF

	Shares		Value
COMMON STOCK — continued
JAPAN — 1.7%
Information Technology — 1.7%
Nippon Ceramic		48,622	$	964,974
Renesas Electronics ^*		220,145		3,876,941

TOTAL JAPAN				4,841,915
NORWAY — 1.1%
Information Technology — 1.1%
Nordic Semiconductor ^*		342,823		3,136,003

SINGAPORE — 6.0%
Information Technology — 6.0%
STMicroelectronics		366,430		17,373,750

SWITZERLAND — 3.9%
Industrials — 2.4%
ABB		171,156		6,832,068

Information Technology — 1.5%
Landis+Gyr Group		51,253		4,326,341

TOTAL SWITZERLAND				11,158,409
TAIWAN — 12.1%
Information Technology — 12.1%
Advantech		1,522,644		17,229,660
eMemory Technology		135,682		10,923,183
MediaTek		179,080		5,417,112
Sercomm		309,800		1,229,680

TOTAL TAIWAN				34,799,635
UNITED KINGDOM — 0.2%
Information Technology — 0.2%
Spirent Communications		333,763		482,527

UNITED STATES — 69.1%
Communication Services — 0.6%
Globalstar ^*		716,506		1,139,245

The accompanying notes are an integral part of the financial statements.


Schedule of Investments	November 30, 2023

Global X Internet of Things ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Iridium Communications		14,004	$	533,552
				1,672,797
Consumer Discretionary — 10.5%
ADT		1,526,657		8,961,476
Garmin		175,190		21,415,226
				30,376,702
Health Care — 5.8%
Butterfly Network ^*		371,854		354,117
Dexcom ^*		141,812		16,382,122
				16,736,239
Industrials — 12.6%
Emerson Electric		68,265		6,068,758
Honeywell International		29,413		5,762,595
Johnson Controls International		89,740		4,738,272
Resideo Technologies ^*		45,527		748,009
Rockwell Automation		12,806		3,527,285
Schneider Electric		35,224		6,480,530
Sensata Technologies Holding		271,070		8,812,486
				36,137,935
Information Technology — 39.6%
Alarm.com Holdings ^*		88,596		4,826,710
Ambarella ^*		69,074		4,055,335
Analog Devices		30,984		5,681,846
Arlo Technologies ^*		231,447		2,103,853
Badger Meter		52,058		7,671,787
Belden		75,988		5,048,643
Cisco Systems		117,851		5,701,631
Digi International ^*		63,528		1,495,449
GLOBALFOUNDRIES ^*		61,147		3,282,982
Impinj ^*		46,584		3,893,957
InterDigital		52,665		5,262,287
International Business Machines		44,385		7,037,686
Itron ^*		80,198		5,403,741
Lattice Semiconductor ^*		15,391		901,143
NETGEAR ^*		51,723		705,502

The accompanying notes are an integral part of the financial statements.


Schedule of Investments	November 30, 2023

Global X Internet of Things ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
PTC ^*		13,218	$	2,079,984
QUALCOMM		46,212		5,963,659
Rambus ^*		191,852		12,982,625
Samsara, Cl A ^*		223,810		6,163,727
Semtech ^*		27,054		442,874
Silicon Laboratories ^*		56,645		5,968,684
Skyworks Solutions		153,784		14,906,283
SmartRent, Cl A ^*		350,464		1,096,952
Synaptics ^*		7,272		736,217
Vuzix ^{* (A)}		217,006		455,713
				113,869,270
TOTAL UNITED STATES				198,792,943
TOTAL COMMON STOCK (Cost $268,469,642)				284,473,145

	Number of Rights
RIGHT — 0.3%
Switzerland — 0.3%
ams-OSRAM* ^(A) Expires 12/09/2023		490,134		823,231
TOTAL RIGHT (Cost $3,991,052)				823,231

	Face Amount
REPURCHASE AGREEMENTS^(B)— 0.5%
Citigroup Global Markets 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $321,259 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $2,759 - $97,183, 2.000% - 7.028%, 11/20/2043 - 01/20/2072, with a total market value of $327,636)	$	321,212		321,212

The accompanying notes are an integral part of the financial statements.


Schedule of Investments	November 30, 2023

Global X Internet of Things ETF

	Face Amount		Value
REPURCHASE AGREEMENTS — continued
Daiwa Capital Markets 5.340%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $321,260 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $20 - $44,377, 0.000% - 7.000%, 01/25/2024 - 12/01/2053, with a total market value of $327,654)	$	321,212	$	321,212
Deutsche Bank Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $88,451 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $265 - $26,720, 2.500% - 7.500%, 06/01/2042 - 11/01/2053, with a total market value of $90,207)		88,438		88,438
HSBC Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $314,835 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $3,148 - $372,714, 0.000% - 7.500%, 11/15/2031 - 10/20/2073, with a total market value of $321,084)		314,788		314,788
RBC Dominion Securities 5.310%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $321,259 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $19 - $84,193, 0.000% - 6.500%, 12/14/2023 - 09/01/2053, with a total market value of $327,636)		321,212		321,212
TOTAL REPURCHASE AGREEMENTS (Cost $1,366,862)				1,366,862
TOTAL INVESTMENTS — 99.7% (Cost $273,827,556)			$	286,663,238

Percentages are based on Net Assets of $287,487,218.

The accompanying notes are an integral part of the financial statements.


Schedule of Investments	November 30, 2023

Global X Internet of Things ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $1,242,244.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $1,366,862. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $–.

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	284,473,145	$	—	$	—	$	284,473,145
Right		823,231		—		—		823,231
Repurchase Agreements		—		1,366,862		—		1,366,862
Total Investments in Securities	$	285,296,376	$	1,366,862	$	—	$	286,663,238

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	November 30, 2023
Global X U.S. Infrastructure Development ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 98.9%
Consumer Discretionary — 0.9%
TopBuild ^*		158,869	$	46,990,273

Industrials — 72.1%
Acuity Brands		158,869		28,478,857
Advanced Drainage Systems		414,968		50,256,774
AECOM		694,256		61,691,588
Arcosa		253,133		18,782,469
Argan		365,383		17,041,463
Astec Industries		347,412		10,801,039
Atkore ^*		197,862		25,702,274
Builders FirstSource ^*		736,131		98,722,528
Carlisle		257,562		72,222,960
Columbus McKinnon		390,073		13,621,349
Construction Partners, Cl A ^*		520,119		21,824,193
Crane		280,776		29,672,408
CSW Industrials		110,015		19,508,960
CSX		4,334,472		140,003,446
Custom Truck One Source ^*		1,998,228		11,609,705
Deere		339,411		123,684,763
DXP Enterprises ^*		470,879		13,787,337
Dycom Industries ^*		145,548		15,118,071
Eaton		873,842		198,965,085
EMCOR Group		238,827		50,755,514
Emerson Electric		1,560,649		138,741,696
Exponent		249,514		19,202,597
Fastenal		2,835,167		170,024,965
Fortive		1,770,070		122,099,429
Gibraltar Industries ^*		193,537		13,003,751

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	November 30, 2023
Global X U.S. Infrastructure Development ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Gorman-Rupp		501,129	$	15,825,654
Graco		843,194		68,113,211
Granite Construction		349,328		16,051,622
Greenbrier		483,363		18,227,619
H&E Equipment Services		276,778		12,264,033
Herc Holdings		145,042		17,935,894
Howmet Aerospace		2,070,260		108,895,676
Hubbell, Cl B		268,737		80,621,100
IDEX		377,506		76,135,410
Insteel Industries		486,774		16,560,051
Jacobs Solutions		633,802		80,606,938
Lincoln Electric Holdings		287,834		57,008,402
MasTec ^*		310,707		18,841,272
MDU Resources Group		1,010,891		19,348,454
MRC Global ^*		1,135,158		11,737,534
Mueller Industries		560,406		23,273,661
Mueller Water Products, Cl A		1,131,469		15,037,223
MYR Group ^*		146,497		18,227,157
Norfolk Southern		517,018		112,792,647
Northwest Pipe ^*		384,430		10,425,742
NOW ^*		1,058,240		10,550,653
Parker-Hannifin		445,522		192,991,220
Pentair		817,436		52,757,319
Powell Industries		352,699		29,330,449
Primoris Services		535,055		16,244,270
Quanta Services		714,985		134,638,825
RBC Bearings ^*		144,562		37,259,410
Regal Rexnord		332,049		39,779,470
Rockwell Automation		504,026		138,828,921
SPX Technologies ^*		223,415		19,059,534
Sterling Infrastructure ^*		425,610		27,030,491
Terex		334,027		16,534,336
Tetra Tech		263,066		41,603,888
Titan Machinery ^*		335,533		7,670,284
Trane Technologies		812,590		183,165,912
Trinity Industries		500,258		12,486,440
Tutor Perini ^*		1,574,705		13,180,281
Union Pacific		660,959		148,894,234
United Rentals		354,386		168,694,824

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	November 30, 2023
Global X U.S. Infrastructure Development ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Valmont Industries		105,578	$	23,181,761
Wabash National		536,188		11,753,241
WESCO International		254,971		39,737,230
Woodward		296,645		40,100,471
Zurn Elkay Water Solutions		903,340		26,594,330
				3,715,320,315
Information Technology — 1.9%
Badger Meter		145,084		21,381,029
Calix ^*		322,674		12,451,990
Crane NXT		281,065		14,463,605
Trimble ^*		1,133,977		52,616,533
				100,913,157
Materials — 21.5%
Alcoa		673,987		18,103,291
ATI ^*		640,724		28,159,820
Carpenter Technology		309,397		21,908,402
Century Aluminum ^*		488,153		3,836,883
Cleveland-Cliffs ^*		2,241,022		38,455,937
Commercial Metals		582,399		26,400,147
Eagle Materials		182,685		33,075,119
Haynes International		258,757		12,699,793
Knife River ^*		252,600		15,075,153
Louisiana-Pacific		363,499		22,169,804
Martin Marietta Materials		310,649		144,324,419
Materion		152,510		17,250,406
Minerals Technologies		113,499		7,109,577
Nucor		902,814		153,451,296
Reliance Steel & Aluminum		293,795		80,870,012
RPM International		646,269		66,520,468
Ryerson Holding		407,290		12,613,771
Steel Dynamics		878,775		104,688,466
Summit Materials, Cl A ^*		587,451		20,378,675
TimkenSteel ^*		696,845		14,159,890
United States Steel		1,163,948		41,785,733
Vulcan Materials		665,001		142,017,614
Westlake		638,380		81,961,608
				1,107,016,284

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	November 30, 2023
Global X U.S. Infrastructure Development ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 2.5%
Sempra		1,750,128	$	127,531,827
TOTAL COMMON STOCK (Cost $4,544,979,466)				5,097,771,856
TOTAL INVESTMENTS — 98.9% (Cost $4,544,979,466)			$	5,097,771,856

Percentages are based on Net Assets of $5,153,795,826.

*	Non-income producing security.

As of November 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	November 30, 2023
Global X Autonomous & Electric Vehicles ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 98.4%
AUSTRALIA — 2.2%
Materials — 2.2%
Allkem ^*		769,716	$	4,389,103
IGO		818,572		4,656,837
Pilbara Minerals ^(A)		2,596,523		6,266,721

TOTAL AUSTRALIA				15,312,661
CANADA — 3.1%
Industrials — 0.9%
Ballard Power Systems ^{* (A)}		1,798,682		6,313,374

Information Technology — 0.9%
BlackBerry ^*		1,693,205		6,214,062

Materials — 1.3%
Lithium Americas ^{* (A)}		406,321		2,616,206
Lithium Americas Argentina ^{* (A)}		406,321		2,172,679
Standard Lithium ^{* (A)}		1,810,057		4,036,427
				8,825,312
TOTAL CANADA				21,352,748

The accompanying notes are an integral part of the financial statements.

100

Schedule of Investments	November 30, 2023
Global X Autonomous & Electric Vehicles ETF

	Shares		Value
COMMON STOCK — continued
CHILE — 1.8%
Industrials — 0.8%
Sociedad Quimica y Minera de Chile ADR ^(A)		118,030	$	5,929,827

Materials — 1.0%
Lundin Mining		1,004,409		6,963,488

TOTAL CHILE				12,893,315
CHINA — 9.3%
Communication Services — 1.3%
Baidu ADR ^*		79,325		9,412,704

Consumer Discretionary — 4.7%
Geely Automobile Holdings		7,075,400		7,709,263
Nexteer Automotive Group		12,110,600		7,814,991
NIO ADR ^{* (A)}		892,064		6,485,305
XPeng ADR, Cl A ^{* (A)}		652,388		10,836,165
				32,845,724
Information Technology — 2.7%
indie Semiconductor, Cl A ^*		872,123		6,506,037
NXP Semiconductors		60,787		12,405,411
				18,911,448
Materials — 0.6%
Ganfeng Lithium Group, Cl H		1,280,733		4,099,500

TOTAL CHINA				65,269,376
FRANCE — 2.1%
Consumer Discretionary — 2.1%
Forvia ^*		329,245		6,478,853
Renault		209,890		8,242,072

TOTAL FRANCE				14,720,925
GERMANY — 3.0%
Consumer Discretionary — 1.3%
Continental		115,783		8,971,979

The accompanying notes are an integral part of the financial statements.

101

Schedule of Investments	November 30, 2023
Global X Autonomous & Electric Vehicles ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — 1.7%
Infineon Technologies		303,617	$	11,776,832

TOTAL GERMANY				20,748,811
ISRAEL — 0.6%
Information Technology — 0.6%
Innoviz Technologies ^{* (A)}		2,474,149		4,230,795

JAPAN — 10.9%
Consumer Discretionary — 8.0%
Denso		631,845		9,890,008
Honda Motor		1,175,085		11,994,476
Nissan Motor		2,196,838		8,661,933
Toyota Motor		1,317,835		24,910,812
				55,457,229
Industrials — 2.9%
GS Yuasa		416,654		6,125,731
Hitachi		205,757		14,314,680
				20,440,411
TOTAL JAPAN				75,897,640
LUXEMBOURG — 1.2%
Materials — 1.2%
APERAM		254,397		8,474,256

NETHERLANDS — 1.0%
Information Technology — 1.0%
TomTom ^*		1,036,983		6,867,887

SINGAPORE — 1.5%
Information Technology — 1.5%
STMicroelectronics		214,298		10,160,631

SOUTH KOREA — 3.8%
Consumer Discretionary — 2.7%
Hyundai Motor		64,027		9,146,360

The accompanying notes are an integral part of the financial statements.

102

Schedule of Investments	November 30, 2023
Global X Autonomous & Electric Vehicles ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Kia Motors		141,593	$	9,427,461
				18,573,821
Industrials — 1.1%
LG Energy Solution ^*		22,495		7,924,642

TOTAL SOUTH KOREA				26,498,463
TAIWAN — 1.3%
Industrials — 1.3%
Advanced Energy Solution Holding		364,800		8,816,389

UNITED KINGDOM — 1.0%
Materials — 1.0%
Johnson Matthey		372,735		7,313,896

UNITED STATES — 55.6%
Communication Services — 3.8%
Alphabet, Cl A ^*		197,730		26,205,157

Consumer Discretionary — 14.8%
American Axle & Manufacturing Holdings ^*		948,871		6,604,142
Aptiv ^*		98,021		8,120,060
Ford Motor		885,216		9,082,316
General Motors		324,781		10,263,080
Gentherm ^*		152,799		7,016,530
Lear		58,989		7,889,779
Lucid Group ^{* (A)}		1,201,228		5,069,182
Luminar Technologies, Cl A ^{* (A)}		1,117,768		2,794,420
QuantumScape, Cl A ^{* (A)}		827,536		5,246,578
Stellantis		626,042		13,594,492
Tesla ^*		88,719		21,299,657
Visteon ^*		55,505		6,586,778
				103,567,014
Industrials — 10.3%
Bloom Energy, Cl A ^{* (A)}		478,466		6,909,049
EnerSys		78,283		6,926,480
Honeywell International		97,446		19,091,620

The accompanying notes are an integral part of the financial statements.

103

Schedule of Investments	November 30, 2023
Global X Autonomous & Electric Vehicles ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Hyster-Yale Materials Handling		174,264	$	8,307,165
ITT		91,616		9,919,264
Microvast Holdings ^{* (A)}		3,124,566		3,655,742
Nikola ^{* (A)}		3,818,008		3,712,631
Plug Power ^{* (A)}		723,545		2,923,122
Westinghouse Air Brake Technologies		89,156		10,392,024
				71,837,097
Information Technology — 22.3%
Ambarella ^*		101,781		5,975,562
Apple		129,265		24,553,887
CEVA ^*		316,843		6,894,504
Coherent ^*		169,524		6,236,788
Intel		604,529		27,022,446
Microsoft		48,074		18,215,719
MicroVision ^{* (A)}		1,909,902		4,812,953
NVIDIA		53,537		25,039,255
ON Semiconductor ^*		118,955		8,485,060
QUALCOMM		163,418		21,089,093
SiTime ^*		64,756		7,162,014
				155,487,281
Materials — 4.4%
Albemarle		44,361		5,379,658
ATI ^*		189,390		8,323,691
Cabot		123,966		9,409,019
Livent ^*		307,625		4,232,920
Piedmont Lithium ^*		141,760		3,673,002
				31,018,290
TOTAL UNITED STATES				388,114,839
TOTAL COMMON STOCK (Cost $910,779,536)				686,672,632
PREFERRED STOCK — 1.3%
GERMANY— 1.3%
Consumer Discretionary — 1.3%
Volkswagen ^(B)		77,089		8,951,142
TOTAL PREFERRED STOCK (Cost $16,339,026)				8,951,142

The accompanying notes are an integral part of the financial statements.

104

Schedule of Investments	November 30, 2023
Global X Autonomous & Electric Vehicles ETF

	Shares		Value
SHORT-TERM INVESTMENT^(C)— 2.0%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 5.280% (Cost $14,221,842)		14,221,842	$	14,221,842

	Face Amount
REPURCHASE AGREEMENT(D) — 6.7%
BNP Paribas
5.220%, Dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $46,601,699 (collateralized by U.S. Treasury Obligations, ranging in par value $5,481,758 - $232,646, 2.000% - 2.000%, 08/15/2025 - 08/15/2025, with a total market value of $47,483,275) (Cost $46,594,943)	$	46,594,943		46,594,943
TOTAL INVESTMENTS — 108.4% (Cost $987,935,347)			$	756,440,559

Percentages are based on Net Assets of $697,744,909.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $57,928,613.
(B)	There is currently no stated interest rate.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2023.
(D)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $46,594,943. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $–.

The accompanying notes are an integral part of the financial statements.

105

Schedule of Investments	November 30, 2023
Global X Autonomous & Electric Vehicles ETF

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	686,672,632	$	—	$	—	$	686,672,632
Preferred Stock		8,951,142		—		—		8,951,142
Short-Term Investment		14,221,842		—		—		14,221,842
Repurchase Agreement		—		46,594,943		—		46,594,943
Total Investments in Securities	$	709,845,616	$	46,594,943	$	—	$	756,440,559

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

106

Schedule of Investments		November 30, 2023
Global X Artificial Intelligence & Technology ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.8%
BRAZIL — 0.4%
Financials — 0.4%
StoneCo, Cl A ^*		176,788	$	2,757,893

CANADA — 3.1%
Industrials — 1.3%
Thomson Reuters		73,758		10,319,482

Information Technology — 1.8%
Shopify, Cl A ^*		194,363		14,153,513

TOTAL CANADA				24,472,995
CHINA — 8.6%
Communication Services — 3.8%
Baidu ADR ^*		45,349		5,381,112
Kanzhun ADR		146,429		2,420,471
Tencent Holdings		534,243		22,367,574
				30,169,157
Consumer Discretionary — 3.7%
Alibaba Group Holding ADR		247,443		18,528,532

The accompanying notes are an integral part of the financial statements.

107

Schedule of Investments		November 30, 2023
Global X Artificial Intelligence & Technology ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Meituan, Cl B ^*		895,915	$	10,392,674
				28,921,206
Information Technology — 1.1%
NXP Semiconductors		42,241		8,620,543

TOTAL CHINA				67,710,906
FINLAND — 0.3%
Information Technology — 0.3%
TietoEVRY		91,921		2,019,933

GERMANY — 3.9%
Industrials — 2.9%
Siemens		135,482		22,764,867

Information Technology — 1.0%
Infineon Technologies		212,532		8,243,786

TOTAL GERMANY				31,008,653
ISRAEL — 0.3%
Information Technology — 0.3%
Wix.com *		26,916		2,731,974

ITALY — 0.3%
Health Care — 0.3%
Amplifon		64,737		2,015,195

JAPAN — 2.3%
Industrials — 1.1%
FANUC		163,873		4,560,311
Fujikura		277,679		2,138,448
Toshiba *		71,606		2,228,076
				8,926,835
Information Technology — 1.2%
Fujitsu		34,337		4,905,452
NEC		47,354		2,639,409

The accompanying notes are an integral part of the financial statements.

108

Schedule of Investments		November 30, 2023
Global X Artificial Intelligence & Technology ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Socionext		23,103	$	2,070,651
				9,615,512
TOTAL JAPAN				18,542,347
NETHERLANDS — 0.7%
Industrials — 0.7%
Wolters Kluwer		42,382		5,840,467

NEW ZEALAND — 0.2%
Information Technology — 0.2%
Xero ^*		27,194		1,858,095

SINGAPORE — 0.9%
Information Technology — 0.9%
STMicroelectronics		148,655		7,047,451

SOUTH KOREA — 4.5%
Information Technology — 4.5%
Samsung Electronics		416,854		23,522,049
SK Hynix		118,263		12,274,089

TOTAL SOUTH KOREA				35,796,138
SWEDEN — 0.3%
Information Technology — 0.3%
Telefonaktiebolaget LM Ericsson ADR ^(A)		499,238		2,441,274

SWITZERLAND — 0.3%
Information Technology — 0.3%
Temenos		26,497		2,255,544

TAIWAN — 1.4%
Industrials — 0.3%
Bizlink Holding		240,568		2,032,969

Information Technology — 1.1%
Acer		2,046,000		2,305,352

The accompanying notes are an integral part of the financial statements.

109

Schedule of Investments		November 30, 2023
Global X Artificial Intelligence & Technology ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Advantech		181,657	$	2,055,562
Alchip Technologies		27,690		2,756,591
Global Unichip		31,200		1,647,887
				8,765,392
TOTAL TAIWAN				10,798,361
UNITED STATES — 72.3%
Communication Services — 10.6%
Alphabet, Cl A ^*		190,278		25,217,543
Meta Platforms, Cl A ^*		77,380		25,314,867
Netflix ^*		53,298		25,261,653
Snap, Cl A ^*		219,507		3,035,782
Trade Desk, Cl A ^*		71,843		5,062,058
				83,891,903
Consumer Discretionary — 6.4%
Amazon.com ^*		175,493		25,637,772
eBay		86,755		3,557,823
Tesla *		87,742		21,065,099
				50,260,694
Health Care — 0.6%
GE HealthCare Technologies		73,913		5,060,084

Industrials — 4.6%
Booz Allen Hamilton Holding, Cl A		21,283		2,663,142
Experian		148,933		5,473,370
Genpact		60,125		2,041,845
Hubbell, Cl B		8,370		2,511,000
Rockwell Automation		18,607		5,125,112
Uber Technologies *		328,802		18,537,857
				36,352,326
Information Technology — 50.1%
Accenture, Cl A		72,224		24,060,703
Adobe *		44,152		26,977,314
Ambarella *		28,874		1,695,193
Apple		119,149		22,632,353
Cadence Design Systems ^*		44,426		12,140,293

The accompanying notes are an integral part of the financial statements.

110

Schedule of Investments		November 30, 2023
Global X Artificial Intelligence & Technology ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
CCC Intelligent Solutions Holdings ^*		206,350	$	2,410,168
Cisco Systems		433,450		20,970,311
Cognex		40,260		1,517,802
CyberArk Software ^*		15,223		3,033,487
Datadog, Cl A ^*		47,722		5,562,954
DXC Technology ^*		81,618		1,887,824
Envestnet ^*		37,006		1,407,338
Freshworks, Cl A ^*		134,282		2,688,326
Hewlett Packard Enterprise		208,360		3,523,368
Informatica, Cl A ^*		121,936		3,059,374
Intel		671,395		30,011,356
International Business Machines		164,440		26,073,606
IonQ ^{* (A)}		158,130		1,933,930
Microsoft		66,403		25,160,761
NVIDIA		51,217		23,954,191
Okta, Cl A ^*		32,204		2,159,278
Oracle		193,981		22,542,532
Pegasystems		41,934		2,179,729
Procore Technologies ^*		32,004		1,891,116
QUALCOMM		183,123		23,632,023
Salesforce ^*		100,201		25,240,632
Seagate Technology Holdings		37,730		2,984,443
ServiceNow ^*		39,336		26,974,269
Smartsheet, Cl A ^*		53,716		2,276,484
Splunk ^*		26,556		4,024,296
Super Micro Computer ^*		8,291		2,267,340
Synopsys ^*		24,457		13,285,776
Teradata ^*		41,662		1,968,530
Twilio, Cl A ^*		36,695		2,373,433
UiPath, Cl A ^*		129,884		2,566,508
Verint Systems ^*		60,551		1,487,738
Viasat ^*		72,173		1,475,938
Workday, Cl A ^*		33,809		9,152,772
Zebra Technologies, Cl A ^*		8,049		1,907,452
Zscaler ^*		23,608		4,663,288
				395,754,229
TOTAL UNITED STATES				571,319,236
TOTAL COMMON STOCK (Cost $741,265,645)				788,616,462

The accompanying notes are an integral part of the financial statements.

111

Schedule of Investments		November 30, 2023
Global X Artificial Intelligence & Technology ETF

	Face Amount		Value
REPURCHASE AGREEMENTS^(B)— 0.2%
Bank of America 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $96,864 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $10 - $34,163, 1.500% - 7.000%, 08/01/2027 - 09/20/2063, with a total market value of $98,787)	$	96,850	$	96,850
Daiwa Capital Markets 5.340%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $351,821 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $22 - $48,599, 0.000% - 7.000%, 01/25/2024 - 12/01/2053, with a total market value of $358,824)		351,769		351,769
Deutsche Bank Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $351,821 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $1,055 - $106,281, 2.500% - 7.500%, 06/01/2042 - 11/01/2053, with a total market value of $358,804)		351,769		351,769
HSBC Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $344,785 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $3,447 - $408,171, 0.000% - 7.500%, 11/15/2031 - 10/20/2073, with a total market value of $351,629)		344,734		344,734

The accompanying notes are an integral part of the financial statements.

112

Schedule of Investments		November 30, 2023
Global X Artificial Intelligence & Technology ETF

	Face Amount		Value
REPURCHASE AGREEMENTS — continued
RBC Dominion Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $351,821 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $21 - $92,203, 0.000% - 6.500%, 12/14/2023 - 09/01/2053, with a total market value of $358,804)	$	351,769	$	351,769
TOTAL REPURCHASE AGREEMENTS (Cost $1,496,891)				1,496,891
TOTAL INVESTMENTS — 100.0% (Cost $742,762,536)			$	790,113,353

Percentages are based on Net Assets of $789,875,233.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $2,961,248.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $1,496,891. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $1,534,472.

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	788,616,462	$	—	$	—	$	788,616,462
Repurchase Agreements		—		1,496,891		—		1,496,891
Total Investments in Securities	$	788,616,462	$	1,496,891	$	—	$	790,113,353

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

113

Schedule of Investments		November 30, 2023
Global X Genomics & Biotechnology ETF

Sector Weightings (Unaudited)†:

		Shares		Value
COMMON STOCK — 99.9%
CHINA — 3.8%
Health Care — 3.8%
Genscript Biotech ^*			1,267,418	$	3,521,372

GERMANY — 3.6%
Health Care — 3.6%
BioNTech ADR ^*			33,717		3,385,524

JAPAN — 0.7%
Health Care — 0.7%
Takara Bio			82,536		682,240
	��
NETHERLANDS — 0.6%
Health Care — 0.6%
uniQure ^*			75,909		514,663

SWITZERLAND — 5.9%
Health Care — 5.9%
CRISPR Therapeutics ^{* (A)}			81,993		5,471,393

UNITED STATES — 85.3%
Health Care — 85.3%
10X Genomics, Cl A ^*			86,750		3,775,360
2seventy bio ^{* (A)}			78,303		143,295
Agilent Technologies			31,060		3,969,468
Allogene Therapeutics ^*			189,509		445,346
Alnylam Pharmaceuticals ^*			20,136		3,387,882
Arrowhead Pharmaceuticals ^*			133,939		2,839,507
Avidity Biosciences ^*			127,256		993,869
Beam Therapeutics ^{* (A)}			119,896		3,366,680

The accompanying notes are an integral part of the financial statements.

114

Schedule of Investments		November 30, 2023
Global X Genomics & Biotechnology ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
BioMarin Pharmaceutical ^*		39,276	$	3,577,258
Bio-Techne		52,402		3,296,086
Bluebird Bio ^{* (A)}		186,085		710,845
CareDx ^*		92,582		898,971
Caribou Biosciences ^*		135,632		796,160
Editas Medicine, Cl A ^*		145,436		1,531,441
Fulgent Genetics ^*		34,137		941,498
Gilead Sciences		20,454		1,566,776
Illumina ^*		28,186		2,873,563
Intellia Therapeutics ^*		131,730		3,903,160
Legend Biotech ADR ^*		50,193		3,052,738
Lyell Immunopharma ^*		217,186		375,732
Moderna ^*		41,832		3,250,346
Myriad Genetics ^*		141,315		2,697,703
Natera ^*		80,180		4,486,071
Pacific Biosciences of California ^*		435,654		3,694,346
Poseida Therapeutics, Cl A ^*		113,014		301,747
QIAGEN ^*		87,106		3,585,283
REGENXBIO ^*		71,444		1,394,587
Rocket Pharmaceuticals ^*		133,893		3,123,724
Sana Biotechnology ^*		175,947		714,345
Sarepta Therapeutics ^*		29,932		2,432,873
Scilex Holding ^*(B)(C)		226,071		141,294
Ultragenyx Pharmaceutical ^*		97,827		3,800,579
Veracyte ^*		129,274		3,309,414
Vertex Pharmaceuticals ^*		4,417		1,567,196
Verve Therapeutics ^*		76,945		867,940
Vir Biotechnology ^*		156,803		1,488,060

TOTAL UNITED STATES				79,301,143
TOTAL COMMON STOCK (Cost $143,898,128)				92,876,335

The accompanying notes are an integral part of the financial statements.

115

Schedule of Investments		November 30, 2023
Global X Genomics & Biotechnology ETF

	Face Amount		Value
REPURCHASE AGREEMENTS^(D)— 4.3%
Citigroup Global Markets 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $948,326 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $8,146 - $286,876, 2.000% - 7.028%, 11/20/2043 - 01/20/2072, with a total market value of $967,150)	$	948,186	$	948,186
Daiwa Capital Markets 5.340%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $948,327 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $60 - $130,997, 0.000% - 7.000%, 01/25/2024 - 12/01/2053, with a total market value of $967,202)		948,186		948,186
Deutsche Bank Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $261,093 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $783 - $78,873, 2.500% - 7.500%, 06/01/2042 - 11/01/2053, with a total market value of $266,275)		261,054		261,054
HSBC Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $929,359 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $9,292 - $1,100,214, 0.000% - 7.500%, 11/15/2031 - 10/20/2073, with a total market value of $947,806)		929,222		929,222

The accompanying notes are an integral part of the financial statements.

116

Schedule of Investments		November 30, 2023
Global X Genomics & Biotechnology ETF

	Face Amount		Value
REPURCHASE AGREEMENTS — continued
RBC Dominion Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $948,326 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $55 - $248,531, 0.000% - 6.500%, 12/14/2023 - 09/01/2053, with a total market value of $967,150)	$	948,186	$	948,186
TOTAL REPURCHASE AGREEMENTS (Cost $4,034,834)				4,034,834
TOTAL INVESTMENTS — 104.2% (Cost $147,932,962)			$	96,911,169

Percentages are based on Net Assets of $93,029,046.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $3,790,397.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security considered illiquid. The total value of such securities as of November 30, 2023 was $141,294 and represented 0.2% of Net Assets.
(D)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $4,034,834. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $–.

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	92,735,041	$	—	$	141,294	$	92,876,335
Repurchase Agreements		—		4,034,834		—		4,034,834
Total Investments in Securities	$	92,735,041	$	4,034,834	$	141,294	$	96,911,169

(1) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at

The accompanying notes are an integral part of the financial statements.

117

Schedule of Investments		November 30, 2023
Global X Genomics & Biotechnology ETF

the end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

118

Schedule of Investments		November 30, 2023

	Global X Cloud Computing ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.9%
CANADA — 4.2%
Information Technology — 4.2%
Shopify, Cl A ^*		335,758	$	24,449,898

CHINA — 1.2%
Consumer Discretionary — 0.3%
Alibaba Group Holding ADR ^*		25,544		1,912,735

Information Technology — 0.9%
Kingsoft Cloud Holdings ADR ^{* (A)}		297,174		1,298,650
Vnet Group ADR ^*		1,295,940		3,628,632
				4,927,282
TOTAL CHINA				6,840,017
ISRAEL — 4.3%
Information Technology — 4.3%
Wix.com ^*		246,297		24,999,145

The accompanying notes are an integral part of the financial statements.

119

Schedule of Investments		November 30, 2023

	Global X Cloud Computing ETF

	Shares		Value
COMMON STOCK — continued
SINGAPORE — 0.3%
Real Estate — 0.3%
Digital Core REIT Management Pte ^‡		2,682,325	$	1,649,630

UNITED STATES — 89.9%
Communication Services — 7.2%
Alphabet, Cl A ^*		60,026		7,955,246
Netflix ^*		47,197		22,369,962
PubMatic, Cl A ^*		386,116		6,451,998
Vimeo ^*		1,424,250		5,013,360
				41,790,566
Consumer Discretionary — 1.9%
2U ^*		728,444		715,623
Amazon.com ^*		72,487		10,589,626
				11,305,249
Health Care — 1.2%
HealthStream		274,354		6,858,850

Industrials — 3.9%
Paycom Software		123,235		22,386,870

Information Technology — 72.0%
Akamai Technologies ^*		190,421		21,999,338
Box, Cl A ^*		797,951		20,882,378
DigitalOcean Holdings ^*		807,087		23,905,917
Dropbox, Cl A ^*		758,388		21,371,374
Everbridge ^*		369,367		7,520,312
Fastly, Cl A ^*		1,173,598		19,493,463
Five9 ^*		354,996		27,057,795
Freshworks, Cl A ^*		1,098,808		21,998,136
International Business Machines		10,044		1,592,577
Microsoft		28,734		10,887,600
Procore Technologies ^*		397,150		23,467,593
Qualys ^*		131,266		24,263,207
Salesforce ^*		96,317		24,262,252
Sinch ^*		7,687,376		21,872,545
SPS Commerce ^*		122,845		21,163,737

The accompanying notes are an integral part of the financial statements.

120

Schedule of Investments		November 30, 2023

	Global X Cloud Computing ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Twilio, Cl A ^*		384,101	$	24,843,653
Workday, Cl A ^*		94,148		25,487,747
Workiva, Cl A ^*		229,339		22,055,532
Yext ^*		1,127,830		7,477,513
Zoom Video Communications, Cl A ^*		327,092		22,186,650
Zscaler ^*		125,927		24,874,360
				418,663,679
Real Estate — 3.7%
Digital Realty Trust ^‡		153,899		21,358,103

TOTAL UNITED STATES				522,363,317
TOTAL COMMON STOCK (Cost $812,208,684)				580,302,007

SHORT-TERM INVESTMENT^(B)— 0.0%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 5.280% (Cost $239,222)		239,222		239,222

	Face Amount
REPURCHASE AGREEMENT^(C) — 0.1%
BNP Paribas
5.220%, Dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $783,876 (collateralized by U.S. Treasury Obligations, ranging in par value $92,207 - $3,913, 2.000% - 2.000%, 08/15/2025 - 08/15/2025, with a total market value of $798,703) (Cost $783,762)	$	783,762		783,762
TOTAL INVESTMENTS — 100.0% (Cost $813,231,668)			$	581,324,991

Percentages are based on Net Assets of $581,162,442.

*	Non-income producing security.
‡	Real Estate Investment Trust

The accompanying notes are an integral part of the financial statements.

121

Schedule of Investments		November 30, 2023

	Global X Cloud Computing ETF

(A)	This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $973,636.
(B)	The rate reported on the Schedule of Investments is the 7-day effective yield as of November 30, 2023.
(C)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $783,762. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $–.

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	580,302,007	$	—	$	—	$	580,302,007
Short-Term Investment		239,222		—		—		239,222
Repurchase Agreement		—		783,762		—		783,762
Total Investments in Securities	$	580,541,229	$	783,762	$	—	$	581,324,991

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

122

Schedule of Investments		November 30, 2023

	Global X Cannabis ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 98.4%
CANADA — 54.3%
Consumer Staples — 4.1%
Flora Growth ^*(A)		1,013,509	$	1,165,535

Health Care — 50.2%
Aurora Cannabis ^*		2,692,243		1,238,432
Canopy Growth ^{* (B)}		2,197,230		1,215,417
Cronos Group ^*		693,793		1,412,301
Organigram Holdings ^{* (B)}		1,184,323		1,537,344
SNDL ^{* (B)}		3,019,296		4,317,593
Tilray Brands ^{* (B)}		2,513,220		4,548,928
				14,270,015
TOTAL CANADA				15,435,550
ISRAEL — 10.2%
Health Care — 5.0%
Intercure ^*		1,177,368		1,436,389

Information Technology — 5.2%
BYND Cannasoft Enterprises ^*		1,667,620		1,467,506

TOTAL ISRAEL				2,903,895

The accompanying notes are an integral part of the financial statements.

123

Schedule of Investments		November 30, 2023

	Global X Cannabis ETF

	Shares		Value
COMMON STOCK — continued
UNITED STATES — 33.9%
Financials — 4.6%
AFC Gamma ^‡		115,686	$	1,313,036

Health Care — 8.8%
Bright Green ^*		3,430,374		941,981
Incannex Healthcare ^*		81,747		653,159
MyMD Pharmaceuticals ^*(A)		3,165,264		886,274
				2,481,414
Information Technology — 3.3%
WM Technology ^*		1,126,937		937,386

Real Estate — 17.2%
Innovative Industrial Properties, Cl A ^‡		59,902		4,891,597

TOTAL UNITED STATES				9,623,433
TOTAL COMMON STOCK (Cost $49,443,808)				27,962,878

	Face Amount
U.S. TREASURY OBLIGATION — 7.0%
U.S. Treasury Bill
5.312%, 01/02/24^(C)	$	2,000,000		1,990,613
TOTAL U.S. TREASURY OBLIGATION (Cost $1,991,771)				1,990,613

REPURCHASE AGREEMENTS^(D)— 9.7%
Bank of America 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $179,035 (collateralized by various U.S. Government Obligations, ranging in par value $19 - $63,143, 1.500% - 7.000%, 08/01/2027 – 09/20/2063, with total market value $182,589)		179,009		179,009

The accompanying notes are an integral part of the financial statements.

124

Schedule of Investments		November 30, 2023

	Global X Cannabis ETF

	Face Amount		Value
REPURCHASE AGREEMENTS — continued
Daiwa Capital Markets 5.340%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $650,280 (collateralized by various U.S. Government obligations and U.S. Treasury Obligations, ranging in par value $41 - $89,826, 0.000% - 7.000%, 01/25/2024 - 12/01/2053, with a total market value $663,224)	$	650,184	$	650,184
Deutsche Bank Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $650,280 (collateralized by various U.S. Government Obligations, ranging in par value $1,951 - $196,443, 2.500% - 7.500%, 06/01/2042 - 11/01/2053, with a total market value $663,188)		650,184		650,184
HSBC Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $637,274 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $6,372 - $754,431, 0.000% - 7.500%, 11/15/2031 - 10/20/2073, with a total market value $649,924)		637,180		637,180
RBC Dominion Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $650,280 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $38 - $170,421, 0.000% - 6.500%, 12/14/2023 - 09/01/2053, with a total market value $663,188)		650,184		650,184
TOTAL REPURCHASE AGREEMENTS (Cost $2,766,741)				2,766,741
TOTAL INVESTMENTS — 115.1% (Cost $54,202,320)			$	32,720,232

Percentages are based on Net Assets of $28,423,694.

The accompanying notes are an integral part of the financial statements.

125

Schedule of Investments		November 30, 2023

	Global X Cannabis ETF

*	Non-income producing security.
‡	Real Estate Investment Trust
(A)	Affiliated investment.
(B)	This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $2,101,655.
(C)	Interest rate represents the security’s effective yield at the time of purchase.
(D)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $2,766,741. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $–.

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	27,962,878	$	—	$	—	$	27,962,878
U.S. Treasury Obligation		—		1,990,613		—		1,990,613
Repurchase Agreements		—		2,766,741		—		2,766,741
Total Investments in Securities	$	27,962,878	$	4,757,354	$	—	$	32,720,232

The following is a summary of the transactions with affiliates for the year ended November 30, 2023:

Value at 11/30/22		Purchases at Cost		Proceeds from Sales			Changes in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value at 11/30/23		Dividend Income		Capital Gain
Flora Growth
$	592,812	$	3,117,592	$	(185,372	)	$	(1,175,559	)	$	(1,183,938	)	$	1,165,535	$	-	$	-
MyMD Pharmaceuticals
	1,320,594		1,631,038		(224,134	)		(801,991	)		(1,039,233	)		86,274		-		-
Totals:
$	1,913,406	$	4,748,630	$	(409,506	)	$	(1,977,550	)	$	(2,223,171	)	$	2,051,809	$	-	$	-

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

126

Schedule of Investments	November 30, 2023
Global X Thematic Growth ETF

Sector Weightings (Unaudited)†:

	Shares		Value
EXCHANGE TRADED FUNDS — 99.9%
Global X Cannabis ETF^(A)		560,343	$	3,042,663
Global X Data Center REITs & Digital Infrastructure ETF^(A)		297,561		4,264,049
Global X Disruptive Materials ETF^(A)		231,283		3,261,090
Global X FinTech ETF^(A)		183,981		4,106,456
Global X Genomics & Biotechnology ETF^(A)		355,392		3,701,656
Global X Lithium & Battery Tech ETF^{(A) (B)}		66,898		3,189,028
Global X Renewable Energy Producers ETF^(A)		353,747		3,671,894
Global X Solar ETF^(A)		257,008		3,017,274
Global X Video Games & Esports ETF ^(A)		201,161		3,982,988
TOTAL EXCHANGE TRADED FUNDS (Cost $58,411,426)				32,237,098

	Face Amount
REPURCHASE AGREEMENTS^(C)— 1.6%
Citigroup Global Markets Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $34,399 (collateralized by various U.S. Government Obligations, ranging in par value $295 - $10,406, 2.000% - 7.028%, 11/20/2043 – 01/20/2072, with total market value $35,082)	$	34,394		34,394
Daiwa Capital Markets 5.340%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $249,037 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $16 - $34,401, 0.000% - 7.000%, 01/25/2024 - 12/01/2053, with a total market value $253,994)		249,000		249,000

The accompanying notes are an integral part of the financial statements.

127

Schedule of Investments	November 30, 2023
Global X Thematic Growth ETF

	Face Amount		Value
REPURCHASE AGREEMENTS — continued
RBC Dominion Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $249,037 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $15 - $65,266, 0.000% - 6.500%, 12/14/2023 - 09/01/2053, with a total market value $253,980)	$	249,000	$	249,000

TOTAL REPURCHASE AGREEMENTS (Cost $532,394)				532,394
TOTAL INVESTMENTS — 101.5% (Cost $58,943,820)			$	32,769,492

Percentages are based on Net Assets of $32,269,888.

(A)	Affiliated investment.
(B)	This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $519,603.
(C)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $532,394. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $–.

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	32,237,098	$	—	$	—	$	32,237,098
Repurchase Agreements		—		532,394		—		532,394
Total Investments in Securities	$	32,237,098	$	532,394	$	—	$	32,769,492

The accompanying notes are an integral part of the financial statements.

128

Schedule of Investments	November 30, 2023
Global X Thematic Growth ETF

The following is a summary of the transactions with affiliates for the year ended November 30, 2023:

Value at 11/30/22		Purchases at Cost		Proceeds from Sales			Changes in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value at 11/30/23		Dividend Income			Capital Gain
Global X Cannabis ETF
$	7,421,653	$	2,895,135	$	(2,447,665	)	$	(2,002,323	)	$	(2,824,137	)	$	3,042,663	$	111,651		$	1,088
Global X Data Center REITs & Digital Infrastructure ETF
	3,870,478		2,396,516		(2,312,363	)		332,024			(22,606	)		4,264,049		92,896			2,994
Global X Disruptive Materials ETF
	—		4,376,861		(394,183	)		(674,030	)		(47,558	)		3,261,090		—			—
Global X FinTech ETF
	3,581,922		2,510,223		(2,303,995	)		1,002,421			(684,115	)		4,106,456		(9,246	)		12,883
Global X Genomics & Biotechnology ETF
	4,046,936		2,982,709		(2,261,735	)		(685,884	)		(380,370	)		3,701,656		—			—
Global X Lithium & Battery Tech ETF
	8,163,639		2,051,009		(5,110,826	)		(915,128	)		(999,666	)		3,189,028		73,446			—
Global X Renewable Energy Producers ETF
	8,267,442		1,950,219		(4,957,275	)		(680,199	)		(908,293	)		3,671,894		64,218			—
Global X Solar ETF
	—		4,264,904		(370,313	)		(823,467	)		(53,850	)		3,017,274		—			—
Global X Video Games & Esports ETF
	—		4,437,882		(458,591	)		(5,488	)		9,185			3,982,988		—			—
Totals:
$	35,352,070	$	27,865,458	$	(20,616,946	)	$	(4,452,074	)	$	(5,911,410	)	$	32,237,098	$	332,965		$	16,965

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

129

Schedule of Investments	November 30, 2023
Global X Video Games & Esports ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.8%
CHINA — 12.2%
Communication Services — 12.2%
Archosaur Games ^{* (A)}		725,600	$	182,090
Bilibili ADR ^{* (A)}		415,238		4,704,647
HUYA ADR ^*		141,629		480,122
iDreamSky Technology Holdings ^*		1,142,000		361,156
NetEase ADR		86,741		9,843,369
XD ^*		388,700		627,072

TOTAL CHINA				16,198,456
FRANCE — 2.8%
Communication Services — 2.8%
Ubisoft Entertainment ^*		128,564		3,665,402

IRELAND — 1.5%
Information Technology — 1.5%
Keywords Studios		112,744		1,952,524

JAPAN — 28.2%
Communication Services — 28.2%
Capcom		169,490		5,712,914
DeNA		106,868		1,087,222
Gumi ^(A)		89,066		250,627
GungHo Online Entertainment ^*		59,070		915,808
Koei Tecmo Holdings		167,267		2,048,479
Konami Group		127,853		6,326,274
Nexon		344,996		7,463,031
Nintendo		200,694		9,383,414

The accompanying notes are an integral part of the financial statements.

130

Schedule of Investments	November 30, 2023
Global X Video Games & Esports ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Square Enix Holdings		120,343	$	4,177,632

TOTAL JAPAN				37,365,401
POLAND — 1.9%
Communication Services — 1.9%
CD Projekt ^(A)		93,672		2,555,278

SINGAPORE — 0.4%
Communication Services — 0.4%
IGG ^*		1,112,400		470,010

SOUTH KOREA — 14.6%
Communication Services — 14.6%
Com2uS Holdings ^*		15,953		431,546
Com2uSCorp		11,470		439,632
Devsisters ^*		14,574		553,522
JoyCity ^*		162,093		344,879
Kakao Games ^*		53,946		1,101,792
Krafton ^*		40,535		6,692,210
NCSoft		23,190		4,709,359
Neowiz ^*		17,402		358,790
Netmarble ^*		31,803		1,464,247
Nexon Games ^*		30,000		368,097
Pearl Abyss ^*		41,215		1,207,555
Wemade		26,682		1,108,519
Wemade Max ^*		56,217		529,424

TOTAL SOUTH KOREA				19,309,572
SWEDEN — 3.3%
Communication Services — 3.3%
Embracer Group, Cl B ^* ^(A)		1,054,790		2,319,685
Enad Global 7 ^*		173,708		295,402
Modern Times Group MTG, Cl B ^*		129,246		1,044,689
Stillfront Group ^*		667,694		743,911

TOTAL SWEDEN				4,403,687

The accompanying notes are an integral part of the financial statements.

131

Schedule of Investments	November 30, 2023
Global X Video Games & Esports ETF

	Shares		Value
COMMON STOCK — continued
TAIWAN — 3.5%
Communication Services — 3.5%
Gamania Digital Entertainment		177,200	$	435,626
International Games System		164,000		3,496,287
Soft-World International		141,800		721,709

TOTAL TAIWAN				4,653,622
UNITED STATES — 31.4%
Communication Services — 21.0%
Electronic Arts		66,667		9,200,713
Playtika Holding ^*		73,895		642,147
ROBLOX, Cl A ^*		207,247		8,146,880
Skillz, Cl A ^{* (A)}		39,092		232,991
Take-Two Interactive Software ^*		60,339		9,545,630
				27,768,361
Consumer Discretionary — 0.2%
Inspired Entertainment ^*		35,618		279,957

Information Technology — 10.2%
AppLovin, Cl A ^*		220,836		8,276,933
Corsair Gaming ^*		62,159		802,473
Unity Software ^{* (A)}		149,928		4,424,375
				13,503,781
TOTAL UNITED STATES				41,552,099
TOTAL COMMON STOCK (Cost $208,001,048)				132,126,051

	Face Amount
REPURCHASE AGREEMENTS^(B)— 5.6%
Bank of America 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $443,462 (collateralized by various U.S. Government Obligations, ranging in par value $47 - $156,402, 1.500% - 7.000%, 08/01/2027 – 09/20/2063, with total market value $452,264)	$	443,396		443,396

The accompanying notes are an integral part of the financial statements.

132

Schedule of Investments	November 30, 2023
Global X Video Games & Esports ETF

	Face Amount		Value
REPURCHASE AGREEMENTS — continued
Citigroup Global Markets Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $1,736,880 (collateralized by various U.S. Government Obligations, ranging in par value $14,919 - $525,419, 2.000% - 7.028%, 11/20/2043 - 01/20/2072, with a total market value $1,771,355)	$	1,736,623	$	1,736,623
Daiwa Capital Markets 5.340%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $1,736,881 (collateralized by various U.S. Government obligations and U.S. Treasury Obligations, ranging in par value $109 - $239,924, 0.000% - 7.000%, 01/25/2024 - 12/01/2053, with a total market value $1,771,451)		1,736,623		1,736,623
Deutsche Bank Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $1,736,880 (collateralized by various U.S. Government Obligations, ranging in par value $5,210 - $524,693, 2.500% - 7.500%, 06/01/2042 - 11/01/2053, with a total market value $1,771,355)		1,736,623		1,736,623
RBC Dominion Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $1,736,880 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $101 - $455,190, 0.000% - 6.500%, 12/14/2023 - 09/01/2053, with a total market value $1,771,356)		1,736,623		1,736,623
TOTAL REPURCHASE AGREEMENTS (Cost $7,389,888)				7,389,888
TOTAL INVESTMENTS — 105.4% (Cost $215,390,936)			$	139,515,939

Percentages are based on Net Assets of $132,339,112.

The accompanying notes are an integral part of the financial statements.

133

Schedule of Investments	November 30, 2023
Global X Video Games & Esports ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $7,200,617.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $7,389,888. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $97,644.

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	132,126,051	$	—	$	—	$	132,126,051
Repurchase Agreements		—		7,389,888		—		7,389,888
Total Investments in Securities	$	132,126,051	$	7,389,888	$	—	$	139,515,939

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

134

Schedule of Investments	November 30, 2023
Global X Cybersecurity ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.9%
CANADA — 3.9%
Information Technology — 3.9%
BlackBerry ^*		6,777,295	$	24,872,673

ISRAEL — 9.2%
Information Technology — 9.2%
Check Point Software Technologies ^*		245,561		35,851,906
Radware ^*		1,571,023		23,958,101

TOTAL ISRAEL				59,810,007
JAPAN — 9.1%
Information Technology — 9.1%
Digital Arts		492,638		16,045,266
Hennge ^*		1,127,156		9,416,158
Trend Micro ^(A)		658,283		33,458,508

TOTAL JAPAN				58,919,932
SOUTH KOREA — 2.9%
Information Technology — 2.9%
Ahnlab		351,021		18,800,567

UNITED KINGDOM — 4.2%
Information Technology — 4.2%
Arqit Quantum ^*		3,447,744		1,698,014
Darktrace ^*		5,830,774		25,606,333

TOTAL UNITED KINGDOM				27,304,347
UNITED STATES — 70.6%
Information Technology — 70.6%
A10 Networks		2,311,375		28,869,074
Crowdstrike Holdings, Cl A ^*		183,490		43,485,295

The accompanying notes are an integral part of the financial statements.

135

Schedule of Investments	November 30, 2023
Global X Cybersecurity ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
CyberArk Software ^*		144,943	$	28,882,792
Fortinet ^*		582,262		30,603,691
Gen Digital		1,953,515		43,133,611
Okta, Cl A ^*		369,840		24,797,772
OneSpan ^*		1,386,454		13,906,134
Palo Alto Networks ^*		133,960		39,530,256
Qualys ^*		164,670		30,437,603
Rapid7 ^*		533,465		28,887,130
SentinelOne, Cl A ^*		1,659,881		31,687,128
Telos ^*		2,411,540		9,911,429
Tenable Holdings ^*		711,768		29,460,077
Varonis Systems, Cl B ^*		754,264		31,596,119
Zscaler ^*		210,712		41,621,941

TOTAL UNITED STATES				456,810,052
TOTAL COMMON STOCK (Cost $743,242,888)				646,517,578

	Face Amount
REPURCHASE AGREEMENTS^(B)— 2.1%
Bank of America 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $3,228,495 (collateralized by various U.S. Government Obligations, ranging in par value $344 - $1,138,642, 1.500% - 7.000%, 08/01/2027 – 09/20/2063, with total market value $3,292,578)	$	3,228,018		3,228,018
Daiwa Capital Markets 5.340%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $3,228,497 (collateralized by various U.S. Government obligations and U.S. Treasury Obligations, ranging in par value $203 - $445,968, 0.000% - 7.000%, 01/25/2024 - 12/01/2053, with a total market value $3,292,756)		3,228,018		3,228,018

The accompanying notes are an integral part of the financial statements.

136

Schedule of Investments	November 30, 2023
Global X Cybersecurity ETF

	Face Amount		Value
REPURCHASE AGREEMENTS — continued
Deutsche Bank Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $3,228,495 (collateralized by various U.S. Government Obligations, ranging in par value $9,684 - $975,293, 2.500% - 7.500%, 06/01/2042 - 11/01/2053, with a total market value $3,292,578)	$	3,228,018	$	3,228,018
Nomura Securities International 5.310%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $824,297 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $515 - $238,619, 2.000% - 6.500%, 11/01/2029 - 06/01/2062, with a total market value $840,660)		824,175		824,175
RBC Dominion Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $3,228,495 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $188 - $846,102, 0.000% - 6.500%, 12/14/2023 - 09/01/2053, with a total market value $3,292,578)		3,228,018		3,228,018
TOTAL REPURCHASE AGREEMENTS (Cost $13,736,247)				13,736,247
TOTAL INVESTMENTS — 102.0% (Cost $756,979,135)			$	660,253,825

Percentages are based on Net Assets of $647,551,244.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $13,011,695.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $13,736,247. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $–.

The accompanying notes are an integral part of the financial statements.

137

Schedule of Investments	November 30, 2023
Global X Cybersecurity ETF

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	646,517,578	$	—	$	—	$	646,517,578
Repurchase Agreements		—		13,736,247		—		13,736,247
Total Investments in Securities	$	646,517,578	$	13,736,247	$	—	$	660,253,825

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

138

Schedule of Investments		November 30, 2023
Global X Telemedicine & Digital Health ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.9%
CHINA — 10.6%
Consumer Staples — 10.6%
Alibaba Health Information Technology *		4,377,100	$	2,488,294
JD Health International *		569,150		2,714,472
Ping An Healthcare and Technology *		750,400		1,677,526

TOTAL CHINA				6,880,292
GERMANY — 2.3%
Health Care — 2.3%
CompuGroup Medical		38,493		1,484,264

JAPAN — 3.4%
Health Care — 3.4%
JMDC		44,860		1,309,068
Medley *		29,125		871,770

TOTAL JAPAN				2,180,838
SOUTH KOREA — 0.5%
Health Care — 0.5%
Genomictree *		24,092		311,666

UNITED STATES — 83.1%
Financials — 2.8%
eHealth *		33,689		250,309
Oscar Health, Cl A *		183,121		1,556,529
				1,806,838

The accompanying notes are an integral part of the financial statements.

139

Schedule of Investments		November 30, 2023
Global X Telemedicine & Digital Health ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 80.3%
23andMe Holding, Cl A *		412,145	$	354,651
Agilent Technologies		23,714		3,030,649
American Well, Cl A *		320,591		407,151
AMN Healthcare Services *		33,305		2,258,079
Computer Programs and Systems *		19,684		206,879
Definitive Healthcare, Cl A *		64,477		531,935
Dexcom *		29,113		3,363,134
DocGo *		129,918		734,037
Doximity, Cl A *		112,767		2,621,833
GoodRx Holdings, Cl A *		106,614		638,618
Hims & Hers Health *		194,616		1,730,136
Illumina *		21,511		2,193,046
iRhythm Technologies *		32,523		2,773,561
Laboratory Corp of America Holdings		12,426		2,695,324
LifeStance Health Group *		101,762		699,105
Masimo *		29,819		2,795,829
Omnicell *		63,917		2,132,271
Pacific Biosciences of California *		349,213		2,961,326
Phreesia *		74,616		1,149,833
Privia Health Group *		111,320		2,299,871
R1 RCM *		213,317		2,256,894
ResMed		173,588		2,801,477
Senseonics Holdings *		662,186		390,822
Sharecare *		408,308		382,830
Tandem Diabetes Care *		93,141		1,885,174
Teladoc Health *		140,909		2,556,089
Twist Bioscience *		79,776		1,918,613
Veracyte *		103,659		2,653,670
Veradigm *		152,611		1,751,974
				52,174,811
TOTAL UNITED STATES				53,981,649
TOTAL COMMON STOCK (Cost $151,908,389)				64,838,709
TOTAL INVESTMENTS — 99.9% (Cost $151,908,389)			$	64,838,709

Percentages are based on Net Assets of $64,919,314.

The accompanying notes are an integral part of the financial statements.

140

Schedule of Investments		November 30, 2023
Global X Telemedicine & Digital Health ETF

*	Non-income producing security.

As of November 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

141

Schedule of Investments	November 30, 2023
Global X China Biotech Innovation ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 100.0%
CHINA — 100.0%
Consumer Staples — 0.3%
Beijing Scitop Bio-tech, Cl A		2,500	$	7,229

Health Care — 96.8%
3SBio		56,500		52,519
Alphamab Oncology *		14,100		11,392
Ascentage Pharma Group International *		6,900		22,572
Beijing Bohui Innovation Biotechnology Group, Cl A *		13,400		12,816
Beijing SL Pharmaceutical, Cl A		19,800		31,470
Beijing Tiantan Biological Products, Cl A		25,200		113,031
Beijing Wantai Biological Pharmacy Enterprise, Cl A		6,921		47,316
BGI Genomics, Cl A		8,138		58,474
CanSino Biologics, Cl A *		2,181		25,851
Changchun BCHT Biotechnology, Cl A		1,669		14,086
Changchun High & New Technology Industry Group, Cl A		8,477		190,991
Chengdu Kanghua Biological Products, Cl A		2,250		24,680
Chengdu Olymvax Biopharmaceuticals, Cl A *		5,767		15,926
China Animal Husbandry Industry, Cl A		15,600		25,188
Chongqing Zhifei Biological Products, Cl A		21,450		195,907
CSPC Pharmaceutical Group		212,300		191,634
Daan Gene, Cl A		29,980		43,494
Frontier Biotechnologies, Cl A *		5,096		7,757
Genscript Biotech *		34,450		95,715
Getein Biotech, Cl A		8,220		13,514
Guangzhou Wondfo Biotech, Cl A		7,800		33,304

The accompanying notes are an integral part of the financial statements.

142

Schedule of Investments		November 30, 2023
Global X China Biotech Innovation ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Hebei Changshan Biochemical Pharmaceutical, Cl A		17,000	$	30,091
HitGen, Cl A *		4,240		9,779
Hualan Biological Engineering, Cl A		29,300		99,171
Hualan Biological Vaccine, Cl A		2,350		10,419
Jacobio Pharmaceuticals Group *		11,700		5,693
Joinn Laboratories China, Cl A		10,906		40,638
Liaoning Chengda Biotechnology, Cl A		4,958		23,467
Mabwell Shanghai Bioscience, Cl A *		4,253		17,552
Nanjing Vazyme Biotech, Cl A		2,282		12,242
Pacific Shuanglin Bio-pharmacy, Cl A		4,700		18,955
Shanghai RAAS Blood Products, Cl A		101,300		112,776
Shanghai ZJ Bio-Tech, Cl A		3,685		11,874
Shenzhen Kangtai Biological Products, Cl A		17,493		78,683
Shenzhen Weiguang Biological Products, Cl A		1,500		8,026
Sichuan Kelun Pharmaceutical, Cl A		25,800		103,619
Walvax Biotechnology, Cl A		41,500		143,777
Wuhan Keqian Biology, Cl A		3,460		9,390
Wuxi Biologics Cayman *		27,850		155,113
Xiamen Amoytop Biotech, Cl A		2,925		19,166
Zai Lab ADR *		3,162		86,291
				2,224,359
Materials — 2.9%
Anhui Huaheng Biotechnology, Cl A		3,036		47,661
Zhejiang Huge Leaf, Cl A *		50,300		17,398
				65,059
TOTAL CHINA				2,296,647
TOTAL COMMON STOCK (Cost $2,963,513)				2,296,647
TOTAL INVESTMENTS — 100.0% (Cost $2,963,513)			$	2,296,647

Percentages are based on Net Assets of $2,297,453.

*	Non-income producing security.

The accompanying notes are an integral part of the financial statements.

143

Schedule of Investments		November 30, 2023
Global X China Biotech Innovation ETF

As of November 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

144

Schedule of Investments	November 30, 2023
Global X CleanTech ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.7%
CANADA — 3.1%
Industrials — 1.4%
Ballard Power Systems ^{* (A)}		225,290	$	790,768

Information Technology — 1.7%
Canadian Solar ^{* (A)}		48,720		1,024,582

TOTAL CANADA				1,815,350
CHINA — 13.7%
Industrials — 3.4%
China Everbright Environment Group		4,611,300		1,517,361
Dongfang Electric, Cl H		253,200		226,931
Goldwind Science & Technology, Cl H		597,100		273,692
				2,017,984
Information Technology — 10.3%
Daqo New Energy ADR *		56,286		1,331,727
Flat Glass Group, Cl H ^(A)		334,200		549,419
JinkoSolar Holding ADR		37,768		1,185,915
Xinyi Solar Holdings		5,234,500		3,009,219
				6,076,280
TOTAL CHINA				8,094,264
DENMARK — 9.3%
Industrials — 9.3%
Vestas Wind Systems *		196,805		5,459,613

The accompanying notes are an integral part of the financial statements.

145

Schedule of Investments		November 30, 2023
Global X CleanTech ETF

	Shares		Value
COMMON STOCK — continued
GERMANY — 7.2%
Industrials — 4.5%
Nordex ^{* (A)}		177,550	$	1,969,205
Varta ^{* (A)}		31,785		695,690
				2,664,895
Information Technology — 2.7%
SMA Solar Technology *		26,046		1,581,499

TOTAL GERMANY				4,246,394
NETHERLANDS — 1.4%
Industrials — 1.4%
Alfen ^{* (A)}		16,242		820,686

NORWAY — 1.5%
Industrials — 1.5%
NEL *		1,247,224		916,661

SOUTH KOREA — 9.7%
Industrials — 3.8%
CS Wind		31,466		1,304,834
Doosan Fuel Cell *		48,817		919,469
				2,224,303
Information Technology — 5.9%
Samsung SDI		9,517		3,481,784

TOTAL SOUTH KOREA				5,706,087
SWITZERLAND — 4.2%
Information Technology — 4.2%
Landis+Gyr Group		21,725		1,833,839
Meyer Burger Technology ^{* (A)}		2,687,545		631,746

TOTAL SWITZERLAND				2,465,585
TAIWAN — 4.0%
Information Technology — 4.0%
Simplo Technology		145,064		1,766,865

The accompanying notes are an integral part of the financial statements.

146

Schedule of Investments		November 30, 2023
Global X CleanTech ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
United Renewable Energy		1,214,700	$	575,466

TOTAL TAIWAN				2,342,331
UNITED KINGDOM — 5.7%
Industrials — 1.1%
Ceres Power Holdings ^{* (A)}		143,564		341,317
ITM Power *		458,037		297,348
				638,665
Materials — 4.6%
Johnson Matthey		137,582		2,699,667

TOTAL UNITED KINGDOM				3,338,332
UNITED STATES — 39.9%
Consumer Discretionary — 3.4%
QuantumScape, Cl A ^{* (A)}		315,289		1,998,932

Industrials — 20.2%
Ameresco, Cl A ^{* (A)}		25,799		772,938
Array Technologies *		113,364		1,753,741
Bloom Energy, Cl A ^{* (A)}		157,675		2,276,827
Fluence Energy, Cl A ^{* (A)}		88,941		2,230,640
FuelCell Energy ^{* (A)}		340,393		415,280
Microvast Holdings ^{* (A)}		230,260		269,404
Plug Power ^{* (A)}		384,659		1,554,022
Shoals Technologies Group, Cl A *		127,550		1,766,568
Stem ^{* (A)}		116,029		333,003
SunPower, Cl A ^{* (A)}		130,736		542,555
				11,914,978
Information Technology — 16.3%
Enphase Energy *		34,799		3,515,395
First Solar *		23,565		3,718,086
Maxeon Solar Technologies *		39,208		161,929

The accompanying notes are an integral part of the financial statements.

147

Schedule of Investments		November 30, 2023
Global X CleanTech ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
SolarEdge Technologies *		27,941	$	2,217,956
				9,613,366
TOTAL UNITED STATES				23,527,276
TOTAL COMMON STOCK (Cost $139,007,603)				58,732,579

	Face Amount
REPURCHASE AGREEMENTS^(B)— 15.4%
Bank of America 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $2,126,394 (collateralized by various U.S. Government Obligations, ranging in par value $227 - $749,948, 1.500% - 7.000%, 08/01/2027 – 09/20/2063, with total market value $2,168,602)	$	2,126,080		2,126,080
Daiwa Capital Markets 5.340%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $2,126,395 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $134 - $293,729, 0.000% - 7.000%, 01/25/2024 - 12/01/2053, with a total market value $2,168,719)		2,126,080		2,126,080
Deutsche Bank Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $2,126,394 (collateralized by various U.S. Government Obligations, ranging in par value $6,378 - $642,361, 2.500% - 7.500%, 06/01/2042 - 11/01/2053, with a total market value $2,168,602)		2,126,080		2,126,080

The accompanying notes are an integral part of the financial statements.

148

Schedule of Investments		November 30, 2023
Global X CleanTech ETF

	Face Amount		Value
REPURCHASE AGREEMENTS — continued
Nomura Securities International 5.310%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $542,909 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $339 - $157,162, 2.000% - 6.500%, 11/01/2029 - 06/01/2062, with a total market value $553,686)	$	542,829	$	542,829
RBC Dominion Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $2,126,394 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $124 - $557,271, 0.000% - 6.500%, 12/14/2023 - 09/01/2053, with a total market value $2,168,602)		2,126,080		2,126,080

TOTAL REPURCHASE AGREEMENTS (Cost $9,047,149)				9,047,149
TOTAL INVESTMENTS — 115.1% (Cost $148,054,752)			$	67,779,728

Percentages are based on Net Assets of $58,874,222.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $10,058,238.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $9,047,149. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $1,190,852.

The accompanying notes are an integral part of the financial statements.

149

Schedule of Investments		November 30, 2023
Global X CleanTech ETF

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	58,732,579	$	—	$	—	$	58,732,579
Repurchase Agreements		—		9,047,149		—		9,047,149
Total Investments in Securities	$	58,732,579	$	9,047,149	$	—	$	67,779,728

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

150

Schedule of Investments	November 30, 2023
Global X Data Center REITs & Digital Infrastructure ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA — 4.4%
Information Technology — 4.4%
NEXTDC *		201,700	$	1,742,598

CHINA — 8.0%
Communication Services — 4.2%
China Tower, Cl H		15,924,700		1,651,538

Information Technology — 3.8%
GDS Holdings ADR *		120,925		1,239,481
Vnet Group ADR *		90,452		253,266
				1,492,747
TOTAL CHINA				3,144,285
INDONESIA — 3.6%
Communication Services — 3.6%
Sarana Menara Nusantara		15,343,761		989,282
Tower Bersama Infrastructure		3,100,318		409,777

TOTAL INDONESIA				1,399,059
SINGAPORE — 3.5%
Real Estate — 3.5%
Keppel ^‡		983,656		1,356,157

TAIWAN — 3.6%
Information Technology — 3.6%
Kinsus Interconnect Technology		198,100		627,148

The accompanying notes are an integral part of the financial statements.

151

Schedule of Investments	November 30, 2023
Global X Data Center REITs & Digital Infrastructure ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Winbond Electronics		879,376	$	798,025

TOTAL TAIWAN				1,425,173
UNITED STATES — 76.7%
Information Technology — 17.3%
Advanced Micro Devices *		6,759		818,920
Intel		23,087		1,031,989
Lam Research		1,205		862,684
Marvell Technology		11,968		666,977
Micron Technology		12,116		922,270
NVIDIA		1,704		796,961
Super Micro Computer *		2,692		736,181
Western Digital *		19,907		961,707
				6,797,689
Real Estate — 59.4%
American Tower ^‡		23,975		5,005,500
Crown Castle ^‡		40,931		4,800,387
Digital Realty Trust ^‡		29,941		4,155,212
DigitalBridge Group		112,068		1,934,294
Equinix ^‡		5,872		4,785,739
SBA Communications, Cl A ^‡		7,220		1,783,051
Uniti Group ^‡		163,309		903,099
				23,367,282
TOTAL UNITED STATES				30,164,971
TOTAL COMMON STOCK (Cost $47,900,022)				39,232,243

	Face Amount
U.S. TREASURY OBLIGATION — 2.5%
U.S. Treasury Bill 5.312%, 01/02/24^(A)	$	1,000,000		995,307
TOTAL U.S. TREASURY OBLIGATION (Cost $995,886)				995,307
TOTAL INVESTMENTS — 102.3% (Cost $48,895,908)			$	40,227,550

Percentages are based on Net Assets of $39,322,875.

The accompanying notes are an integral part of the financial statements.

152

Schedule of Investments	November 30, 2023
Global X Data Center REITs & Digital Infrastructure ETF

*	Non-income producing security.
‡	Real Estate Investment Trust
(A)	Interest rate represents the security’s effective yield at the time of purchase.

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	39,232,243	$	—	$	—	$	39,232,243
U.S. Treasury Obligation		—		995,307		—		995,307
Total Investments in Securities	$	39,232,243	$	995,307	$	—	$	40,227,550

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

153

Schedule of Investments	November 30, 2023
Global X Clean Water ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.7%
BRAZIL — 3.6%
Utilities — 3.6%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		21,194	$	290,307
Cia de Saneamento de Minas Gerais Copasa MG		11,585		43,899

TOTAL BRAZIL				334,206
CAYMAN ISLANDS — 0.5%
Utilities — 0.5%
Consolidated Water		1,225		44,210

CHINA — 4.5%
Industrials — 0.8%
Beijing Originwater Technology, Cl A		65,600		46,667
BGT Group, Cl A		17,700		27,166
				73,833
Materials — 0.3%
Shandong Taihe Technologies, Cl A		12,300		28,196

Utilities — 3.4%
Beijing Capital Eco-Environment Protection Group, Cl A		238,900		90,328
Beijing Enterprises Water Group		252,740		50,805
Chengdu Xingrong Environment, Cl A		75,100		58,473

The accompanying notes are an integral part of the financial statements.

154

Schedule of Investments	November 30, 2023
Global X Clean Water ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Guangdong Investment		176,200	$	122,275
				321,881
TOTAL CHINA				423,910
JAPAN — 3.5%
Industrials — 3.5%
Kurita Water Industries		6,105		216,309
Nomura Micro Science		690	��	53,348
Organo		1,564		64,111

TOTAL JAPAN				333,768
SAUDI ARABIA — 0.3%
Utilities — 0.3%
AlKhorayef Water & Power Technologies*		715		29,885

SINGAPORE — 1.0%
Utilities — 1.0%
Keppel Infrastructure Trust		267,718		94,281

SOUTH KOREA — 1.4%
Consumer Discretionary — 1.4%
Coway		3,347		129,714

UNITED KINGDOM — 9.9%
Utilities — 9.9%
Severn Trent		13,749		452,719
United Utilities Group		34,501		476,511

TOTAL UNITED KINGDOM				929,230
UNITED STATES — 75.0%
Industrials — 45.8%
A O Smith		5,880		443,117
Advanced Drainage Systems		3,253		393,971
Core & Main, Cl A *		5,558		194,697
Energy Recovery *		3,395		64,709
Ferguson		4,695		804,441
Franklin Electric		2,463		219,207

The accompanying notes are an integral part of the financial statements.

155

Schedule of Investments	November 30, 2023
Global X Clean Water ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Mueller Water Products, Cl A		9,503	$	126,295
Pentair		9,264		597,898
Reliance Worldwide		41,804		106,438
Watts Water Technologies, Cl A		1,681		323,609
Xylem		7,340		771,654
Zurn Elkay Water Solutions		8,806		259,249
				4,305,285
Information Technology — 2.9%
Badger Meter		1,818		267,919

Materials — 8.3%
Ecolab		4,074		781,108

Utilities — 18.0%
American States Water		2,273		181,613
American Water Works		5,357		706,267
Artesian Resources, Cl A		594		24,978
California Water Service Group		3,548		179,422
Essential Utilities		10,642		378,961
Middlesex Water		1,076		68,756
SJW Group		1,787		117,299
York Water		866		32,977
				1,690,273
TOTAL UNITED STATES				7,044,585
TOTAL COMMON STOCK (Cost $9,187,254)				9,363,789
TOTAL INVESTMENTS — 99.7% (Cost $9,187,254)			$	9,363,789

Percentages are based on Net Assets of $9,393,530.

*	Non-income producing security.

As of November 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

156

Schedule of Investments	November 30, 2023
Global X AgTech & Food Innovation ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 102.6%
ARGENTINA — 1.0%
Materials — 1.0%
Bioceres Crop Solutions *		3,541	$	43,200

AUSTRALIA — 3.3%
Materials — 3.3%
Nufarm		47,279		148,591

CANADA — 13.3%
Consumer Staples — 1.9%
Maple Leaf Foods		706		12,565
SunOpta *		14,976		73,981
				86,546
Materials — 11.4%
Nutrien		9,524		509,248

TOTAL CANADA				595,794
CHINA — 13.5%
Consumer Staples — 13.5%
Cheng De Lolo, Cl A		161,680		185,431
Hebei Yangyuan Zhihui Beverage, Cl A		60,400		190,563
Yuan Longping High-tech Agriculture, Cl A *		89,900		212,759
Zhe Jiang Li Zi Yuan Food, Cl A		6,200		13,770

TOTAL CHINA				602,523

The accompanying notes are an integral part of the financial statements.

157

Schedule of Investments	November 30, 2023
Global X AgTech & Food Innovation ETF

	Shares		Value
COMMON STOCK — continued
ISRAEL — 0.6%
Materials — 0.6%
ICL Group		5,546	$	27,908

JAPAN — 12.5%
Industrials — 12.5%
Kubota		39,000		559,008

PHILIPPINES — 0.3%
Consumer Staples — 0.3%
Monde Nissin		92,905		14,064

UNITED KINGDOM — 8.9%
Consumer Staples — 4.0%
Unilever		3,801		181,384

Industrials — 4.9%
CNH Industrial		20,284		217,850

TOTAL UNITED KINGDOM				399,234
UNITED STATES — 49.2%
Consumer Discretionary — 0.5%
GrowGeneration *		8,188		21,780

Consumer Staples — 12.0%
Archer-Daniels-Midland		2,453		180,860
Benson Hill *		58,192		11,726
Beyond Meat *		9,894		72,127
Hain Celestial Group *		1,250		13,212
Ingredion		487		49,913
Kellanova		2,289		120,264
Oatly Group ADR *		61,375		55,851
Sprouts Farmers Market *		812		34,981
				538,934
Industrials — 20.0%
AGCO		1,750		198,678
Deere		1,439		524,386

The accompanying notes are an integral part of the financial statements.

158

Schedule of Investments	November 30, 2023
Global X AgTech & Food Innovation ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Hydrofarm Holdings Group *		115,353	$	98,373
Titan Machinery *		3,242		74,112
				895,549
Materials — 16.7%
Corteva		11,596		524,139
FMC		3,804		204,123
Scotts Miracle-Gro, Cl A		305		16,976
				745,238
TOTAL UNITED STATES				2,201,501
TOTAL COMMON STOCK (Cost $5,179,159)				4,591,823
TOTAL INVESTMENTS — 102.6% (Cost $5,179,159)			$	4,591,823

Percentages are based on Net Assets of $4,475,696.

*	Non-income producing security.

As of November 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

159

Schedule of Investments

November 30, 2023

Global X Blockchain ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA — 4.9%
Information Technology — 4.9%
Iris Energy * ^(A)		865,353	$	4,270,517

CANADA — 10.5%
Information Technology — 10.5%
Bitfarms ^{* (A)}		2,744,005		3,966,700
Hive Digital Technologies *		807,557		2,483,691
Hut 8 ^{* (A)}		1,422,595		2,727,991

TOTAL CANADA				9,178,382
CHINA — 8.4%
Financials — 1.3%
BC Technology Group *		956,300		1,157,066

Information Technology — 7.1%
Bit Digital ^{* (A)}		1,464,710		3,778,952
Canaan ADR *		1,574,319		2,377,222
				6,156,174
TOTAL CHINA				7,313,240
GERMANY — 1.2%
Information Technology — 1.2%
Northern Data ^{* (A)}		40,192		1,074,406

The accompanying notes are an integral part of the financial statements.

160

Schedule of Investments

November 30, 2023

Global X Blockchain ETF

	Shares		Value
COMMON STOCK — continued
JAPAN — 1.4%
Financials — 1.1%
SBI Holdings		44,306	$	961,135

Information Technology — 0.3%
GMO internet group		13,543		217,708

TOTAL JAPAN				1,178,843
THAILAND — 0.4%
Information Technology — 0.4%
Jasmine Technology Solution NVDR *		217,900		340,687

UNITED KINGDOM — 0.4%
Information Technology — 0.4%
Argo Blockchain ^{* (A)}		3,435,558		369,686

UNITED STATES — 72.7%
Financials — 28.1%
Bakkt Holdings ^{* (A)}		1,488,101		2,232,151
Block, Cl A *		33,357		2,115,835
Coinbase Global, Cl A * ^(A)		113,632		14,172,183
Galaxy Digital Holdings *^(A)		509,000		3,108,397
PayPal Holdings *		26,479		1,525,455
Robinhood Markets, Cl A *		149,805		1,318,284
				24,472,305
Information Technology — 44.6%
Applied Digital ^{* (A)}		625,770		2,922,346
Cipher Mining *		553,421		1,532,976
Cleanspark *		1,451,489		9,057,291
Marathon Digital Holdings ^{* (A)}		906,732		10,853,582
NVIDIA		3,298		1,542,475
Riot Platforms ^{* (A)}		842,099		10,568,342
Terawulf *		2,018,222		2,341,138
				38,818,150
TOTAL UNITED STATES				63,290,455
TOTAL COMMON STOCK (Cost $89,108,744)				87,016,216

The accompanying notes are an integral part of the financial statements.

161

Schedule of Investments

November 30, 2023

Global X Blockchain ETF

	Face Amount		Value
REPURCHASE AGREEMENTS^(B)— 19.6%
Bank of America 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $4,012,434 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $428 - $1,415,126, 1.500% - 7.000%, 08/01/2027 - 09/20/2063, with a total market value of $4,092,078)	$	4,011,841	$	4,011,841
Daiwa Capital Markets 5.340%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $4,012,436 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $252 - $554,257, 0.000% - 7.000%, 01/25/2024 - 12/01/2053, with a total market value of $4,092,299)		4,011,841		4,011,841
Deutsche Bank Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $4,012,434 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $12,036 - $1,212,113, 2.500% - 7.500%, 06/01/2042 - 11/01/2053, with a total market value of $4,092,078)		4,011,841		4,011,841
Nomura Securities International 5.310%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $1,024,452 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $640 - $296,561, 2.000% - 6.500%, 11/01/2029 - 06/01/2062, with a total market value of $1,044,789)		1,024,301		1,024,301

The accompanying notes are an integral part of the financial statements.

162

Schedule of Investments

November 30, 2023

Global X Blockchain ETF

	Face Amount		Value
REPURCHASE AGREEMENTS — continued
RBC Dominion Securities 5.320%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $4,012,434 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $234 - $1,051,551, 0.000% - 6.500%, 12/14/2023 - 09/01/2053, with a total market value of $4,092,078)	$	4,011,841	$	4,011,841
TOTAL REPURCHASE AGREEMENTS (Cost $17,071,665)				17,071,665
TOTAL INVESTMENTS — 119.5% (Cost $106,180,409)			$	104,087,881

Percentages are based on Net Assets of $87,124,421.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $15,198,593.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $17,071,665. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $–.

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	87,016,216	$	—	$	—	$	87,016,216
Repurchase Agreements		—		17,071,665		—		17,071,665
Total Investments in Securities	$	87,016,216	$	17,071,665	$	—	$	104,087,881

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

163

Schedule of Investments

November 30, 2023

Global X Hydrogen ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 97.2%
CANADA — 8.9%
Industrials — 8.9%
Ballard Power Systems *		876,565	$	3,076,743
NFI Group *		10,325		98,693

TOTAL CANADA				3,175,436
DENMARK — 2.9%
Industrials — 2.9%
Green Hydrogen Systems, Cl A *		1,031,167		1,038,237

FRANCE — 2.7%
Consumer Discretionary — 0.3%
Cie Plastic Omnium		8,706		108,289

Industrials — 2.4%
McPhy Energy *		218,393		850,687

TOTAL FRANCE				958,976
GERMANY — 4.7%
Industrials — 4.7%
SFC Energy *		75,724		1,673,098

JAPAN — 1.9%
Consumer Discretionary — 1.9%
Toyota Motor		36,822		696,040

The accompanying notes are an integral part of the financial statements.

164

Schedule of Investments

November 30, 2023

Global X Hydrogen ETF

	Shares		Value
COMMON STOCK — continued
NORWAY — 13.3%
Industrials — 13.3%
Hexagon Purus *		743,811	$	607,950
NEL *		5,651,186		4,153,403

TOTAL NORWAY				4,761,353
SOUTH KOREA — 6.2%
Consumer Discretionary — 0.3%
Iljin Hysolus ltd *		5,999		107,876

Industrials — 5.9%
Doosan		1,613		115,147
Doosan Fuel Cell *		105,966		1,995,872
				2,111,019
TOTAL SOUTH KOREA				2,218,895
SWEDEN — 4.1%
Industrials — 4.1%
PowerCell Sweden *		370,956		1,479,031

UNITED KINGDOM — 13.4%
Industrials — 12.6%
AFC Energy *		8,224,895		1,516,033
Ceres Power Holdings *		622,000		1,478,778
ITM Power *		2,297,126		1,491,247
				4,486,058
Materials — 0.8%
Johnson Matthey		14,871		291,802

TOTAL UNITED KINGDOM				4,777,860
UNITED STATES — 39.1%
Industrials — 35.1%
Advent Technologies Holdings *		40,124		14,926
Bloom Energy, Cl A *		341,712		4,934,321
Cummins		3,155		707,225
FuelCell Energy *		1,308,345		1,596,181
Hyster-Yale Materials Handling		2,210		105,351

The accompanying notes are an integral part of the financial statements.

165

Schedule of Investments

November 30, 2023

Global X Hydrogen ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Hyzon Motors *		1,020,478	$	1,112,321
Plug Power *		1,015,176		4,101,311
				12,571,636
Materials — 4.0%
Air Products & Chemicals		2,576		696,937
Linde		1,726		714,167
				1,411,104
TOTAL UNITED STATES				13,982,740
TOTAL COMMON STOCK (Cost $64,544,614)				34,761,666
TOTAL INVESTMENTS — 97.2% (Cost $64,544,614)			$	34,761,666

Percentages are based on Net Assets of $35,777,194.

*	Non-income producing security.

As of November 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

166

Schedule of Investments		November 30, 2023

	Global X Solar ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.8%
CANADA — 1.2%
Information Technology — 1.2%
Canadian Solar *		3,497	$	73,542

CHINA — 50.3%
Industrials — 15.7%
Ginlong Technologies, Cl A		16,650		155,401
GoodWe Technologies, Cl A		1,841		27,797
Lingda Group, Cl A *		11,900		23,047
Ningbo Deye Technology, Cl A		24,000		211,903
Sineng Electric, Cl A		12,061		46,160
Sungrow Power Supply, Cl A		40,500		471,867
				936,175
Information Technology — 31.7%
Changzhou Almaden Stock, Cl A		6,000		22,442
EGing Photovoltaic Technology, Cl A *		56,300		40,287
Flat Glass Group, Cl H ^(A)		26,800		44,059
GCL System Integration Technology, Cl A *		238,900		90,662
Hainan Drinda New Energy Technology, Cl A		8,300		98,982
Hangzhou First Applied Material, Cl A		43,132		140,310
JA Solar Technology, Cl A		91,304		254,439
LONGi Green Energy Technology, Cl A		150,160		446,422
Risen Energy, Cl A		57,600		130,187
Shanghai Aiko Solar Energy, Cl A		80,040		181,354
Shenzhen SC New Energy Technology, Cl A		18,400		181,166
Shenzhen Topraysolar, Cl A		48,900		30,541
Xinyi Solar Holdings		274,600		157,862

The accompanying notes are an integral part of the financial statements.

167

Schedule of Investments		November 30, 2023

	Global X Solar ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Zhejiang Akcome New Energy Technology, Cl A *		251,100	$	76,304
				1,895,017
Materials — 1.1%
Henan Yicheng New Energy, Cl A *		97,000		64,657

Utilities — 1.8%
CECEP Solar Energy, Cl A		115,100		89,778
Xinyi Energy Holdings		126,000		21,134
				110,912
TOTAL CHINA				3,006,761
GERMANY — 3.4%
Information Technology — 1.7%
SMA Solar Technology *		1,707		103,648

Utilities — 1.7%
Encavis *		6,853		102,140

TOTAL GERMANY				205,788
JAPAN — 0.8%
Industrials — 0.3%
Abalance		668		17,035

Utilities — 0.5%
West Holdings		1,450		30,405

TOTAL JAPAN				47,440
SOUTH KOREA — 3.0%
Information Technology — 0.3%
HD Hyundai Energy Solutions*		984		18,267

Materials — 2.7%
Hanwha Solutions *		6,184		160,094

TOTAL SOUTH KOREA				178,361

The accompanying notes are an integral part of the financial statements.

168

Schedule of Investments		November 30, 2023

	Global X Solar ETF

	Shares		Value
COMMON STOCK — continued
SPAIN — 2.7%
Utilities — 2.7%
Atlantica Sustainable Infrastructure		4,516	$	85,894
Solaria Energia y Medio Ambiente *		3,942		73,828

TOTAL SPAIN				159,722
SWITZERLAND — 0.8%
Information Technology — 0.8%
Meyer Burger Technology *		191,177		44,939

TAIWAN — 1.9%
Information Technology — 1.9%
Motech Industries		23,090		20,806
Tainergy Tech *		21,300		19,330
TSEC		32,677		30,857
United Renewable Energy		92,918		44,020

TOTAL TAIWAN				115,013
TURKEY — 0.5%
Utilities — 0.5%
Esenboga Elektrik Uretim		21,661		15,796
Margun Enerji Uretim Sanayi VE Ticaret		27,233		14,442

TOTAL TURKEY				30,238
UNITED STATES — 35.2%
Industrials — 10.9%
Array Technologies *		11,381		176,064
NEXTracker, Cl A *		3,079		125,130
Shoals Technologies Group, Cl A *		10,995		152,281
SunPower, Cl A *		5,933		24,622
Sunrun *		13,230		170,667
				648,764
Information Technology — 22.5%
Enphase Energy *		5,417		547,225
First Solar *		3,179		501,583
Maxeon Solar Technologies *		3,510		14,496

The accompanying notes are an integral part of the financial statements.

169

Schedule of Investments		November 30, 2023

	Global X Solar ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
SolarEdge Technologies *		3,565	$	282,990
				1,346,294
Utilities — 1.8%
Altus Power, Cl A *		5,847		29,235
Sunnova Energy International *		6,939		80,493
				109,728
TOTAL UNITED STATES				2,104,786
TOTAL COMMON STOCK (Cost $7,860,120)				5,966,590

	Face Amount
REPURCHASE AGREEMENT^(B)— 0.7%
Daiwa Capital Markets
5.340%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $40,482 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $3 - $5,592, 0.000% - 7.000%, 01/25/2024 - 12/01/2053, with a total market value of $41,288) (Cost $40,476)	$	40,476		40,476
TOTAL INVESTMENTS — 100.5% (Cost $7,900,596)			$	6,007,066

Percentages are based on Net Assets of $5,974,466.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $37,976.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $40,476. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $–.

The accompanying notes are an integral part of the financial statements.

170

Schedule of Investments		November 30, 2023

	Global X Solar ETF

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	5,966,590	$	—	$	—	$	5,966,590
Repurchase Agreement		—		40,476		—		40,476
Total Investments in Securities	$	5,966,590	$	40,476	$	—	$	6,007,066

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

171

Schedule of Investments		November 30, 2023

	Global X Wind Energy ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.3%
CANADA — 17.6%
Utilities — 17.6%
Boralex, Cl A		5,476	$	124,516
Innergex Renewable Energy		11,430		81,014
Northland Power		16,689		271,534

TOTAL CANADA				477,064
CHINA — 35.9%
Industrials — 25.9%
Dajin Heavy Industry, Cl A		30,750		108,170
Jiangsu Haili Wind Power Equipment Technology, Cl A		5,000		43,656
Jinlei Technology, Cl A		16,550		67,118
Ming Yang Smart Energy Group, Cl A		104,300		196,740
Qingdao Tianneng Heavy Industries, Cl A		53,900		53,364
Shanghai Taisheng Wind Power Equipment, Cl A		68,800		93,262
Titan Wind Energy Suzhou, Cl A *		63,900		111,765
Windey Energy Technology Group, Cl A		18,400		27,132
				701,207
Utilities — 10.0%
CECEP Wind-Power, Cl A		272,460		117,515
China Datang Renewable Power, Cl H		57,300		11,885
China Longyuan Power Group, Cl H		139,500		104,487
Jiangsu New Energy Development, Cl A		23,100		36,619
				270,506
TOTAL CHINA				971,713

The accompanying notes are an integral part of the financial statements.

172

Schedule of Investments		November 30, 2023

	Global X Wind Energy ETF

	Shares		Value
COMMON STOCK — continued
DENMARK — 25.7%
Industrials — 13.0%
Vestas Wind Systems *		12,695	$	352,175

Utilities — 12.7%
Orsted		7,256		342,351

TOTAL DENMARK				694,526
GERMANY — 3.4%
Industrials — 3.4%
Nordex *		8,348		92,587

TOTAL GERMANY				92,587
GREECE — 2.4%
Utilities — 2.4%
Terna Energy		3,853		65,961

INDIA — 2.7%
Utilities — 2.7%
ReNew Energy Global, Cl A * ^(A)		11,239		72,379

SOUTH KOREA — 2.7%
Industrials — 2.7%
CS Bearing *		987		7,421
CS Wind		1,575		65,312

TOTAL SOUTH KOREA				72,733
SPAIN — 4.4%
Utilities — 4.4%
ACCIONA Energias Renovables		3,987		118,499

SWEDEN — 1.5%
Industrials — 1.5%
OX2, Cl B *		8,343		39,172

The accompanying notes are an integral part of the financial statements.

173

Schedule of Investments		November 30, 2023

	Global X Wind Energy ETF

	Shares		Value
COMMON STOCK — continued
TAIWAN — 1.9%
Materials — 1.9%
Century Iron & Steel Industrial		9,400	$	49,949

TURKEY — 0.4%
Utilities — 0.4%
Galata Wind Enerji		12,040		10,958

UNITED STATES — 0.7%
Industrials — 0.7%
Eneti		1,784		19,356

TOTAL COMMON STOCK (Cost $4,144,509)				2,684,897

	Face Amount
REPURCHASE AGREEMENT^(B) — 2.1%
Daiwa Capital Markets
5.340%, dated 11/30/2023, to be repurchased on 12/01/2023, repurchase price $57,392 (collateralized by various U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $4 - $7,928, 0.000% - 7.000%, 01/25/2024 - 12/01/2053, with a total market value of $58,534) (Cost $57,383)	$	57,383		57,383
TOTAL INVESTMENTS — 101.4% (Cost $4,201,892)			$	2,742,280

Percentages are based on Net Assets of $2,705,387.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at November 30, 2023. The total market value of securities on loan at November 30, 2023 was $54,740.
(B)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of November 30, 2023 was $57,383. The total value of non-cash collateral held from securities on loan as of November 30, 2023 was $–.

The accompanying notes are an integral part of the financial statements.

174

Schedule of Investments		November 30, 2023

	Global X Wind Energy ETF

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,684,897	$	—	$	—	$	2,684,897
Repurchase Agreement		—		57,383		—		57,383
Total Investments in Securities	$	2,684,897	$	57,383	$	—	$	2,742,280

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

175

Schedule of Investments		November 30, 2023
Global X Green Building ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.5%
AUSTRALIA — 3.9%
Real Estate — 3.9%
Charter Hall Retail ^‡		2,844	$	6,034
Scentre Group ^‡		30,094		52,878
Vicinity ^‡		20,967		26,345

TOTAL AUSTRALIA				85,257
AUSTRIA — 0.3%
Real Estate — 0.3%
Immobilien Anlagen		214		7,005

CHINA — 2.3%
Consumer Staples — 0.3%
Opple Lighting, Cl A		2,400		6,157

Real Estate — 2.0%
China Overseas Land & Investment		21,500		39,750
KWG Group Holdings *		42,000		3,764
				43,514
TOTAL CHINA				49,671
DENMARK — 0.6%
Industrials — 0.6%
ROCKWOOL, Cl B		51		13,800

The accompanying notes are an integral part of the financial statements.

176

Schedule of Investments		November 30, 2023
Global X Green Building ETF

	Shares		Value
COMMON STOCK — continued
FRANCE — 7.8%
Real Estate — 7.8%
Covivio ^‡		430	$	21,028
Gecina ^‡		429		47,557
ICADE ^‡		265		9,623
Klepierre ^‡		1,288		32,463
Mercialys ^‡		756		7,477
Unibail-Rodamco-Westfield ^{‡ *}		808		51,468

TOTAL FRANCE				169,616
HONG KONG — 1.2%
Real Estate — 1.2%
Hang Lung Properties		9,933		13,278
Swire Properties		6,060		11,778

TOTAL HONG KONG				25,056
IRELAND — 3.3%
Industrials — 3.3%
Kingspan Group		889		70,615

JAPAN — 17.8%
Industrials — 3.7%
Daikin Industries		500		74,932
Hazama Ando		800		5,909
				80,841
Information Technology — 1.0%
Azbil		649		20,949

Real Estate — 13.1%
Activia Properties ^‡		4		10,999
AEON Investment ^‡		9		8,754
CRE Logistics ^‡		6		6,668
Daiwa Office Investment, Cl A ^‡		2		9,159
Frontier Real Estate Investment ^‡		3		9,203
Fukuoka ^‡		6		6,753
Global One Real Estate Investment ^‡		8		6,212
GLP J-Reit ^‡		26		24,569
Japan Metropolitan Fund Invest ^‡		41		27,318

The accompanying notes are an integral part of the financial statements.

177

Schedule of Investments		November 30, 2023
Global X Green Building ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Japan Prime Realty Investment ^‡		5	$	12,548
LaSalle Logiport ^‡		11		11,727
Mitsubishi Estate Logistics REIT Investment ^‡		3		7,772
Mori Hills REIT Investment ^‡		9		8,560
Nippon Building Fund ^‡		9		37,806
Nippon Prologis ^‡		13		24,657
Nomura Real Estate Master Fund ^‡		24		27,566
NTT UD REIT Investment ^‡		8		6,900
Orix JREIT ^‡		15		17,695
Sekisui House Reit ^‡		24		13,750
SOSiLA Logistics ^‡		7		5,734
				284,350
TOTAL JAPAN				386,140
SINGAPORE — 5.3%
Real Estate — 5.3%
Capitaland India Trust		7,856		6,063
CapitaLand Integrated Commercial Trust ^‡		35,000		47,730
Frasers Centrepoint Trust ^‡		6,168		10,075
Frasers Logistics & Commercial Trust ^‡		15,983		13,293
Keppel ^‡		12,012		7,785
Lendlease Global Commercial ^‡		13,524		6,131
Mapletree Pan Asia Commercial Trust ^‡		13,200		13,550
Suntec Real Estate Investment Trust ^‡		11,300		9,737

TOTAL SINGAPORE				114,364
SPAIN — 1.3%
Real Estate — 1.3%
Inmobiliaria Colonial Socimi ^‡		1,454		9,582
Merlin Properties Socimi ^‡		1,805		18,237

TOTAL SPAIN				27,819
SWEDEN — 0.5%
Real Estate — 0.5%
Fabege		1,223		10,959

The accompanying notes are an integral part of the financial statements.

178

Schedule of Investments		November 30, 2023
Global X Green Building ETF

	Shares		Value
COMMON STOCK — continued
SWITZERLAND — 3.7%
Industrials — 3.7%
Belimo Holding		57	$	27,951
Schindler Holding		237		53,353

TOTAL SWITZERLAND				81,304
UNITED KINGDOM — 5.2%
Industrials — 0.3%
Volution Group		1,303		6,509

Real Estate — 4.9%
Land Securities Group ^‡		4,262		33,679
Segro ^‡		6,991		71,882
				105,561
TOTAL UNITED KINGDOM				112,070
UNITED STATES — 46.3%
Consumer Discretionary — 5.0%
KB Home		452		23,549
Meritage Homes		208		29,390
TopBuild *		183		54,128
				107,067
Industrials — 25.9%
AAON		392		24,508
Apogee Enterprises		127		5,728
Carlisle		288		80,758
Carrier Global		1,585		82,357
JELD-WEN Holding *		467		7,463
Lennox International		185		75,232
Otis Worldwide		1,007		86,390
Owens Corning		518		70,230
PGT Innovations *		312		10,043
Signify		722		21,002
Trane Technologies		433		97,603
				561,314
Real Estate — 15.4%
American Assets Trust ^‡		286		5,760

The accompanying notes are an integral part of the financial statements.

179

Schedule of Investments		November 30, 2023
Global X Green Building ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Boston Properties ^‡		910	$	51,806
Brandywine Realty Trust ^‡		1,337		5,963
Cousins Properties ^‡		876		17,976
Digital Realty Trust ^‡		731		101,448
Douglas Emmett ^‡		929		11,352
Elme Communities ^‡		489		6,425
Empire State Realty Trust, Cl A ^‡		737		6,604
Equity Commonwealth ^{‡ *}		609		11,443
Franklin Street Properties ^‡		3,169		7,796
Highwoods Properties ^‡		604		11,446
Hudson Pacific Properties ^{‡ *}		1,008		5,917
JBG SMITH Properties ^‡		584		8,012
Kilroy Realty ^‡		671		22,130
Paramount Group ^‡		1,291		6,068
Piedmont Office Realty Trust, Cl A ^‡		889		5,530
SL Green Realty ^‡		372		13,604
Sunstone Hotel Investors ^‡		1,189		11,747
Vornado Realty Trust ^{‡ *}		963		22,669
				333,696
TOTAL UNITED STATES				1,002,077
TOTAL COMMON STOCK (Cost $2,139,515)				2,155,753
TOTAL INVESTMENTS — 99.5% (Cost $2,139,515)			$	2,155,753

Percentages are based on Net Assets of $2,165,675.

*	Non-income producing security.
‡	Real Estate Investment Trust

As of November 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

180

Schedule of Investments		November 30, 2023
Global X Metaverse ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.9%
CHINA — 12.8%
Communication Services — 12.5%
Hello Group ADR		1,799	$	11,621
HUYA ADR *		1,867		6,329
NetEase ADR		1,268		143,893
Tencent Holdings		3,540		148,212
				310,055
Consumer Discretionary — 0.3%
Alibaba Group Holding ADR		108		8,087

TOTAL CHINA				318,142
FRANCE — 1.8%
Communication Services — 1.8%
Ubisoft Entertainment *		1,558		44,419

IRELAND — 0.6%
Information Technology — 0.6%
Keywords Studios		959		16,608

JAPAN — 21.6%
Communication Services — 21.6%
Capcom		3,214		108,333
Cover *		740		16,218
DeNA		1,477		15,026
GungHo Online Entertainment *		1,064		16,496
Koei Tecmo Holdings		4,129		50,567
MIXI		895		14,633

The accompanying notes are an integral part of the financial statements.

181

Schedule of Investments		November 30, 2023
Global X Metaverse ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Nexon		5,337	$	115,451
Nintendo		3,183		148,821
Square Enix Holdings		1,501		52,106

TOTAL JAPAN				537,651
SOUTH KOREA — 10.2%
Communication Services — 9.6%
Krafton *		590		97,407
NCSoft		268		54,424
Netmarble *		1,048		48,251
Pearl Abyss *		782		22,912
Wemade		410		17,034
				240,028
Information Technology — 0.6%
Samsung Electronics		255		14,389

TOTAL SOUTH KOREA				254,417
SWEDEN — 1.5%
Communication Services — 1.5%
Modern Times Group MTG, Cl B *		1,516		12,254
Paradox Interactive		1,288		25,812

TOTAL SWEDEN				38,066
TAIWAN — 0.9%
Information Technology — 0.9%
Taiwan Semiconductor Manufacturing ADR		222		21,603

TOTAL TAIWAN				21,603
UNITED STATES — 50.5%
Communication Services — 23.0%
Alphabet, Cl A *		254		33,663
Meta Platforms, Cl A *		438		143,292
ROBLOX, Cl A *		3,016		118,559
Snap, Cl A *		9,182		126,987
Take-Two Interactive Software *		948		149,973
				572,474

The accompanying notes are an integral part of the financial statements.

182

Schedule of Investments		November 30, 2023
Global X Metaverse ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — 2.6%
Amazon.com *		444	$	64,864

Financials — 5.3%
Coinbase Global, Cl A *		1,050		130,956

Information Technology — 19.6%
Adobe *		19		11,609
Advanced Micro Devices *		69		8,360
Apple		516		98,014
Cisco Systems		172		8,322
Matterport *		3,703		9,332
Microsoft		264		100,032
NVIDIA		296		138,439
Unity Software *		3,896		114,971
				489,079
TOTAL UNITED STATES				1,257,373
TOTAL COMMON STOCK (Cost $2,371,799)				2,488,279
TOTAL INVESTMENTS — 99.9% (Cost $2,371,799)			$	2,488,279

Percentages are based on Net Assets of $2,489,890.

*	Non-income producing security.

As of November 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

183

Schedule of Investments		November 30, 2023
Global X Proptech ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA — 7.2%
Communication Services — 5.4%
Domain Holdings Australia		11,933	$	27,060
REA Group		1,183		121,776
				148,836
Real Estate — 1.8%
PEXA Group *		6,086		48,343
TOTAL AUSTRALIA				197,179
CHINA — 8.9%
Information Technology — 0.4%
Ming Yuan Cloud Group Holdings *		27,690		11,558

Real Estate — 8.5%
KE Holdings ADR		14,555		231,861
TOTAL CHINA				243,419

The accompanying notes are an integral part of the financial statements.

184

Schedule of Investments

November 30, 2023

Global X Proptech ETF

	Shares		Value
COMMON STOCK — continued
GERMANY — 11.5%
Communication Services — 4.7%
Scout24		1,831	$	127,859

Financials — 1.0%
Hypoport *		188		27,897

Information Technology — 5.8%
Nemetschek		1,822		159,118

TOTAL GERMANY				314,874
JAPAN — 0.6%
Communication Services — 0.3%
GA Technologies *		780		6,479

Real Estate — 0.3%
SRE Holdings *		490		9,195

TOTAL JAPAN				15,674
SWEDEN — 3.0%
Communication Services — 3.0%
Hemnet Group		3,612		82,106

SWITZERLAND — 2.3%
Real Estate — 2.3%
IWG *		34,349		62,095

UNITED KINGDOM — 4.4%
Communication Services — 4.4%
Rightmove		17,323		119,431

UNITED STATES — 62.0%
Communication Services — 0.3%
Angi, Cl A *		3,691		8,305

Consumer Discretionary — 11.3%
ADT		15,219		89,336

The accompanying notes are an integral part of the financial statements.

185

Schedule of Investments

November 30, 2023

Global X Proptech ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Airbnb, Cl A *		1,718	$	217,052
				306,388
Financials — 2.8%
Hippo Holdings *		586		5,010
Rocket, Cl A *		5,316		49,652
UWM Holdings		4,038		22,007
				76,669
Industrials — 4.2%
Resideo Technologies *		6,989		114,829

Information Technology — 25.9%
Alarm.com Holdings *		2,113		115,116
Appfolio, Cl A *		724		137,017
Arlo Technologies *		4,211		38,278
Blend Labs, Cl A *		7,453		9,465
Guidewire Software *		1,526		152,508
Matterport *		11,934		30,074
Procore Technologies *		3,394		200,552
SmartRent, Cl A *		7,426		23,243
				706,253
Real Estate — 17.5%
CoStar Group *		2,745		227,945
Opendoor Technologies *		25,234		75,954
Zillow Group, Cl C *		4,223		172,890
				476,789
TOTAL UNITED STATES				1,689,233
TOTAL COMMON STOCK (Cost $2,569,341)				2,724,011

The accompanying notes are an integral part of the financial statements.

186

Schedule of Investments

November 30, 2023

Global X Proptech ETF

	Face Amount		Value
U.S. TREASURY OBLIGATION — 3.7%
U.S. Treasury Bill 5.312%, 01/02/24^(A)	$	100,000	$	99,531
TOTAL U.S. TREASURY OBLIGATION (Cost $99,589)				99,531
TOTAL INVESTMENTS — 103.6% (Cost $2,668,930)			$	2,823,542

Percentages are based on Net Assets of $2,725,991.

*	Non-income producing security.
(A)	Interest rate represents the security’s effective yield at the time of purchase.

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,724,011	$	—	$	—	$	2,724,011
U.S. Treasury Obligation		—		99,531		—		99,531
Total Investments in Securities	$	2,724,011	$	99,531	$	—	$	2,823,542

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

187

Consolidated Schedule of Investments

November 30, 2023

Global X Carbon Credits Strategy ETF

Sector Weightings (Unaudited)†:

	Shares		Value
EXCHANGE TRADED FUND — 47.6%
Global X 1-3 Month T-Bill ETF ^(A)		30,000	$	753,900
TOTAL EXCHANGE TRADED FUND (Cost $752,721)				753,900

	Face Amount
SOVEREIGN BONDS — 26.3%
Belgium — 3.4%
Kingdom of Belgium Treasury Bill 3.514%, 03/07/24^(B)	$	50,000		54,020
France — 10.9%
France Treasury Bill BTF DN 3.494%, 04/04/24^(B)		160,000		172,373
Supranational — 6.9%
European Stability Mechanism Treasury Bill 3.452%, 02/08/24^(B)		50,000		54,178
European Union Bill 3.468%, 12/08/23^(B)		50,000		54,532
				108,710
United Kingdom — 5.1%
United Kingdom Treasury Bill 4.292%, 02/12/24^(B)		65,000		81,427
TOTAL SOVEREIGN BONDS (Cost $408,795)				416,530

U.S. TREASURY OBLIGATIONS — 15.6%
U.S. Treasury Bills 5.327%, 02/15/24^{(B)^}		125,000		123,618

The accompanying notes are an integral part of the financial statements.

188

Consolidated Schedule of Investments

November 30, 2023

Global X Carbon Credits Strategy ETF

	Face Amount		Value
U.S. TREASURY OBLIGATIONS — continued
5.330%, 02/08/24^{(B)^}	$	125,000	$	123,746
TOTAL U.S. TREASURY OBLIGATIONS (Cost $247,354)				247,364
TOTAL INVESTMENTS — 89.5% (Cost $1,408,870)			$	1,417,794

Percentages are based on Net Assets of $1,583,550.

A list of open futures contracts held by the Fund at November 30, 2023, was as follows:

Type of Contract	Number of Contracts	Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
UK EMISS Allowance^	7	Dec-2024	$	388,138	$	382,203	$	(15,647	)
British Pound^	4	Dec-2023		306,752		315,625		8,873
CA Carbon Allowance^	9	Dec-2024		362,555		372,690		10,135
Euro FX^	3	Dec-2023		404,813		408,638		3,825
ICE ECX Emission^	9	Dec-2024		810,892		726,866		(106,792	)
RGGI VINTAGE^	5	Dec-2024		78,005		78,750		745
			$	2,351,155	$	2,284,772	$	(98,861	)

(A)	Affiliated investment.
(B)	Interest rate represents the security’s effective yield at the time of purchase.
^	Security is held by the Global X Carbon Credit Strategy Subsidiary Limited, as of November 30, 2023.

The accompanying notes are an integral part of the financial statements.

189

Consolidated Schedule of Investments

November 30, 2023

Global X Carbon Credits Strategy ETF

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments and other financial instruments carried at value:

Investments in Securities	Level 1			Level 2		Level 3		Total
Exchange Traded Fund	$	753,900		$	—	$	—	$	753,900
Sovereign Bonds		—			416,530		—		416,530
U.S. Treasury Obligations		—			247,364		—		247,364
Total Investments in Securities	$	753,900		$	663,894	$	—	$	1,417,794

Other Financial Instruments		Level 1			Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	23,578		$	—	$	—	$	23,578
Unrealized Depreciation		(122,439	)		—		—		(122,439	)
Total Other Financial Instruments	$	(98,861	)	$	—	$	—	$	(98,861	)

*	Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The following is a summary of the transactions with affiliates for the year ended November 30, 2023:

	Value at 11/30/22		Purchases at Cost		Proceeds from Sales		Changes in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value at 11/30/23		Dividend Income		Capital Gain
Global X 1-3 Month T-Bill ETF
	$	—	$	752,721	$	—	$	1,179	$	—	$	753,900	$	6,449	$	—
Totals:
	$	—	$	752,721	$	—	$	1,179	$	—	$	753,900	$	6,449	$	—

Amounts designated as ” —” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

190

Schedule of Investments

November 30, 2023

Global X Defense Tech ETF

Sector Weightings (Unaudited)†:

	Shares		Value
COMMON STOCK — 99.7%
FRANCE — 6.4%
Industrials — 6.4%
Dassault Aviation		471	$	93,737
Thales		1,359		203,069

TOTAL FRANCE				296,806
GERMANY — 5.1%
Industrials — 5.1%
Hensoldt		1,229		32,344
Rheinmetall		672		202,368

TOTAL GERMANY				234,712
ISRAEL — 2.5%
Industrials — 2.5%
Elbit Systems		588		117,265

ITALY — 3.2%
Industrials — 3.2%
Leonardo		9,472		145,411

SOUTH KOREA — 3.9%
Industrials — 3.9%
Hanwha Aerospace		790		77,093
Hanwha Systems		1,512		18,868
Korea Aerospace Industries		1,663		59,745
LIG Nex1		288		21,765

TOTAL SOUTH KOREA				177,471

The accompanying notes are an integral part of the financial statements.

191

Schedule of Investments

November 30, 2023

Global X Defense Tech ETF

	Shares		Value
COMMON STOCK — continued
SWEDEN — 2.4%
Industrials — 2.4%
Saab, Cl B		2,132	$	109,704

TURKEY — 1.0%
Industrials — 1.0%
Aselsan Elektronik Sanayi Ve Ticaret		27,801		47,061

UNITED KINGDOM — 10.7%
Industrials — 10.7%
Babcock International Group		11,146		55,707
BAE Systems		27,701		368,215
Chemring Group		6,624		26,457
QinetiQ Group		10,615		39,777

TOTAL UNITED KINGDOM				490,156
UNITED STATES — 64.5%
Industrials — 59.1%
AeroVironment *		616		84,768
BWX Technologies		2,174		169,637
General Dynamics		1,487		367,244
Huntington Ingalls Industries		863		204,548
Kratos Defense & Security Solutions *		3,024		57,607
L3Harris Technologies		1,101		210,082
Leidos Holdings		1,947		208,952
Lockheed Martin		818		366,276
Mercury Systems *		1,306		44,783
Moog, Cl A		667		93,387
National Presto Industries		126		9,415
Northrop Grumman		783		372,050
Parsons *		2,468		153,732
RTX		4,563		371,793
Terran Orbital *		2,810		2,276
				2,716,550
Information Technology — 5.4%
BigBear.ai Holdings *		918		1,561
OSI Systems *		378		46,604

The accompanying notes are an integral part of the financial statements.

192

Schedule of Investments

November 30, 2023

Global X Defense Tech ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Palantir Technologies, Cl A *		9,989	$	200,279
				248,444
TOTAL UNITED STATES				2,964,994
TOTAL COMMON STOCK (Cost $4,303,848)				4,583,580

	Face Amount
U.S. TREASURY OBLIGATION — 2.2%
U.S. Treasury Bill 5.312%, 01/02/24^(A)	$	100,000		99,531
TOTAL U.S. TREASURY OBLIGATION (Cost $99,588)				99,531
TOTAL INVESTMENTS — 101.9% (Cost $4,403,436)			$	4,683,111

Percentages are based on Net Assets of $4,594,859.

*	Non-income producing security.
(A)	Interest rate represents the security’s effective yield at the time of purchase.

The following is a summary of the level of inputs used as of November 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	4,583,580	$	—	$	—	$	4,583,580
U.S. Treasury Obligation		—		99,531		—		99,531
Total Investments in Securities	$	4,583,580	$	99,531	$	—	$	4,683,111

Amounts designated as ” —” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

193

Schedule of Investments

November 30, 2023

Glossary (abbreviations which may be used in the preceding Schedules of Investments):

Fund Abbreviations

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange-Traded Fund

REIT — Real Estate Investment Trust

194

Statements of Assets and Liabilities

November 30, 2023

	Global X Millennial Consumer ETF			Global X Aging Population ETF			Global X Health & Wellness ETF			Global X Robotics & Artificial Intelligence ETF
Assets:
Cost of Investments	$	140,764,059		$	60,371,029		$	13,176,443		$	2,325,247,163
Cost of Repurchase Agreement		25,528			—			—			66,117,002
Cost/(Proceeds) of Foreign Currency		—			—			1,727			(19,465	)
Investments, at Value	$	105,353,739	*	$	53,503,826		$	9,138,033		$	2,281,200,763	*
Repurchase Agreement, at Value		25,528			—			—			66,117,002
Cash		146,476			13,993			2,649			1,649,509
Foreign Currency, at Value		—			—			650			—
Dividend, Interest, and Securities Lending Income Receivable		42,805			52,352			6,006			3,468,376
Unrealized Appreciation on Spot Contracts		—			—			—			42
Receivable for Capital Shares Sold		—			1,525			19,137			30,173,935
Reclaim Receivable		—			62,494			18,707			4,889,791
Due from Broker		—			71			—			460,539
Total Assets		105,568,548			53,634,261			9,185,182			2,387,959,957
Liabilities:
Obligation to Return Securities Lending Collateral		33,320			—			—			86,297,422
Payable due to Investment Adviser		41,871			21,496			3,969			1,165,838
Payable for Investment Securities Purchased		—			—			—			30,170,547
Payable for Capital Shares Redeemed		—			—			—			460,539
Payable for Variation Margin on Futures Contracts		—			—			—			19,890
Unrealized Depreciation on Spot Contracts		—			7			2			—
Cash Overdraft		—			—			—			19,730
Due to Custodian		—			—			61			2,359
Due to Broker		—			17,125			19,137			—
Total Liabilities		75,191			38,628			23,169			118,136,325
Net Assets	$	105,493,357		$	53,595,633		$	9,162,013		$	2,269,823,632
Net Assets Consist of:
Paid-in Capital	$	149,225,858		$	62,390,755		$	15,600,580		$	2,708,671,320
Total Accumulated Losses		(43,732,501	)		(8,795,122	)		(6,438,567	)		(438,847,688	)
Net Assets	$	105,493,357		$	53,595,633		$	9,162,013		$	2,269,823,632
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		3,210,000			1,990,000			410,000			85,760,000
Net Asset Value, Offering and Redemption Price Per Share		$32.86			$26.93			$22.35			$26.47
*Includes Market Value of Securities on Loan	$	32,592		$	—		$	—		$	81,818,095

The accompanying notes are an integral part of the financial statements.

195

Statements of Assets and Liabilities

November 30, 2023

	Global X FinTech ETF			Global X Internet of Things ETF			Global X U.S. Infrastructure Development ETF		Global X Autonomous & Electric Vehicles ETF
Assets:
Cost of Investments	$	556,912,402		$	272,460,694		$	4,544,979,466	$	941,340,404
Cost of Repurchase Agreement		7,247,277			1,366,862			—		46,594,943
Cost/(Proceeds) of Foreign Currency		358			5,840			—		62,381
Investments, at Value	$	350,952,331	*	$	285,296,376	*	$	5,097,771,856	$	709,845,616	*
Repurchase Agreement, at Value		7,247,277			1,366,862			—		46,594,943
Cash		1,165,211			1,774,860			52,036,240		584,402
Foreign Currency, at Value		358			6,034			—		62,147
Reclaim Receivable		251,421			241,264			121,889		445,216
Dividend, Interest, and Securities Lending Income Receivable		152,710			322,012			5,874,545		1,412,554
Unrealized Appreciation on Spot Contracts		—			—			—		242
Receivable for Capital Shares Sold		—			2,087			—		61,404
Receivable for Investment Securities Sold		—			—			23,039,141		—
Due from Broker		10,291			—			—		—
Total Assets		359,779,599			289,009,495			5,178,843,671		759,006,524
Liabilities:
Obligation to Return Securities Lending Collateral		7,247,277			1,366,862			—		60,816,785
Payable for Investment Securities Purchased		872,005			—			—		—
Payable due to Investment Adviser		182,647			153,328			1,994,402		383,251
Payable for Capital Shares Redeemed		—			—			23,053,443		—
Due to Custodian		4			—			—		175
Due to Broker		—			2,087			—		61,404
Total Liabilities		8,301,933			1,522,277			25,047,845		61,261,615
Net Assets	$	351,477,666		$	287,487,218		$	5,153,795,826	$	697,744,909
Net Assets Consist of:
Paid-in Capital	$	731,770,517		$	290,234,849		$	4,604,839,660	$	1,024,707,657
Total Distributable Earnings (Accumulated Losses)		(380,292,851	)		(2,747,631	)		548,956,166		(326,962,748	)
Net Assets	$	351,477,666		$	287,487,218		$	5,153,795,826	$	697,744,909
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		15,710,000			8,860,000			163,590,000		30,090,002
Net Asset Value, Offering and Redemption Price Per Share		$22.37			$32.45			$31.50		$23.19
*Includes Market Value of Securities on Loan	$	8,549,815		$	1,242,244		$	—	$	57,928,613

The accompanying notes are an integral part of the financial statements.

196

Statements of Assets and Liabilities

November 30, 2023

	Global X Artificial Intelligence & Technology ETF			Global X Genomics & Biotechnology ETF			Global X Cloud Computing ETF			Global X Cannabis ETF
Assets:
Cost of Investments	$	741,265,645		$	143,898,128		$	812,447,906		$	45,263,178
Cost of Repurchase Agreement		1,496,891			4,034,834			783,762			2,766,741
Cost of Affiliated Investments		—			—			—			6,172,401
Cost/(Proceeds) of Foreign Currency		60,248			—			—			—
Investments, at Value	$	788,616,462	*	$	92,876,335	*	$	580,541,229	*	$	27,901,682	*
Repurchase Agreement, at Value		1,496,891			4,034,834			783,762			2,766,741
Affiliated Investments, at Value		—			—			—			2,051,809
Cash		706,855			187,053			1,078,039			203,139
Foreign Currency, at Value		60,236			—			—			—
Receivable for Capital Shares Sold		12,822,908			—			—			—
Dividend, Interest, and Securities Lending Income Receivable		757,254			2,410			87,337			10,766
Reclaim Receivable		57,200			—			—			—
Receivable for Investment Securities Sold		—			—			—			532,103
Due from Broker		2,268			—			—			35,761
Total Assets		804,520,074			97,100,632			582,490,367			33,502,001
Liabilities:
Obligation to Return Securities Lending Collateral		1,496,891			4,034,834			1,022,984			2,766,741
Payable for Investment Securities Purchased		12,702,793			—			—			2,263,971
Payable due to Investment Adviser		396,202			36,752			304,819			11,812
Unrealized Depreciation on Spot Contracts		426			—			—			22
Payable for Capital Shares Redeemed		—			—			—			35,761
Due to Custodian		—			—			122			—
Due to Broker		48,529			—			—			—
Total Liabilities		14,644,841			4,071,586			1,327,925			5,078,307
Net Assets	$	789,875,233		$	93,029,046		$	581,162,442		$	28,423,694
Net Assets Consist of:
Paid-in Capital	$	752,499,709		$	242,788,706		$	976,040,704		$	323,349,760
Total Distributable Earnings (Accumulated Losses)		37,375,524			(149,759,660	)		(394,878,262	)		(294,926,066	)
Net Assets	$	789,875,233		$	93,029,046		$	581,162,442		$	28,423,694
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		26,570,002			8,940,000			27,960,000			5,148,357
Net Asset Value, Offering and Redemption Price Per Share		$29.73			$10.41			$20.79			$5.52
*Includes Market Value of Securities on Loan	$	2,961,248		$	3,790,397		$	973,636		$	2,101,655

The accompanying notes are an integral part of the financial statements.

197

Statements of Assets and Liabilities

November 30, 2023

	Global X Thematic Growth ETF			Global X Video Games & Esports ETF			Global X Cybersecurity ETF			Global X Telemedicine & Digital Health ETF
Assets:
Cost of Investments	$	—		$	208,001,048		$	743,242,888		$	151,908,389
Cost of Repurchase Agreement		532,394			7,389,888			13,736,247			—
Cost of Affiliated Investments		58,411,426			—			—			—
Cost/(Proceeds) of Foreign Currency		—			14,349			—			1
Investments, at Value	$	—		$	132,126,051	*	$	646,517,578	*	$	64,838,709
Repurchase Agreement, at Value		532,394			7,389,888			13,736,247			—
Affiliated Investments, at Value		32,237,098	*		—			—			—
Cash		28,610			—			794,752			88,067
Foreign Currency, at Value		—			15,293			—			1
Dividend, Interest, and Securities Lending Income Receivable		2,200			154,708			485,672			20,538
Unrealized Appreciation on Spot Contracts		—			946			—			—
Receivable for Capital Shares Sold		—			3,110,293			—			—
Receivable for Investment Securities Sold		—			709,727			—			—
Reclaim Receivable		—			2,772			3,775			10,999
Receivable due from Investment Adviser		1,980			—			—			—
Total Assets		32,802,282			143,509,678			661,538,024			64,958,314
Liabilities:
Obligation to Return Securities Lending Collateral		532,394			7,389,888			13,736,247			—
Payable due to Investment Adviser		—			50,608			230,066			38,903
Cash Overdraft		—			614,831			—			—
Custodian Fees Payable		—			4,946			20,467			97
Due to Broker		—			3,110,293			—			—
Total Liabilities		532,394			11,170,566			13,986,780			39,000
Net Assets	$	32,269,888		$	132,339,112		$	647,551,244		$	64,919,314
Net Assets Consist of:
Paid-in Capital	$	94,312,941		$	276,155,727		$	950,052,780		$	250,521,391
Total Accumulated Losses		(62,043,053	)		(143,816,615	)		(302,501,536	)		(185,602,077	)
Net Assets	$	32,269,888		$	132,339,112		$	647,551,244		$	64,919,314
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		1,400,000			6,640,000			24,130,000			7,250,000
Net Asset Value, Offering and Redemption Price Per Share		$23.05			$19.93			$26.84			$8.95
*Includes Market Value of Securities on Loan	$	519,603		$	7,200,617		$	13,011,695		$	—

The accompanying notes are an integral part of the financial statements.

198

Statements of Assets and Liabilities

November 30, 2023

	Global X China Biotech Innovation ETF			Global X CleanTech ETF			Global X Data Center REITs & Digital Infrastructure ETF			Global X Clean Water ETF
Assets:
Cost of Investments	$	2,963,513		$	139,007,603		$	48,895,908		$	9,187,254
Cost of Repurchase Agreement		—			9,047,149			—			—
Investments, at Value	$	2,296,647		$	58,732,579	*	$	40,227,550		$	9,363,789
Repurchase Agreement, at Value		—			9,047,149			—			—
Cash		2,005			50,168			74,618			10,521
Dividend, Interest, and Securities Lending Income Receivable		—			113,008			30,132			22,459
Reclaim Receivable		—			19,673			—			492
Due from Broker		—			13,524			—			—
Total Assets		2,298,652			67,976,101			40,332,300			9,397,261
Liabilities:
Obligation to Return Securities Lending Collateral		—			9,047,149			—			—
Payable due to Investment Adviser		1,199			23,386			13,539			3,731
Payable for Investment Securities Purchased		—			31,344			995,886			—
Total Liabilities		1,199			9,101,879			1,009,425			3,731
Net Assets	$	2,297,453		$	58,874,222		$	39,322,875		$	9,393,530
Net Assets Consist of:
Paid-in Capital	$	4,625,600		$	170,840,705		$	49,930,693		$	9,822,406
Total Accumulated Losses		(2,328,147	)		(111,966,483	)		(10,607,818	)		(428,876	)
Net Assets	$	2,297,453		$	58,874,222		$	39,322,875		$	9,393,530
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		270,000			5,960,000			2,750,000			610,000
Net Asset Value, Offering and Redemption Price Per Share		$8.51			$9.88			$14.30			$15.40
*Includes Market Value of Securities on Loan	$	—		$	10,058,238		$	—		$	—

The accompanying notes are an integral part of the financial statements.

199

Statements of Assets and Liabilities

November 30, 2023

	Global X AgTech & Food Innovation ETF			Global X Blockchain ETF			Global X Hydrogen ETF			Global X Solar ETF
Assets:
Cost of Investments	$	5,179,159		$	89,108,744		$	64,544,614		$	7,860,120
Cost of Repurchase Agreement		—			17,071,665			—			40,476
Cost/(Proceeds) of Foreign Currency		38			—			—			25
Investments, at Value	$	4,591,823		$	87,016,216	*	$	34,761,666		$	5,966,590	*
Repurchase Agreement, at Value		—			17,071,665			—			40,476
Cash		866,847			104,988			67,604			260,113
Foreign Currency, at Value		39			—			—			26
Dividend, Interest, and Securities Lending Income Receivable		7,612			42,767			14,877			2,104
Reclaim Receivable		2,520			—			965			236
Unrealized Appreciation on Spot Contracts		—			—			1,071			—
Receivable for Capital Shares Sold		—			2,218,477			—			—
Receivable for Investment Securities Sold		—			—			4,644,365			147,939
Total Assets		5,468,841			106,454,113			39,490,548			6,417,484
Liabilities:
Obligation to Return Securities Lending Collateral		—			17,071,665			—			40,476
Payable for Investment Securities Purchased		990,820			2,227,752			3,699,380			399,878
Payable due to Investment Adviser		1,832			30,251			13,974			2,473
Unrealized Depreciation on Spot Contracts		493			24			—			191
Total Liabilities		993,145			19,329,692			3,713,354			443,018
Net Assets	$	4,475,696		$	87,124,421		$	35,777,194		$	5,974,466
Net Assets Consist of:
Paid-in Capital	$	9,642,270		$	225,955,558		$	86,029,598		$	9,751,783
Total Accumulated Losses		(5,166,574	)		(138,831,137	)		(50,252,404	)		(3,777,317	)
Net Assets	$	4,475,696		$	87,124,421		$	35,777,194		$	5,974,466
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		440,000			2,835,860			5,490,000			510,000
Net Asset Value, Offering and Redemption Price Per Share		$10.17			$30.72			$6.52			$11.71
*Includes Market Value of Securities on Loan	$	—		$	15,198,593		$	—		$	37,976

The accompanying notes are an integral part of the financial statements.

200

Statements of Assets and Liabilities

November 30, 2023

	Global X Wind Energy ETF			Global X Green Building ETF			Global X Metaverse ETF			Global X PropTech ETF
Assets:
Cost of Investments	$	4,144,509		$	2,139,515		$	2,371,799		$	2,668,930
Cost of Repurchase Agreement		57,383			—			—			—
Cost/(Proceeds) of Foreign Currency		1,561			367			783			1
Investments, at Value	$	2,684,897	*	$	2,155,753		$	2,488,279		$	2,823,542
Repurchase Agreement, at Value		57,383			—			—			—
Cash		22,824			2,659			77,340			2,842
Foreign Currency, at Value		1,580			366			783			2
Receivable for Investment Securities Sold		309,411			—			382,173			—
Reclaim Receivable		5,410			2,580			—			268
Dividend, Interest, and Securities Lending Income Receivable		2,910			5,090			2,727			—
Unrealized Appreciation on Spot Contracts		96			—			33			—
Due from Broker		—			—			172,258			—
Total Assets		3,084,511			2,166,448			3,123,593			2,826,654
Liabilities:
Obligation to Return Securities Lending Collateral		57,383			—			—			—
Payable for Investment Securities Purchased		320,659			—			211,484			99,589
Payable due to Investment Adviser		1,082			773			978			1,074
Payable for Capital Shares Redeemed		—			—			421,241			—
Total Liabilities		379,124			773			633,703			100,663
Net Assets	$	2,705,387		$	2,165,675		$	2,489,890		$	2,725,991
Net Assets Consist of:
Paid-in Capital	$	5,855,987		$	2,399,988		$	2,534,940		$	2,508,000
Total Distributable Earnings (Accumulated Losses)		(3,150,600	)		(234,313	)		(45,050	)		217,991
Net Assets	$	2,705,387		$	2,165,675		$	2,489,890		$	2,725,991
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		210,000			100,000			100,000			100,000
Net Asset Value, Offering and Redemption Price Per Share		$12.88			$21.66			$24.90			$27.26
*Includes Market Value of Securities on Loan	$	54,740		$	—		$	—		$	—

The accompanying notes are an integral part of the financial statements.

201

Consolidated Statement of Assets and Liabilities/Statement of Assets and Liabilities

November 30, 2023

	Global X Carbon Credits Strategy ETF (Consolidated)			Global X Defense Tech ETF
Assets:
Cost of Investments	$	656,149		$	4,403,436
Cost of Affiliated Investments		752,721			—
Cost/(Proceeds) of Foreign Currency		81,843			3,010
Investments, at Value	$	663,894		$	4,683,111
Affiliated Investments, at Value		753,900			—
Cash		104,398			5,878
Foreign Currency, at Value		81,843			3,007
Receivable for Investment Securities Sold		—			364,099
Dividend and Interest Receivable		—			9,166
Due from Broker		—			175,133
Total Assets		1,604,035			5,240,394
Liabilities:
Payable for Variation Margin on Futures Contracts		19,971			—
Payable due to Investment Adviser		485			1,865
Unrealized Depreciation on Spot Contracts		29			116
Payable for Investment Securities Purchased		—			198,121
Payable for Capital Shares Redeemed		—			445,433
Total Liabilities		20,485			645,535
Net Assets	$	1,583,550		$	4,594,859
Net Assets Consist of:
Paid-in Capital	$	1,669,329		$	4,305,836
Total Distributable Earnings (Accumulated Losses)		(85,779	)		289,023
Net Assets	$	1,583,550		$	4,594,859
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		50,000			170,000
Net Asset Value, Offering and Redemption Price Per Share		$31.67			$27.03

The accompanying notes are an integral part of the financial statements.

202

Statements of Operations

For the year ended November 30, 2023

	Global X Millennial Consumer ETF			Global X Aging Population ETF			Global X Health & Wellness ETF			Global X Robotics & Artificial Intelligence ETF
Investment Income:
Dividend Income	$	709,580		$	760,105		$	277,195		$	13,808,207
Interest Income		6,595			1,365			286			127,609
Security Lending Income		15,121			—			—			5,865,532
Less: Foreign Taxes Withheld		—			(37,529	)		(23,035	)		(1,673,078	)
Total Investment Income		731,296			723,941			254,446			18,128,270
Expenses:
Supervision and Administration Fees⁽¹⁾		503,082			264,003			87,138			13,028,034
Custodian Fees⁽²⁾		—			363			391			27,142
Total Expenses		503,082			264,366			87,529			13,055,176
Net Investment Income		228,214			459,575			166,917			5,073,094
Net Realized Gain (Loss) on:
Investments⁽³⁾		(5,682,630	)		1,614,142			(3,174,634	)		83,039,166
Futures Contracts		—			—			—			1,279,688
Foreign Currency Transactions		—			(2,213	)		(684	)		(99,541	)
Net Realized Gain (Loss)		(5,682,630	)		1,611,929			(3,175,318	)		84,219,313
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		20,164,143			(830,630	)		3,987,015			235,493,424
Futures Contracts		—			—			—			314,240
Foreign Currency Translations		—			3,519			530			319,634
Net Change in Unrealized Appreciation (Depreciation)		20,164,143			(827,111	)		3,987,545			236,127,298
Net Realized and Unrealized Gain (Loss)		14,481,513			784,818			812,227			320,346,611
Net Increase in Net Assets Resulting from Operations	$	14,709,727		$	1,244,393		$	979,144		$	325,419,705

(1)	The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements/Notes to Consolidated Financial Statements.)
(2)	See Note 2 in the Notes to Financial Statements/Notes to Consolidated Financial Statements.
(3)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements/Notes to Consolidated Financial Statements.)

The accompanying notes are an integral part of the financial statements.

203

Statements of Operations

For the year ended November 30, 2023

	Global X FinTech ETF			Global X Internet of Things ETF			Global X U.S. Infrastructure Development ETF		Global X Autonomous & Electric Vehicles ETF
Investment Income:
Dividend Income	$	2,269,658		$	4,853,443		$	56,536,133	$	15,318,245
Interest Income		15,371			9,667			266,990		26,800
Security Lending Income		1,300,615			127,040			567		4,866,427
Less: Foreign Taxes Withheld		(47,625	)		(359,858	)		—		(1,341,954	)
Total Investment Income		3,538,019			4,630,292			56,803,690		18,869,518
Expenses:
Supervision and Administration Fees⁽¹⁾		2,623,792			2,133,803			20,652,659		5,555,285
Custodian Fees⁽²⁾		13,236			3,059			926		10,573
Total Expenses		2,637,028			2,136,862			20,653,585		5,565,858
Net Investment Income		900,991			2,493,430			36,150,105		13,303,660
Net Realized Gain (Loss) on:
Investments⁽³⁾		(49,993,973	)		21,592,570			132,455,324		3,938,757
Foreign Currency Transactions		2,918			(54,689	)		—		(88,953	)
Net Realized Gain (Loss)		(49,991,055	)		21,537,881			132,455,324		3,849,804
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		81,040,506			(4,870,559	)		362,554,425		10,848,204
Foreign Currency Translations		17,871			16,735			—		8,886
Net Change in Unrealized Appreciation (Depreciation)		81,058,377			(4,853,824	)		362,554,425		10,857,090
Net Realized and Unrealized Gain (Loss)		31,067,322			16,684,057			495,009,749		14,706,894
Net Increase in Net Assets Resulting from Operations	$	31,968,313		$	19,177,487		$	531,159,854	$	28,010,554

(1)	The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements/Notes to Consolidated Financial Statements.)
(2)	See Note 2 in the Notes to Financial Statements/Notes to Consolidated Financial Statements.
(3)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements/Notes to Consolidated Financial Statements.)

The accompanying notes are an integral part of the financial statements.

204

Statements of Operations

For the year ended November 30, 2023

	Global X Artificial Intelligence & Technology ETF			Global X Genomics & Biotechnology ETF			Global X Cloud Computing ETF			Global X Cannabis ETF
Investment Income:
Dividend Income	$	3,260,447		$	281,057		$	708,434		$	920,690
Interest Income		16,130			7,062			30,971			7,649
Security Lending Income		10,779			32,794			35,582			1,225,986
Less: Foreign Taxes Withheld		(163,273	)		(20,497	)		—			—
Total Investment Income		3,124,083			300,416			774,987			2,154,325
Expenses:
Supervision and Administration Fees⁽¹⁾		2,218,954			926,079			3,814,991			187,535
Custodian Fees⁽²⁾		2,293			3,835			122			3,201
Total Expenses		2,221,247			929,914			3,815,113			190,736
Net Investment Income (Loss)		902,836			(629,498	)		(3,040,126	)		1,963,589
Net Realized Gain (Loss) on:
Investments⁽³⁾		(3,416,503	)		(51,135,612	)		(61,704,747	)		(53,537,861	)
Affiliated Investments		—			—			—			(2,223,171	)
Foreign Currency Transactions		(30,822	)		(2,310	)		(2,455	)		(1,989	)
Net Realized Gain (Loss)		(3,447,325	)		(51,137,922	)		(61,707,202	)		(55,763,021	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		94,134,707			(7,072,660	)		183,037,358			16,013,010
Affiliated Investments		—			—			—			(1,977,550	)
Foreign Currency Translations		1,579			(1,137	)		361			11
Net Change in Unrealized Appreciation (Depreciation)		94,136,286			(7,073,797	)		183,037,719			14,035,471
Net Realized and Unrealized Gain (Loss)		90,688,961			(58,211,719	)		121,330,517			(41,727,550	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	91,591,797		$	(58,841,217	)	$	118,290,391		$	(39,763,961	)

(1)	The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements/Notes to Consolidated Financial Statements.)
(2)	See Note 2 in the Notes to Financial Statements/Notes to Consolidated Financial Statements.
(3)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements/Notes to Consolidated Financial Statements.)

The accompanying notes are an integral part of the financial statements.

205

Statements of Operations

For the year ended November 30, 2023

	Global X Thematic Growth ETF			Global X Video Games & Esports ETF			Global X Cybersecurity ETF			Global X Telemedicine & Digital Health ETF
Investment Income:
Dividend Income, from Affiliated Investments	$	332,965		$	—		$	—		$	—
Dividend Income		52,280			1,702,164			2,809,424			287,161
Interest Income		1,714			4,087			73,468			10,632
Security Lending Income		7,093			100,632			1,843			101,177
Less: Foreign Taxes Withheld		—			(189,504	)		(185,578	)		(19,667	)
Total Investment Income		394,052			1,617,379			2,699,157			379,303
Expenses:
Supervision and Administration Fees⁽¹⁾		207,806			817,513			3,530,829			801,902
Custodian Fees⁽²⁾		47			4,946			20,467			191
Total Expenses		207,853			822,459			3,551,296			802,093
Net Investment Income (Loss)		186,199			794,920			(852,139	)		(422,790	)
Net Realized Gain (Loss) on:
Investments⁽³⁾		(7,287,760	)		(38,513,404	)		(150,120,356	)		(52,676,031	)
Affiliated Investments		(5,911,410	)		—			—			—
Foreign Currency Transactions		—			(60,106	)		20,378			386
Capital Gain Distribution from Affiliated Investments		16,965			—			—			—
Payment from Adviser⁽⁴⁾		247,624			—			—			—
Net Realized Gain (Loss)		(12,934,581	)		(38,573,510	)		(150,099,978	)		(52,675,645	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		12,576,168			44,040,481			254,799,756			19,467,445
Affiliated Investments		(4,452,074	)		—			—			—
Foreign Currency Translations		—			(858	)		2,416			349
Net Change in Unrealized Appreciation (Depreciation)		8,124,094			44,039,623			254,802,172			19,467,794
Net Realized and Unrealized Gain (Loss)		(4,810,487	)		5,466,113			104,702,194			(33,207,851	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(4,624,288	)	$	6,261,033		$	103,850,055		$	(33,630,641	)

(1)	The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements/Notes to Consolidated Financial Statements.)
(2)	See Note 2 in the Notes to Financial Statements/Notes to Consolidated Financial Statements.
(3)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements/Notes to Consolidated Financial Statements.)
(4)	See Note 3 in the Notes to Financial Statements/Notes to Consolidated Financial Statements.

The accompanying notes are an integral part of the financial statements.

206

Statements of Operations

For the year ended November 30, 2023

	Global X China Biotech Innovation ETF			Global X CleanTech ETF			Global X Data Center REITs & Digital Infrastructure ETF			Global X Clean Water ETF
Investment Income:
Dividend Income	$	27,865		$	819,866		$	825,567		$	191,439
Interest Income		250			2,592			6,940			368
Security Lending Income		—			95,200			—			—
Less: Foreign Taxes Withheld		(2,190	)		(43,790	)		(29,811	)		(1,987	)
Total Investment Income		25,925			873,868			802,696			189,820
Expenses:
Supervision and Administration Fees⁽¹⁾		15,227			493,442			190,867			42,823
Custodian Fees⁽²⁾		116			618			1,571			176
Total Expenses		15,343			494,060			192,438			42,999
Net Investment Income		10,582			379,808			610,258			146,821
Net Realized Gain (Loss) on:
Investments⁽³⁾		(534,643	)		(8,560,231	)		(6,531,319	)		(210,370	)
Foreign Currency Transactions		(154	)		(18,741	)		16,601			968
Net Realized Gain (Loss)		(534,797	)		(8,578,972	)		(6,514,718	)		(209,402	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		219,185			(34,327,440	)		8,246,620			839,375
Foreign Currency Translations		—			1,105			—			15
Net Change in Unrealized Appreciation (Depreciation)		219,185			(34,326,335	)		8,246,620			839,390
Net Realized and Unrealized Gain (Loss)		(315,612	)		(42,905,307	)		1,731,902			629,988
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(305,030	)	$	(42,525,499	)	$	2,342,160		$	776,809

(1)	The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements/Notes to Consolidated Financial Statements.)
(2)	See Note 2 in the Notes to Financial Statements/Notes to Consolidated Financial Statements.
(3)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements/Notes to Consolidated Financial Statements.)

The accompanying notes are an integral part of the financial statements.

207

Statements of Operations

For the year ended November 30, 2023

	Global X AgTech & Food Innovation ETF			Global X Blockchain ETF			Global X Hydrogen ETF			Global X Solar ETF
Investment Income:
Dividend Income	$	84,498		$	716		$	115,810		$	16,985
Interest Income		526			4,576			3,874			596
Security Lending Income		—			1,094,526			—			—
Less: Foreign Taxes Withheld		(6,170	)		—			(5,318	)		(1,355	)
Total Investment Income		78,854			1,099,818			114,366			16,226
Expenses:
Supervision and Administration Fees⁽¹⁾		28,767			330,793			196,696			24,091
Custodian Fees⁽²⁾		448			486			1,943			123
Total Expenses		29,215			331,279			198,639			24,214
Net Investment Income (Loss)		49,639			768,539			(84,273	)		(7,988	)
Net Realized Gain (Loss) on:
Investments⁽³⁾		(3,366,130	)		(28,402,903	)		(11,214,127	)		(360,211	)
Foreign Currency Transactions		3,661			16,356			(365	)		1,818
Net Realized Gain (Loss)		(3,362,469	)		(28,386,547	)		(11,214,492	)		(358,393	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		927,645			69,258,255			(14,541,211	)		(2,846,815	)
Foreign Currency Translations		(3,567	)		(2	)		16,148			(1,478	)
Net Change in Unrealized Appreciation (Depreciation)		924,078			69,258,253			(14,525,063	)		(2,848,293	)
Net Realized and Unrealized Gain (Loss)		(2,438,391	)		40,871,706			(25,739,555	)		(3,206,686	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(2,388,752	)	$	41,640,245		$	(25,823,828	)	$	(3,214,674	)

(1)	The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements/Notes to Consolidated Financial Statements.)
(2)	See Note 2 in the Notes to Financial Statements/Notes to Consolidated Financial Statements.
(3)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements/Notes to Consolidated Financial Statements.)

The accompanying notes are an integral part of the financial statements.

208

Statements of Operations

For the year/period ended November 30, 2023

	Global X Wind Energy ETF			Global X Green Building ETF			Global X Metaverse ETF			Global X PropTech ETF⁽¹⁾
Investment Income:
Dividend Income	$	98,708		$	79,870		$	25,403		$	10,427
Interest Income		926			60			170			128
Reclaim Income		7,791			—			—			—
Less: Foreign Taxes Withheld		(21,394	)		(5,811	)		(1,832	)		(667	)
Total Investment Income		86,031			74,119			23,741			9,888
Expenses:
Supervision and Administration Fees⁽²⁾		29,409			9,391			11,122			8,446
Custodian Fees⁽³⁾		696			119			4			148
Total Expenses		30,105			9,510			11,126			8,594
Net Investment Income		55,926			64,609			12,615			1,294
Net Realized Gain (Loss) on:
Investments⁽⁴⁾		(2,000,129	)		(293,397	)		(27,100	)		62,604
Foreign Currency Transactions		(3,907	)		(1,107	)		(491	)		(66	)
Net Realized Gain (Loss)		(2,004,036	)		(294,504	)		(27,591	)		62,538
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(603,476	)		363,447			746,676			154,612
Foreign Currency Translations		(372	)		93			120			—
Net Change in Unrealized Appreciation (Depreciation)		(603,848	)		363,540			746,796			154,612
Net Realized and Unrealized Gain (Loss)		(2,607,884	)		69,036			719,205			217,150
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(2,551,958	)	$	133,645		$	731,820		$	218,444

(1)	The Fund commenced operations on April 11, 2023.
(2)	The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements/Notes to Consolidated Financial Statements.)
(3)	See Note 2 in the Notes to Financial Statements/Notes to Consolidated Financial Statements.
(4)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements/Notes to Consolidated Financial Statements.)

The accompanying notes are an integral part of the financial statements.

209

Consolidated Statement of Operations/Statement of Operations

For the period ended November 30, 2023

	Global X Carbon Credits Strategy ETF (Consolidated)⁽¹⁾			Global X Defense Tech ETF⁽²⁾
Investment Income:
Dividend Income, from Affiliated Investments	$	6,449		$	—
Dividend Income		130			14,087
Interest Income		29,248			6
Less: Foreign Taxes Withheld		—			(36	)
Total Investment Income		35,827			14,057
Expenses:
Supervision and Administration Fees⁽³⁾		3,261			3,698
Custodian Fees⁽⁴⁾		78			—
Total Expenses		3,339			3,698
Net Investment Income		32,488			10,359
Net Realized Gain (Loss) on:
Investments⁽⁵⁾		4,069			48,802
Futures Contracts		(96,318	)		—
Foreign Currency Transactions		(19,621	)		(484	)
Payment from Adviser⁽⁶⁾		100			—
Net Realized Gain (Loss)		(111,770	)		48,318
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		7,745			279,675
Affiliated Investments		1,179			—
Futures Contracts		(98,861	)		—
Foreign Currency Translations		(31	)		(116	)
Net Change in Unrealized Appreciation (Depreciation)		(89,968	)		279,559
Net Realized and Unrealized Gain (Loss)		(201,738	)		327,877
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(169,250	)	$	338,236

(1)	The Fund commenced operations on May 24, 2023.
(2)	The Fund commenced operations on September 11, 2023.
(3)	The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements/Notes to Consolidated Financial Statements.)
(4)	See Note 2 in the Notes to Financial Statements/Notes to Consolidated Financial Statements.
(5)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements/Notes to Consolidated Financial Statements.)
(6)	See Note 3 in the Notes to Financial Statements/Notes to Consolidated Financial Statements.

The accompanying notes are an integral part of the financial statements.

210

Statements of Changes in Net Assets

	Global X Millennial Consumer ETF						Global X Aging Population ETF
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022
Operations:
Net Investment Income	$	228,214		$	236,942		$	459,575		$	386,802
Net Realized Gain (Loss)		(5,682,630	)		9,451,209			1,611,929			2,044,291
Net Change in Unrealized Appreciation (Depreciation)		20,164,143			(76,800,075	)		(827,111	)		(4,447,220	)
Net Increase (Decrease) in Net Assets Resulting from Operations		14,709,727			(67,111,924	)		1,244,393			(2,016,127	)
Distributions:		(234,244	)		(343,441	)		(279,995	)		(543,653	)
Return of Capital:		—			—			—			(47,506	)
Capital Share Transactions:
Issued		4,599,684			14,445,330			37,583,461			2,011,132
Redeemed		(19,040,816	)		(68,606,325	)		(26,752,713	)		(17,359,342	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(14,441,132	)		(54,160,995	)		10,830,748			(15,348,210	)
Total Increase (Decrease) in Net Assets		34,351			(121,616,360	)		11,795,146			(17,955,496	)
Net Assets:
Beginning of Year		105,459,006			227,075,366			41,800,487			59,755,983
End of Year	$	105,493,357		$	105,459,006		$	53,595,633		$	41,800,487
Share Transactions:
Issued		150,000			420,000			1,390,000			70,000
Redeemed		(650,000	)		(2,030,000	)		(980,000	)		(670,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(500,000	)		(1,610,000	)		410,000			(600,000	)

The accompanying notes are an integral part of the financial statements.

211

Statements of Changes in Net Assets

	Global X Health & Wellness ETF						Global X Robotics & Artificial Intelligence ETF
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022
Operations:
Net Investment Income	$	166,917		$	248,911		$	5,073,094		$	2,801,530
Net Realized Gain (Loss)		(3,175,318	)		(1,169,220	)		84,219,313			(177,211,794	)
Net Change in Unrealized Appreciation (Depreciation)		3,987,545			(7,991,033	)		236,127,298			(914,255,469	)
Net Increase (Decrease) in Net Assets Resulting from Operations		979,144			(8,911,342	)		325,419,705			(1,088,665,733	)
Distributions:		(195,346	)		(287,193	)		(4,618,009	)		(2,507,983	)
Return of Capital:		—			—			—			(547,284	)
Capital Share Transactions:
Issued		2,883			—			956,017,585			55,949,780
Redeemed		(14,276,257	)		(8,241,206	)		(348,937,384	)		(325,775,436	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(14,273,374	)		(8,241,206	)		607,080,201			(269,825,656	)
Total Increase (Decrease) in Net Assets		(13,489,576	)		(17,439,741	)		927,881,897			(1,361,546,656	)
Net Assets:
Beginning of Year		22,651,589			40,091,330			1,341,941,735			2,703,488,391
End of Year	$	9,162,013		$	22,651,589		$	2,269,823,632		$	1,341,941,735
Share Transactions:
Issued		—			—			35,920,000			2,360,000
Redeemed		(650,000	)		(370,000	)		(13,790,000	)		(13,320,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(650,000	)		(370,000	)		22,130,000			(10,960,000	)

The accompanying notes are an integral part of the financial statements.

212

Statements of Changes in Net Assets

	Global X FinTech ETF						Global X Internet of Things ETF
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022
Operations:
Net Investment Income	$	900,991		$	2,431,454		$	2,493,430		$	2,432,495
Net Realized Gain (Loss)		(49,991,055	)		(55,309,208	)		21,537,881			22,615,599
Net Change in Unrealized Appreciation (Depreciation)		81,058,377			(570,594,245	)		(4,853,824	)		(124,255,011	)
Net Increase (Decrease) in Net Assets Resulting from Operations		31,968,313			(623,471,999	)		19,177,487			(99,206,917	)
Distributions:		(887,181	)		(61,756,013	)		(2,946,458	)		(2,272,300	)
Return of Capital:		(28,497	)		(1,435,476	)		—			—
Capital Share Transactions:
Issued		10,050,968			92,458,761			91,298,646			5,234,626
Redeemed		(145,088,625	)		(239,338,117	)		(125,739,142	)		(115,349,802	)
Decrease in Net Assets from Capital Share Transactions		(135,037,657	)		(146,879,356	)		(34,440,496	)		(110,115,176	)
Total Decrease in Net Assets		(103,985,022	)		(833,542,844	)		(18,209,467	)		(211,594,393	)
Net Assets:
Beginning of Year		455,462,688			1,289,005,532			305,696,685			517,291,078
End of Year	$	351,477,666		$	455,462,688		$	287,487,218		$	305,696,685
Share Transactions:
Issued		450,000			2,990,000			2,750,000			150,000
Redeemed		(7,020,000	)		(9,030,000	)		(3,900,000	)		(3,870,000	)
Net Decrease in Shares Outstanding from Share Transactions		(6,570,000	)		(6,040,000	)		(1,150,000	)		(3,720,000	)

The accompanying notes are an integral part of the financial statements.

213

Statements of Changes in Net Assets

	Global X U.S. Infrastructure Development ETF						Global X Autonomous & Electric Vehicles ETF
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022
Operations:
Net Investment Income	$	36,150,105		$	32,095,675		$	13,303,660		$	7,982,083
Net Realized Gain (Loss)		132,455,324			228,588,104			3,849,804			(9,795,757	)
Net Change in Unrealized Appreciation (Depreciation)		362,554,425			(278,686,344	)		10,857,090			(338,571,837	)
Net Increase (Decrease) in Net Assets Resulting from Operations		531,159,854			(18,002,565	)		28,010,554			(340,385,511	)
Distributions:		(30,856,526	)		(31,995,449	)		(11,305,718	)		(6,444,185	)
Capital Share Transactions:
Issued		1,599,704,351			324,468,536			52,145,898			351,709,374
Redeemed		(694,905,086	)		(1,712,274,023	)		(254,584,131	)		(444,947,400	)
Increase (Decrease) in Net Assets from Capital Share Transactions		904,799,265			(1,387,805,487	)		(202,438,233	)		(93,238,026	)
Total Increase (Decrease) in Net Assets		1,405,102,593			(1,437,803,501	)		(185,733,397	)		(440,067,722	)
Net Assets:
Beginning of Year		3,748,693,233			5,186,496,734			883,478,306			1,323,546,028
End of Year	$	5,153,795,826		$	3,748,693,233		$	697,744,909		$	883,478,306
Share Transactions:
Issued		53,210,000			11,680,000			2,050,000			12,430,000
Redeemed		(23,790,000	)		(68,280,000	)		(10,550,000	)		(17,360,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		29,420,000			(56,600,000	)		(8,500,000	)		(4,930,000	)

The accompanying notes are an integral part of the financial statements.

214

Statements of Changes in Net Assets

	Global X Artificial Intelligence & Technology ETF						Global X Genomics & Biotechnology ETF
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022
Operations:
Net Investment Income (Loss)	$	902,836		$	691,949		$	(629,498	)	$	(418,967	)
Net Realized Gain (Loss)		(3,447,325	)		(2,705,217	)		(51,137,922	)		(62,425,028	)
Net Change in Unrealized Appreciation (Depreciation)		94,136,286			(62,316,345	)		(7,073,797	)		(16,208,310	)
Net Increase (Decrease) in Net Assets Resulting from Operations		91,591,797			(64,329,613	)		(58,841,217	)		(79,052,305	)
Distributions:		(724,994	)		(441,670	)		—			(81,403	)
Capital Share Transactions:
Issued		606,811,271			47,368,029			92,535,940			95,288,092
Redeemed		(38,321,292	)		(38,412,762	)		(150,006,428	)		(62,385,729	)
Increase (Decrease) in Net Assets from Capital Share Transactions		568,489,979			8,955,267			(57,470,488	)		32,902,363
Total Increase (Decrease) in Net Assets		659,356,782			(55,816,016	)		(116,311,705	)		(46,231,345	)
Net Assets:
Beginning of Year		130,518,451			186,334,467			209,340,751			255,572,096
End of Year	$	789,875,233		$	130,518,451		$	93,029,046		$	209,340,751
Share Transactions:
Issued		22,120,000			1,830,000			8,310,000			7,440,000
Redeemed		(1,610,000	)		(1,670,000	)		(14,930,000	)		(4,280,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		20,510,000			160,000			(6,620,000	)		3,160,000

The accompanying notes are an integral part of the financial statements.

215

Statements of Changes in Net Assets

	Global X Cloud Computing ETF						Global X Cannabis ETF
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022^‡
Operations:
Net Investment Income (Loss)	$	(3,040,126	)	$	(5,837,330	)	$	1,963,589		$	2,076,091
Net Realized Gain (Loss)		(61,707,202	)		(32,796,967	)		(55,763,021	)		(121,608,211	)
Net Change in Unrealized Appreciation (Depreciation)		183,037,719			(435,747,939	)		14,035,471			42,541,932
Net Increase (Decrease) in Net Assets Resulting from Operations		118,290,391			(474,382,236	)		(39,763,961	)		(76,990,188	)
Distributions:		—			(21,230,047	)		(1,215,573	)		(3,318,441	)
Return of Capital:		—			—			—			(93,835	)
Capital Share Transactions:
Issued		27,666,566			214,938,579			15,051,038			32,580,931
Redeemed		(153,879,041	)		(447,785,742	)		(1,552,079	)		(1,823,041	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(126,212,475	)		(232,847,163	)		13,498,959			30,757,890
Total Decrease in Net Assets		(7,922,084	)		(728,459,446	)		(27,480,575	)		(49,644,574	)
Net Assets:
Beginning of Year		589,084,526			1,317,543,972			55,904,269			105,548,843
End of Year	$	581,162,442		$	589,084,526		$	28,423,694		$	55,904,269
Share Transactions:
Issued		1,470,000			11,620,000			1,620,000			1,351,667
Redeemed		(8,640,000	)		(22,920,000	)		(210,000	)		(48,310	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(7,170,000	)		(11,300,000	)		1,410,000			1,303,357

‡ Share transactions have been adjusted to reflect the effect of a 1 for 6 reverse share split on June 10, 2022. (See Note 11 in the Notes to Financial Statements/Notes to Consolidated Financial Statements.)

The accompanying notes are an integral part of the financial statements.

216

Statements of Changes in Net Assets

	Global X Thematic Growth ETF						Global X Video Games & Esports ETF
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022
Operations:
Net Investment Income	$	186,199		$	1,047,562		$	794,920		$	972,755
Net Realized Gain (Loss)		(12,934,581	)		(30,828,958	)		(38,573,510	)		(68,135,773	)
Net Change in Unrealized Appreciation (Depreciation)		8,124,094			(20,455,146	)		44,039,623			(62,793,437	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,624,288	)		(50,236,542	)		6,261,033			(129,956,455	)
Distributions:		(746,536	)		(1,542,588	)		(275,496	)		(2,992,635	)
Return of Capital:		—			—			—			(526,728	)
Capital Share Transactions:
Issued		10,020,607			22,705,538			26,104,928			35,827,260
Redeemed		(23,359,129	)		(30,028,614	)		(73,826,120	)		(213,511,657	)
Decrease in Net Assets from Capital Share Transactions		(13,338,522	)		(7,323,076	)		(47,721,192	)		(177,684,397	)
Total Decrease in Net Assets		(18,709,346	)		(59,102,206	)		(41,735,655	)		(311,160,215	)
Net Assets:
Beginning of Year		50,979,234			110,081,440			174,074,767			485,234,982
End of Year	$	32,269,888		$	50,979,234		$	132,339,112		$	174,074,767
Share Transactions:
Issued		380,000			600,000			1,300,000			1,680,000
Redeemed		(930,000	)		(960,000	)		(3,840,000	)		(8,940,000	)
Net Decrease in Shares Outstanding from Share Transactions		(550,000	)		(360,000	)		(2,540,000	)		(7,260,000	)

The accompanying notes are an integral part of the financial statements.

217

Statements of Changes in Net Assets

	Global X Cybersecurity ETF						Global X Telemedicine & Digital Health ETF
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022
Operations:
Net Investment Loss	$	(852,139	)	$	(1,214,033	)	$	(422,790	)	$	(111,032	)
Net Realized Gain (Loss)		(150,099,978	)		(27,318,877	)		(52,675,645	)		(71,776,175	)
Net Change in Unrealized Appreciation (Depreciation)		254,802,172			(350,784,382	)		19,467,794			5,693,308
Net Increase (Decrease) in Net Assets Resulting from Operations		103,850,055			(379,317,292	)		(33,630,641	)		(66,193,899	)
Distributions:		(12,980,811	)		(7,499,545	)		—			—
Capital Share Transactions:
Issued		86,862,534			439,627,711			2,471,288			9,701,359
Redeemed		(498,122,796	)		(216,958,896	)		(53,996,403	)		(269,008,305	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(411,260,262	)		222,668,815			(51,525,115	)		(259,306,946	)
Total Decrease in Net Assets		(320,391,018	)		(164,148,022	)		(85,155,756	)		(325,500,845	)
Net Assets:
Beginning of Year		967,942,262			1,132,090,284			150,075,070			475,575,915
End of Year	$	647,551,244		$	967,942,262		$	64,919,314		$	150,075,070
Share Transactions:
Issued		3,850,000			15,260,000			200,000			720,000
Redeemed		(22,080,000	)		(8,560,000	)		(5,220,000	)		(17,590,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(18,230,000	)		6,700,000			(5,020,000	)		(16,870,000	)

The accompanying notes are an integral part of the financial statements.

218

Statements of Changes in Net Assets

	Global X China Biotech Innovation ETF						Global X CleanTech ETF
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022
Operations:
Net Investment Income	$	10,582		$	3,948		$	379,808		$	198,871
Net Realized Gain (Loss)		(534,797	)		(776,005	)		(8,578,972	)		(7,329,070	)
Net Change in Unrealized Appreciation (Depreciation)		219,185			(918,709	)		(34,326,335	)		(27,310,251	)
Net Decrease in Net Assets Resulting from Operations		(305,030	)		(1,690,766	)		(42,525,499	)		(34,440,450	)
Distributions:		(9,997	)		—			(205,777	)		(499,449	)
Return of Capital:		—			(5,370	)		—			—
Capital Share Transactions:
Issued		—			—			1,315,432			31,320,380
Redeemed		—			—			(27,551,925	)		(43,996,875	)
Decrease in Net Assets from Capital Share Transactions		—			—			(26,236,493	)		(12,676,495	)
Total Decrease in Net Assets		(315,027	)		(1,696,136	)		(68,967,769	)		(47,616,394	)
Net Assets:
Beginning of Year		2,612,480			4,308,616			127,841,991			175,458,385
End of Year	$	2,297,453		$	2,612,480		$	58,874,222		$	127,841,991
Share Transactions:
Issued		—			—			80,000			1,910,000
Redeemed		—			—			(2,010,000	)		(2,610,000	)
Net Decrease in Shares Outstanding from Share Transactions		—			—			(1,930,000	)		(700,000	)

The accompanying notes are an integral part of the financial statements.

219

Statements of Changes in Net Assets

	Global X Data Center REITs & Digital Infrastructure ETF						Global X Clean Water ETF
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022
Operations:
Net Investment Income	$	610,258		$	758,014		$	146,821		$	112,669
Net Realized Gain (Loss)		(6,514,718	)		371,952			(209,402	)		(320,139	)
Net Change in Unrealized Appreciation (Depreciation)		8,246,620			(21,885,940	)		839,390			(784,043	)
Net Increase (Decrease) in Net Assets Resulting from Operations		2,342,160			(20,755,974	)		776,809			(991,513	)
Distributions:		(1,330,542	)		(1,090,368	)		(138,123	)		(123,205	)
Capital Share Transactions:
Issued		17,159,209			30,021,389			1,634,453			1,075,120
Redeemed		(41,991,240	)		(23,129,344	)		(459,899	)		(1,079,551	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(24,832,031	)		6,892,045			1,174,554			(4,431	)
Total Increase (Decrease) in Net Assets		(23,820,413	)		(14,954,297	)		1,813,240			(1,119,149	)
Net Assets:
Beginning of Year		63,143,288			78,097,585			7,580,290			8,699,439
End of Year	$	39,322,875		$	63,143,288		$	9,393,530		$	7,580,290
Share Transactions:
Issued		1,280,000			1,900,000			110,000			80,000
Redeemed		(3,200,000	)		(1,610,000	)		(30,000	)		(70,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(1,920,000	)		290,000			80,000			10,000

The accompanying notes are an integral part of the financial statements.

220

Statements of Changes in Net Assets

	Global X AgTech & Food Innovation ETF						Global X Blockchain ETF^‡
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022

Operations:
Net Investment Income	$	49,639		$	38,231		$	768,539		$	910,880
Net Realized Gain (Loss)		(3,362,469	)		(801,019	)		(28,386,547	)		(99,270,593	)
Net Change in Unrealized Appreciation (Depreciation)		924,078			(596,572	)		69,258,253			(74,900,532	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,388,752	)		(1,359,360	)		41,640,245			(173,260,245	)
Distributions:		(45,738	)		(61,689	)		(602,091	)		(4,767,818	)
Return of Capital:		—			—			—			(90,192	)
Capital Share Transactions:
Issued		312,756			4,114,321			26,723,951			106,151,308
Redeemed		(123,074	)		(1,506,248	)		(25,864,601	)		(10,526,348	)
Increase in Net Assets from Capital Share Transactions		189,682			2,608,073			859,350			95,624,960
Total Increase (Decrease) in Net Assets		(2,244,808	)		1,187,024			41,897,504			(82,493,295	)
Net Assets:
Beginning of Year		6,720,504			5,533,480			45,226,917			127,720,212
End of Year	$	4,475,696		$	6,720,504		$	87,124,421		$	45,226,917
Share Transactions:
Issued		20,000			230,000			1,127,500			2,045,000
Redeemed		(10,000	)		(80,000	)		(1,051,640	)		(272,500	)
Net Increase in Shares Outstanding from Share Transactions		10,000			150,000			75,860			1,772,500

‡	Share transactions have been adjusted to reflect the effect of a 1 for 4 reverse share split on December 19, 2022. (See Note 11 in the Notes to Financial Statements/Notes to Consolidated Financial Statements).

The accompanying notes are an integral part of the financial statements.

221

Statements of Changes in Net Assets

	Global X Hydrogen ETF						Global X Solar ETF
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022
Operations:
Net Investment Loss	$	(84,273	)	$	(75,851	)	$	(7,988	)	$	(15,160	)
Net Realized Gain (Loss)		(11,214,492	)		(8,989,433	)		(358,393	)		(1,875,069	)
Net Change in Unrealized Appreciation (Depreciation)		(14,525,063	)		(14,734,793	)		(2,848,293	)		927,409
Net Decrease in Net Assets Resulting from Operations		(25,823,828	)		(23,800,077	)		(3,214,674	)		(962,820	)
Distributions:		—			(15,749	)		—			(748	)
Return of Capital:		—			—			—			(1,369	)
Capital Share Transactions:
Issued		27,125,045			32,016,528			4,287,533			14,360,783
Redeemed		(3,558,594	)		(2,593,499	)		(1,053,849	)		(16,435,003	)
Increase (Decrease) in Net Assets from Capital Share Transactions		23,566,451			29,423,029			3,233,684			(2,074,220	)
Total Increase (Decrease) in Net Assets		(2,257,377	)		5,607,203			19,010			(3,039,157	)
Net Assets:
Beginning of Year		38,034,571			32,427,368			5,955,456			8,994,613
End of Year	$	35,777,194		$	38,034,571		$	5,974,466		$	5,955,456
Share Transactions:
Issued		2,670,000			1,960,000			290,000			740,000
Redeemed		(280,000	)		(190,000	)		(50,000	)		(820,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		2,390,000			1,770,000			240,000			(80,000	)

The accompanying notes are an integral part of the financial statements.

222

Statements of Changes in Net Assets

	Global X Wind Energy ETF						Global X Green Building ETF
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Period Ended November 30, 2022⁽¹⁾
Operations:
Net Investment Income	$	55,926		$	25,770		$	64,609		$	49,324
Net Realized Gain (Loss)		(2,004,036	)		(530,941	)		(294,504	)		(128,565	)
Net Change in Unrealized Appreciation (Depreciation)		(603,848	)		(656,340	)		363,540			(347,200	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,551,958	)		(1,161,511	)		133,645			(426,441	)
Distributions:		(47,859	)		(11,474	)		(70,340	)		(15,947	)
Capital Share Transactions:
Issued		13,712,475			—			1,528,470			2,537,580
Redeemed		(11,748,196	)		—			(1,521,292	)		—
Increase in Net Assets from Capital Share Transactions		1,964,279			—			7,178			2,537,580
Total Increase (Decrease) in Net Assets		(635,538	)		(1,172,985	)		70,483			2,095,192
Net Assets:
Beginning of Year/Period		3,340,925			4,513,910			2,095,192			—
End of Year/Period	$	2,705,387		$	3,340,925		$	2,165,675		$	2,095,192
Share Transactions:
Issued		730,000			—			70,000			100,000
Redeemed		(710,000	)		—			(70,000	)		—
Net Increase in Shares Outstanding from Share Transactions		20,000			—			—			100,000

(1) The Fund commenced operations on April 11, 2022.

The accompanying notes are an integral part of the financial statements.

223

Statements of Changes in Net Assets

	Global X Metaverse ETF						Global X PropTech ETF
	Year Ended November 30, 2023			Period Ended November 30, 2022⁽¹⁾			Period Ended November 30, 2023⁽²⁾
Operations:
Net Investment Income	$	12,615		$	38,718		$	1,294
Net Realized Gain (Loss)		(27,591	)		140,098			62,538
Net Change in Unrealized Appreciation (Depreciation)		746,796			(630,117	)		154,612
Net Increase (Decrease) in Net Assets Resulting from Operations		731,820			(451,301	)		218,444
Distributions:		(163,393	)		(38,313	)		(453	)
Capital Share Transactions:
Issued		250,060			2,410,000			2,508,000
Redeemed		(248,983	)		—			—
Increase in Net Assets from Capital Share Transactions		1,077			2,410,000			2,508,000
Total Increase in Net Assets		569,504			1,920,386			2,725,991
Net Assets:
Beginning of Year/Period		1,920,386			—			—
End of Year/Period	$	2,489,890		$	1,920,386		$	2,725,991
Share Transactions:
Issued		10,000			100,000			100,000
Redeemed		(10,000	)		—			—
Net Increase in Shares Outstanding from Share Transactions		—			100,000			100,000

(1) The Fund commenced operations on April 26, 2022.

(2) The Fund commenced operations on April 11, 2023.

The accompanying notes are an integral part of the financial statements.

224

Consolidated Statement of Changes in Net Assets/Statement of
Changes in Net Assets

	Global X Carbon Credits Strategy ETF (Consolidated)			Global X Defense Tech ETF
	Period Ended November 30, 2023⁽¹⁾			Period Ended November 30, 2023⁽²⁾
Operations:
Net Investment Income	$	32,488		$	10,359
Net Realized Gain (Loss)		(111,770	)		48,318
Net Change in Unrealized Appreciation (Depreciation)		(89,968	)		279,559
Net Increase (Decrease) in Net Assets Resulting from Operations		(169,250	)		338,236
Distributions:		(3,332	)		—
Capital Share Transactions:
Issued		1,756,132			4,526,923
Redeemed		—			(270,300	)
Increase in Net Assets from Capital Share Transactions		1,756,132			4,256,623
Total Increase in Net Assets		1,583,550			4,594,859
Net Assets:
Beginning of Period		—			—
End of Period	$	1,583,550		$	4,594,859
Share Transactions:
Issued		50,000			180,000
Redeemed		—			(10,000	)
Net Increase in Shares Outstanding from Share Transactions		50,000			170,000

(1) The Fund commenced operations on May 24, 2023.

(2) The Fund commenced operations on September 11, 2023.

The accompanying notes are an integral part of the financial statements.

225

Financial Highlights

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Return of Capital ($)
Global X Millennial Consumer ETF
2023		28.43		0.07		4.43			4.50			(0.07	)		—			—
2022		42.68		0.05		(14.23	)		(14.18	)		(0.07	)		—			—
2021		35.23		0.08		7.43			7.51			(0.06	)		—			—
2020		25.55		0.05		9.74			9.79			(0.10	)		(0.01	)		—
2019		21.57		0.10		3.99			4.09			(0.10	)		(0.01	)		—
Global X Aging Population ETF
2023		26.46		0.23		0.41			0.64			(0.17	)		—			—
2022		27.41		0.20		(0.87	)		(0.67	)		(0.26	)		—			(0.02	)
2021		26.82		0.13		0.55			0.68			(0.09	)		—			—
2020		23.55		0.10		3.35			3.45			(0.13	)		(0.05	)		—
2019		20.67		0.13		2.99			3.12			(0.18	)		(0.06	)		—
Global X Health & Wellness ETF
2023		21.37		0.21		0.99			1.20			(0.22	)		—			—
2022		28.04		0.21		(6.66	)		(6.45	)		(0.22	)		—			—
2021		24.11		0.20		3.87			4.07			(0.14	)		—			—
2020		21.17		0.10		2.92			3.02			(0.08	)		—			—
2019		18.59		0.14		2.60			2.74			(0.16	)		—			—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
‡	Effective April 1, 2020, the Fund’s fees were permanently lowered to 0.50%. Prior to April 1, 2020, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.57% and 0.68%, for the years ended November 30, 2020 and 2019, respectively.
^	Effective April 1, 2020, the Fund’s fees were permanently lowered to 0.50%. Prior to April 1, 2020, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.56% and 0.68%, for the years ended November 30, 2020 and 2019, respectively.
^^	Effective April 1, 2020, the Fund’s fees were permanently lowered to 0.50%. Prior to April 1, 2020, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.55% and 0.68%, for the years ended November 30, 2020 and 2019, respectively.

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

226

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets, End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)		Portfolio Turnover (%)^††

	(0.07	)		32.86		15.87			105,493		0.50			0.23		16.60
	(0.07	)		28.43		(33.29	)		105,459		0.50			0.17		14.75
	(0.06	)		42.68		21.33			227,075		0.50			0.18		11.59
	(0.11	)		35.23		38.47			114,511		0.50	^		0.19		7.11
	(0.11	)		25.55		19.07			75,383		0.50	^		0.42		10.44

	(0.17	)		26.93		2.42			53,596		0.50			0.87		13.34
	(0.28	)		26.46		(2.47	)		41,800		0.50			0.76		13.50
	(0.09	)		27.41		2.51			59,756		0.50			0.43		19.57
	(0.18	)		26.82		14.79			42,907		0.50	^^		0.43		9.10
	(0.24	)		23.55		15.38			23,548		0.50	^^		0.62		14.18

	(0.22	)		22.35		5.64			9,162		0.50			0.96		10.10
	(0.22	)		21.37		(23.11	)		22,652		0.50			0.90		13.49
	(0.14	)		28.04		16.90			40,091		0.50			0.71		14.90
	(0.08	)		24.11		14.34			20,496		0.50	‡		0.48		20.54
	(0.16	)		21.17		14.89			20,115		0.50	‡		0.74		18.05

The accompanying notes are an integral part of the financial statements.

227

Financial Highlights

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Return of Capital ($)
Global X Robotics & Artificial Intelligence ETF
2023		21.09		0.07			5.36			5.43			(0.05	)		—			—
2022		36.24		0.04			(15.14	)		(15.10	)		(0.04	)		—			(0.01	)
2021		31.78		0.02			4.50			4.52			(0.02	)		—			(0.04	)
2020		21.43		0.05			10.39			10.44			(0.08	)		—			(0.01	)
2019		19.70		0.19			1.93			2.12			(0.39	)		—			—
Global X FinTech ETF
2023		20.44		0.05			1.93			1.98			(0.05	)		—			—	***
2022		45.52		0.09			(22.96	)		(22.87	)		(2.16	)		—			(0.05	)
2021		42.75		(0.13	)		2.90			2.77			—			—			—
2020		30.49		(0.11	)		12.37			12.26			—			—			—
2019		24.55		(0.08	)		6.06			5.98			—			—			(0.04	)
Global X Internet of Things ETF
2023		30.54		0.25			1.95			2.20			(0.29	)		—			—
2022		37.68		0.21			(7.17	)		(6.96	)		(0.13	)		(0.05	)		—
2021		29.95		0.13			7.72			7.85			(0.12	)		—			—
2020		22.89		0.17			7.08			7.25			(0.19	)		—			—
2019		18.04		0.20			4.93			5.13			(0.28	)		—			—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***	Amount is less than $0.005.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

228

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets, End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)		Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)^††

	(0.05	)		26.47		25.75			2,269,824		0.68		0.26			8.28
	(0.05	)		21.09		(41.67	)		1,341,942		0.69		0.16			29.86
	(0.06	)		36.24		14.23			2,703,488		0.68		0.06			22.66
	(0.09	)		31.78		48.90			2,158,175		0.68		0.21			22.27
	(0.39	)		21.43		11.16			1,479,984		0.68		0.98			10.97

	(0.05	)		22.37		9.70			351,478		0.68		0.23			13.12
	(2.21	)		20.44		(52.58	)		455,463		0.68		0.33			38.15
	—			45.52		6.48			1,289,006		0.68		(0.28	)		29.60
	—			42.75		40.21			874,175		0.68		(0.33	)		15.75
	(0.04	)		30.49		24.42			413,152		0.68		(0.29	)		16.40

	(0.29	)		32.45		7.26			287,487		0.68		0.79			11.12
	(0.18	)		30.54		(18.52	)		305,697		0.68		0.67			8.40
	(0.12	)		37.68		26.24			517,291		0.68		0.37			9.25
	(0.19	)		29.95		31.88			296,508		0.68		0.71			14.28
	(0.28	)		22.89		29.01			131,627		0.68		1.04			11.71

The accompanying notes are an integral part of the financial statements.

229

Financial Highlights

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Return of Capital ($)
Global X U.S. Infrastructure Development ETF
2023		27.94		0.24		3.54			3.78			(0.22	)		—			—
2022		27.19		0.19		0.74			0.93			(0.17	)		(0.01	)		—
2021		20.24		0.17		6.87			7.04			(0.09	)		—	***		—
2020		17.43		0.16		2.74			2.90			(0.09	)		—			—
2019		15.57		0.13		1.90			2.03			(0.17	)		—			—
Global X Autonomous & Electric Vehicles ETF
2023		22.89		0.38		0.23			0.61			(0.31	)		—			—
2022		30.41		0.19		(7.56	)		(7.37	)		(0.13	)		(0.02	)		—
2021		21.75		0.09		8.65			8.74			(0.08	)		—			—
2020		14.15		0.11		7.61			7.72			(0.12	)		—			—
2019		13.26		0.22		1.11			1.33			(0.44	)		—			—
Global X Artificial Intelligence & Technology ETF
2023		21.54		0.07		8.21			8.28			(0.09	)		—			—
2022		31.58		0.11		(10.08	)		(9.97	)		(0.07	)		—			—
2021		25.84		0.05		5.78			5.83			(0.09	)		—			—
2020		17.35		0.17		8.44			8.61			(0.12	)		—			—
2019		14.24		0.10		3.13			3.23			(0.12	)		—			—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***	Amount is less than $0.005.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
^	Effective April 1, 2019, the Fund’s fees were permanently lowered to 0.47%. Prior to April 1, 2019, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.50% for the year ended November 30, 2019.

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

230

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets, End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)		Portfolio Turnover (%)^††

	(0.22	)		31.50		13.63			5,153,796		0.47			0.82		5.99
	(0.18	)		27.94		3.48			3,748,693		0.47			0.74		9.78
	(0.09	)		27.19		34.90			5,186,497		0.47			0.64		10.07
	(0.09	)		20.24		16.77			653,635		0.47			0.96		9.08
	(0.17	)		17.43		13.28			183,065		0.47	^		0.81		9.18

	(0.31	)		23.19		2.71			697,745		0.68			1.63		26.60
	(0.15	)		22.89		(24.25	)		883,478		0.68			0.74		34.76
	(0.08	)		30.41		40.22			1,323,546		0.68			0.33		18.17
	(0.12	)		21.75		54.98			135,923		0.68			0.67		13.76
	(0.44	)		14.15		10.61			14,855		0.68			1.67		31.26

	(0.09	)		29.73		38.56			789,875		0.68			0.28		19.08
	(0.07	)		21.54		(31.58	)		130,518		0.68			0.46		21.28
	(0.09	)		31.58		22.60			186,334		0.68			0.17		26.37
	(0.12	)		25.84		49.84			120,169		0.68			0.79		19.45
	(0.12	)		17.35		22.87			44,245		0.68			0.61		16.34

The accompanying notes are an integral part of the financial statements.

231

Financial Highlights

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Return of Capital ($)
Global X Genomics & Biotechnology ETF
2023		13.45		(0.04	)		(3.00	)		(3.04	)		—			—			—
2022		20.61		(0.03	)		(7.12	)		(7.15	)		(0.01	)		—			—
2021		21.01		(0.08	)		(0.29	)		(0.37	)		—			(0.03	)		—
2020		15.61		(0.07	)		5.47			5.40			—			—			—
2019⁽¹⁾		15.28		(0.05	)		0.38			0.33			—			—			—
Global X Cloud Computing ETF
2023		16.77		(0.10	)		4.12			4.02			—			—			—
2022		28.38		(0.15	)		(10.99	)		(11.14	)		—			(0.47	)		—
2021		25.84		(0.15	)		2.69			2.54			—			—			—
2020		15.99		(0.11	)		9.97			9.86			—			(0.01	)		—
2019⁽²⁾		15.06		(0.04	)		0.97			0.93			—			—			—
Global X Cannabis ETF
2023		14.95		0.43			(9.58	)		(9.15	)		(0.28	)		—			—
2022⁽³⁾		43.32		0.69			(27.82	)		(27.13	)		(1.21	)		—			(0.03	)
2021⁽³⁾		72.30		1.32			(28.86	)		(27.54	)		(1.44	)		—			—
2020⁽³⁾		91.86		4.86			(20.76	)		(15.90	)		(3.66	)		—			—
2019⁽³⁾⁽⁴⁾		146.46		1.32			(55.92	)		(54.60	)		—			—			—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
‡	Effective June 15 2020, the Fund’s fees were permanently lowered to 0.50%.
(1)	The Fund commenced operations on April 5, 2019.
(2)	The Fund commenced operations on April 12, 2019.
(3)	Per share amounts have been adjusted for a 1 for 6 reverse share split on June 10, 2022. (See Note 11 in the Notes to Financial Statements/Notes to Consolidated Financial Statements.)
(4)	The Fund commenced operations on September 17, 2019.

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

232

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets, End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)^††

	—			10.41		(22.60	)		93,029		0.50			(0.34	)		16.59
	(0.01	)		13.45		(34.72	)		209,341		0.50			(0.21	)		39.39
	(0.03	)		20.61		(1.77	)		255,572		0.50			(0.35	)		29.25
	—			21.01		34.59			81,951		0.56	‡		(0.40	)		29.76
	—			15.61		2.16			18,734		0.68	†		(0.59	)†		23.12

	—			20.79		23.97			581,162		0.68			(0.54	)		21.60
	(0.47	)		16.77		(39.88	)		589,085		0.68			(0.74	)		31.21
	—			28.38		9.83			1,317,544		0.68			(0.53	)		23.77
	(0.01	)		25.84		61.68			1,405,489		0.68			(0.53	)		23.03
	—			15.99		6.18			472,386		0.68	†		(0.44	)†		12.52

	(0.28	)		5.52		(61.63	)		28,424		0.51			5.24			53.56
	(1.24	)		14.95		(63.88	)		55,904		0.51			3.05			65.14
	(1.44)			43.32		(38.79	)		105,549		0.50			1.76			113.26
	(3.66	)		72.30		(17.03	)		36,160		0.51			8.11			59.79
	—			91.86		(37.28	)		4,594		0.50	†		6.19	†		11.40

The accompanying notes are an integral part of the financial statements.

233

Financial Highlights

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Return of Capital ($)
Global X Thematic Growth ETF
2023		26.14		0.11			(2.79	)		(2.68	)		(0.41	)		—			—
2022		47.65		0.44			(21.33	)		(20.89	)		(0.62	)		—			—
2021		42.45		0.39			5.10			5.49			(0.29	)		—			—
2020		26.50		0.10			15.96			16.06			(0.11	)		—			—
2019⁽¹⁾		25.23		—			1.27			1.27			—			—			—
Global X Video Games & Esports ETF
2023		18.96		0.10			0.90			1.00			(0.03	)		—			—
2022		29.52		0.08			(10.39	)		(10.31	)		(0.14	)		(0.07	)		(0.04	)
2021		28.57		0.04			1.14			1.18			(0.23	)		—	***		—
2020		15.73		0.02			12.86			12.88			(0.04	)		—			—
2019⁽¹⁾		14.99		—			0.74			0.74			—			—			—
Global X Cybersecurity ETF
2023		22.85		(0.03	)		4.34			4.31			—			(0.32	)		—
2022		31.75		(0.03	)		(8.66	)		(8.69	)		(0.09	)		(0.12	)		—
2021		22.75		0.12			8.90			9.02			(0.01	)		(0.01	)		—
2020		17.14		0.09			5.67			5.76			(0.13	)		(0.02	)		—
2019⁽¹⁾		15.27		—			1.87			1.87			—			—			—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***	Amount is less than $0.005.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
‡	Effective for the fiscal year ended November 30, 2022, the Fund began presenting acquired fund fees borne by the Adviser as part of its unitary fee agreement (See Note 3 in Notes to Financial Statements/Notes to Consolidated Financial Statements) as a realized gain on the Statement of Operations as compared to a contra-expense as in prior fiscal years. If such amounts had been presented as a realized gain in years prior to 2022, the ratio of Expenses to Average Net Assets would have been 0.50% each year.
^	Effective April 1, 2021, the Fund’s management fees were permanently lowered to 0.50%. Prior to April 1, 2021, the ratio of Expenses to Average Net Assets included the effect of a waiver. If these offsets were excluded, the ratio would have been 0.52%, 0.60% and 0.60% for the years ended November 30, 2021, 2020 and 2019, respectively.
#	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(1)	The Fund commenced operations on October 25, 2019.

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

234

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets, End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)^††

	(0.41	)		23.05		(10.30	)		32,270		0.50			0.45			54.28
	(0.62	)		26.14		(44.36	)		50,979		0.50	#		1.32			55.00
	(0.29	)		47.65		12.95			110,081		(0.13	)#‡		0.77			32.16
	(0.11	)		42.45		60.81			36,081		(0.12	)#‡		0.29			103.23
	—			26.50		5.03			2,650		(0.15	)#†‡		0.15	†		—

	(0.03	)		19.93		5.29			132,339		0.50			0.49			26.11
	(0.25	)		18.96		(35.19	)		174,075		0.50			0.36			55.72
	(0.23	)		29.52		4.09			485,235		0.50			0.09			23.45
	(0.04	)		28.57		82.04			481,341		0.50			0.04			12.02
	—			15.73		4.94			1,573		0.50	†		(0.45	)†		0.27

	(0.32	)		26.84		19.29			647,551		0.50			(0.12	)		18.77
	(0.21	)		22.85		(27.56	)		967,942		0.51			(0.11	)		57.81
	(0.02	)		31.75		39.68			1,132,090		0.50	^{^}		0.41			26.34
	(0.15	)		22.75		33.78			46,634		0.50	^{^}		0.43			21.29
	—			17.14		12.25			1,714		0.50	^{^}†		(0.16	)†		3.57

The accompanying notes are an integral part of the financial statements.

235

Financial Highlights

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)		Return of Capital ($)
Global X Telemedicine & Digital Health ETF
2023		12.23		(0.04	)		(3.24	)		(3.28	)		—			—		—
2022		16.32		(0.01	)		(4.08	)		(4.09	)		—			—		—
2021		18.41		(0.10	)		(1.98	)		(2.08	)		(0.01	)		—		—
2020⁽¹⁾		15.23		0.01			3.17			3.18			—			—		—
Global X China Biotech Innovation ETF
2023		9.68		0.04			(1.17	)		(1.13	)		(0.04	)		—		—
2022		15.96		0.01			(6.27	)		(6.26	)		—			—		(0.02	)
2021		14.88		(0.05	)		1.13			1.08			—			—		—
2020⁽²⁾		15.09		(0.02	)		(0.19	)		(0.21	)		—			—		—
Global X CleanTech ETF
2023		16.20		0.05			(6.34	)		(6.29	)		(0.03	)		—		—
2022		20.43		0.03			(4.19	)		(4.16	)		(0.07	)		—		—
2021		19.02		0.02			1.40			1.42			(0.01	)		—		—
2020⁽³⁾		15.07		0.02			3.93			3.95			—			—		—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	The Fund commenced operations on July 29, 2020.
(2)	The Fund commenced operations on September 22, 2020.
(3)	The Fund commenced operations on October 27, 2020.

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

236

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets, End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)^††

	—			8.95		(26.82	)		64,919		0.68			(0.36	)		29.92
	—			12.23		(25.06	)		150,075		0.68			(0.05	)		43.26
	(0.01	)		16.32		(11.32	)		475,576		0.68			(0.52	)		42.39
	—			18.41		20.88			490,675		0.68	†		0.18	†		9.67

	(0.04	)		8.51		(11.66	)		2,297		0.65			0.45			31.98
	(0.02	)		9.68		(39.24	)		2,612		0.65			0.13			41.26
	—			15.96		7.26			4,309		0.65			(0.31	)		50.08
	—			14.88		(1.39	)		2,232		0.67	†		(0.65	)†		10.48

	(0.03	)		9.88		(38.90	)		58,874		0.50			0.38			23.91
	(0.07	)		16.20		(20.38	)		127,842		0.50			0.17			15.72
	(0.01	)		20.43		7.48			175,458		0.50			0.09			35.53
	—			19.02		26.21			28,523		0.50	†		1.18	†		—

The accompanying notes are an integral part of the financial statements.

237

Financial Highlights

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Return of Capital ($)
Global X Data Center REITs & Digital Infrastructure ETF
2023		13.52		0.21		0.90			1.11			(0.22	)		(0.11	)		—
2022		17.83		0.15		(4.22	)		(4.07	)		(0.16	)		(0.08	)		—
2021		14.94		0.16		2.84			3.00			(0.11	)		—			—
2020⁽¹⁾		14.97		—		(0.03	)		(0.03	)		—			—			—
Global X Clean Water ETF
2023		14.30		0.25		1.09			1.34			(0.24	)		—			—
2022		16.73		0.23		(2.41	)		(2.18	)		(0.25	)		—	***		—
2021⁽²⁾		15.04		0.26		1.47			1.73			(0.04	)		—			—
Global X AgTech & Food Innovation ETF
2023		15.63		0.11		(5.47	)		(5.36	)		(0.10	)		—			—
2022		19.76		0.11		(4.04	)		(3.93	)		(0.10	)		(0.10	)		—
2021⁽³⁾		25.34		0.05		(5.63	)		(5.58	)		—			—			—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***	Amount is less than $0.005.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	The Fund commenced operations on October 27, 2020.
(2)	The Fund commenced operations on April 8, 2021.
(3)	The Fund commenced operations on July 12, 2021.

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

238

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets, End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)^††

	(0.33	)		14.30		8.46			39,323		0.50			1.60			62.01
	(0.24	)		13.52		(23.11	)		63,143		0.50			0.99			36.96
	(0.11	)		17.83		20.17			78,098		0.50			0.93			15.80
	—			14.94		(0.20	)		3,736		0.50	†		0.26	†		—

	(0.24	)		15.40		9.50			9,394		0.50			1.71			15.27
	(0.25	)		14.30		(13.18	)		7,580		0.50			1.58			28.19
	(0.04	)		16.73		11.52			8,699		0.50	†		2.44	†		4.84

	(0.10	)		10.17		(34.41	)		4,476		0.51			0.86			54.45
	(0.20	)		15.63		(20.06	)		6,721		0.50			0.62			55.85
	—			19.76		(22.02	)		5,533		0.51	†		0.58	†		32.72

The accompanying notes are an integral part of the financial statements.

239

Financial Highlights

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)			Return of Capital ($)
Global X Blockchain ETF
2023⁽¹⁾		16.39		0.28			14.27			14.55			(0.22	)		—			—
2022⁽¹⁾		129.32		0.46			(109.52	)		(109.06	)		(3.80	)		—			(0.07	)
2021⁽¹⁾⁽²⁾		100.04		0.24			29.04			29.28			—			—			—
Global X Hydrogen ETF
2023		12.27		(0.02	)		(5.73	)		(5.75	)		—			—			—
2022		24.38		(0.03	)		(12.07	)		(12.10	)		—			(0.01	)		—
2021⁽²⁾		25.04		(0.03	)		(0.63	)		(0.66	)		—			—			—
Global X Solar ETF
2023		22.06		(0.03	)		(10.32	)		(10.35	)		—			—			—
2022		25.70		(0.04	)		(3.60	)		(3.64	)		—			—	***		—	***
2021⁽³⁾		24.19		(0.01	)		1.52			1.51			—			—			—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***	Amount is less than $0.005.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	Per share amounts have been adjusted for a 1 for 4 reverse share split on December 19, 2022. (See Note 10 in the Notes to Financial Statements/Notes to Consolidated Financial Statements.)
(2)	The Fund commenced operations on July 12, 2021.
(3)	The Fund commenced operations on September 8, 2021.

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

240

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets, End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)^††

	(0.22	)		30.72		89.03			87,124		0.50			1.16			39.77
	(3.87	)		16.39		(86.70	)		45,227		0.50			1.15			36.47
	—			129.32		29.27			127,720		0.50	†		0.52	†		19.49

	—			6.52		(46.86	)		35,777		0.50			(0.21	)		27.79
	(0.01	)		12.27		(49.64	)		38,035		0.50			(0.24	)		36.44
	—			24.38		(2.64	)		32,427		0.51	†		(0.33	)†		40.38

	—			11.71		(46.92	)		5,974		0.50			(0.17	)		50.01
	—	***		22.06		(14.14	)		5,955		0.51			(0.20	)		128.22
	—			25.70		6.24			8,995		0.50	†		(0.22	)†		9.85

The accompanying notes are an integral part of the financial statements.

241

Financial Highlights

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)		Return of Capital ($)
Global X Wind Energy ETF
2023		17.58		0.16			(4.68	)		(4.52	)		(0.18	)		—		—
2022		23.76		0.14			(6.26	)		(6.12	)		(0.06	)		—		—
2021⁽¹⁾		24.82		(0.01	)		(1.05	)		(1.06	)		—			—		—
Global X Green Building ETF
2023		20.95		0.65			0.76			1.41			(0.70	)		—		—
2022⁽²⁾		25.37		0.50			(4.76	)		(4.26	)		(0.16	)		—		—
Global X Metaverse ETF
2023		19.20		0.13			7.20			7.33			(1.63	)		—		—
2022⁽³⁾		24.10		0.39			(4.91	)		(4.52	)		(0.38	)		—		—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	The Fund commenced operations on September 8, 2021.
(2)	The Fund commenced operations on April 11, 2022.
(3)	The Fund commenced operations on April 26, 2022.

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

242

Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets, End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)^††

	(0.18	)		12.88		(25.94	)		2,705		0.51			0.95			94.18
	(0.06	)		17.58		(25.79	)		3,341		0.50			0.68			34.53
	—			23.76		(4.27	)		4,514		0.50	†		(0.10	)†		23.01

	(0.70	)		21.66		6.95			2,166		0.46			3.10			76.69
	(0.16	)		20.95		(16.82	)		2,095		0.45	†		3.68	†		30.18

	(1.63	)		24.90		38.78			2,490		0.50			0.57			21.53
	(0.38	)		19.20		(18.87	)		1,920		0.50	†		3.13	†		30.52

The accompanying notes are an integral part of the financial statements.

243

Financial Highlights/Consolidated Financial Highlights

Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Distribution from Capital Gains ($)		Return of Capital ($)
Global X PropTech ETF
2023⁽¹⁾		25.08		0.01		2.17			2.18			—	***		—		—
Global X Carbon Credits Strategy ETF (Consolidated)
2023⁽²⁾		34.88		0.69		(3.82	)		(3.13	)		(0.08	)		—		—
Global X Defense Tech ETF
2023⁽³⁾		24.82		0.08		2.13			2.21			—			—		—

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***	Amount is less than $0.005.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
(1)	The Fund commenced operations on April 11, 2023.
(2)	The Fund commenced operations on May 24, 2023.
(3)	The Fund commenced operations on September 11, 2023.

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

244

Financial Highlights/Consolidated Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets, End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income to Average Net Assets (%)			Portfolio Turnover (%)^††

	—			27.26		8.71			2,726		0.51	†		0.08	†		13.73

	(0.08	)		31.67		(8.99	)		1,584		0.40	†		3.86	†		—

	—			27.03		8.90			4,595		0.50	†		1.39	†		2.94

The accompanying notes are an integral part of the financial statements.

245

Notes to Financial Statements/Notes to Consolidated Financial Statements

November 30, 2023

1. ORGANIZATION

The Global X Funds (the “Trust”) is a Delaware statutory trust formed on March 6, 2008. The Trust is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company. As of November 30, 2023, the Trust had one hundred and thirteen portfolios, one hundred and nine of which were operational. The financial statements herein and the related notes pertain to the Global X Millennial Consumer ETF, Global X Aging Population ETF, Global X Health & Wellness ETF, Global X Robotics & Artificial Intelligence ETF, Global X FinTech ETF, Global X Internet of Things ETF, Global X U.S. Infrastructure Development ETF, Global X Autonomous & Electric Vehicles ETF, Global X Artificial Intelligence & Technology ETF, Global X Genomics & Biotechnology ETF, Global X Cloud Computing ETF, Global X Cannabis ETF, Global X Thematic Growth ETF, Global X Video Games & Esports ETF, Global X Cybersecurity ETF, Global X Telemedicine & Digital Health ETF, Global X China Biotech Innovation ETF, Global X CleanTech ETF, Global X Data Center REITs & Digital Infrastructure ETF, Global X Clean Water ETF, Global X AgTech & Food Innovation ETF, Global X Blockchain ETF, Global X Hydrogen ETF, Global X Solar ETF, Global X Wind Energy ETF, Global X Green Building ETF, Global X Metaverse ETF, Global X PropTech ETF, Global X Carbon Credits Strategy ETF and Global X Defense Tech ETF (each a “Fund” and collectively, the “Funds”).

Each Fund, other than the Global X Millennial Consumer ETF, Global X Aging Population ETF, Global X Health & Wellness ETF, Global X U.S. Infrastructure Development ETF and Global X Thematic Growth ETF, has elected non-diversified status under the 1940 Act.

Global X PropTech ETF commenced operations on April 11, 2023, Global X Carbon Credits Strategy ETF commenced operations on May 24, 2023, and Global X Defense Tech ETF commenced operations on September 11, 2023.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Funds:

USE OF ESTIMATES — The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could materially differ from those estimates.

RETURN OF CAPITAL ESTIMATES – Distributions received by the Funds from underlying master limited partnership (“MLP”) and real estate investment trust (“REIT”) investments generally are comprised of income and return of capital. The Funds record

246

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from the MLPs, REITs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs and REITs after their tax reporting periods are concluded.

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (“NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices, which approximates fair value (absent both bid and asked prices on such exchange, the bid price may be used).

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local currencies and converted to U.S. dollars using currency exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day.

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the “Fair Value Procedures”) established by Global X Management Company LLC, the Funds’ investment adviser (the “Adviser”), and approved by the Funds’ Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the “valuation designee” to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) of the Adviser. Some of the more common reasons that may necessitate that a security be valued using the Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from its primary trading exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, each Fund may fair value a security if an event that may materially affect the value of the Fund’s security that is traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time the Fund calculates its net asset value (“NAV”). A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before

247

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November 30, 2023

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

the time at which the Funds calculate their NAVs, it may request that a Committee meeting be called. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration all relevant information reasonably available to the Committee.

If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less will be valued at their market value. Prices for most securities held by the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Funds have the ability to fully redeem tranches at NAV as of the measurement date or within the near term, and short-term investments valued at amortized cost); and

Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments and fair value of investments for which the Funds do not have the ability to fully redeem tranches at NAV as of the measurement date or within the near term).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement

248

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For details of the investment classification, reference the Schedule of Investments/Consolidated Schedule of Investments.

The unobservable inputs used to determine fair value of Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties as of November 30, 2023. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

REPURCHASE AGREEMENTS — Securities pledged as collateral for repurchase agreements by BNP Paribas are held by Brown Brothers Harriman & Co. (“BBH”) or the Bank of New York Mellon (“BNY Mellon”), as appropriate, in their roles as Custodian to respective Funds (each, a “Custodian” and together, the “Custodians”), and are designated as being held on each Fund’s behalf by the Custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest.

It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event that the counterparty to a repurchase agreement defaults on its obligations and the Funds are prevented from exercising their rights to dispose of the underlying securities received as collateral. For financial statement purposes, the Funds record the securities lending collateral (included in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities/Consolidated Statement of Asset and Liabilities. Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Funds.

FEDERAL INCOME TAXES — It is each Fund’s intention to qualify, or continue to qualify, as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, no provisions for Federal income taxes have been made in the financial statements except as described below.

249

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax positions in the current period, however Management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), and on-going analysis of and changes to tax laws and regulations, and interpretations thereof.

If a Fund has foreign tax filings that have not been made, the tax years that remain subject to examination may date back to the inception of the Fund.

As of and during the reporting period ended November 30, 2023, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations/Consolidated Statement of Operations. During the reporting period, the Funds did not incur any interest or penalties. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations/Consolidated Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date. Amortization of premiums and accretion of discounts is included in interest income.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Funds distribute their net investment income on a pro rata basis. Any net investment income and net realized capital gains are distributed at least annually. All distributions are recorded on the ex-dividend date.

INVESTMENTS IN REITs – With respect to the Funds, dividend income is recorded based on the income included in distributions received from REIT investments using published

250

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.

CASH OVERDRAFT CHARGES – Per the terms of an agreement with BBH, if a Fund for which BBH is Custodian has a cash overdraft on a given day, it will be assessed an overdraft charge equal to the applicable BBH Base Rate plus 2.00%. Per the terms of an agreement with BNY Mellon, if a Fund for which BNY Mellon is Custodian has a cash overdraft, it will be charged interest at a rate then charged by BNY Mellon to its institutional custody clients in the relevant currency. Cash overdraft charges are included in custodian fees on the Statements of Operations/Consolidated Statement of Operations.

FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements of Operations/Consolidated Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

FUTURES CONTRACTS — To the extent consistent with its investment objective and strategies, each Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

251

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, a futures contract involves the risk that the Fund could lose more than the original margin deposit required to initiate a futures transaction.

Futures contracts shall be valued at the settlement price established each day by the board of the exchange on which they are traded. The daily settlement prices for financial futures are provided by an independent source.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities/Consolidated Statement of Asset and Liabilities. Refer to the Funds’ Schedule of Investments/Consolidated Schedule of Investments for details regarding open futures contracts as of November 30, 2023, if applicable.

CREATION UNITS —The Funds issue and redeem their shares (“Shares”) on a continuous basis at NAV and only in large blocks of 10,000 Shares, referred to as “Creation Units”. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to the Fund’s Custodian, on the date of such redemption, regardless of the number of Creation Units redeemed that day.

252

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

If a Creation Unit is purchased or redeemed for cash, an additional variable fee may be charged. The following table discloses Creation Unit breakdown:

	Creation Unit Shares	Creation Fee		Value at November 30, 2023		Redemption Fee
Global X Millennial Consumer ETF	10,000	$	300	$	328,600	$	300
Global X Aging Population ETF	10,000		800		269,300		800
Global X Health & Wellness ETF	10,000		700		223,500		700
Global X Robotics & Artificial Intelligence ETF	10,000		600		264,700		600
Global X FinTech ETF	10,000		400		223,700		400
Global X Internet of Things ETF	10,000		500		324,500		500
Global X U.S. Infrastructure Development ETF	10,000		400		315,000		400
Global X Autonomous & Electric Vehicles ETF	10,000		600		231,900		600
Global X Artificial Intelligence & Technology ETF	10,000		600		297,300		600
Global X Genomics & Biotechnology ETF	10,000		250		104,100		250
Global X Cloud Computing ETF	10,000		250		207,900		250
Global X Cannabis ETF	10,000		250		55,200		250
Global X Thematic Growth ETF	10,000		250		230,500		250
Global X Video Games & Esports ETF	10,000		600		199,300		600
Global X Cybersecurity ETF	10,000		250		268,400		250
Global X Telemedicine & Digital Health ETF	10,000		250		89,500		250
Global X China Biotech Innovation ETF	10,000		600		85,100		600
Global X CleanTech ETF	10,000		500		98,800		500
Global X Data Center REITs & Digital Infrastructure ETF	10,000		300		143,000		300
Global X Clean Water ETF	10,000		500		154,000		500
Global X AgTech & Food Innovation ETF	10,000		300		101,700		300
Global X Blockchain ETF	10,000		250		307,200		250
Global X Hydrogen ETF	10,000		250		65,200		250
Global X Solar ETF	10,000		900		117,100		900
Global X Wind Energy ETF	10,000		600		128,800		600
Global X Green Building ETF	10,000		1,000		216,600		1,000
Global X Metaverse ETF	10,000		400		249,000		400
Global X PropTech ETF	10,000		250		272,600		250
Global X Carbon Credits Strategy ETF	10,000		50		316,700		50
Global X Defense Tech ETF	10,000		250		270,300		250

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS

On July 2, 2018, the Adviser consummated a transaction pursuant to which it became an indirect, wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. (“Mirae”). In this manner, the Adviser is ultimately controlled by Mirae.

253

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides, or causes to be furnished, all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution services agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an “all-in” fee structure.

For the Adviser’s services to the Funds, under a supervision and administration agreement (the “Supervision and Administration Agreement”), each Fund pays a monthly fee to the Adviser at the annual rate below (stated as a percentage of the average daily net assets of the respective Fund) (“Supervision and Administration Fee”). In addition, the Funds bear other expenses, directly and indirectly, that are not covered by the Supervision and Administration Agreement, which may vary and affect the total expense ratios of the Funds, such as taxes, brokerage fees, commissions, certain custodian fees, acquired fund fees and expenses (except for Global X Thematic Growth ETF and Global X Carbon Credits Strategy ETF with respect to investments in affiliated investment companies), and other transaction expenses, interest expenses, and extraordinary expenses (such as litigation and indemnification expenses).

The Supervision and Administration Agreement for the Global X Thematic Growth ETF and Global X Carbon Credits Strategy ETF provides that the Adviser also bears the costs for acquired fund fees and expenses generated by investments by the Fund in affiliated investment companies. For the year ended November 30, 2023, the Adviser paid acquired fund fees and expenses of $247,624 and $100 and made such reimbursement payments to the Global X Thematic Growth ETF and Global X Carbon Credits Strategy ETF, respectively, on a monthly basis.

254

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

The following table discloses the supervision and administration fees payable pursuant to the Supervision and Administration Agreement:

		Supervision and Administration Fee
Global X Millennial Consumer ETF		0.50%
Global X Aging Population ETF		0.50%
Global X Health & Wellness ETF		0.50%
Global X Robotics & Artificial Intelligence ETF		0.68%
Global X FinTech ETF		0.68%
Global X Internet of Things ETF		0.68%
Global X U.S. Infrastructure Development ETF		0.47%
Global X Autonomous & Electric Vehicles ETF		0.68%
Global X Artificial Intelligence & Technology ETF		0.68%
Global X Genomics & Biotechnology ETF		0.50%
Global X Cloud Computing ETF		0.68%
Global X Cannabis ETF		0.50%
Global X Thematic Growth ETF		0.50%
Global X Video Games & Esports ETF		0.50%
Global X Cybersecurity ETF		0.50%
Global X Telemedicine & Digital Health ETF		0.68%
Global X China Biotech Innovation ETF		0.65%
Global X CleanTech ETF		0.50%
Global X Data Center REITs & Digital Infrastructure ETF		0.50%
Global X Clean Water ETF		0.50%
Global X AgTech & Food Innovation ETF		0.50%
Global X Blockchain ETF		0.50%
Global X Hydrogen ETF		0.50%
Global X Solar ETF		0.50%
Global X Wind Energy ETF		0.50%
Global X Green Building ETF		0.45%
Global X Metaverse ETF		0.50%
Global X PropTech ETF		0.50%
Global X Carbon Credits Strategy ETF		0.39%
Global X Defense Tech ETF		0.50%

255

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with all required general administrative services, including, without limitation: office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and assistance with the preparation and filing of reports, registration statements, proxy statements and other materials required to be filed or furnished by the Funds under Federal and state securities laws. As compensation for these services, SEIGFS receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser.

SEI Investments Distribution Co. (“SIDCO”) serves as the Funds’ underwriter and distributor of Creation Units pursuant to a distribution agreement (the “Distribution Agreement”). SIDCO has no obligation to sell any specific quantity of Shares of the funds.

SIDCO bears the following costs and expenses relating to the distribution of Shares: (i) the costs of processing and maintaining records of creations of Creation Units; (ii) all costs of maintaining the records required of a registered broker/dealer; (iii) the expenses of maintaining its registration or qualification as a dealer or broker under federal or state laws; (iv) filing fees; and (v) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee from the Funds for its distribution services under the Distribution Agreement; rather, the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.

BBH serves as the Custodian and transfer agent of the Global X Millennial Consumer ETF, Global X Health & Wellness ETF, Global X Robotics & Artificial Intelligence ETF, Global X U.S. Infrastructure Development ETF, Global X Autonomous & Electric Vehicles ETF, Global X Cloud Computing ETF, Global X Telemedicine & Digital Health ETF and Global X China Biotech Innovation ETF. As Custodian, BBH has agreed to (1) make receipts and disbursements of money on behalf of the Funds; (2) collect and receive all income and other payments and distributions on account of the Funds’ portfolio investments; (3) respond to correspondence from shareholders, security brokers and others relating to its duties; and (4) make periodic reports to the Funds concerning the Funds’ operations. BBH does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees. As compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund; (2) make dividend and other distributions to shareholders of each Fund; (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts; and (5) make periodic reports to the Funds. As compensation for these services,

256

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

The Bank of New York Mellon (“BNY Mellon”) is the custodian of the Trust’s portfolio securities and cash with respect to all Funds except the Global X Millennial Consumer ETF, Global X Health & Wellness ETF, Global X Robotics & Artificial Intelligence ETF, Global X U.S. Infrastructure Development ETF, Global X Autonomous & Electric Vehicles ETF, Global X Cloud Computing ETF, Global X Telemedicine & Digital Health ETF and Global X China Biotech Innovation ETF. As custodian, BNY Mellon may appoint domestic and foreign sub-custodians and use depositories from time to time to hold securities and other instruments purchased by the Trust in foreign countries and to hold cash and currencies for the Trust. BNY Mellon also serves as the Trust’s transfer agent on behalf of the Funds. Under its transfer agency agreement with the Trust, BNY Mellon has undertaken with the Trust to provide the following services with respect to the Funds for which it serves as transfer agent: (i) perform and facilitate the performance of purchases and redemptions of Creation Units, (ii) prepare and transmit by means of Depository Trust Company’s (“DTC”) book-entry system payments for dividends and distributions on or with respect to the Shares declared by the Trust on behalf of the Fund, as applicable, (iii) prepare and deliver reports, information and documents as specified in the transfer agency agreement, (iv) perform the customary services of a transfer agent and dividend disbursing agent, and (v) render certain other miscellaneous services as specified in the transfer agency agreement or as otherwise agreed upon.

The custodian, transfer agent and securities lending agent for the Global X Cannabis ETF, Global X Blockchain ETF, Global X Genomics & Biotechnology ETF and Global X Thematic Growth ETF transitioned from BBH to BNY on or about June 12, 2023.

The custodian, transfer agent and securities lending agent for the Global X AgTech & Food Innovation ETF transitioned from BBH to BNY on or about June 26, 2023.

The custodian, transfer agent and securities lending agent for the Global X FinTech ETF, Global X Internet of Things ETF, Global X Artificial Intelligence & Technology ETF, Global X Video Games & Esports ETF, Global X Cybersecurity ETF, Global X CleanTech ETF, Global X Data Center REITs & Digital Infrastructure ETF, Global X Hydrogen ETF, Global X Solar ETF, Global X Wind Energy ETF, Global X Green Building ETF and Global X Metaverse ETF transitioned from BBH to BNY on or about July 10, 2023.

The custodian, transfer agent and securities lending agent for the Global X Aging Population ETF and Global X Clean Water ETF transitioned from BBH to BNY on or about July 24, 2023.

257

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

4. INVESTMENT TRANSACTIONS

For the year ended November 30, 2023, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government, and short-term securities, were:

	Purchases		Sales and Maturities
Global X Millennial Consumer ETF	$	16,829,472	$	16,765,378
Global X Aging Population ETF		8,355,499		6,984,321
Global X Health & Wellness ETF		1,728,689		3,024,385
Global X Robotics & Artificial Intelligence ETF		181,442,130		158,328,109
Global X FinTech ETF		51,140,798		53,631,770
Global X Internet of Things ETF		34,621,647		40,679,264
Global X U.S. Infrastructure Development ETF		262,656,949		295,131,937
Global X Autonomous & Electric Vehicles ETF		216,737,588		219,852,308
Global X Artificial Intelligence & Technology ETF		124,484,028		64,446,396
Global X Genomics & Biotechnology ETF		32,247,033		29,952,963
Global X Cloud Computing ETF		122,080,397		125,516,849
Global X Cannabis ETF		21,410,831		20,201,349
Global X Thematic Growth ETF		22,725,186		23,004,264
Global X Video Games & Esports ETF		41,972,865		48,875,109
Global X Cybersecurity ETF		134,090,428		152,848,850
Global X Telemedicine & Digital Health ETF		34,738,059		35,531,436
Global X China Biotech Innovation ETF		751,494		749,914
Global X CleanTech ETF		23,490,824		27,681,226
Global X Data Center REITs & Digital Infrastructure ETF		24,282,819		25,929,611
Global X Clean Water ETF		1,434,668		1,306,337
Global X AgTech & Food Innovation ETF		3,422,513		3,142,603
Global X Blockchain ETF		27,662,691		26,723,576
Global X Hydrogen ETF		11,983,458		10,907,331
Global X Solar ETF		4,283,725		2,408,570
Global X Wind Energy ETF		6,887,127		5,200,200
Global X Green Building ETF		1,665,715		1,603,009
Global X Metaverse ETF		477,248		529,376
Global X PropTech ETF		367,438		366,740
Global X Carbon Credits Strategy ETF		752,721		—
Global X Defense Tech ETF		268,282		110,885

258

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

4. INVESTMENT TRANSACTIONS (continued)

For each of the year ended November 30, 2023, in-kind transactions associated with creations and redemptions were:

2023	Purchases		Sales		Realized Gain/(Loss)
Global X Millennial Consumer ETF	$	4,583,089	$	18,994,630	$	(782,859	)
Global X Aging Population ETF		35,784,704		26,166,016		2,864,845
Global X Health & Wellness ETF		–		12,989,886		(2,120,833	)
Global X Robotics & Artificial Intelligence ETF		928,434,084		344,405,984		117,732,909
Global X FinTech ETF		9,811,451		141,940,324		(16,560,835	)
Global X Internet of Things ETF		82,082,603		112,641,065		29,459,777
Global X U.S. Infrastructure Development ETF		1,588,809,435		694,411,720		131,851,758
Global X Autonomous & Electric Vehicles ETF		47,454,475		245,283,038		27,048,974
Global X Artificial Intelligence & Technology ETF		543,335,409		35,793,775		2,857,168
Global X Genomics & Biotechnology ETF		89,215,729		149,863,985		(10,361,741	)
Global X Cloud Computing ETF		27,576,459		153,524,152		16,231,808
Global X Cannabis ETF		14,161,897		1,559,538		35,463
Global X Thematic Growth ETF		9,937,318		23,257,377		(3,942,561	)
Global X Video Games & Esports ETF		21,624,277		62,043,930		(6,435,572	)
Global X Cybersecurity ETF		84,813,373		486,868,156		(8,116,978	)
Global X Telemedicine & Digital Health ETF		2,490,161		53,540,190		(14,842,826	)
Global X China Biotech Innovation ETF		–		–		–
Global X CleanTech ETF		956,427		22,956,702		162,825
Global X Data Center REITs & Digital Infrastructure ETF		15,628,943		39,470,113		(5,070,247	)
Global X Clean Water ETF		1,466,248		425,073		85,801
Global X AgTech & Food Innovation ETF		232,095		92,401		11,041
Global X Blockchain ETF		26,378,606		26,328,600		8,353,437
Global X Hydrogen ETF		25,669,610		3,371,479		499,161
Global X Solar ETF		1,877,642		521,625		137,080
Global X Wind Energy ETF		8,068,053		7,805,159		(857,581	)
Global X Green Building ETF		1,414,294		1,477,811		(143,816	)
Global X Metaverse ETF		172,258		262,899		130,184
Global X PropTech ETF		2,506,044		–		–
Global X Carbon Credits Strategy ETF		–		–		–
Global X Defense Tech ETF		4,355,034		257,385		49,213

For the year ended November 30, 2023, there were no purchases or sales of long-term U.S. Government securities by the Funds.

5. BASIS FOR CONSOLIDATION FOR THE GLOBAL X CARBON CREDIT STRATEGY SUBSIDIARY LIMITED

The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statement of Changes in Net Assets, and the Consolidated Financial Highlights of the Global X Carbon Credits Strategy ETF include the accounts of the Global X Carbon Credit Strategy Subsidiary Limited (the “Subsidiary”). All intercompany accounts and transactions have been eliminated in consolidation for the Global X Carbon Credits Strategy ETF. The Subsidiary

259

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

5. BASIS FOR CONSOLIDATION FOR THE GLOBAL X CARBON CREDIT STRATEGY SUBSIDIARY LIMITED (continued)

has a fiscal year end and conforming tax year end of November 30 for financial statement consolidation purposes.

The Subsidiary is classified as controlled foreign corporation under the Code. The Subsidiary’s taxable income is included in the calculation of the Fund’s taxable income. Net losses of the Subsidiary are not deductible by the Fund either in the current period or carried forward to future periods.

The Fund may invest up to 25% of its total assets in the Subsidiary.

A summary of the Fund’s investments in the Subsidiary are as follows:

		Inception Date of Subsidiary		Subsidiary Net Assets at November 30, 2023		% of Total Net Assets at November 30, 2023
Global X Carbon Credit Strategy Subsidiary Limited		May 24, 2023		$260,236		16.4%

Gains and losses attributed to the Fund’s investments in the Subsidiary are as follows:

		Global X Carbon Credit Strategy Subsidiary Limited
Investment Income:
Dividend Income	$	130
Interest Income		5,867
Total Investment Income		5,997
Custodian Fees		24
Total Expenses		24
Net Investment Income		5,973
Net Realized Gain (Loss) on:
Investments		4,012
Futures Contracts		(96,318	)
Foreign Currency Transactions		202
Net Realized Loss		(92,104	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		11
Futures Contracts		(98,861	)
Net Change in Unrealized Depreciation		(98,850	)
Net Realized and Unrealized Loss		(190,954	)
Net Decrease in Net Assets Resulting from Operations	$	(184,981	)

260

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

6. DERIVATIVE TRANSACTIONS

The following tables show the derivatives categorized by underlying risk exposure.

The fair value of derivative instruments as of November 30, 2023 was as follows:

Asset Derivatives

Liability Derivatives

Statements of Assets
and Liabilities/
Consolidated Statement
of Asset and Liabilities
Location

Fair Value

Statements of Assets
and Liabilities/
Consolidated Statement
of Asset and Liabilities
Location

Fair Value

Derivatives not accounted for as hedging instruments:

Global X Robotics & Artificial Intelligence ETF

Equity contracts

Unrealized appreciation on Futures Contracts

314,240

†

Equity contracts

Unrealized depreciation on Futures Contracts

—

Total Derivatives not accounted for as hedging instruments

314,240

—

Asset Derivatives

Liability Derivatives

Statements of Assets
and Liabilities/
Consolidated Statement
of Asset and Liabilities
Location

Fair Value

Statements of Assets
and Liabilities/
Consolidated Statement
of Asset and Liabilities
Location

Fair Value

Derivatives not accounted for as hedging instruments:

Global X Carbon Credits Strategy ETF

Commodity contracts

Unrealized appreciation on Futures Contracts

23,578

†

Commodity contracts

Unrealized depreciation on Futures Contracts

122,439

†

Total Derivatives not accounted for as hedging instruments

23,578

122,439

†Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedules of Investments/Consolidated Schedule of Investments. Only current day’s variation margin, if any, is reported within the Statements of Assets & Liabilities/Consolidated Statement of Assets & Liabilities.

The effect of derivative instruments on the Statements of Operations/Consolidated Statement of Operations for the year ended November 30, 2023:

Change in realized appreciation or (depreciation) on derivatives recognized in income:

261

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

6. DERIVATIVE TRANSACTIONS (continued)

		Futures
Global X Robotics & Artificial Intelligence ETF
Equity contracts	$	1,279,688

Global X Carbon Credits Strategy ETF
Commodity contracts	$	(96,318	)

Change in unrealized appreciation or (depreciation) on derivatives recognized in income:

		Futures
Global X Robotics & Artificial Intelligence ETF
Equity contracts	$	314,240
Global X Carbon Credits Strategy ETF
Commodity contracts	$	(98,861	)

For the year ended November 30, 2023, the average monthly notional values of futures contracts held were as follows:

	Short Average			Long Average
Global X Robotics & Artificial Intelligence ETF	$	–	$	8,856,855

Global X Carbon Credits Strategy ETF		–		2,184,224

7. TAX INFORMATION

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP.As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.

The permanent differences primarily consist of foreign currency, reclassification of distributions, partnerships adjustments, distributions in excess, net operating losses, return of capital distributions, and sales of passive foreign investment companies. The permanent differences that are credited or charged to Paid In Capital and distributable earnings are primarily related to redemptions in-kind, net operating losses, and return of capital distributions and have been reclassified to/from the following accounts during the fiscal year ended November 30, 2023:

262

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

7. TAX INFORMATION (continued)

Global X Funds	Paid-in Capital	Total Distributable Earnings (Accumulated Losses)
Global X Millennial Consumer ETF	$(1,156,024)	$1,156,024
Global X Aging Population ETF	2,806,783	(2,806,783)
Global X Health & Wellness ETF	(2,172,318)	2,172,318
Global X Robotics & Artificial Intelligence ETF	112,251,740	(112,251,740)
Global X FinTech ETF	(19,199,428)	19,199,428
Global X Internet of Things ETF	28,932,464	(28,932,464)
Global X U.S. Infrastructure Development ETF	124,975,642	(124,975,642)
Global X Autonomous & Electric Vehicles ETF	25,024,128	(25,024,128)
Global X Artificial Intelligence & Technology ETF	2,592,116	(2,592,116)
Global X Genomics & Biotechnology ETF	(22,603,374)	22,603,374
Global X Cloud Computing ETF	8,133,028	(8,133,028)
Global X Cannabis ETF	(643,524)	643,524
Global X Thematic Growth ETF	(5,580,704)	5,580,704
Global X Video Games & Esports ETF	(6,984,950)	6,984,950
Global X Cybersecurity ETF	(21,602,335)	21,602,335
Global X Telemedicine & Digital Health ETF	(17,132,926)	17,132,926
Global X CleanTech ETF	(503,529)	503,529
Global X Data Center REITs & Digital Infrastructure ETF	(5,286,977)	5,286,977
Global X Clean Water ETF	85,801	(85,801)
Global X AgTech & Food Innovation ETF	(40,281)	40,281
Global X Blockchain ETF	4,017,458	(4,017,458)
Global X Hydrogen ETF	(60,939)	60,939
Global X Solar ETF	24,141	(24,141)
Global X Wind Energy ETF	(875,683)	875,683
Global X Green Building ETF	(144,770)	144,770
Global X Metaverse ETF	123,863	(123,863)
Global X Carbon Credits Strategy ETF	(86,803)	86,803
Global X Defense Tech ETF	49,213	(49,213)

These reclassifications have no impact on net assets or NAV per share.

The tax character of dividends and distributions declared during the years or periods ended November 30, 2023 and November 30, 2022 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X Millennial Consumer ETF
2023	$	234,244	$	–	$	–	$	234,244
2022		343,441		–		–		343,441
Global X Aging Population ETF
2023	$	279,995	$	–	$	–	$	279,995

263

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

7. TAX INFORMATION (continued)

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
2022		543,653		–		47,506		591,159
Global X Health & Wellness ETF
2023	$	195,346	$	–	$	–	$	195,346
2022		287,193		–		–		287,193
Global X Robotics & Artificial Intelligence ETF
2023	$	4,618,009	$	–	$	–	$	4,618,009
2022		2,507,983		–		547,284		3,055,267
Global X FinTech ETF
2023	$	887,181	$	–	$	28,497	$	915,678
2022		61,756,013		–		1,435,476		63,191,489
Global X Internet of Things ETF
2023	$	2,946,458	$	–	$	–	$	2,946,458
2022		1,635,436		636,864		–		2,272,300
Global X U.S. Infrastructure Development ETF
2023	$	30,856,526	$	–	$	–	$	30,856,526
2022		31,995,449		–		–		31,995,449
Global X Autonomous & Electric Vehicles ETF
2023	$	11,305,718	$	–	$	–	$	11,305,718
2022		5,897,108		547,077		–		6,444,185
Global X Artificial Intelligence & Technology ETF
2023	$	724,994	$	–	$	–	$	724,994
2022		441,670		–		–		441,670
Global X Genomics & Biotechnology ETF
2023	$	–	$	–	$	–	$	–
2022		81,403		–		–		81,403
Global X Cloud Computing ETF
2023	$	–	$	–	$	–	$	–
2022		–		21,230,047		–		21,230,047
Global X Cannabis ETF
2023	$	1,215,573	$	–	$	–	$	1,215,573
2022		3,318,441		–		93,835		3,412,276
Global X Thematic Growth ETF
2023	$	746,536	$	–	$	–	$	746,536
2022		1,542,588		–		–		1,542,588
Global X Video Games & Esports ETF
2023	$	275,496	$	–	$	–	$	275,496
2022		1,985,253		1,007,382		526,728		3,519,363
Global X Cybersecurity ETF
2023	$	684,512	$	12,296,299	$	–	$	12,980,811
2022		7,417,970		81,575		–		7,499,545
Global X Telemedicine & Digital Health ETF
2023	$	–	$	–	$	–	$	–
2022		–		–		–		–

264

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

7. TAX INFORMATION (continued)

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X China Biotech Innovation ETF
2023	$	9,997	$	–	$	–	$	9,997
2022		–		–		5,370		5,370
Global X CleanTech ETF
2023	$	205,777	$	–	$	–	$	205,777
2022		499,449		–		–		499,449
Global X Data Center REITs & Digital Infrastructure ETF
2023	$	1,286,237	$	44,305	$	–	$	1,330,542
2022		1,014,681		75,687		–		1,090,368
Global X Clean Water ETF
2023	$	138,123	$	–	$	–	$	138,123
2022		123,205		–		–		123,205
Global X AgTech & Food Innovation ETF
2023	$	45,738	$	–	$	–	$	45,738
2022		61,689		–		–		61,689
Global X Blockchain ETF
2023	$	602,091	$	–	$	–	$	602,091
2022		4,767,818		–		90,192		4,858,010
Global X Hydrogen ETF
2023	$	–	$	–	$	–	$	–
2022		15,749		–		–		15,749
Global X Solar ETF
2023	$	–	$	–	$	–	$	–
2022		748		–		1,369		2,117
Global X Wind Energy ETF
2023	$	47,859	$	–	$	–	$	47,859
2022		11,474		–		–		11,474
Global X Green Building ETF
2023	$	70,340	$	–	$	–	$	70,340
2022		15,947		–		–		15,947
Global X Metaverse ETF
2023	$	163,393	$	–	$	–	$	163,393
2022		38,313		–		–		38,313
Global X PropTech ETF
2023	$	453	$	–	$	–	$	453
Global X Carbon Credits Strategy ETF
2023	$	3,332	$	–	$	–	$	3,332
Global X Defense Tech ETF
2023	$	–	$	–	$	–	$	–

265

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

7. TAX INFORMATION (continued)

As of November 30, 2023, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X Millennial Consumer ETF			Global X Aging Population ETF			Global X Health & Wellness ETF
Undistributed Ordinary Income	$	194,672		$	194,273		$	91,161
Capital Loss Carryforwards		(7,877,205	)		(1,817,888	)		(2,408,807	)
Unrealized Depreciation on Investments and Foreign Currency		(36,049,970	)		(7,171,506	)		(4,120,919	)
Other Temporary Differences		2			(1	)		(2	)
Total Accumulated Losses	$	(43,732,501	)	$	(8,795,122	)	$	(6,438,567	)

	Global X Funds
	Global X Robotics & Artificial Intelligence ETF			Global X FinTech ETF			Global X Internet of Things ETF
Undistributed Ordinary Income	$	355,545		$	–		$	1,128,069
Capital Loss Carryforwards		(362,550,597	)		(163,535,159	)		(14,937,305	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(76,652,636	)		(216,757,697	)		11,061,610
Other Temporary Differences		–			5			(5	)
Total Accumulated Losses	$	(438,847,688	)	$	(380,292,851	)	$	(2,747,631	)

	Global X Funds
	Global X U.S. Infrastructure Development ETF			Global X Autonomous & Electric Vehicles ETF			Global X Artificial Intelligence & Technology ETF
Undistributed Ordinary Income	$	20,949,309		$	6,458,212		$	473,555
Capital Loss Carryforwards		(10,409,498	)		(84,987,935	)		(5,357,078	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		538,416,361			(248,433,023	)		42,259,053
Other Temporary Differences		(6	)		(2	)		(6	)
Total Distributable Earnings (Accumulated Losses)	$	548,956,166		$	(326,962,748	)	$	37,375,524

266

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

7. TAX INFORMATION (continued)

	Global X Funds
	Global X Genomics & Biotechnology ETF			Global X Cloud Computing ETF			Global X Cannabis ETF
Undistributed Ordinary Income	$	–		$	–		$	688,319
Capital Loss Carryforwards		(91,157,377	)		(137,743,579	)		(240,932,755	)
Unrealized Depreciation on Investments and Foreign Currency		(58,003,193	)		(254,683,980	)		(54,681,631	)
Late Year Loss Deferral		(599,083	)		(2,450,707	)		–
Other Temporary Differences		(7	)		4			1
Total Accumulated Losses	$	(149,759,660	)	$	(394,878,262	)	$	(294,926,066	)

	Global X Funds
	Global X Thematic Growth ETF			Global X Video Games & Esports ETF			Global X Cybersecurity ETF
Undistributed Ordinary Income	$	51,831		$	801,972		$	–
Capital Loss Carryforwards		(34,533,615	)		(57,802,242	)		(181,778,507	)
Unrealized Depreciation on Investments and Foreign Currency		(27,561,266	)		(86,816,346	)		(119,203,710	)
Late Year Loss Deferral		–			–			(1,519,320	)
Other Temporary Differences		(3	)		1			1
Total Accumulated Losses	$	(62,043,053	)	$	(143,816,615	)	$	(302,501,536	)

	Global X Funds
	Global X Telemedicine & Digital Health ETF			Global X China Biotech Innovation ETF			Global X CleanTech ETF
Undistributed Ordinary Income	$	–		$	432		$	265,087
Capital Loss Carryforwards		(96,234,732	)		(1,617,473	)		(27,530,160	)
Unrealized Depreciation on Investments and Foreign Currency		(88,992,353	)		(711,104	)		(84,701,408	)
Late Year Loss Deferral		(374,990	)		–			–
Other Temporary Differences		(2	)		(2	)		(2	)
Total Accumulated Losses	$	(185,602,077	)	$	(2,328,147	)	$	(111,966,483	)

267

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

7. TAX INFORMATION (continued)

	Global X Funds
	Global X Data Center REITs & Digital Infrastructure ETF			Global X Clean Water ETF			Global X AgTech & Food Innovation ETF
Undistributed Ordinary Income	$	170,095		$	72,726		$	22,351
Capital Loss Carryforwards		(1,482,945	)		(505,130	)		(4,134,995	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(9,294,969	)		3,530			(1,053,934	)
Other Temporary Differences		1			(2	)		4
Total Accumulated Losses	$	(10,607,818	)	$	(428,876	)	$	(5,166,574	)

	Global X Funds
	Global X Blockchain ETF			Global X Hydrogen ETF			Global X Solar ETF
Undistributed Ordinary Income	$	3,111,798		$	–		$	–
Capital Loss Carryforwards		(121,973,428	)		(11,089,314	)		(884,729	)
Unrealized Depreciation on Investments and Foreign Currency		(19,969,505	)		(39,085,426	)		(2,891,833	)
Late Year Loss Deferral		–			(77,661	)		(755	)
Other Temporary Differences		(2	)		(3	)		–
Total Accumulated Losses	$	(138,831,137	)	$	(50,252,404	)	$	(3,777,317	)

	Global X Funds
	Global X Wind Energy ETF			Global X Green Building ETF			Global X Metaverse ETF
Undistributed Ordinary Income	$	16,582		$	30,238		$	4,339
Capital Loss Carryforwards		(1,582,899	)		(265,504	)		(103,870	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(1,584,283	)		952			54,478
Other Temporary Differences		–			1			3
Total Accumulated Losses	$	(3,150,600	)	$	(234,313	)	$	(45,050	)

	Global X Funds
	Global X PropTech ETF		Global X Carbon Credits Strategy ETF			Global X Defense Tech ETF
Undistributed Ordinary Income	$	63,379	$	4,187		$	10,808
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		154,612		(89,968	)		278,217
Other Temporary Differences		–		2			(2	)
Total Distributable Earnings (Accumulated Losses)	$	217,991	$	(85,779	)	$	289,023

Qualified late year ordinary (including currency and specified gain/loss items) and Post-October capital losses represent losses realized from January 1, 2023 through November 30, 2023 and November 1, 2023 through November 30, 2023, respectively, that in accordance

268

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

7. TAX INFORMATION (continued)

with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

For taxable years beginning after December 22, 2010, a registered investment company is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses. Losses carried forward under these provisions are as follows:

	Short-Term Loss		Long-Term Loss		Total
Global X Millennial Consumer ETF	$	2,726,565	$	5,150,640	$	7,877,205
Global X Aging Population ETF		97,754		1,720,134		1,817,888
Global X Health & Wellness ETF		975,854		1,432,953		2,408,807
Global X Robotics & Artificial Intelligence ETF		233,294,632		129,255,965		362,550,597
Global X FinTech ETF		86,789,499		76,745,660		163,535,159
Global X Internet of Things ETF		6,701,765		8,235,540		14,937,305
Global X U.S. Infrastructure Development ETF		10,409,498		–		10,409,498
Global X Autonomous & Electric Vehicles ETF		55,830,405		29,157,530		84,987,935
Global X Artificial Intelligence & Technology ETF		–		5,357,078		5,357,078
Global X Genomics & Biotechnology ETF		19,413,804		71,743,573		91,157,377
Global X Cloud Computing ETF		31,025,039		106,718,540		137,743,579
Global X Cannabis ETF		105,047,985		135,884,770		240,932,755
Global X Thematic Growth ETF		13,035,416		21,498,199		34,533,615
Global X Video Games & Esports ETF		13,222,627		44,579,615		57,802,242
Global X Cybersecurity ETF		57,642,952		124,135,555		181,778,507
Global X Telemedicine & Digital Health ETF		19,209,414		77,025,318		96,234,732
Global X China Biotech Innovation ETF		518,448		1,099,025		1,617,473
Global X CleanTech ETF		14,228,754		13,301,406		27,530,160
Global X Data Center REITs & Digital Infrastructure ETF		–		1,482,945		1,482,945
Global X Clean Water ETF		195,478		309,652		505,130
Global X AgTech & Food Innovation ETF		1,018,671		3,116,324		4,134,995
Global X Blockchain ETF		74,648,426		47,325,002		121,973,428
Global X Hydrogen ETF		6,892,012		4,197,302		11,089,314
Global X Solar ETF		531,503		353,226		884,729
Global X Wind Energy ETF		921,931		660,968		1,582,899
Global X Green Building ETF		200,582		64,922		265,504
Global X Metaverse ETF		103,870		–		103,870

269

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

7. TAX INFORMATION (continued)

During the year ended November 30, 2023, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:

	Short-Term Loss		Long-Term Loss		Total
Global X Millennial Consumer ETF	$	22,422	$	–	$	22,422
Global X Aging Population ETF		273,111		–		273,111
Global X U.S. Infrastructure Development ETF		11,204,492		–		11,204,492
Global X Artificial Intelligence & Technology ETF		1,786,484		–		1,786,484
Global X Cloud Computing ETF		2,880,076		–		2,880,076

The Federal tax cost and aggregated gross unrealized appreciation and depreciation on investments held by the Funds at November 30, 2023, were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global X Millennial Consumer ETF		$141,429,237		$9,814,641		$(45,864,611)		$(36,049,970)
Global X Aging Population ETF		60,677,156		3,658,211		(10,829,717)		(7,171,506)
Global X Health & Wellness ETF		13,258,681		1,065,956		(5,186,875)		(4,120,919)
Global X Robotics & Artificial Intelligence ETF		2,424,342,799		426,030,350		(502,682,986)		(76,652,636)
Global X FinTech ETF		574,963,641		27,374,463		(244,132,160)		(216,757,697)
Global X Internet of Things ETF		275,614,843		52,681,280		(41,619,670)		11,061,610
Global X U.S. Infrastructure Development ETF		4,559,355,495		745,764,588		(207,348,227)		538,416,361
Global X Autonomous & Electric Vehicles ETF		1,004,875,561		52,757,767		(301,190,790)		(248,433,023)
Global X Artificial Intelligence & Technology ETF		747,854,562		80,537,392		(38,278,339)		42,259,053
Global X Genomics & Biotechnology ETF		154,914,362		2,092,543		(60,095,736)		(58,003,193)
Global X Cloud Computing ETF		836,008,971		65,822,587		(320,506,567)		(254,683,980)
Global X Cannabis ETF		87,401,871		–		(54,681,631)		(54,681,631)
Global X Thematic Growth ETF		60,330,758		–		(27,561,266)		(27,561,266)
Global X Video Games & Esports ETF		226,335,249		3,291,784		(90,108,130)		(86,816,346)
Global X Cybersecurity ETF		779,458,280		50,840,836		(170,044,546)		(119,203,710)
Global X Telemedicine & Digital Health ETF		153,829,986		676,034		(89,668,387)		(88,992,353)
Global X China Biotech Innovation ETF		3,007,752		137,750		(848,854)		(711,104)
Global X CleanTech ETF		152,479,436		2,527,635		(87,229,043)		(84,701,408)
Global X Data Center REITs & Digital Infrastructure ETF		49,522,519		1,261,201		(10,556,170)		(9,294,969)

270

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

7. TAX INFORMATION (continued)

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global X Clean Water ETF		$9,360,224		$876,027		$(872,497)		$3,530
Global X AgTech & Food Innovation ETF		5,645,389		51,699		(1,105,633)		(1,053,934)
Global X Blockchain ETF		124,057,384		11,254,087		(31,223,592)		(19,969,505)
Global X Hydrogen ETF		73,848,134		379,023		(39,464,449)		(39,085,426)
Global X Solar ETF		8,898,717		78,060		(2,969,893)		(2,891,833)
Global X Wind Energy ETF		4,326,753		28,839		(1,613,122)		(1,584,283)
Global X Green Building ETF		2,154,903		157,771		(156,819)		952
Global X Metaverse ETF		2,433,999		328,504		(274,026)		54,478
Global X PropTech ETF		2,668,930		274,425		(119,813)		154,612
Global X Carbon Credits Strategy ETF		1,408,870		8,936		(98,904)		(89,968)
Global X Defense Tech ETF		4,404,778		298,828		(20,611)		278,217

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds’ net unrealized appreciation difference is attributable primarily to wash sales, mark-to-market treatment of passive foreign investment companies and partnership adjustments.

8. CONCENTRATION OF RISKS

The Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

The Funds may invest in companies focused on business activities in emerging economic themes. Such thematic companies typically face intense competition and potentially rapid product obsolescence. Thematic companies may have limited product lines, markets, financial resources or personnel. These companies typically engage in significant amounts of spending on research and development, capital expenditures and mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. These companies are also frequently dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. Such companies may be potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. The emergent nature of many economic

271

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

8. CONCENTRATION OF RISKS (continued)

themes could result in increasing regulatory scrutiny in the future, which may impede the growth of companies that develop and/or focus on such economic themes. Similarly, the collection of data from consumers and other sources is frequently a critical component in emerging economic themes which could lead to increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Finally, these companies may be involved in young, fast evolving industries with increased exposure to the risks associated with changes in applicable laws (including regulation, other rule changes, and related federal and state enforcement activities), as well as market developments, which may cause businesses to contract or close suddenly and negatively impact the value of these companies.

Special Risk Considerations of Investing in China – Variable Interest Entity Investments. For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the shell company has no equity ownership of the VIE, these contractual arrangements permit the shell company to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed shell company, such as certain of the Funds, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the shell company only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed shell company by declaring them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed shell company, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed shell company’s control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments for authenticating documentation, such as chops and seals, are used without the Chinese-based issuer’s authorization to enter into contractual arrangements

272

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November 30, 2023

8. CONCENTRATION OF RISKS (continued)

in China. Chops and seals, which are carved stamps used to sign documents, represent a legally binding commitment by the company. Moreover, any future regulatory action may prohibit the ability of the shell company to receive the economic benefits of the Chinese based operating company, which may cause the value of a Fund’s investment in the listed shell company to suffer a significant loss. For example, in 2021, the Chinese government prohibited use of the VIE structure for investment in after-school tutoring companies. There is no guarantee that the government will not place similar restrictions on other industries.

These actions, any future sanctions or other actions, or even the threat of further sanctions or other actions, may negatively affect the value and liquidity of certain of the Funds’ investments. For example, a Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, sanctions may require a Fund to freeze its existing investments, prohibiting such Fund from buying, selling or otherwise transacting in these investments.

Each Fund may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

The Funds (other than the Global X Cannabis ETF) use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the underlying index in approximately the same proportions as in the underlying index. The Funds may utilize a representative sampling strategy with respect to their underlying index when a replication strategy might be detrimental to their shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its underlying index, or, in certain instances, when securities in the underlying index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not to the underlying indexes).

Commodity related securities are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a substantial impact on these Funds.

Certain Funds may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR was intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. The publication of most LIBOR rates ceased at the end of 2021, and the remaining USD LIBOR rates ceased to be published after June 2023. There

273

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

8. CONCENTRATION OF RISKS (continued)

remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Funds and the instruments in which the Funds invest. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Funds invest that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act. The regulations provide a statutory fallback mechanism to replace LIBOR, by identifying benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) that replaced LIBOR in certain financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. The Funds may have instruments linked to other interbank offered rates that may also cease to be published in the future. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Funds could result in losses to the Funds.

Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to foreign government intervention (including intervention by the U.S. Government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls (i.e., government measures designed to limit the flow of foreign capital in and out of the domestic economy) and/or sanctions, which may also include retaliatory actions of one government against another government, such as the seizure of assets. Capital controls and/or sanctions include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Capital controls and/or sanctions may also impact the ability of a Fund to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Shares of a Fund, and cause a Fund to decline in value.

Please refer to each Fund’s prospectus and statement of additional information (“SAI”) for a more complete description of risks.

9. LOANS OF PORTFOLIO SECURITIES

Each Fund may lend portfolio securities having a market value up to one-third of its total assets. Security loans made pursuant to securities lending agreements with BBH and BNY Mellon are initially required to be secured by collateral equal to at least 102% of the value of domestic equity securities and American Depositary Receipts (“ADRs”) and 105% of the value of foreign equity securities (other than ADRs). Such collateral received in connection with these loans will be cash and can be invested in repurchase

274

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

9. LOANS OF PORTFOLIO SECURITIES (continued)

agreements, short-term investments, or U.S. Treasury obligations and is recognized in the Schedules of Investments/Consolidated Schedule of Investments and Statements of Assets and Liabilities/Consolidated Statement of Asset and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statements of Assets and Liabilities/Consolidated Statement of Asset and Liabilities. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan.

Securities pledged as collateral for repurchase agreements held in Global X FinTech ETF, Global X Internet of Things ETF, Global X Artificial Intelligence & Technology ETF, Global X Genomics & Biotechnology ETF, Global X Cannabis ETF, Global X Thematic Growth ETF, Global X Video Games & Esports ETF, Global X Cybersecurity ETF, Global X CleanTech ETF, Global X Blockchain ETF, Global X Solar ETF and Global X Wind Energy ETF are held by BNY and are designated as being held on the Fund’s behalf under a book-entry system. The Funds monitor the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the Adviser to be creditworthy. The Funds bear the risk of loss in the event the other party to a repurchase agreement defaults on its obligations and the Fund is prevented from exercising its rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. For financial statement purposes, the Funds record the securities lending collateral (including in repurchase agreements, at value or restricted cash) as an asset and the obligation to return securities lending collateral as a liability on the Statements of Assets and Liabilities.

Cash collateral received in connection with securities lending is invested in repurchase agreements and short-term investments by the lending agent. The Funds do not have effective control of the non-cash collateral and therefore it is not disclosed in the Fund’s Schedule of Investments.

Securities lending transactions are entered into by the Funds under the Securities Lending Agreement, which permits a Fund, under certain circumstances such as an event of default, to offset amounts payable by the Fund to the same counterparty against amounts receivable from the counterparty to create a net payment due to or from the Fund.

The following is a summary of securities lending agreements held by the Funds, with cash collateral of overnight maturities and non-cash collateral, which would be subject to offset as of November 30, 2023.

275

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

9. LOANS OF PORTFOLIO SECURITIES (continued)

	Gross Amount of Recognized Assets (Value of Securities on Loan)		Value of Cash Collateral Received⁽¹⁾		Value of Non-Cash Collateral Received⁽¹⁾		Net Amount
Global X Millennial Consumer ETF	$	32,592	$	32,592	$	—	$	—
Global X Robotics & Artificial Intelligence ETF		81,818,095		81,818,095		—		—
Global X FinTech ETF		8,549,815		6,924,833		1,624,982		—
Global X Internet of Things ETF		1,242,244		1,242,244		—		—
Global X Autonomous & Electric Vehicles ETF		57,928,613		57,928,613		—		—
Global X Artificial Intelligence & Technology ETF		2,961,248		1,426,776		1,534,472		—
Global X Genomics & Biotechnology ETF		3,790,397		3,790,397		—		—
Global X Cloud Computing ETF		973,636		973,636		—		—
Global X Cannabis ETF		2,101,655		2,101,655		—		—
Global X Thematic Growth ETF		519,603		519,603		—		—
Global X Video Games & Esports ETF		7,200,617		7,102,973		97,644		—
Global X Cybersecurity ETF		13,011,695		13,011,695		—		—
Global X CleanTech ETF		10,058,238		8,867,386		1,190,852		—
Global X Blockchain ETF		15,198,593		15,198,593		—		—
Global X Solar ETF		37,976		37,976		—		—
Global X Wind Energy ETF		54,740		54,740		—		—

(1)	Collateral and non-cash collateral received in excess of market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Statements of Assets and Liabilities.

The value of loaned securities and related collateral outstanding at November 30, 2023 are shown in the Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of November 30, 2023, the cash collateral was invested in repurchase agreements and the non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds and U.S. Treasury Inflation Indexed Bonds with the following maturities:

276

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

9. LOANS OF PORTFOLIO SECURITIES (continued)

	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total
Global X Millennial Consumer ETF
Repurchase Agreements	$	25,528		$—		$—		$—		$25,528
Total	$	25,528		$—		$—		$—		$25,528
Global X Robotics & Artificial Intelligence ETF
Repurchase Agreements	$	66,117,002		$—		$—		$—		$66,117,002
Total	$	66,117,002		$—		$—		$—		$66,117,002
Global X FinTech ETF
Repurchase Agreements	$	7,247,277		$—		$—		$—		$7,247,277
U.S. Government Securities		—		—		613		1,624,369		1,624,982
Total	$	7,247,277		$—		$613		$1,624,369		$8,872,259
Global X Internet of Things ETF
Repurchase Agreements	$	1,366,862		$—		$—		$—		$1,366,862
Total	$	1,366,862		$—		$—		$—		$1,366,862
Global X Autonomous & Electric Vehicles ETF
Repurchase Agreements	$	46,594,943		$—		$—		$—		$46,594,943
Total	$	46,594,943		$—		$—		$—		$46,594,943
Global X Artificial Intelligence & Technology ETF
Repurchase Agreements	$	1,496,891		$—		$—		$—		$1,496,891
U.S. Government Securities		—		51,524		54,706		1,428,242		1,534,472
Total	$	1,496,891		$51,524		$54,706		$1,428,242		$3,031,363
Global X Genomics & Biotechnology ETF
Repurchase Agreements	$	4,034,834		$—		$—		$—		$4,034,834
Total	$	4,034,834		$—		$—		$—		$4,034,834
Global X Cloud Computing ETF
Repurchase Agreements	$	783,762		$—		$—		$—		$783,762
Total	$	783,762		$—		$—		$—		$783,762
Global X Cannabis ETF
Repurchase Agreements	$	2,766,741		$—		$—		$—		$2,766,741
Total	$	2,766,741		$—		$—		$—		$2,766,741
Global X Thematic Growth ETF
Repurchase Agreements	$	532,394		$—		$—		$—		$532,394
Total	$	532,394		$—		$—		$—		$532,394

277

Notes to Financial Statements/Notes to Consolidated Financial Statements (Continued)

November 30, 2023

9. LOANS OF PORTFOLIO SECURITIES (continued)

	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total
Global X Video Games & Esports ETF
Repurchase Agreements	$	7,389,888		$—		$—		$—		$7,389,888
U.S. Government Securities		—		—		—		97,644		97,644
Total	$	7,389,888		$—		$—		$97,644		$7,487,532
Global X Cybersecurity ETF
Repurchase Agreements	$	13,736,247		$—		$—		$—		$13,736,247
Total	$	13,736,247		$—		$—		$—		$13,736,247
Global X CleanTech ETF
Repurchase Agreements	$	9,047,149		$—		$—		$—		$9,047,149
U.S. Government Securities		—		9,973		21,810		1,159,069		1,190,852
Total	$	9,047,149		$9,973		$21,810		$1,159,069		$10,238,001
Global X Blockchain ETF
Repurchase Agreements	$	17,071,665		$—		$—		$—		$17,071,665
Total	$	17,071,665		$—		$—		$—		$17,071,665
Global X Solar ETF
Repurchase Agreements	$	40,476		$—		$—		$—		$40,476
Total	$	40,476		$—		$—		$—		$40,476
Global X Wind Energy ETF
Repurchase Agreements	$	57,383		$—		$—		$—		$57,383
Total	$	57,383		$—		$—		$—		$57,383

10. CONTRACTUAL OBLIGATIONS

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these contracts is unknown. However, the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

Pursuant to the Trust’s organizational documents, the Trustees of the Trust and the Trust’s officers are indemnified against certain liabilities that may arise out of the performance of their duties.

11. REVERSE SHARE SPLIT

Effective June 10, 2022, the Global X Cannabis ETF executed a one to six (1:6) reverse share split for shareholders of record after the close of markets on June 10, 2022. The effect of this transaction was to divide the number of outstanding Shares of the Fund by six, resulting in a corresponding increase in the NAV per Share. The capital share activity

278

Notes to Financial Statements/Notes to Consolidated Financial Statements (Concluded)

November 30, 2023

11. REVERSE SHARE SPLIT (continued)

presented in the Statement of Changes in Net Assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of this transaction.

Effective December 19, 2022, the Board of the Trust approved a reverse share split at the ratio of one to four (1:4) of the issued and outstanding shares of the Global X Blockchain ETF (the “Reverse Share Split”). The Reverse Share Split was completed after the close of business on December 19, 2022. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by a one to four ratio, resulting in a corresponding increase in the NAV per Share. The capital share activity presented on the Statement of Changes in Net Assets for each of the years in the period then ended, and the per share data in the financial highlights for each of the years in the period then ended have been given retroactive effect to reflect this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

12. SUBSEQUENT EVENTS

The Funds have been evaluated by management regarding the need for additional disclosures and/or adjustments resulting from subsequent events.

In preparing these financial statements, management has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. On January 19, 2024, the Board approved the liquidation of the Global X Health & Wellness ETF, Global X Green Building ETF, Global X China Biotech Innovation ETF, Global X Cannabis ETF, Global X Metaverse ETF and Global X Carbon Credits Strategy ETF. The Funds will be liquidated on or about February 23, 2024.

Based on this evaluation, no additional adjustments were required to the financial statements.

279

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Global X Funds and Shareholders of each of the Funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (thirty of the funds constituting Global X Funds, hereafter collectively referred to as the “Funds”) as of November 30, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2023, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Global X Aging Population ETF (1)	Global X CleanTech ETF (6)
Global X Artificial Intelligence & Technology ETF (1)	Global X Data Center REITs & Digital Infrastructure ETF (6)
Global X Autonomous & Electric Vehicles ETF (1)	Global X China Biotech Innovation ETF (7)
Global X Health & Wellness ETF (1)	Global X Telemedicine & Digital Health ETF (8)
Global X Internet of Things ETF (1)	Global X AgTech & Food Innovation ETF (9)
Global X Millennial Consumer ETF (1)	Global X Blockchain ETF (9)
Global X FinTech ETF (1)	Global X Hydrogen ETF (9)
Global X Robotics & Artificial Intelligence ETF (1)	Global X Solar ETF (10)
Global X U.S. Infrastructure Development ETF (1)	Global X Wind Energy ETF (10)
Global X Thematic Growth ETF (2)	Global X Clean Water ETF (11)
Global X Cybersecurity ETF (2)	Global X Green Building ETF (12)
Global X Video Games & Esports ETF (2)	Global X Metaverse ETF (13)
Global X Cannabis ETF (3)	Global X Carbon Credits Strategy ETF (14)
Global X Cloud Computing ETF (4)	Global X PropTech ETF (15)
Global X Genomics & Biotechnology ETF (5)	Global X Defense Tech ETF (16)

280

Report of Independent Registered Public Accounting Firm

1.	Statements of operations for the year ended November 30, 2023, statements of changes in net assets for each of the two years in the period ended November 30, 2023 and the financial highlights for each of the five years in the period ended November 30, 2023.
2.	Statements of operations for the year ended November 30, 2023, statements of changes in net assets for each of the two years in the period ended November 30, 2023 and the financial highlights for each of the four years in the period ended November 30, 2023 and for the period October 25, 2019 (commencement of operations) through November 30, 2019.
3.	Statement of operations for the year ended November 30, 2023, statement of changes in net assets for each of the two years in the period ended November 30, 2023 and the financial highlights for each of the four years in the period ended November 30, 2023 and for the period September 17, 2019 (commencement of operations) through November 30, 2019.
4.	Statement of operations for the year ended November 30, 2023, statement of changes in net assets for each of the two years in the period ended November 30, 2023 and the financial highlights for each of the four years in the period ended November 30, 2023 and for the period April 12, 2019 (commencement of operations) through November 30, 2019.
5.	Statement of operations for the year ended November 30, 2023, statement of changes in net assets for each of the two years in the period ended November 30, 2023 and the financial highlights for each of the four years in the period ended November 30, 2023 and for the period April 5, 2019 (commencement of operations) through November 30, 2019.
6.	Statements of operations for the year ended November 30, 2023, statements of changes in net assets for each of the two years in the period ended November 30, 2023 and the financial highlights for each of the three years in the period ended November 30, 2023 and for the period October 27, 2020 (commencement of operations) through November 30, 2020.
7.	Statement of operations for the year ended November 30, 2023, statement of changes in net assets for each of the two years in the period ended November 30, 2023 and the financial highlights for each of the three years in the period ended November 30, 2023 and for the period September 22, 2020 (commencement of operations) through November 30, 2020.
8.	Statement of operations for the year ended November 30, 2023, statement of changes in net assets for each of the two years in the period ended November 30, 2023 and the financial highlights for each of the three years in the period ended November 30, 2023 and for the period July 29, 2020 (commencement of operations) through November 30, 2020.
9.	Statements of operations for the year ended November 30, 2023, statements of changes in net assets for each of the two years in the period ended November 30, 2023 and the financial highlights for each of the two years in the period ended November 30, 2023 and for the period July 12, 2021 (commencement of operations) through November 30, 2021.
10.	Statements of operations for the year ended November 30, 2023, statements of changes in net assets for each of the two years in the period ended November 30, 2023 and the financial highlights for each of the two years in the period ended November 30, 2023 and for the period September 8, 2021 (commencement of operations) through November 30, 2021.
11.	Statement of operations for the year ended November 30, 2023, statement of changes in net assets for each of the two years in the period ended November 30, 2023 and the financial highlights for each of the two years in the period ended November 30, 2023 and for the period April 8, 2021 (commencement of operations) through November 30, 2021.
12.	Statement of operations for the year ended November 30, 2023, statement of changes in net assets and the financial highlights for the year ended November 30, 2023 and for the period April 11, 2022 (commencement of operations) through November 30, 2022.
13.	Statement of operations for the year ended November 30, 2023, statement of changes in net assets and the financial highlights for the year ended November 30, 2023 and for the period April 26, 2022 (commencement of operations) through November 30, 2022.

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14.	Consolidated statements of operations and of changes in net assets and the consolidated financial highlights for the period May 24, 2023 (commencement of operations) through November 30, 2023.
15.	Statements of operations and of changes in net assets and the financial highlights for the period April 11, 2023 (commencement of operations) through November 30, 2023.
16.	Statements of operations and of changes in net assets and the financial highlights for the period September 11, 2023 (commencement of operations) through November 30, 2023.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2023, by correspondence with the custodians, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 8, 2024

We have served as the auditor of one or more investment companies in Global X Funds since 2016.

282

Disclosure of Fund Expenses (unaudited)

ETFs (such as the Funds) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, brokerage fees, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of the shareholder’s investment in a Fund.

Operating expenses such as these are deducted from a Fund’s gross income and directly reduce your final investment returns. These expenses are expressed as a percentage of the Fund’s average net assets; this percentage is known as the Fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from June 1, 2023 to November 30, 2023.

The table on the next page illustrates the Funds’ costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in a Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

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Disclosure of Fund Expenses (unaudited) (Continued)

	Beginning Account Value 6/1/2023		Ending Account Value 11/30/2023		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X Millennial Consumer ETF
Actual Fund Return	$	1,000.00	$	966.40		0.50	%	$	2.46
Hypothetical 5% Return		1,000.00		1,022.56		0.50			2.54

Global X Aging Population ETF
Actual Fund Return	$	1,000.00	$	888.00		0.48	%	$	2.27
Hypothetical 5% Return		1,000.00		1,022.66		0.48			2.43

Global X Health & Wellness ETF
Actual Fund Return	$	1,000.00	$	875.30		0.44	%	$	2.07
Hypothetical 5% Return		1,000.00		1,022.86		0.44			2.23

Global X Robotics & Artificial Intelligence ETF
Actual Fund Return	$	1,000.00	$	913.00		0.69	%	$	3.31
Hypothetical 5% Return		1,000.00		1,021.61		0.69			3.50

Global X FinTech ETF
Actual Fund Return	$	1,000.00	$	901.70		0.67	%	$	3.19
Hypothetical 5% Return		1,000.00		1,021.71		0.67			3.40

Global X Internet of Things ETF
Actual Fund Return	$	1,000.00	$	925.80		0.67	%	$	3.23
Hypothetical 5% Return		1,000.00		1,021.71		0.67			3.40

Global X U.S. Infrastructure Development ETF
Actual Fund Return	$	1,000.00	$	1,045.40		0.49	%	$	2.51
Hypothetical 5% Return		1,000.00		1,022.61		0.49			2.48

Global X Autonomous & Electric Vehicles ETF
Actual Fund Return	$	1,000.00	$	937.90		0.66	%	$	3.21
Hypothetical 5% Return		1,000.00		1,021.76		0.66			3.35

Global X Artificial Intelligence & Technology ETF
Actual Fund Return	$	1,000.00	$	1,102.40		0.82	%	$	4.32
Hypothetical 5% Return		1,000.00		1,020.96		0.82			4.15

284

Disclosure of Fund Expenses (unaudited) (Continued)

	Beginning Account Value 6/1/2023		Ending Account Value 11/30/2023		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X Genomics & Biotechnology ETF
Actual Fund Return	$	1,000.00	$	723.30		0.45	%	$	1.94
Hypothetical 5% Return		1,000.00		1,022.81		0.45			2.28

Global X Cloud Computing ETF
Actual Fund Return	$	1,000.00	$	1,058.90		0.68	%	$	3.51
Hypothetical 5% Return		1,000.00		1,021.66		0.68			3.45

Global X Cannabis ETF
Actual Fund Return	$	1,000.00	$	787.10		0.51	%	$	2.28
Hypothetical 5% Return		1,000.00		1,022.51		0.51			2.59

Global X Thematic Growth ETF
Actual Fund Return	$	1,000.00	$	917.30		0.50	%	$	2.40
Hypothetical 5% Return		1,000.00		1,022.56		0.50			2.54

Global X Video Games & Esports ETF
Actual Fund Return	$	1,000.00	$	1,015.60		0.50	%	$	2.53
Hypothetical 5% Return		1,000.00		1,022.56		0.50			2.54

Global X Cybersecurity ETF
Actual Fund Return	$	1,000.00	$	1,102.30		0.50	%	$	2.64
Hypothetical 5% Return		1,000.00		1,022.56		0.50			2.54

Global X Telemedicine & Digital Health ETF
Actual Fund Return	$	1,000.00	$	803.40		0.68	%	$	3.07
Hypothetical 5% Return		1,000.00		1,021.66		0.68			3.45

Global X China Biotech Innovation ETF
Actual Fund Return	$	1,000.00	$	1,042.90		0.65	%	$	3.33
Hypothetical 5% Return		1,000.00		1,021.81		0.65			3.29

Global X CleanTech ETF
Actual Fund Return	$	1,000.00	$	690.90		0.50	%	$	2.12
Hypothetical 5% Return		1,000.00		1,022.56		0.50			2.54

285

Disclosure of Fund Expenses (unaudited) (Continued)

	Beginning Account Value 6/1/2023		Ending Account Value 11/30/2023		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X Data Center REITs & Digital Infrastructure ETF
Actual Fund Return	$	1,000.00	$	1,109.70		0.50	%	$	2.64
Hypothetical 5% Return		1,000.00		1,022.56		0.50			2.54

Global X Clean Water ETF
Actual Fund Return	$	1,000.00	$	1,065.80		0.50	%	$	2.59
Hypothetical 5% Return		1,000.00		1,022.56		0.50			2.54

Global X AgTech & Food Innovation ETF
Actual Fund Return	$	1,000.00	$	853.80		0.50	%	$	2.32
Hypothetical 5% Return		1,000.00		1,022.56		0.50			2.54

Global X Blockchain ETF
Actual Fund Return	$	1,000.00	$	1,202.00		0.50	%	$	2.76
Hypothetical 5% Return		1,000.00		1,022.56		0.50			2.54

Global X Hydrogen ETF
Actual Fund Return	$	1,000.00	$	751.20		0.50	%	$	2.19
Hypothetical 5% Return		1,000.00		1,022.56		0.50			2.54

Global X Solar ETF
Actual Fund Return	$	1,000.00	$	655.30		0.50	%	$	2.07
Hypothetical 5% Return		1,000.00		1,022.56		0.50			2.54

Global X Wind Energy ETF
Actual Fund Return	$	1,000.00	$	794.30		0.50	%	$	2.25
Hypothetical 5% Return		1,000.00		1,022.56		0.50			2.54

Global X Green Building ETF
Actual Fund Return	$	1,000.00	$	1,118.20		0.45	%	$	2.39
Hypothetical 5% Return		1,000.00		1,022.81		0.45			2.28

Global X Metaverse ETF
Actual Fund Return	$	1,000.00	$	1,124.80		0.50	%	$	2.66
Hypothetical 5% Return		1,000.00		1,022.56		0.50			2.54

286

Disclosure of Fund Expenses (unaudited) (Concluded)

	Beginning Account Value 6/1/2023		Ending Account Value 11/30/2023		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X PropTech ETF
Actual Fund Return	$	1,000.00	$	1,076.80		0.51	%	$	2.66
Hypothetical 5% Return		1,000.00		1,022.51		0.51			2.59

Global X Carbon Credits Strategy ETF
Actual Fund Return	$	1,000.00	$	942.30		0.40	%	$	1.95
Hypothetical 5% Return		1,000.00		1,023.06		0.40			2.03

Global X Defense Tech ETF*
Actual Fund Return	$	1,000.00	$	1,089.00		0.50	%	$	1.16	⁽²⁾
Hypothetical 5% Return		1,000.00		1,009.99		0.50			1.12

(1)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
(2)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 81/365 (to reflect the period from inception to date).
*	The Fund commenced operations on September 11, 2023.

287

Approval of Investment Advisory Agreement (unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (“1940 Act”), requires that the board of trustees of an exchange-traded fund (“ETF”), including a majority of those trustees who are not “interested persons” of the ETF, as defined in the 1940 Act (“Independent Trustees”), consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in person meeting called for such purpose, the terms of each ETF’s investment advisory agreement and whether to approve entering into, or renewing, each agreement.

At a Board meeting of the Global X Funds (the “Trust”) held on May 19, 2023 (the “New Fund Board Meeting”), the Board of Trustees (the “Board”) (including the Trust’s Independent Trustees, voting separately) considered and unanimously approved (i) the initial Investment Advisory Agreement (“New Investment Advisory Agreement”) for the Global X Defense Tech ETF (“New Fund”) and (ii) the initial Supervision and Administration Agreement between the Trust (“New Supervision and Administration Agreement”), on behalf of the New Fund, and Global X Management Company LLC, the Trust’s investment adviser (“Global X Management”). The New Investment Advisory Agreement and New Supervision and Administration Agreement are referred to collectively as the “New Fund Agreements.”

At a Board meeting of the Trust held on November 16, 2023, called for such purpose, the Board (including the Trust’s Independent Trustees, voting separately) considered and unanimously approved the continuation of (i) the Investment Advisory Agreement (“Renewal Investment Advisory Agreement”) for each Fund included in this Annual Report (each, a “Renewal Fund” and referred to collectively as the “Renewal Funds”); and (ii) the Supervision and Administration Agreement between the Trust (“Renewal Supervision and Administration Agreement”), on behalf of each Renewal Fund, and Global X Management. The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the “Renewal Agreements.”

In advance of the November 16, 2023 Board meeting, the Board (including the Trust’s Independent Trustees) and the Independent Trustees’ independent legal counsel requested (in writing) detailed information from Global X Management in connection with the Board’s consideration of the Renewal Agreements, and received and reviewed written responses from Global X Management, as well as supporting materials relating to those requests for information. Subsequent to the receipt of that information, the Independent Trustees requested additional information regarding certain changes in senior management of Global X Management, which was provided to them in advance of the November 16, 2023 Board meeting.

At the November 16, 2023 Board meeting, the Board approved the Renewal Agreements, for the period ending February 29, 2024, in order to ensure continuity of management of the Renewal Funds. However, the Independent Trustees also determined to postpone a vote on the renewal of the Renewal Agreements for a full annual period in order to provide the Independent Trustees with the opportunity to further consider certain changes in Global X Management’s senior leadership, which occurred approximately contemporaneously with

288

Approval of Investment Advisory Agreement (unaudited) (Continued)

the Board’s consideration of the Renewal Agreements, and in order to permit Global X Management to confirm certain information provided in advance of the November 16, 2023 Board meeting. Global X Management subsequently provided additional information to the Board in advance of a second meeting called for the purpose of considering the extension of the Renewal Agreements for a full year. At a Board meeting of the Trust held on December 21, 2023, the Trust’s Board, which was comprised entirely of Independent Trustees, unanimously approved the continuation of the Renewal Agreements for an aggregate one-year period ending November 30, 2024.

In the course of their consideration of the New Fund Agreements and Renewal Agreements, the Trust’s Independent Trustees were advised by their independent legal counsel and, in addition to meetings with management of Global X Management, the Independent Trustees met separately in executive sessions with their counsel.

NEW FUND AGREEMENTS

In determining to approve the New Fund Agreements for the New Fund, the Board considered a variety of factors, including the factors discussed in greater detail below.

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

•	the terms of the New Fund Agreements and the range of services proposed to be provided to the New Fund in accordance with the New Fund Agreements;

•	Global X Management’s key personnel and the portfolio managers who would provide investment advisory, supervision and administrative services to the New Fund;

•	Global X Management’s responsibilities under the New Fund Agreements to, among other things, (i) manage the investment operations of the New Fund and the composition of the New Funds’ assets, including the purchase, retention and disposition of its holdings, (ii) provide quarterly reports to the Trust’s officers and the Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights appertaining to securities and assets held by the New Fund, (iv) select broker-dealers to execute portfolio transactions for the New Fund when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of the New Fund, and the periodic updating of the registration statements, prospectuses, statements of additional information, and other reports and documents for the New Fund that are required to be filed by the Trust with the U.S. Securities and Exchange Commission (“SEC”) and other regulatory or governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including Creation Units) of the New Fund by shareholders and new investors;

•	the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that are proposed to be provided by Global X Management

289

Approval of Investment Advisory Agreement (unaudited) (Continued)

	or made available to the New Fund; and

•	the quality of Global X Management’s resources and personnel that would be made available to the New Fund, including Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

Based on these considerations, the Board concluded, at the New Fund Board Meeting, that it was satisfied with the nature, extent and quality of the services proposed to be provided to the New Fund by Global X Management.

Performance

The Board determined that, because the New Fund had not yet begun investment operations as of the date of the New Fund Board Meeting, meaningful data relating to the investment performance of the New Fund was not available and, therefore, could not be a factor in approving the New Fund Agreements.

Cost of Services and Profitability

With respect to this factor, the Board considered:

•	Global X Management’s expected costs to provide investment management, supervision and administrative and related services to each New Fund;

•	the management fee (including the proposed investment advisory fee) (“Management Fee”) that was proposed to be borne by each New Fund under the respective New Fund Agreement for the various investment advisory, supervisory and administrative services that the New Fund requires under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by the New Fund); and

•	the expected profitability to Global X Management, if any, from all of the services proposed to be provided to the New Fund by Global X Management and all aspects of the relationship between Global X Management and the New Fund.

Based on these considerations, the Board concluded that the proposed Management Fee to be paid by each New Fund to Global X Management, in light of the nature, extent and quality of the services to be provided, was reasonable and in the best interests of the New Fund’s shareholders.

Comparison of Fees and Services

With respect to this factor, the Board considered:

•

comparative information with respect to the proposed Management Fee to be paid to Global X Management by each New Fund. In connection with this consideration, Global X Management provided the Board with comparative expense data for each New Fund, including fees and expenses paid by unaffiliated similar specialized and/or

290

Approval of Investment Advisory Agreement (unaudited) (Continued)

	focused ETFs, and/or other similar registered funds. The Board considered Global X Management’s detailed explanation of the proposed fee structures of any New Fund that was above the average or median for the New Fund’s peer group;

•	the structure of the proposed unitary Management Fee (which includes as one component the proposed investment advisory fee for the New Fund) and the expected total expense ratios for the New Fund. In this regard, the Board took into consideration that the purpose of adopting a unitary Management Fee structure for the New Fund was to create a simple, all-inclusive fee that would provide a level of predictability with respect to the overall expense ratios (i.e., the total fees) of the New Fund and that the proposed Management Fee for each New Fund was set at a competitive level to make the New Fund viable in the marketplace; and

•	that, under the proposed unified Management Fee structure, Global X Management would be responsible for most ordinary expenses of the New Fund, including the costs of various third-party services required by the New Fund, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that each New Fund would bear other expenses not covered under the proposed all-inclusive Management Fee, such as taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses.

Based on these considerations, the Board concluded, at the New Fund Board Meeting, that the services to be received and the fees to be charged under the applicable New Fund Agreements were reasonable on a comparative basis.

Economies of Scale

With respect to this factor, the Board considered:

•	the extent to which economies of scale would be realized as the New Fund grows and whether the proposed unitary Management Fees for the New Fund reflected these economies of scale;

•	the significant investment of time, personnel and other resources that Global X Management intends to make in the New Fund in order to seek to assure that the New Fund is attractive to investors; and

•	that the proposed unitary Management Fee would provide a high level of certainty as to the total level of expenses for each New Fund and its shareholders.

Based on these considerations, the Board concluded, at the New Fund Board Meeting, that the proposed unitary Management Fees for the New Fund appropriately addressed economies of scale.

291

Approval of Investment Advisory Agreement (unaudited) (Continued)

Other Benefits

In considering each New Fund Agreement, in addition to the factors discussed above, the Board considered other benefits that may be realized by Global X Management as a result of its relationships with the New Fund. As a result, the Board concluded that, in the case of each New Fund, in the exercise of the Board’s business judgement, all information the Board considered supported approval of the applicable New Fund Agreements.

Conclusion

After full consideration of the factors above, as well as other factors that were instructive in their consideration, the Board, including all of the Trust’s Independent Trustees voting separately, concluded, in the exercise of its business judgement, that the New Fund Agreements were fair and reasonable and in the best interest of the New Fund.

In reaching this decision, the Board did not assign relative weights to the factors above nor did the Board deem any one factor or group of them to be controlling in and of themselves. Each member of the Board may have assigned different weights to the various factors.

RENEWAL AGREEMENTS

In determining to approve the continuation of the Renewal Agreements for the Renewal Funds, the Board considered a variety of factors, including the factors discussed in greater detail below.

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

•	the terms of the Renewal Agreements and the range of services that would continue to be provided to each Renewal Fund in accordance with the Renewal Agreements;

•	Global X Management’s key personnel and the portfolio managers who would continue to provide investment advisory, supervision and administrative services to each Renewal Fund;

•	Global X Management’s responsibilities under the Renewal Agreements, among other things, to: (i) manage the investment operations of the Renewal Funds and the composition of the Renewal Funds’ assets, including the purchase, retention and disposition of their holdings, (ii) provide quarterly reports to the Trust’s officers and the Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights relating to securities and assets held by the Renewal Funds, (iv) select broker-dealers to execute portfolio transactions for the Renewal Funds when necessary, (v) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of the Renewal Funds, and the periodic updating of the registration statement, prospectuses, statements of additional information, and other reports and documents for the Renewal Funds that are required

292

Approval of Investment Advisory Agreement (unaudited) (Continued)

	to be filed by the Trust with the SEC and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including Creation Units) of the Renewal Funds by shareholders and new investors;

•	the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to the Renewal Funds; and

•	the quality of Global X Management’s resources and personnel that would continue to be made available to the Renewal Funds, including Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Renewal Funds by Global X Management.

Performance

The Board considered the performance of each Renewal Fund. They examined the performance of the Renewal Funds for the one-year, three-year, five-year and since-inception periods, as applicable. Also, the Board considered the total return and investments performance of the Renewal Funds relative to (i) the performance of unaffiliated comparable ETFs and/or other registered funds, which performance information is publicly available from such registered funds, as well as other third party sources; and (ii) the performance of pertinent indexes. The Board considered instances of under-performance and over-performance with respect to the competitor funds. The Board also considered the Renewal Funds’ tracking against their underlying indexes in absolute terms.

Based on these considerations and comparisons, the Board concluded that the investment performance of the Renewal Funds did not adversely affect the Board’s approval of the continuance of the Renewal Agreements.

Cost of Services and Profitability

The Board considered Global X Management’s cost to provide investment management, supervision and administrative and related services to the Renewal Funds. In this regard, the Board considered the management fee (“Management Fee”) that has been borne or is expected to be borne by the Renewal Funds under the Renewal Agreements for the various investment advisory, supervisory and administrative services that the Renewal Funds require under a unitary fee structure (including the types of fees and expenses that are not included within the unitary fee and would be borne by the Renewal Funds).

In addition, the Board considered expected profitability to Global X Management, as applicable, from all services provided or expected to be provided to the Renewal Funds and all aspects of Global X Management’s relationship with the Renewal Funds. In connection with these considerations, Global X Management provided the Board with financial information regarding its operations and the services provided to the Renewal Funds and

293

Approval of Investment Advisory Agreement (unaudited) (Continued)

discussed with the Board its current and expected, as applicable, profitability with respect to the Renewal Funds.

Based on these considerations, the Board concluded that the Management Fee rate paid by the Renewal Funds to Global X Management, in light of the nature, extent and quality of the services provided, was reasonable and in the best interests of the Renewal Funds’ shareholders.

Comparison of Fees and Services

With respect to this factor, the Board considered:

•	comparative information with respect to the Management Fee paid to Global X Management by the Renewal Funds. In connection with this consideration, Global X Management provided the Board with comparative expense data for the Renewal Funds, including fees and expenses paid by unaffiliated similar specialized and/or focused ETFs and/or other comparable registered funds. The Board considered the Global X Management’s detailed explanation of the fee structures of any Renewal Fund that was above the average or median for its peer group;

•	the structure of the unitary Management Fee (which includes as one component the investment advisory fee for the Renewal Funds) and the current total expense ratios for the Renewal Funds. In this regard, the Board took into consideration that the purpose of adopting a unitary Management Fee structure for the Renewal Funds was to create a simple, all-inclusive fee that would provide a level of predictability with respect to the overall expense ratio (i.e., the total fees) of the Renewal Funds and that the proposed Management Fees for the Renewal Funds were set at a competitive levels to make the Renewal Funds viable in the marketplace; and

•	that, under the unified Management Fee structure, Global X Management is responsible for most ordinary expenses of the Renewal Funds, including the costs of various third-party services required by the Renewal Funds, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that the Renewal Funds would bear other expenses not covered under the proposed all-inclusive Management Fee, such as taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses.

Based on these considerations, the Board concluded that the services received and the fees charged under the Renewal Agreements were reasonable on a comparative basis.

Economies of Scale

With respect to this factor, the Board considered:

•	the extent to which economies of scale would be realized as the Renewal Funds grow and whether the unitary Management Fee for the Renewal Funds reflected these

294

Approval of Investment Advisory Agreement (unaudited) (Concluded)

	economies of scale;

•	the significant investment of time, personnel and other resources that Global X Management has made and intends to continue to make in the Renewal Funds in order to seek to assure that the Renewal Funds are attractive to investors; and

•	that the unitary Management Fee would provide a high level of certainty as to the total level of expenses for the Renewal Funds and their shareholders.

Based on these considerations, the Board concluded that the unitary Management Fee for the Renewal Funds appropriately addressed economies of scale.

Other Benefits

In considering the Renewal Agreements, in addition to the factors above, the Board considered any other benefits realized by Global X Management as a result of its relationships with the Renewal Funds and concluded that, in the exercise of the Board’s business judgement, all information the Board considered supported approval of the continuation of the Renewal Agreements.

Conclusion

After full consideration of the factors above, as well as other factors that were instructive in its consideration, the Board, including all of the Trust’s Independent Trustees voting separately, concluded, in the exercise of its business judgement, that the Renewal Agreements were fair and reasonable and in the best interest of each Renewal Fund.

295

Supplemental Information (UNAUDITED)

NAV is the price per Share at which the Funds issue and redeem Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a Fund generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of a Fund are listed for trading, as of the time that the Fund’s NAV is calculated. A Funds’ Market Price may be at, above or below its NAV. The NAV of a Fund will fluctuate with changes in the market value of the Fund’s holdings. The Market Price of a Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a Fund is trading below the reported NAV, expressed as a percentage of the NAV.

Further information regarding premiums and discounts is available on the Funds’ website at www.globalxetfs.com.

296

Trustees and Officers of the Trust (UNAUDITED)

The Trustees and officers are identified in the table below, which provides information as to their principal business occupations held during the last five years and certain other information. Each Trustee serves until his or her death, resignation or removal and replacement. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and officers. The SAI may be obtained without charge by calling 1-888-493-8631. The address for all Trustees and officers is c/o Global X Funds®, 605 3rd Avenue, 43rd Floor, New York, New York 10158. The following chart lists Trustees and Officers as of December 15, 2023.

Name (Year of Birth)	Position(s) Held with Trust	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Trustee⁴	Other Directorships Held by Trustees
Independent Trustees^1,2
Charles A. Baker (1953)	Trustee (since 07/2018)	Chief Executive Officer of Investment Innovations LLC (investment consulting) (since 2013); Managing Director of NYSE Euronext (2003 to 2012).	113 funds (109 of which were operational)	Trustee of OSI ETF Trust (2016-2022).
Susan M. Ciccarone (1973)	Trustee (since 09/2019)	Partner, Further Global Capital Management (private equity) (since 2017); formerly Chief Operating Officer (2014-2016) and Chief Financial Officer (2012-2016), Emerging Global Advisors, LLC (ETF issuer).	113 funds (109 of which were operational)	Director of E78 Partners (since 2022); Director of ProSight Global, Inc. (since 2021); Director of Casa Holdco LP, parent of Celink (since 2018); Chairman, Payment Alliance International, Inc. (2019-2021).
Clifford J. Weber (1963)	Trustee (since 07/2018)	Owner, Financial Products Consulting Group LLC (consulting services to financial institutions) (since 2015); Formerly, Executive Vice President of Global Index and Exchange-Traded Products, NYSE Market, Inc., a subsidiary of Intercontinental Exchange (ETF/ETP listing exchange) (2013- 2015).	113 funds (109 of which were operational)	Chairman and Trustee of Clayton Street Trust (since 2016); Chairman and Trustee of Janus Detroit Street Trust (since 2016); Trustee of Clough Global Equity Fund (since 2017); Trustee of Clough Global Dividend and Income Fund (since 2017); Trustee of Clough Global Opportunities Fund (since 2017); Chairman (2017-2023) and Trustee (2015- 2023) of Clough Funds Trust; and Chairman and Trustee of Elevation ETF Trust (2016-2018).

297

Trustees and Officers of the Trust (UNAUDITED)

Name (Year of Birth)	Position(s) Held with Trust	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Trustee	Other Directorships Held by Trustees
Interested Trustee/Officers^1,2
Thomas Park (1978)	President (since 11/2023)	Chief Executive Officer, GXMC (since 11/2023); Co-Chief Executive Officer Mirae Asset Global Investments (USA) (since 12/2022); President of Mirae Asset Global Investments (USA) (1/2020- 12/2022); and Executive Managing Director of Mirae Asset Global Investments (USA) (2011- 2022).	N/A	N/A
Alex Ashby (1986)	Chief Operating Officer (since 11/2023)	Head of Product Development, GXMC (since 2019); Vice President, Director of Product Development (2015 - 2018).	N/A	N/A
Susan Lively (1981)	Secretary (since 09/2020)	General Counsel, GXMC (since 9/2020); Senior Corporate Counsel at Franklin Templeton (previously, Managing Director and Associate General Counsel at Legg Mason & Co., LLC) (2014-2020).	N/A	N/A
Eric Griffith³ (1969)	Assistant Secretary (since 02/2020)	Counsel, SEI Investments (since 10/2019); Vice President and Assistant General Counsel, JPMorgan Chase & Co. (2012-2018).	N/A	N/A
Joe Costello (1974)	Chief Compliance Officer (since 09/2016)	Chief Compliance Officer, GXMC (since 09/2016).	N/A	N/A
Ronnie Riven (1984)	Chief Financial Officer (since 11/2023); Treasurer and Principal Accounting Officer (since 12/2020)	Head of Finance & Business Management, GXMC (since 01/2022); Treasurer, GXMC (since 02/2022); Director of Finance, GXMC (08/2018- 12/2021); Director of Accounting and Finance at Barclays Center (2016-2018).	N/A	N/A
Eric Olsen³(1970)	Assistant Treasurer (since 05/2021)	Director of Accounting, SEI Investment Manager Services (March 2021 to present); Deputy Head of Fund Operations, Traditional Assets, Aberdeen Standard Investments (2013-2021).	N/A	N/A

1	Each Trustee serves until his or her successor is duly elected or appointed and qualified.
2	Luis Berruga served as an Interested Trustee of the Trust until December 15, 2023, and as President of the Trust until November 21, 2023. John Belanger served as Chief Operating Officer of the Trust and as Chief Financial Officer of the Trust until November 28, 2023.
3	These officers of the Trust also serve as officers of one or more funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.
4	As of November 30, 2023.

298

Notice to Shareholders (UNAUDITED)

For shareholders that do not have a November 30, 2023 tax year end, this notice is for informational purposes only. For shareholders with a November 30, 2023 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended November 30, 2023, the Funds have designated the following items with regard to distributions paid during the year.

	Return of Capital	Long-Term Capital Gain Distributions	Ordinary Income Distributions	Total Distributions	Qualifying for Corporate Dividends Received Deduction ⁽¹⁾
Global X Millennial Consumer ETF
	0.00%	0.00%	100.00%	100.00%	100.00%
Global X Aging Population ETF
	0.00%	0.00%	100.00%	100.00%	58.65%
Global X Health & Wellness ETF
	0.00%	0.00%	100.00%	100.00%	49.75%
Global X Robotics & Artificial Intelligence ETF
	0.00%	0.00%	100.00%	100.00%	13.76%
Global X FinTech ETF
	3.21%	0.00%	96.79%	100.00%	100.00%
Global X Internet of Things ETF
	0.00%	0.00%	100.00%	100.00%	79.28%
Global X U.S. Infrastructure Development ETF
	0.00%	0.00%	100.00%	100.00%	100.00%
Global X Autonomous & Electric Vehicles ETF
	0.00%	0.00%	100.00%	100.00%	39.67%
Global X Artificial Intelligence & Technology ETF
	0.00%	0.00%	100.00%	100.00%	100.00%
Global X Genomics & Biotechnology ETF
	0.00%	0.00%	0.00%	0.00%	0.00%
Global X Cloud Computing ETF
	0.00%	0.00%	0.00%	0.00%	0.00%
Global X Cannabis ETF
	0.00%	0.00%	100.00%	100.00%	24.33%
Global X Thematic Growth ETF
	0.00%	0.00%	100.00%	100.00%	37.14%
Global X Video Games & Esports ETF
	0.00%	0.00%	100.00%	100.00%	12.13%
Global X Cybersecurity ETF
	0.00%	94.73%	5.27%	100.00%	100.00%
Global X Telemedicine & Digital Health ETF
	0.00%	0.00%	0.00%	0.00%	0.00%
Global X China Biotech Innovation ETF
	0.00%	0.00%	100.00%	100.00%	0.00%
Global X CleanTech ETF
	0.00%	0.00%	100.00%	100.00%	0.00%
Global X Data Center REITS & Digital Infrastructure ETF
	0.00%	3.33%	96.67%	100.00%	8.32%
Global X Clean Water ETF
	0.00%	0.00%	100.00%	100.00%	47.34%
Global X AgTech & Food Innovation ETF
	0.00%	0.00%	100.00%	100.00%	34.07%
Global X Blockchain ETF
	0.00%	0.00%	100.00%	100.00%	0.02%
Global X Hydrogen ETF
	0.00%	0.00%	0.00%	0.00%	0.00%
Global X Solar ETF
	0.00%	0.00%	0.00%	0.00%	0.00%
Global X Wind Energy ETF
	0.00%	0.00%	100.00%	100.00%	0.00%
Global X Green Building ETF
	0.00%	0.00%	100.00%	100.00%	4.65%
Global X Metaverse ETF
	0.00%	0.00%	100.00%	100.00%	4.00%
Global X PropTech ETF
	0.00%	0.00%	100.00%	100.00%	2.69%
Global X Carbon Credits Strategy ETF
	0.00%	0.00%	100.00%	100.00%	85.77%

299

Notice to Shareholders (UNAUDITED)

	Return of Capital	Long-Term Capital Gain Distributions	Ordinary Income Distributions	Total Distributions	Qualifying for Corporate Dividends Received Deduction ⁽¹⁾
Global X Defense Tech ETF
	0.00%	0.00%	0.00%	0.00%	0.00%

⁽¹⁾ Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).

300

Notice to Shareholders (UNAUDITED)

	Qualifying Dividend Income ⁽²⁾	U.S. Government Interest⁽³⁾	Interest Related Dividends⁽⁴⁾	Short Term Capital Gain Dividends⁽⁵⁾	Qualifying Business Income⁽⁶⁾	Foreign Tax Credit
Global X Millennial Consumer ETF
	100.00%	0.00%	0.51%	0.00%	0.00%	0.00%
Global X Aging Population ETF
	100.00%	0.00%	0.23%	0.00%	0.00%	0.00%
Global X Health & Wellness ETF
	100.00%	0.00%	0.06%	0.00%	0.00%	9.63%
Global X Robotics & Artificial Intelligence ETF
	100.00%	0.00%	0.65%	0.00%	0.00%	0.00%
Global X FinTech ETF
	100.00%	0.00%	0.35%	0.00%	0.00%	0.00%
Global X Internet of Things ETF
	100.00%	0.00%	0.09%	0.00%	0.00%	0.00%
Global X U.S. Infrastructure Development ETF
	100.00%	0.00%	0.26%	0.00%	0.00%	0.00%
Global X Autonomous & Electric Vehicles ETF
	96.11%	0.00%	0.10%	0.00%	0.00%	0.00%
Global X Artificial Intelligence & Technology ETF
	100.00%	0.00%	0.12%	0.00%	0.00%	0.00%
Global X Genomics & Biotechnology ETF
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Global X Cloud Computing ETF
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Global X Cannabis ETF
	24.33%	0.00%	0.29%	0.00%	0.00%	0.00%
Global X Thematic Growth ETF
	42.84%	0.00%	0.25%	0.00%	0.00%	0.00%
Global X Video Games & Esports ETF
	96.62%	0.00%	0.13%	0.00%	0.00%	40.36%
Global X Cybersecurity ETF
	100.00%	0.18%	1.51%	0.00%	0.00%	0.00%
Global X Telemedicine & Digital Health ETF
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Global X China Biotech Innovation ETF
	100.00%	0.00%	0.89%	0.00%	0.00%	0.00%
Global X CleanTech ETF
	86.17%	0.00%	0.08%	0.00%	0.00%	0.00%
Global X Data Center REITS & Digital Infrastructure ETF
	21.10%	0.00%	0.34%	100.00%	0.00%	0.00%
Global X Clean Water ETF
	97.14%	0.06%	0.07%	0.00%	0.00%	0.00%
Global X AgTech & Food Innovation ETF
	88.59%	0.31%	0.36%	0.00%	0.00%	0.00%
Global X Blockchain ETF
	0.02%	0.00%	0.06%	0.00%	0.00%	0.00%
Global X Hydrogen ETF
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Global X Solar ETF
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Global X Wind Energy ETF
	100.00%	0.00%	0.78%	0.00%	0.00%	21.75%
Global X Green Building ETF
	52.83%	0.00%	0.04%	0.00%	0.00%	4.55%
Global X Metaverse ETF
	16.11%	0.00%	0.04%	100.00%	0.00%	0.00%
Global X PropTech ETF
	12.90%	9.83%	0.07%	0.00%	0.00%	0.00%
Global X Carbon Credits Strategy ETF
	83.54%	100.00%	100.00%	0.00%	0.00%	0.00%
Global X Defense Tech ETF
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

(2) The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and it is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned Funds to designate the maximum amount permitted by law.

(3) “U.S. Government Interest” represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New

301

Notice to Shareholders (UNAUDITED)

York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

(4) The percentage in this column represents the amount of “Interest Related Dividends” as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors.

(5) The percentage of this column represents the amount of “Short Term Capital Gain Dividend’’ and is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.

(6) The percentage of this column represents that amount of ordinary dividend income that qualified for 20% Business Income Deduction.

The Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended November 30, 2023, the total amount of foreign source income and foreign tax credit are as follows:

Fund Name	Foreign Source Income		Foreign Tax Credit Pass Through
Global X Health & Wellness ETF	$	122,801	$	20,828
Global X Video Games & Esports ETF		925,226		186,447
Global X Wind Energy ETF		67,367		13,305
Global X Green Building ETF		68,811		3,351

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2023. Complete information will be computed and reported in conjunction with your 2023 Form 1099- DIV.

302

Notes

303

605 Third Avenue, 43rd Floor
New York, NY 10158
1-888-493-8631
www.globalxetfs.com

Investment Adviser and Administrator:

Global X Management Company LLC
605 3rd Avenue, 43rd Floor
New York, NY 10158

Distributor:
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456

Sub-Administrator:
SEI Investments Global Funds Services
One Freedom Valley Drive
Oaks, PA 19456

Counsel for Global X Funds and the Independent Trustees:

Stradley Ronon Stevens & Young, LLP
2000 K Street, N.W.
Suite 700
Washington, DC 20006

Custodians and Transfer Agents:
Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109

The Bank of New York Mellon
240 Greenwich Street
New York, New York 10286

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP
Two Commerce Square
Suite 1800
2001 Market Street
Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Funds described.

GLX-AR-007-0800

(b) Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function.

Item 3. Audit Committee Financial Expert.

(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial experts are Charles A. Baker and Susan M. Ciccarone and each is independent as defined in Form N-CSR Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

Fees billed by PricewaterhouseCoopers LLP (“PwC”) relate to the registrant.

PwC billed the registrant aggregate fees for services rendered to the registrant for the last two fiscal years as follows:

		2023			2022
		All fees and services to the Trust that were pre- approved	All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre- approval	All fees and services to the Trust that were pre- approved	All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre- approval
(a)	Audit Fees	$1,235,693	$0	$0	$1,148,958	$0	$0
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees⁽¹⁾	$392,972	$0	$0	$406,447	$0	$0
(d)	All Other Fees	$0	$0	$0	$0	$0	$0

Notes:

(1)

Tax Compliance and excise distribution services.

(e) (1) Not applicable.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):

	2023	2022
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC for the last two fiscal years were $392,972 and $406,447, respectively.

(h) During the past fiscal year, all non-audit services provided by registrant’s principal accountant to either registrant’s investment adviser or to any entity controlling, controlled by, or under common control with registrant’s investment adviser that provides ongoing services to registrant were pre-approved by the audit committee of registrant’s Board of Trustees. Included in the audit committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

The registrant has a separately-designated standing Audit Committee, which is composed of the registrant's Independent Trustees, Charles A. Baker, Susan M. Ciccarone and Clifford J. Weber.

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

The Registrant's disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports that the Registrant files or submits under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Investment Company Act of 1940, as amended, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that such information is accumulated and communicated to the Registrant's management (“Management”), including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Management, including the principal executive officer and principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of the Shareholder Report on Form N-CSR, Management carried out an evaluation of the effectiveness of the design and operation of the Registrant's disclosure controls and procedures. Based on such evaluation, the principal executive officer and principal financial officer concluded that the Registrant's disclosure controls and procedures were not effective due to a material weakness. A material weakness (as defined in Rule 12b-2 under the Exchange Act) is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Registrant's annual or interim financial statements will not be prevented or detected on a timely basis.

The Global X Aging Population ETF, Global X Cannabis ETF and Global X Genomics & Biotechnology ETF did not design or maintain effective controls to address the valuation, and associated fair value leveling disclosures, of certain fair valued investments in accordance with U.S. GAAP. Specifically, controls were not designed or maintained to evaluate reasonably available observable inputs related to the valuation of certain securities for which trading on a recognized exchange were halted. This material weakness did not result in a misstatement of previously issued financial statements. This material weakness resulted in audit adjustments, which adjustments are reflected in the financial statements of the Global X Cannabis ETF included herein, to increase Investments, at value and Net change in unrealized appreciation (depreciation) on investments for the year ended November 30, 2023. Additionally, this material weakness could result in a misstatement of the aforementioned account balances or disclosures that would result in a material misstatement of the annual or interim financial statements that would not be prevented or detected.

Management's Remediation Plan

Management is implementing enhancements to its disclosure controls and procedures to remediate the material weakness described above. In addition to the fair value committee meetings that presently occur on a monthly basis, management will perform a periodic, interim evaluation of all securities for which trading on a recognized exchange is halted to determine whether any additional reasonably observable inputs have become available, and, if available, such observable inputs will be considered in the valuation of those halted securities.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Code of Ethics attached hereto.

(a)(2) Not applicable.

(a)(3) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR § 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR § 270.30a-2(b)) also accompany this filing as exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)		Global X Funds

By (Signature and Title)		/s/ Thomas Park
		Thomas Park
		President

Date: February 8, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)		/s/ Thomas Park
		Thomas Park
		President

Date: February 8, 2024

By (Signature and Title)		/s/ Ronnie Riven
		Ronnie Riven
		Chief Financial Officer

Date: February 8, 2024

Global X Funds N-CSRCertified annual shareholder report (management investment company)