Global X Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

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)

Ryan O’Connor

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, 2024

Date of reporting period: May 31, 2024

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 MLP ETF (ticker: MLPA)

Global X MLP & Energy Infrastructure ETF (ticker: MLPX)

Global X Alternative Income ETF (ticker: ALTY)

Global X Conscious Companies ETF (ticker: KRMA)

Global X U.S. Preferred ETF (ticker: PFFD)

Global X S&P 500^® Quality Dividend ETF (ticker: QDIV)

Global X Adaptive U.S. Factor ETF (ticker: AUSF)

Global X Variable Rate Preferred ETF (ticker: PFFV)

Global X Adaptive U.S. Risk Management ETF (ticker: ONOF)

Global X 1-3 Month T-Bill ETF (ticker: CLIP)

Global X U.S. Cash Flow Kings 100 ETF (ticker: FLOW)

Semi-Annual Report

May 31, 2024

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

Shares are bought and sold at market price (not net asset value (“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 their reports on Form N-PORT. The Funds’ Forms N-PORT are 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.

Schedule of Investments	May 31, 2024 (Unaudited)
Global X MLP ETF

Sector Weightings †:

† 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
MASTER LIMITED PARTNERSHIPS — 90.5%
Energy — 87.1%
Cheniere Energy Partners		1,782,711	$	85,873,189
CrossAmerica Partners		100		2,027
Delek Logistics Partners		385,084		15,257,028
Energy Transfer		13,877,187		217,455,520
Enterprise Products Partners		6,973,339		198,740,162
Genesis Energy		4,694,217		58,771,597
Global Partners		1,281,828		61,950,747
Martin Midstream Partners		100		311
MPLX		4,426,900		180,086,292
NGL Energy Partners ^*		100		568
Plains All American Pipeline		9,164,511		155,888,332
Summit Midstream Partners ^*		100		3,253
Sunoco		4,337,559		221,215,509
USA Compression Partners		2,479,952		60,758,824
USD Partners ^*		100		14
Western Midstream Partners		4,163,864		155,395,404
				1,411,398,777
Utilities — 3.4%
Suburban Propane Partners ^(A)		2,688,587		54,658,974
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $841,963,429)				1,466,057,751

COMMON STOCK — 15.0%
Energy — 15.0%
EnLink Midstream		9,577,051		121,532,777
Hess Midstream, Cl A ^(A)		3,484,044		121,070,529
				242,603,306

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

Schedule of Investments	May 31, 2024 (Unaudited)
Global X MLP ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 0.0%
Star Group		100	$	1,073
TOTAL COMMON STOCK (Cost $193,174,739)				242,604,379
TOTAL INVESTMENTS — 105.5% (Cost $1,035,138,168)			$	1,708,662,130

Percentages are based on Net Assets of $1,618,933,836.

*	Non-income producing security.

(A)

Affiliated investment.

As of May 31, 2024, 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.

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 2024:

							Changes in
							Unrealized
Value at		Purchases at		Proceeds from			Appreciation		Realized Gain			Value at				Capital
11/30/23		Cost		Sales			(Depreciation)		(Loss)			5/31/24		Income		Gains
Hess Midstream, Cl A
$	90,395,469	$	30,291,582	$	(7,319,682	)	$	7,815,605	$	(112,445	)	$	121,070,529	$	1,734,189	$	—
Suburban Propane Partners
	—		54,499,710		(1,940,807	)		2,154,355		(54,284	)		54,658,974		—		—
Totals:
$	90,395,469	$	84,791,292	$	(9,260,489	)	$	9,969,960	$	(166,729	)	$	175,729,503	$	1,734,189	$	—

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	May 31, 2024 (Unaudited)
Global X MLP & Energy Infrastructure ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 74.1%
CANADA — 21.4%
Energy — 21.4%
Enbridge		3,624,824	$	132,596,062
Pembina Pipeline		1,794,601		66,633,535
TC Energy		3,027,416		116,737,161

TOTAL CANADA				315,966,758
UNITED STATES — 52.7%
Energy — 52.7%
Antero Midstream		2,686,453		39,356,536
Archrock		1,071,932		21,695,904
Cheniere Energy		609,160		96,119,356
DT Midstream		776,552		52,091,108
EnLink Midstream		1,800,034		22,842,432
Equitrans Midstream		3,455,323		49,342,012
Hess Midstream, Cl A ^(A)		635,073		22,068,787
Kinder Morgan		5,286,606		103,035,951
Kinetik Holdings, Cl A		298,550		12,237,565
New Fortress Energy, Cl A		659,141		16,709,224
NextDecade ^*		1,342,387		9,611,491
ONEOK		1,620,238		131,239,278
Targa Resources		573,338		67,785,752
Williams		3,253,970		135,072,295

TOTAL UNITED STATES				779,207,691
TOTAL COMMON STOCK (Cost $876,134,274)				1,095,174,449

MASTER LIMITED PARTNERSHIPS — 25.8%
UNITED STATES— 25.8%
Energy — 25.8%
Cheniere Energy Partners		367,383		17,696,839

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

Schedule of Investments	May 31, 2024 (Unaudited)
Global X MLP & Energy Infrastructure ETF

	Shares		Value
MASTER LIMITED PARTNERSHIPS — continued
Energy — continued
Delek Logistics Partners		112,697	$	4,465,055
Energy Transfer		4,205,958		65,907,362
Enterprise Products Partners		2,327,170		66,324,345
MPLX		1,648,058		67,043,000
Plains All American Pipeline		3,914,242		66,581,256
Plains GP Holdings, Cl A		1,536,699		27,675,949
Western Midstream Partners		1,775,432		66,259,122
TOTAL UNITED STATES				381,952,928
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $231,940,445)				381,952,928
TOTAL INVESTMENTS — 99.9% (Cost $1,108,074,719)			$	1,477,127,377

Percentages are based on Net Assets of $1,478,666,205.

*	Non-income producing security.

(A)

Affiliated investment.

As of May 31, 2024, 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.

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 2024:

Value at 11/30/23		Purchases at Cost		Proceeds from Sales			Changes in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value at 5/31/24		Income		Capital Gains
Hess Midstream, Cl A
$	13,124,261	$	8,519,128	$	(834,871	)	$	1,214,849	$	45,420	$	22,068,787	$	152,787	$	76,405

See “Glossary” for abbreviations.

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

Schedule of Investments	May 31, 2024 (Unaudited)
Global X Alternative Income ETF

Sector Weightings †:

	Shares		Value
EXCHANGE TRADED FUNDS — 79.8%
Global X Emerging Markets Bond ETF ^(A)		309,861	$	6,974,971
Global X Nasdaq 100^®Covered Call ETF ^{(A) (B)}		392,742		6,876,913
Global X SuperDividend^®REIT ETF ^(A)		320,579		6,408,374
Global X U.S. Preferred ETF ^{(A) (B)}		347,782		6,875,650
TOTAL EXCHANGE TRADED FUNDS (Cost $34,176,710)				27,135,908

COMMON STOCK — 11.8%
Energy — 4.3%
Hess Midstream, Cl A ^(A)		13,801		479,585
Kinder Morgan		24,637		480,175
Williams		12,253		508,622
				1,468,382
Utilities — 7.5%
ALLETE		7,397		467,120
Avangrid		12,264		441,627
Northwest Natural Holding		10,262		384,004
Northwestern Energy Group		8,051		418,330
OGE Energy		11,573		420,100
Spire		6,974		427,436
				2,558,617
TOTAL COMMON STOCK (Cost $3,568,645)				4,026,999

MASTER LIMITED PARTNERSHIPS — 8.2%
Energy — 6.6%
Enterprise Products Partners		14,966		426,531
MPLX		11,684		475,305

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

Schedule of Investments	May 31, 2024 (Unaudited)
Global X Alternative Income ETF

	Shares		Value
MASTER LIMITED PARTNERSHIPS — continued
Energy — continued
Plains All American Pipeline		26,159	$	444,965
Sunoco		8,636		440,436
USA Compression Partners		18,400		450,800
				2,238,037
Utilities — 1.6%
Suburban Propane Partners ^(A)		27,527		559,624
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $1,196,823)				2,797,661

SHORT-TERM INVESTMENT^(C)(D)— 5.6%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 5.240% (Cost $1,901,164)		1,901,164		1,901,164

	Face Amount
REPURCHASE AGREEMENT^(D)— 14.6%
BNP Paribas
5.260%, dated 05/31/2024, to be repurchased on 06/03/2024, repurchase price $4,965,092 (collateralized by U.S. Treasury Obligations, ranging in par value $111,943 - $729,841, 3.750%, 12/31/2030, with a total market value of $5,064,200) (Cost $4,962,917)	$	4,962,917		4,962,917
TOTAL INVESTMENTS — 120.0% (Cost $45,806,259)			$	40,824,649

Percentages are based on Net Assets of $34,021,321.

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

Schedule of Investments	May 31, 2024 (Unaudited)
Global X Alternative Income ETF

(A)	Affiliated investment.
(B)	This security or a partial position of this security is on loan at May 31, 2024. The total market value of securities on loan at May 31, 2024 was $6,756,088.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2024.
(D)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2024 was $6,864,081. The total value of non-cash collateral held from securities on loan as of May 31, 2024 was $—.

The following is a summary of the level of inputs used as of May 31, 2024, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	27,135,908	$	—	$	—	$	27,135,908
Common Stock		4,026,999		—		—		4,026,999
Master Limited Partnerships		2,797,661		—		—		2,797,661
Short-Term Investment		1,901,164		—		—		1,901,164
Repurchase Agreement		—		4,962,917		—		4,962,917
Total Investments in Securities	$	35,861,732	$	4,962,917	$	—	$	40,824,649

The following is a summary of the Fund’s transactions with affiliates for the period ended May 31, 2024:

Value at 11/30/23		Purchases at Cost		Proceeds from Sales			Changes in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value at 5/31/24		Income		Capital Gains
Global X Emerging Markets Bond ETF
$	7,019,447	$	293,008	$	(597,420	)	$	253,931		$	6,005		$	6,974,971	$	214,009	$	—
Global X NASDAQ 100 Covered Call ETF
	6,989,971		292,433		(1,006,766	)		545,973			55,302			6,876,913		—		122,903
Global X SuperDividend® REIT ETF
	6,840,471		273,619		(654,025	)		(43,611	)		(8,080	)		6,408,374		172,435		2,905
Global X U.S. Preferred ETF
	6,948,567		292,399		(589,199	)		240,692			(16,809	)		6,875,650		224,358		—
Hess Midstream, Cl A
	464,053		23,764		(35,592	)		21,583			5,777			479,585		21,619		—
Suburban Propane Partners
	492,599		22,335		(63,735	)		103,309			5,116			559,624		—		—
Totals:
$	28,755,108	$	1,197,558	$	(2,946,737	)	$	1,121,877		$	47,311		$	28,175,117	$	632,421	$	125,808

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

Schedule of Investments	May 31, 2024 (Unaudited)
Global X Alternative Income ETF

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	May 31, 2024 (Unaudited)
Global X Conscious Companies ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.8%
CANADA — 0.5%
Financials — 0.5%
Toronto-Dominion Bank		51,049	$	2,854,660

UNITED STATES — 99.3%
Communication Services — 8.1%
Alphabet, Cl A ^*		119,191		20,560,447
Comcast, Cl A		74,520		2,983,036
Electronic Arts		23,660		3,143,941
Interpublic Group		97,059		3,044,741
Meta Platforms, Cl A		19,531		9,117,657
Netflix *		5,197		3,334,499
Take-Two Interactive Software ^*		21,225		3,403,641
T-Mobile US		18,539		3,243,583
Verizon Communications		75,764		3,117,689
				51,949,234
Consumer Discretionary — 10.8%
Amazon.com ^*		98,529		17,384,457
AutoNation ^*		19,004		3,235,431
BorgWarner		90,225		3,217,423

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

Schedule of Investments	May 31, 2024 (Unaudited)
Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Dick’s Sporting Goods		14,583	$	3,319,674
eBay		58,693		3,182,334
Etsy ^*		44,051		2,795,917
Gentex		86,781		3,037,335
Home Depot		8,647		2,895,621
Lear		23,025		2,886,184
Lowe’s		12,879		2,849,994
Lululemon Athletica ^*		8,246		2,572,670
Marriott International, Cl A		12,620		2,917,365
NIKE, Cl B		31,991		3,040,745
PulteGroup		26,695		3,131,857
Starbucks		34,232		2,746,091
Tesla ^*		20,798		3,703,708
Tractor Supply		11,751		3,352,443
Yum! Brands		21,471		2,950,759
				69,220,008
Consumer Staples — 5.7%
Church & Dwight		28,186		3,016,184
Coca-Cola		51,096		3,215,471
Colgate-Palmolive		33,959		3,156,829
Costco Wholesale		4,165		3,373,192
General Mills		42,471		2,919,881
Hershey		15,860		3,137,584
Kimberly-Clark		22,107		2,946,863
Kroger		54,065		2,831,384
Mondelez International, Cl A		42,515		2,913,553
PepsiCo		17,992		3,110,817
Procter & Gamble		18,622		3,064,064
Target		18,113		2,828,526
				36,514,348
Energy — 3.1%
Cheniere Energy		18,928		2,986,649
Chevron		18,465		2,996,870
ConocoPhillips		23,152		2,696,745
EOG Resources		22,311		2,778,835
Hess		19,166		2,953,481
ONEOK		37,443		3,032,883

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

Schedule of Investments	May 31, 2024 (Unaudited)
Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Valero Energy		17,953	$	2,821,134
				20,266,597
Financials — 11.9%
Aflac		35,343		3,176,275
American Express		12,587		3,020,880
Bank of America		78,388		3,134,736
Bank of New York Mellon		52,362		3,121,299
Capital One Financial		20,334		2,798,568
Charles Schwab		39,968		2,928,855
Citigroup		47,995		2,990,569
FactSet Research Systems		7,163		2,895,714
Hartford Financial Services Group		30,051		3,108,776
JPMorgan Chase		15,662		3,173,591
Mastercard, Cl A		6,497		2,904,614
MetLife		41,645		3,013,849
Moody’s		7,695		3,054,838
Morgan Stanley		32,080		3,138,707
Nasdaq		49,233		2,906,224
PayPal Holdings ^*		47,627		3,000,025
PNC Financial Services Group		19,082		3,003,316
Principal Financial Group		37,571		3,082,325
Progressive		14,054		2,967,924
Prudential Financial		26,845		3,230,796
S&P Global		7,279		3,111,845
T Rowe Price Group		27,350		3,222,651
Travelers		14,229		3,069,195
Truist Financial		79,991		3,019,660
Visa, Cl A		10,974		2,989,976
				76,065,208
Health Care — 16.2%
Abbott Laboratories		27,955		2,856,722
AbbVie		17,742		2,860,720
Agilent Technologies		21,609		2,818,030
Amgen		10,998		3,363,738
Biogen ^*		15,572		3,502,766
Boston Scientific *		43,592		3,294,247
Bristol-Myers Squibb		59,732		2,454,388

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

Schedule of Investments	May 31, 2024 (Unaudited)
Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Centene ^*		39,955	$	2,860,379
Cigna Group		8,548		2,945,812
CVS Health		43,907		2,616,857
Danaher		11,881		3,051,041
Edwards Lifesciences ^*		34,278		2,978,415
Elevance Health		5,645		3,039,720
Eli Lilly		4,032		3,307,611
Gilead Sciences		44,874		2,884,052
HCA Healthcare		9,427		3,202,823
Humana		9,171		3,284,319
Intuitive Surgical ^*		8,106		3,259,585
IQVIA Holdings ^*		12,606		2,761,849
Johnson & Johnson		20,112		2,949,827
Labcorp Holdings		14,463		2,818,983
Merck		23,693		2,974,419
Mettler-Toledo International ^*		2,487		3,491,972
Pfizer		114,270		3,274,978
Quest Diagnostics		22,006		3,124,192
Regeneron Pharmaceuticals ^*		3,257		3,192,381
ResMed		16,328		3,368,956
Stryker		8,993		3,067,422
Thermo Fisher Scientific		5,235		2,973,375
UnitedHealth Group		6,184		3,063,368
Vertex Pharmaceuticals ^*		7,429		3,382,721
Waters ^*		9,606		2,967,293
West Pharmaceutical Services		7,710		2,555,171
Zoetis, Cl A		20,115		3,410,699
				103,958,831
Industrials — 6.5%
Automatic Data Processing		12,185		2,984,350
Booz Allen Hamilton Holding, Cl A		20,605		3,136,287
Caterpillar		8,260		2,796,175
Cummins		10,275		2,894,776
Deere		7,726		2,895,396
Expeditors International of Washington		26,602		3,216,182
General Dynamics		10,274		3,079,837
Illinois Tool Works		11,999		2,912,757
Leidos Holdings		23,376		3,437,441

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

Schedule of Investments	May 31, 2024 (Unaudited)
Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Paychex		24,631	$	2,959,661
Rockwell Automation		10,886		2,803,472
Union Pacific		12,389		2,884,407
United Parcel Service, Cl B		20,207		2,807,358
WW Grainger		3,145		2,897,992
				41,706,091
Information Technology — 32.5%
Adobe ^*		6,358		2,827,784
Advanced Micro Devices ^*		19,756		3,297,276
Akamai Technologies ^*		29,556		2,726,245
Analog Devices		15,838		3,713,853
Apple		174,135		33,477,454
Applied Materials		15,545		3,343,419
Arista Networks ^*		11,974		3,564,061
Autodesk ^*		13,800		2,782,080
Cadence Design Systems ^*		10,676		3,056,646
CDW		12,509		2,797,263
Cisco Systems		62,247		2,894,485
Cognizant Technology Solutions, Cl A		44,381		2,935,803
Dell Technologies, Cl C		24,942		3,480,905
Dropbox, Cl A ^*		128,160		2,887,445
F5 ^*		16,553		2,796,960
Gartner ^*		6,554		2,750,517
HP		108,704		3,967,696
HubSpot ^*		4,590		2,804,719
Intuit		4,819		2,777,864
Keysight Technologies ^*		20,488		2,837,178
KLA		4,759		3,614,603
Lam Research		3,406		3,175,891
Littelfuse		12,686		3,255,228
Microsoft		92,936		38,580,522
Motorola Solutions		8,691		3,171,433
NetApp		30,259		3,644,091
NVIDIA		28,432		31,170,855
ON Semiconductor ^*		48,774		3,562,453
Oracle		26,281		3,079,870
Salesforce		10,858		2,545,549
ServiceNow ^*		4,061		2,667,793

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

Schedule of Investments	May 31, 2024 (Unaudited)
Global X Conscious Companies ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Synopsys ^*		5,627	$	3,155,622
Texas Instruments		18,182		3,545,672
Trimble ^*		50,389		2,805,660
Twilio, Cl A ^*		49,859		2,861,907
Workday, Cl A ^*		11,709		2,475,868
Zoom Video Communications, Cl A ^*		48,812		2,994,128
				208,026,798
Materials — 1.5%
Albemarle		26,339		3,228,898
Avery Dennison		14,234		3,239,516
Ecolab		13,692		3,179,282
				9,647,696
Real Estate — 2.0%
CBRE Group, Cl A ^*		34,956		3,078,575
Equinix ^‡		3,949		3,013,008
Jones Lang LaSalle ^*		16,499		3,333,953
ProLogis ^‡		28,693		3,170,289
				12,595,825
Utilities — 1.0%
American Water Works		24,622		3,219,819
Exelon		80,082		3,007,079
				6,226,898
TOTAL UNITED STATES				636,177,534
TOTAL COMMON STOCK (Cost $531,342,594)				639,032,194
TOTAL INVESTMENTS — 99.8% (Cost $531,342,594)			$	639,032,194

Percentages are based on Net Assets of $640,479,335.

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

Schedule of Investments	May 31, 2024 (Unaudited)
Global X Conscious Companies ETF

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

As of May 31, 2024, 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		May 31, 2024 (Unaudited)
Global X U.S. Preferred ETF

Sector Weightings †:

	Shares		Value
PREFERRED STOCK — 100.0%
BERMUDA— 1.4%
Financials — 1.1%
Aspen Insurance Holdings, 9.624%, US0003M + 4.060% ^(A)		225,855	$	5,847,386
Aspen Insurance Holdings, 5.625%		192,735		3,798,807
RenaissanceRe Holdings, 5.750%		193,892		4,395,531
RenaissanceRe Holdings, 4.200%		391,176		6,798,639
SiriusPoint, 8.000%, H15T5Y + 7.298% ^(A)		159,526		4,016,865
				24,857,228
Health Care — 0.1%
PartnerRe, 4.875%		160,031		3,122,205
Industrials — 0.2%
Triton International, 8.000%		111,378		2,885,804
Triton International, 6.875%		131,656		3,150,528
				6,036,332
TOTAL BERMUDA				34,015,765
CANADA— 0.7%
Financials — 0.2%
Brookfield Finance, 4.625%		327,253		5,471,670
Utilities — 0.5%
BIP Bermuda Holdings I, 5.125%		239,899		4,351,768
Brookfield BRP Holdings Canada, 4.875%		201,387		3,338,996

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Utilities — continued
Brookfield BRP Holdings Canada, 4.625%		279,826	$	4,376,479
				12,067,243
TOTAL CANADA				17,538,913
NETHERLANDS— 0.7%
Financials — 0.7%
AEGON Funding, 5.100%		739,677		15,400,075
TOTAL NETHERLANDS				15,400,075
UNITED STATES— 97.2%
Communication Services — 6.2%
AT&T, 5.625%		667,712		16,038,442
AT&T, 5.350%		1,057,503		24,491,769
AT&T, 5.000%		959,439		20,340,107
AT&T, 4.750%		1,399,317		28,196,238
Qwest, 6.750%		555,807		6,097,203
Qwest, 6.500%		781,602		8,097,397
Telephone and Data Systems, 6.625%		343,586		7,084,743
Telephone and Data Systems, 6.000%		541,851		9,894,199
United States Cellular, 6.250%		391,854		9,032,235
United States Cellular, 5.500%		399,776		8,531,220
United States Cellular, 5.500%		398,679		8,467,942
				146,271,495
Consumer Discretionary — 2.7%
Brunswick, 6.375%		184,021		4,595,004
Ford Motor, 6.500%		472,812		11,914,862
Ford Motor, 6.200%		606,979		14,421,821
Ford Motor, 6.000%		647,599		15,108,485
Qurate Retail, 8.000% ^(B)		256,924		12,553,307
QVC, 6.250%		398,758		5,383,233
				63,976,712
Energy — 1.0%
NuStar Energy, 12.471%, US0003M + 6.880% ^(A)		137,313		3,431,452
NuStar Energy, 12.357%, TSFR3M + 7.028% ^(A)		181,133		4,526,513
NuStar Energy, 11.234%, TSFR3M + 5.905% ^(A)		307,110		7,674,679
NuStar Logistics, 12.324%, TSFR3M + 6.996% ^(A)		316,025		8,039,676
				23,672,320
Financials — 70.7%
Affiliated Managers Group, 5.875%		248,670		5,550,314

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Affiliated Managers Group, 4.750%		212,147	$	3,988,364
Allstate, 8.755%, TSFR3M + 3.427% ^(A)		393,441		10,237,335
Allstate, 7.375%		485,670		13,224,794
Allstate, 5.100%		919,567		20,294,844
Allstate, 4.750%		248,661		5,139,823
American Financial Group, 4.500%		170,955		3,160,958
Apollo Global Management, 7.625%, H15T5Y + 3.226% ^(A)		473,532		12,548,598
Apollo Global Management, 6.750%		574,817		37,317,120
Arch Capital Group, 5.450%		257,730		5,778,307
Arch Capital Group, 4.550%		392,172		7,663,041
Associated Banc-Corp, 6.625%, H15T5Y + 2.812% ^(A)		241,748		5,436,913
Associated Banc-Corp, 5.875%		76,658		1,559,224
Associated Banc-Corp, 5.625%		88,365		1,738,140
Assurant, 5.250%		199,888		4,203,645
Athene Holding, 7.750%, H15T5Y + 3.962% ^(A)		393,622		10,293,215
Athene Holding, 6.375%, H15T5Y + 5.970% ^(A)		473,005		11,825,125
Athene Holding, 6.350%, US0003M + 4.253% ^(A)		697,996		16,912,443
Athene Holding, 5.625%		275,884		6,000,477
Athene Holding, 4.875%		451,065		8,655,937
Axis Capital Holdings, 5.500%		432,454		9,176,674
Bank of America, 7.250% ^*		53,546		63,666,194
Bank of America, 6.450%, + 0.000%		737,309		18,727,649
Bank of America, 6.348%, TSFR3M + 1.012% ^(A)		144,359		3,308,708
Bank of America, 6.248%, TSFR3M + 0.912% ^(A)		218,700		4,833,270
Bank of America, 6.087%, TSFR3M + 0.762% ^(A)		295,527		6,607,984
Bank of America, 6.000%		936,392		23,494,075
Bank of America, 5.934%, TSFR3M + 0.612% ^{(A) (B)}		220,716		5,363,399
Bank of America, 5.875% ^(B)		590,405		14,701,084
Bank of America, 5.375%		958,612		22,057,662
Bank of America, 5.000%		902,558		19,648,688

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Bank of America, 4.750%		476,194	$	9,904,835
Bank of America, 4.375% ^(B)		745,503		14,425,483
Bank of America, 4.250%		911,962		17,035,450
Bank of America, 4.125%		632,977		11,577,149
Bank OZK, 4.625%		287,824		4,518,837
Brighthouse Financial, 6.750%		334,609		7,963,694
Brighthouse Financial, 6.600%		353,165		8,023,909
Brighthouse Financial, 6.250%		299,874		6,561,243
Brighthouse Financial, 5.375%		451,342		8,747,008
Brighthouse Financial, 4.625%		297,268		4,937,621
Capital One Financial, 5.000% ^(B)		1,199,429		23,964,591
Capital One Financial, 4.800%		1,018,803		19,285,941
Capital One Financial, 4.375%		530,217		9,246,984
Capital One Financial, 4.250%		352,224		6,008,941
Carlyle Finance, 4.625%		392,247		7,123,206
Charles Schwab, 5.950% ^(B)		606,979		15,247,312
Charles Schwab, 4.450% ^(B)		471,805		9,601,232
Citigroup Capital XIII, 11.961%, TSFR3M + 6.632% ^(A)		1,795,990		52,532,708
Citizens Financial Group, 5.000%		358,860		6,789,631
Cullen, 4.450%		115,988		2,121,421
Enstar Group, 7.000%, US0003M + 4.015% ^(A)		313,828		7,880,221
Equitable Holdings, 5.250%		647,599		14,409,078
Equitable Holdings, 4.300% ^(B)		233,456		4,358,624
F&G Annuities & Life, 7.950%		275,884		7,131,601
Fifth Third Bancorp, 9.302%, TSFR3M + 3.972% ^(A)		353,501		9,060,231
Fifth Third Bancorp, 6.000%		155,126		3,628,397
Fifth Third Bancorp, 4.950%		205,805		4,344,544
First Citizens BancShares, 5.625%		155,348		3,538,827
First Citizens BancShares, 5.375%		275,884		6,014,271
First Horizon, 6.500%		124,932		2,980,878
Goldman Sachs Group, 6.337%, TSFR3M + 1.012% ^(A)		606,967		14,263,725
Goldman Sachs Group, 6.257%, TSFR3M + 0.932% ^(A)		1,079,458		25,259,317
Hartford Financial Services Group, 6.000%		275,884		6,872,270
Huntington Bancshares, 6.875%, H15T5Y + 2.704% ^(A)		259,863		6,579,731

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Huntington Bancshares, 5.700%		150,440	$	3,270,566
Huntington Bancshares, 4.500%		399,756		7,039,703
Jackson Financial, 8.000%, H15T5Y + 3.728% ^(A)		451,990		12,068,133
JPMorgan Chase, 6.000%		1,497,563		37,513,953
JPMorgan Chase, 5.750%		1,356,404		33,638,819
JPMorgan Chase, 4.750%		735,691		15,618,720
JPMorgan Chase, 4.625%		1,499,728		31,029,372
JPMorgan Chase, 4.550% ^(B)		1,218,512		24,906,385
JPMorgan Chase, 4.200%		1,621,345		30,886,622
Kemper, 5.875%, H15T5Y + 4.140% ^(A)		119,950		2,702,474
KeyCorp, 6.200%, H15T5Y + 3.132% ^(A)		493,651		11,181,195
KeyCorp, 6.125%, TSFR3M + 4.154% ^(A)		412,658		9,965,691
KeyCorp, 5.650%		353,879		7,597,782
KeyCorp, 5.625%		358,806		7,470,341
KKR Group Finance IX, 4.625%		391,861		7,625,615
Lincoln National, 9.000%		393,927		10,970,867
M&T Bank, 5.625%, US0003M + 4.020% ^(A)		211,715		5,057,871
MetLife, 6.591%, TSFR3M + 1.262% ^(A)		472,786		11,673,086
MetLife, 5.625%		658,044		15,628,545
MetLife, 4.750%		809,444		16,520,752
Morgan Stanley, Ser E, 7.125%, + 0.000% ^(A)		703,525		17,841,394
Morgan Stanley, Ser F, 6.875%, US0003M + 3.940% ^(A)		687,946		17,411,913
Morgan Stanley, 6.500%		813,901		20,900,978
Morgan Stanley, 6.375%, + 0.000% ^(A)		814,157		20,557,464
Morgan Stanley, 6.290%, TSFR3M + 0.962% ^(A)		890,276		20,538,667
Morgan Stanley, 5.850%, + 0.000% ^(A)		799,600		19,574,208
Morgan Stanley, 4.875% ^(B)		392,819		8,720,582
Morgan Stanley, 4.250% ^(B)		1,058,644		20,061,304
National Rural Utilities Cooperative Finance, 5.500%		208,356		5,156,811
Navient, 6.000%		233,067		4,491,201
New Mountain Finance, 8.250%		91,933		2,331,421
New York Community Bancorp, 6.375%, US0003M + 3.821% ^(A)		428,541		7,628,030
New York Community Capital Trust V, 6.000% *		54,589		1,763,225

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Northern Trust, 4.700%		319,157	$	6,775,703
Prudential Financial, 5.950%		239,899		6,062,248
Prudential Financial, 5.625%		445,294		10,963,138
Prudential Financial, 4.125%		391,973		7,463,166
Regions Financial, 5.700%, TSFR3M + 3.410% ^(A)		392,637		9,011,019
Regions Financial, 4.450%		319,838		5,862,631
Reinsurance Group of America, 7.125%, H15T5Y + 3.456% ^(A)		572,659		14,952,126
Reinsurance Group of America, 5.750%, US0003M + 4.040% ^(A)		313,851		7,818,028
SLM, 7.291%, TSFR3M + 1.962% ^(A)		48,662		3,744,541
State Street, 5.350%, TSFR3M + 3.971% ^{(A) (B)}		412,481		10,126,409
Stifel Financial, 6.125%		191,170		4,916,892
Stifel Financial, 5.200%		179,925		3,886,380
Stifel Financial, 4.500%		239,048		4,338,721
Synchrony Financial, 5.625%		590,334		10,903,469
Synovus Financial, 8.952%, TSFR3M + 3.614% ^(A)		158,773		4,086,817
Texas Capital Bancshares, 5.750%		254,517		5,006,349
Truist Financial, 5.250% ^(B)		452,590		10,296,423
Truist Financial, 4.750%		748,698		15,280,926
Unum Group, 6.250%		234,043		5,776,181
US Bancorp, 6.610%, TSFR3M + 1.282% ^(A)		11,293		9,651,562
US Bancorp, 6.190%, TSFR3M + 0.862% ^(A)		815,896		17,525,446
US Bancorp, 5.500% ^(B)		452,900		10,828,839
US Bancorp, 4.500% ^(B)		358,654		7,115,695
US Bancorp, 4.000%		590,502		10,381,025
US Bancorp, 3.750%		399,776		6,584,311
Valley National Bancorp, 9.142%, US0003M + 3.578% ^{(A) (B)}		78,135		1,898,681
Valley National Bancorp, 6.250%, US0003M + 3.850% ^(A)		88,517		2,008,451
Voya Financial, 5.350%, H15T5Y + 3.210% ^(A)		239,899		5,925,505
W R Berkley, 5.700%		155,667		3,812,285
W R Berkley, 5.100%		233,724		4,966,635
W R Berkley, 4.125%		250,106		4,576,940
WaFd, 4.875%		238,454		3,836,725
Wells Fargo, 7.500% ^*		79,973		93,184,540

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Wells Fargo, 5.625%		565,554	$	13,341,419
Wells Fargo, 4.750%		1,609,130		32,858,435
Wells Fargo, 4.700%		953,286		19,389,837
Wells Fargo, 4.375% ^(B)		857,529		16,481,707
Wells Fargo, 4.250% ^(B)		999,467		18,650,054
Western Alliance Bancorp, 4.250%, H15T5Y + 3.452% ^(A)		237,996		4,388,646
Wintrust Financial, 6.875%, H15T5Y + 6.507% ^(A)		240,203		5,990,663
Zions Bancorporation, 9.831%, US0003M + 4.240% ^(A)		108,320		2,746,995
				1,657,812,168
Industrials — 1.4%
Air Lease, 9.241%, TSFR3M + 3.912% ^(A)		199,888		5,035,179
Chart Industries, 6.750%		158,071		9,656,557
Pitney Bowes, 6.700%		339,781		6,234,981
WESCO International, 10.625%, H15T5Y + 10.325% ^(A)		424,183		11,300,235
				32,226,952
Real Estate — 5.3%
Brookfield Property Partners, 6.500%		140,050		2,093,747
Brookfield Property Partners, 6.375%		199,888		2,778,443
Brookfield Property Partners, 5.750%		222,580		2,833,443
Brookfield Property Preferred, 6.250%		557,357		8,404,944
Digital Realty Trust, 5.200% ^‡		275,884		5,876,329
Diversified Healthcare Trust, 5.625% ^‡		279,766		4,000,654
EPR Properties, 5.750% ^‡*		107,812		2,076,459
Hudson Pacific Properties, 4.750% ^‡		339,801		4,814,980
Kimco Realty, 5.250% ^‡		217,982		4,773,806
Kimco Realty, 5.125% ^‡		173,041		3,668,469
Office Properties Income Trust, 6.375% ^‡		129,529		1,336,739
Public Storage, 5.600% ^‡		239,470		6,046,618
Public Storage, 5.150% ^‡		236,340		5,544,536
Public Storage, 5.050% ^‡		252,380		5,943,549
Public Storage, 4.875% ^‡		266,135		5,945,456
Public Storage, 4.750% ^{‡ (B)}		197,089		4,241,355
Public Storage, 4.700% ^‡		200,141		4,228,979
Public Storage, 4.625% ^‡		444,494		9,209,916
Public Storage, 4.100% ^‡		192,270		3,535,845
Public Storage, 4.000% ^‡		474,129		8,496,392

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X U.S. Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Real Estate — continued
Public Storage, 4.000% ^‡		346,940	$	6,321,247
RLJ Lodging Trust, 1.950% ^‡*		257,381		6,413,935
SITE Centers, 6.375% ^‡		135,691		2,998,771
SL Green Realty, 6.500% ^‡		186,513		3,942,885
Vornado Realty Trust, 5.400% ^‡		230,997		3,578,144
Vornado Realty Trust, 5.250% ^‡		255,413		3,900,157
				123,005,798
Utilities — 9.9%
CMS Energy, 5.875%		217,958		5,357,408
CMS Energy, 5.875%		496,986		12,141,368
CMS Energy, 4.200%		167,667		3,192,380
DTE Energy, 5.250%		313,655		7,308,161
DTE Energy, 4.375%		216,982		4,378,697
Duke Energy, 5.750%		814,301		20,349,382
Duke Energy, 5.625%		412,559		10,161,328
Entergy Arkansas, 4.875%		327,806		6,995,380
Entergy Louisiana, 4.875%		224,047		4,823,732
Entergy Mississippi, 4.900%		214,273		4,718,291
NextEra Energy, 6.926% ^{* (B)}		809,691		36,800,456
NextEra Energy Capital Holdings, 5.650%		556,415		13,621,039
SCE Trust III, 8.581%, TSFR3M + 3.252% ^(A)		219,851		5,665,560
SCE Trust IV, 5.375%, TSFR3M + 3.394% ^(A)		271,976		6,573,660
SCE Trust V, 5.450%, TSFR3M + 4.052% ^(A)		233,943		5,841,557
SCE Trust VI, 5.000%		372,376		7,242,713
SCE Trust VII, 7.500%		439,787		11,764,302
Sempra, 5.750%		620,009		14,514,411
Southern, 5.250%		353,306		8,270,893
Southern, 4.950%		809,444		17,929,185
Southern, 4.200%		591,272		11,760,400
Spire, 5.900%		203,346		4,829,468
Tennessee Valley Authority, 2.216%, H15T30Y + 0.840% ^(A)		169,627		3,708,046
Tennessee Valley Authority, 2.134%, H15T30Y + 0.940% ^(A)		198,792		4,506,615
				232,454,432
TOTAL UNITED STATES				2,279,419,877
TOTAL PREFERRED STOCK (Cost $2,541,354,312)				2,346,374,630

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X U.S. Preferred ETF

	Shares		Value
SHORT-TERM INVESTMENT^(C)(D)— 0.5%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 5.240% (Cost $11,285,292)		11,285,292	$	11,285,292

	Face Amount
REPURCHASE AGREEMENT^(D)— 1.3%
BNP Paribas 5.260%, dated 05/31/2024, to be repurchased on 06/03/2024, repurchase price $29,472,735 (collateralized by U.S. Treasury Obligations, ranging in par value $664,492 - $4,332,327, 3.750%, 12/31/2030, with a total market value of $30,061,057) (Cost $29,459,822)	$	29,459,822		29,459,822
TOTAL INVESTMENTS — 101.8% (Cost $2,582,099,426)			$	2,387,119,744

Percentages are based on Net Assets of $2,345,798,429.

‡	Real Estate Investment Trust
(A)	Variable or floating rate security. The rate presented is the rate in effect as of May 31, 2024. Rates are based on published reference rates and spreads and/or are adjusted periodically based on prevailing interest rates.
(B)	This security or a partial position of this security is on loan at May 31, 2024. The total market value of securities on loan at May 31, 2024 was $39,877,332.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of May 31, 2024.
(D)	These securities were purchased with cash collateral held from securities on loan. The total value of such securities as of May 31, 2024 was $40,745,114. The total value of non-cash collateral held from securities on loan as of May 31, 2024 was $—.

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X U.S. Preferred ETF

The following is a summary of the level of inputs used as of May 31, 2024, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Preferred Stock	$	2,346,374,630	$	—	$	—	$	2,346,374,630
Short-Term Investment		11,285,292		—		—		11,285,292
Repurchase Agreement		—		29,459,822		—		29,459,822
Total Investments in Securities	$	2,357,659,922	$	29,459,822	$	—	$	2,387,119,744

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		May 31, 2024 (Unaudited)
Global X S&P 500^® Quality Dividend ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.8%
Communication Services — 4.5%
Comcast, Cl A		9,333	$	373,600
Interpublic Group		12,552		393,757
Omnicom Group		4,794		445,650
				1,213,007
Consumer Discretionary — 10.7%
Best Buy		5,295		449,122
eBay		9,487		514,385
Garmin		3,168		519,077
LKQ		8,643		371,908
Ralph Lauren, Cl A		2,975		555,968
Tapestry		11,701		508,877
				2,919,337
Consumer Staples — 22.1%
Archer-Daniels-Midland		5,315		331,869
Bunge Global		3,745		402,925
Campbell Soup		9,147		405,944
Coca-Cola		6,692		421,128
General Mills		6,002		412,637
Hershey		2,115		418,410
Hormel Foods		12,526		388,055
Kellanova		7,315		441,387

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X S&P 500^® Quality Dividend ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Kenvue		19,023	$	367,144
Kimberly-Clark		3,281		437,357
Kraft Heinz		10,907		385,781
Molson Coors Beverage, Cl B		6,295		345,029
PepsiCo		2,374		410,465
Procter & Gamble		2,712		446,232
Sysco		5,325		387,766
				6,002,129
Energy — 9.7%
APA		11,470		350,179
Chevron		2,742		445,027
Coterra Energy		15,868		452,556
EOG Resources		3,293		410,143
Exxon Mobil		3,936		461,535
Valero Energy		3,222		506,305
				2,625,745
Financials — 9.9%
Aflac		4,750		426,882
BlackRock, Cl A		528		407,632
Cincinnati Financial		3,822		449,391
Hartford Financial Services Group		5,014		518,698
Principal Financial Group		5,276		432,843
T Rowe Price Group		3,990		470,142
				2,705,588
Health Care — 11.1%
AbbVie		2,645		426,480
Baxter International		10,863		370,320
Bristol-Myers Squibb		7,781		319,721
CVS Health		5,270		314,092
Gilead Sciences		4,976		319,808
Johnson & Johnson		2,550		374,008
Merck		3,780		474,541
Viatris		39,939		423,353
				3,022,323
Industrials — 16.7%
Automatic Data Processing		1,715		420,038
CH Robinson Worldwide		4,630		399,893
Emerson Electric		4,386		491,934
Illinois Tool Works		1,571		381,360

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X S&P 500^® Quality Dividend ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Johnson Controls International		7,011	$	504,161
L3Harris Technologies		2,000		449,660
Lockheed Martin		882		414,840
Paychex		3,166		380,427
Robert Half		4,727		303,615
Snap-On		1,409		384,460
Union Pacific		1,710		398,122
				4,528,510
Information Technology — 7.1%
Cisco Systems		8,119		377,534
Hewlett Packard Enterprise		24,353		429,831
NetApp		4,394		529,169
QUALCOMM		2,969		605,824
				1,942,358
Materials — 5.1%
Eastman Chemical		4,628		468,955
International Flavors & Fragrances		5,114		491,864
LyondellBasell Industries, Cl A		4,242		421,740
				1,382,559
Real Estate — 1.4%
Public Storage ^‡		1,428		391,029
Utilities — 1.5%
Consolidated Edison		4,286		405,241
TOTAL COMMON STOCK (Cost $27,339,304)				27,137,826
TOTAL INVESTMENTS — 99.8% (Cost $27,339,304)			$	27,137,826

Percentages are based on Net Assets of $27,195,696.

‡	Real Estate Investment Trust

As of May 31, 2024, 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		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Factor ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.8%
UNITED STATES — 99.8%
Communication Services — 7.6%
AT&T		261,392	$	4,762,562
Comcast, Cl A		32,520		1,301,775
Electronic Arts		24,078		3,199,485
Liberty Broadband, Cl C ^*		26,252		1,419,971
T-Mobile US		23,804		4,164,748
Verizon Communications		125,664		5,171,074
				20,019,615
Consumer Discretionary — 6.6%
Asbury Automotive Group ^*		6,004		1,411,360
Best Buy		16,687		1,415,391
Darden Restaurants		1,349		202,876
Ford Motor		105,705		1,282,202
Gap		59,660		1,727,754
Garmin		1,481		242,662
General Motors		29,963		1,348,035
KB Home		20,787		1,467,562
Lithia Motors, Cl A		4,877		1,234,564
Macy’s		66,532		1,296,043
McDonald’s		12,636		3,271,334

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
O’Reilly Automotive ^*		184	$	177,240
Signet Jewelers		13,115		1,435,961
TJX		2,048		211,149
Yum! Brands		5,729		787,337
				17,511,470
Consumer Staples — 9.6%
Albertsons, Cl A		186,112		3,841,352
Altria Group		35,922		1,661,392
Archer-Daniels-Midland		21,067		1,315,423
Bunge Global		12,079		1,299,580
Casey’s General Stores		815		270,401
Church & Dwight		3,253		348,104
Coca-Cola		46,090		2,900,444
Conagra Brands		42,225		1,261,683
Costco Wholesale		376		304,519
Kimberly-Clark		1,616		215,413
Kraft Heinz		34,484		1,219,699
Kroger		5,979		313,120
Molson Coors Beverage, Cl B		19,889		1,090,116
Mondelez International, Cl A		2,734		187,361
PepsiCo		15,158		2,620,818
Procter & Gamble		14,265		2,347,163
Walmart		63,773		4,193,712
				25,390,300
Energy — 7.2%
Antero Midstream		93,233		1,365,864
Baker Hughes, Cl A		39,508		1,322,728
Chesapeake Energy		14,600		1,327,578
Chevron		1,323		214,723
Chord Energy		7,057		1,308,438
Civitas Resources		17,443		1,283,107
DT Midstream		23,441		1,572,422
Equitrans Midstream		103,148		1,472,954
Exxon Mobil		1,943		227,836
Helmerich & Payne		30,479		1,160,031
Kinder Morgan		82,407		1,606,112
NOV		68,492		1,289,019

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
ONEOK		16,390	$	1,327,590
Patterson-UTI Energy		112,705		1,242,009
Phillips 66		4,568		649,159
Williams		38,851		1,612,705
				18,982,275
Financials — 26.5%
Aflac		2,846		255,770
AGNC Investment ^‡		140,770		1,349,984
Ally Financial		35,086		1,367,301
Arthur J Gallagher		15,372		3,894,189
Bank OZK		30,266		1,267,540
Berkshire Hathaway, Cl B ^*		9,609		3,981,970
Cadence Bank		47,536		1,357,153
Capital One Financial		9,250		1,273,077
Cboe Global Markets		12,924		2,235,723
Citigroup		21,875		1,363,031
Citizens Financial Group		38,317		1,352,207
CME Group, Cl A		17,309		3,513,381
Columbia Banking System		72,370		1,395,294
Comerica		25,556		1,309,489
Corebridge Financial		47,981		1,399,606
FactSet Research Systems		466		188,385
Fifth Third Bancorp		37,311		1,396,178
First Horizon		89,817		1,422,701
FNB		99,417		1,368,972
Hartford Financial Services Group		1,915		198,107
Huntington Bancshares		96,771		1,347,052
Intercontinental Exchange		1,546		207,009
Jackson Financial, Cl A		19,906		1,513,055
KeyCorp		88,186		1,267,233
Loews		2,512		192,922
M&T Bank		9,158		1,388,353
Marsh & McLennan		19,041		3,952,531
Mastercard, Cl A		426		190,452
MGIC Investment		65,662		1,378,902
Old National Bancorp		81,949		1,400,508
Old Republic International		7,545		239,780
OneMain Holdings, Cl A		26,947		1,323,637

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
PNC Financial Services Group		8,592	$	1,352,295
Progressive		2,124		448,546
Prosperity Bancshares		21,420		1,334,466
Radian Group		43,386		1,355,379
Regions Financial		67,476		1,305,661
Rithm Capital ^‡		120,978		1,356,163
Starwood Property Trust ^‡		66,942		1,301,352
Synchrony Financial		32,061		1,404,272
Tradeweb Markets, Cl A		3,058		333,353
Travelers		1,184		255,389
United Bankshares		38,495		1,248,778
Unum Group		25,360		1,365,890
US Bancorp		32,028		1,298,735
Visa, Cl A		13,911		3,790,191
W R Berkley		3,219		260,835
Webster Financial		27,855		1,231,748
Wells Fargo		22,141		1,326,689
Western Alliance Bancorp		22,814		1,437,966
Zions Bancorp		32,155		1,388,774
				70,087,974
Health Care — 11.1%
AbbVie		2,301		371,013
Amgen		2,680		819,678
Becton Dickinson		907		210,397
Boston Scientific *		2,696		203,737
Bristol-Myers Squibb		30,431		1,250,410
Cardinal Health		2,382		236,461
Cencora		15,938		3,611,073
Chemed		2,591		1,436,373
CVS Health		18,415		1,097,534
Eli Lilly		599		491,384
Gilead Sciences		24,129		1,550,771
Johnson & Johnson		26,329		3,861,674
McKesson		2,037		1,160,255
Medtronic PLC		15,990		1,301,106
Merck		30,397		3,816,039
Organon		71,408		1,523,133
Perrigo PLC		42,362		1,166,226

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Pfizer		49,790	$	1,426,981
QIAGEN		4,694		203,062
Quest Diagnostics		4,575		649,513
Regeneron Pharmaceuticals ^*		216		211,715
Royalty Pharma, Cl A		45,835		1,256,337
UnitedHealth Group		396		196,166
Vertex Pharmaceuticals ^*		436		198,528
Viatris		114,644		1,215,226
				29,464,792
Industrials — 10.9%
AGCO		10,895		1,169,360
Air Lease, Cl A		26,208		1,248,549
AMETEK		8,572		1,453,640
Automatic Data Processing		802		196,426
Boise Cascade		9,179		1,260,185
Broadridge Financial Solutions		10,454		2,098,849
CACI International, Cl A ^*		1,102		467,777
EMCOR Group		1,167		453,566
General Dynamics		13,388		4,013,321
Honeywell International		960		194,102
Huntington Ingalls Industries		896		226,778
Leidos Holdings		1,755		258,073
Lockheed Martin		8,382		3,942,390
ManpowerGroup		18,053		1,347,115
Northrop Grumman		471		212,313
PACCAR		1,560		167,700
Republic Services, Cl A		20,110		3,724,171
RTX		2,463		265,536
Science Applications International		2,235		300,943
Snap-On		1,191		324,976
United Airlines Holdings ^*		26,100		1,383,039
Verisk Analytics, Cl A		834		210,818
Waste Management		18,443		3,886,493
				28,806,120
Information Technology — 13.1%
Akamai Technologies ^*		1,917		176,824
Amdocs		41,537		3,281,423

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Apple		1,174	$	225,701
Arrow Electronics ^*		10,441		1,371,008
Avnet		27,507		1,501,882
Cisco Systems		69,533		3,233,284
Corning		41,075		1,530,455
Dolby Laboratories, Cl A		2,365		191,589
Gen Digital		62,884		1,561,410
Hewlett Packard Enterprise		75,450		1,331,693
HP		45,678		1,667,247
Insight Enterprises ^*		14,562		2,846,871
Intel		35,421		1,092,738
International Business Machines		27,758		4,631,422
Motorola Solutions		498		181,725
Roper Technologies		7,027		3,743,705
TD SYNNEX		11,080		1,449,707
Texas Instruments		7,649		1,491,631
VeriSign ^*		17,243		3,005,800
				34,516,115
Materials — 6.3%
Albemarle		11,131		1,364,549
AptarGroup		1,465		216,366
Celanese, Cl A		8,175		1,242,927
Commercial Metals		22,769		1,282,350
Eastman Chemical		13,259		1,343,534
FMC		22,562		1,375,154
International Paper		36,302		1,636,857
Linde PLC		8,496		3,700,178
LyondellBasell Industries, Cl A		12,755		1,268,102
Mosaic		41,754		1,291,451
NewMarket		298		159,451
Packaging Corp of America		1,037		190,279
Sonoco Products		3,677		225,658
United States Steel		32,313		1,239,204
				16,536,060
Real Estate — 0.5%
Kilroy Realty ^‡		39,047		1,309,246

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Factor ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 0.4%
Consolidated Edison		2,805	$	265,213
Duke Energy		2,682		277,775
Pinnacle West Capital		2,862		225,697
Southern		3,688		295,556
				1,064,241
TOTAL UNITED STATES				263,688,208
TOTAL COMMON STOCK (Cost $252,833,908)				263,688,208
TOTAL INVESTMENTS — 99.8% (Cost $252,833,908)			$	263,688,208

Percentages are based on Net Assets of $264,176,246.

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

As of May 31, 2024, 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		May 31, 2024 (Unaudited)
Global X Variable Rate Preferred ETF

Sector Weightings †:

	Shares		Value
PREFERRED STOCK — 100.0%
BERMUDA—0.8%
Financials — 0.8%
SiriusPoint, 8.000%, H15T5Y + 7.298% ^(A)		82,636	$	2,080,774
TOTAL BERMUDA				2,080,774
UNITED STATES— 99.2%
Consumer Staples — 1.8%
CHS, Ser 2, 7.100%, US0003M + 4.298% ^(A)		172,007		4,546,145
Energy — 5.8%
NGL Energy Partners, 12.813%, TSFR3M + 7.475% ^(A)		126,228		3,092,586
NuStar Energy, 12.471%, US0003M + 6.880% ^(A)		65,450		1,635,596
NuStar Energy, 12.357%, TSFR3M + 7.028% ^(A)		84,217		2,104,583
NuStar Energy, 11.234%, TSFR3M + 5.905% ^(A)		145,688		3,640,743
NuStar Logistics, 12.324%, TSFR3M + 6.996% ^(A)		155,105		3,945,871
				14,419,379
Financials — 87.5%
AGNC Investment, 10.701%, TSFR3M + 5.373% ^{‡ (A)}		137,742		3,581,292
AGNC Investment, 7.750%, H15T5Y + 4.390% ^{‡ (A)}		62,967		1,526,950
Allstate, 8.755%, TSFR3M + 3.427% ^(A)		210,582		5,479,344
Annaly Capital Management, 10.557%, TSFR3M + 5.255% ^{‡ (A)}		288,050		7,440,331
Annaly Capital Management, 9.736%, TSFR3M + 4.434% ^{‡ (A)}		171,966		4,433,283

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Variable Rate Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Apollo Global Management, 7.625%, H15T5Y + 3.226% ^(A)		247,356	$	6,554,934
Arbor Realty Trust, 6.250%, TSFR3M + 5.440% ^{‡ (A)}		110,359		2,251,324
Associated Banc-Corp, 6.625%, H15T5Y + 2.812% ^(A)		122,581		2,756,847
Athene Holding, 7.750%, H15T5Y + 3.962% ^(A)		206,014		5,387,266
Athene Holding, 6.375%, H15T5Y + 5.970% ^(A)		244,657		6,116,425
Athene Holding, 6.350%, US0003M + 4.253% ^(A)		357,403		8,659,875
Banc of California, 7.750%, H15T5Y + 4.820% ^(A)		208,950		4,878,983
Bank of America, 6.450%, + 0.000%		430,309		10,929,849
Bank of America, 6.348%, TSFR3M + 1.012% ^(A)		85,103		1,950,561
Bank of America, 6.248%, TSFR3M + 0.912% ^(A)		122,375		2,704,488
Bank of America, 6.087%, TSFR3M + 0.762% ^(A)		170,837		3,819,915
Bank of America, 5.934%, TSFR3M + 0.612% ^(A)		125,954		3,060,682
Chimera Investment, 11.355%, TSFR3M + 6.053% ^{‡ (A)}		133,627		3,351,365
Chimera Investment, 10.901%, TSFR3M + 5.600% ^{‡ (A)}		80,238		2,003,543
Chimera Investment, 7.750%, US0003M + 4.743% ^{‡ (A)}		108,347		2,475,729
Enstar Group, 7.000%, US0003M + 4.015% ^(A)		168,665		4,235,178
Fifth Third Bancorp, 9.302%, TSFR3M + 3.972% ^(A)		190,586		4,884,719
Goldman Sachs Group, 6.337%, TSFR3M + 1.012% ^(A)		310,385		7,294,048
Goldman Sachs Group, 6.257%, TSFR3M + 0.932% ^(A)		547,107		12,802,304
Granite Point Mortgage Trust, 7.000%, SOFRRATE + 5.830% ^{‡ (A)}		85,115		1,386,523

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Variable Rate Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Huntington Bancshares, 6.875%, H15T5Y + 2.704% ^(A)		137,163	$	3,472,967
Jackson Financial, 8.000%, H15T5Y + 3.728% ^(A)		223,384		5,964,353
Kemper, 5.875%, H15T5Y + 4.140% ^(A)		62,078		1,398,617
KeyCorp, 6.200%, H15T5Y + 3.132% ^(A)		245,222		5,554,278
KeyCorp, 6.125%, TSFR3M + 4.154% ^(A)		203,696		4,919,258
M&T Bank, 5.625%, US0003M + 4.020% ^(A)		103,988		2,484,273
MetLife, 6.591%, TSFR3M + 1.262% ^(A)		248,220		6,128,552
Morgan Stanley, 6.290%, TSFR3M + 0.962% ^(A)		468,146		10,800,128
New York Community Bancorp, 6.375%, US0003M + 3.821% ^(A)		215,225		3,831,005
Regions Financial, 5.700%, TSFR3M + 3.410% ^(A)		200,867		4,609,898
Reinsurance Group of America, 7.125%, H15T5Y + 3.456% ^(A)		287,416		7,504,432
Reinsurance Group of America, 5.750%, US0003M + 4.040% ^(A)		159,679		3,977,604
Rithm Capital, 7.000%, H15T5Y + 6.223% ^{‡ (A)}		195,993		4,576,437
SLM, 7.291%, TSFR3M + 1.962% ^(A)		25,677		1,975,845
Synovus Financial, 8.952%, TSFR3M + 3.614% ^(A)		83,672		2,153,717
Two Harbors Investment, 7.625%, US0003M + 5.352% ^{‡ (A)}		105,862		2,477,171
US Bancorp, 6.610%, TSFR3M + 1.282% ^(A)		6,145		5,251,824
US Bancorp, 6.190%, TSFR3M + 0.862% ^(A)		414,957		8,913,276
Valley National Bancorp, 9.142%, US0003M + 3.578% ^(A)		41,531		1,009,203
Valley National Bancorp, 6.250%, US0003M + 3.850% ^(A)		47,703		1,082,381
Voya Financial, 5.350%, H15T5Y + 3.210% ^(A)		126,044		3,113,287
Western Alliance Bancorp, 4.250%, H15T5Y + 3.452% ^(A)		124,005		2,286,652
Wintrust Financial, 6.875%, H15T5Y + 6.507% ^(A)		120,461		3,004,297
Zions Bancorporation, 9.831%, US0003M + 4.240% ^(A)		57,313		1,453,458
				217,908,671

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Variable Rate Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Industrials — 3.4%
Air Lease, 9.241%, TSFR3M + 3.912% ^(A)		100,260	$	2,525,549
WESCO International, 10.625%, H15T5Y + 10.325% ^(A)		221,947		5,912,668
				8,438,217
Utilities — 0.7%
Tennessee Valley Authority, 2.216%, H15T30Y + 0.840% ^(A)		83,037		1,815,189
TOTAL UNITED STATES				247,127,601
TOTAL PREFERRED STOCK (Cost $244,469,541)				249,208,375
TOTAL INVESTMENTS — 100.0% (Cost $244,469,541)			$	249,208,375

Percentages are based on Net Assets of $249,126,808.

‡	Real Estate Investment Trust

(A)

Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

As of May 31, 2024, 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		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.8%
BRAZIL — 0.2%
Consumer Discretionary — 0.2%
MercadoLibre ^*		123	$	212,246

CHINA — 0.0%
Consumer Discretionary — 0.0%
Yum China Holdings		1,092		39,050

ISRAEL — 0.0%
Consumer Discretionary — 0.0%
Mobileye Global, Cl A ^*		344		8,827

MEXICO — 0.0%
Materials — 0.0%
Southern Copper		240		28,471

SOUTH KOREA — 0.1%
Consumer Discretionary — 0.1%
Coupang, Cl A ^*		2,978		67,720

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
UNITED STATES — 99.5%
Communication Services — 9.5%
Alphabet, Cl A ^*		16,277	$	2,807,783
Alphabet, Cl C ^*		13,555		2,358,028
AT&T		19,499		355,272
Charter Communications, Cl A ^*		278		79,819
Comcast, Cl A		10,860		434,726
Electronic Arts		736		97,800
Endeavor Group Holdings, Cl A		304		8,156
Fox, Cl A		907		31,228
Fox, Cl B		476		15,203
Live Nation Entertainment ^*		501		46,964
Meta Platforms, Cl A		6,047		2,822,921
Netflix *		1,180		757,112
Omnicom Group		621		57,728
Pinterest, Cl A ^*		1,564		64,890
ROBLOX, Cl A ^*		1,258		42,294
Sirius XM Holdings		2,167		6,111
Snap, Cl A ^*		3,444		51,729
Spotify Technology ^*		368		109,215
Take-Two Interactive Software ^*		448		71,841
T-Mobile US		1,419		248,268
Trade Desk, Cl A ^*		1,194		110,779
Verizon Communications		11,487		472,690
Walt Disney		4,995		519,031
Warner Bros Discovery ^*		6,039		49,761
Warner Music Group, Cl A		461		13,729
				11,633,078
Consumer Discretionary — 9.5%
Airbnb, Cl A ^*		1,166		168,988
Amazon.com ^*		24,715		4,360,715
Aptiv PLC ^*		762		63,444
AutoZone ^*		45		124,647
Best Buy		619		52,504
Booking Holdings		92		347,424
Carnival ^*		2,678		40,384
Chipotle Mexican Grill, Cl A ^*		75		234,714
Darden Restaurants		330		49,629
Deckers Outdoor ^*		64		70,011

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
DoorDash, Cl A ^*		827	$	91,061
DR Horton		809		119,570
DraftKings, Cl A ^*		1,184		41,594
eBay		1,459		79,107
Expedia Group ^*		360		40,630
Ford Motor		10,692		129,694
Garmin		408		66,851
General Motors		3,158		142,078
Genuine Parts		372		53,620
Hilton Worldwide Holdings		690		138,414
Home Depot		2,733		915,200
Las Vegas Sands		999		44,985
Lennar, Cl A		678		108,717
Lennar, Cl B		45		6,582
Lowe’s		1,590		351,851
Lululemon Athletica ^*		308		96,093
Marriott International, Cl A		713		164,824
McDonald’s		1,981		512,861
MGM Resorts International ^*		722		29,003
NIKE, Cl B		3,330		316,516
NVR ^*		8		61,446
O’Reilly Automotive ^*		159		153,158
Pool		92		33,447
PulteGroup		602		70,627
Ross Stores		896		125,225
Royal Caribbean Cruises ^*		610		90,085
Starbucks		3,061		245,553
Tesla ^*		7,506		1,336,668
TJX		3,122		321,878
Tractor Supply		303		86,443
Ulta Beauty ^*		121		47,806
Williams-Sonoma		162		47,502
Yum! Brands		760		104,447
				11,685,996
Consumer Staples — 5.9%
Albertsons, Cl A		1,456		30,052
Altria Group		4,863		224,914
Archer-Daniels-Midland		1,450		90,538

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Brown-Forman, Cl A		126	$	5,771
Brown-Forman, Cl B		819		37,559
Bunge Global		387		41,637
Campbell Soup		616		27,338
Celsius Holdings ^*		413		33,032
Church & Dwight		668		71,483
Clorox		337		44,336
Coca-Cola		10,630		668,946
Colgate-Palmolive		2,258		209,904
Conagra Brands		1,610		48,107
Constellation Brands, Cl A		423		105,847
Costco Wholesale		1,214		983,206
Dollar General		604		82,694
Dollar Tree ^*		578		68,175
Estee Lauder, Cl A		594		73,276
General Mills		1,538		105,737
Hershey		397		78,539
Hormel Foods		1,000		30,980
J M Smucker		285		31,817
Kellanova		701		42,298
Kenvue		4,721		91,115
Keurig Dr Pepper		2,467		84,495
Kimberly-Clark		901		120,103
Kraft Heinz		2,146		75,904
Kroger		1,921		100,603
McCormick		683		49,326
Mondelez International, Cl A		3,707		254,041
Monster Beverage ^*		1,379		71,598
PepsiCo		3,758		649,758
Philip Morris International		4,223		428,128
Procter & Gamble		6,428		1,057,663
Sysco		1,386		100,929
Target		1,245		194,419
Tyson Foods, Cl A		757		43,338
Walgreens Boots Alliance		1,917		31,094
Walmart		11,615		763,802
				7,252,502

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Energy — 3.9%
Baker Hughes, Cl A		2,735	$	91,568
Cheniere Energy		661		104,299
Chevron		4,708		764,108
ConocoPhillips		3,306		385,083
Coterra Energy		2,001		57,069
Devon Energy		1,745		85,645
Diamondback Energy		461		91,859
EOG Resources		1,582		197,038
EQT		1,104		45,363
Exxon Mobil		12,478		1,463,170
Halliburton		2,455		90,098
Hess		753		116,037
Kinder Morgan		5,312		103,531
Marathon Oil		1,565		45,322
Marathon Petroleum		1,041		183,851
Occidental Petroleum		1,895		118,438
ONEOK		1,573		127,413
Phillips 66		1,204		171,100
Schlumberger		3,866		177,411
Targa Resources		607		71,766
Valero Energy		918		144,255
Williams		3,312		137,481
				4,771,905
Financials — 12.9%
Aflac		1,461		131,300
Allstate		714		119,609
American Express		1,604		384,960
American International Group		1,929		152,044
Ameriprise Financial		286		124,870
Aon PLC, Cl A		536		150,959
Apollo Global Management		1,102		128,008
Arch Capital Group ^*		981		100,680
Ares Management, Cl A		451		63,217
Arthur J Gallagher		590		149,465
Bank of America		18,934		757,171
Bank of New York Mellon		2,065		123,095
Berkshire Hathaway, Cl B ^*		3,529		1,462,418
BlackRock, Cl A		402		310,356

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Blackstone		1,911	$	230,275
Block, Cl A ^*		1,496		95,864
Blue Owl Capital, Cl A		1,230		22,128
Brown & Brown		649		58,092
Capital One Financial		1,034		142,309
Cboe Global Markets		291		50,340
Charles Schwab		3,775		276,632
Chubb		1,125		304,673
Cincinnati Financial		413		48,561
Citigroup		5,164		321,769
Citizens Financial Group		1,240		43,760
CME Group, Cl A		989		200,747
Coinbase Global, Cl A ^*		470		106,182
Corpay ^*		204		54,605
Discover Financial Services		681		83,531
Erie Indemnity, Cl A		68		24,645
Everest Group		81		31,665
Eversource Energy		955		56,565
FactSet Research Systems		92		37,192
Fidelity National Information Services		1,610		122,167
Fifth Third Bancorp		1,840		68,853
First Citizens BancShares, Cl A		32		54,350
Fiserv ^*		1,641		245,756
Franklin Resources		995		23,482
Global Payments		711		72,415
Goldman Sachs Group		891		406,759
Hartford Financial Services Group		820		84,829
Huntington Bancshares		3,899		54,274
Interactive Brokers Group, Cl A		280		35,202
Intercontinental Exchange		1,539		206,072
JPMorgan Chase		7,962		1,613,340
KKR		1,826		187,786
Loews		593		45,542
LPL Financial Holdings		218		62,394
M&T Bank		441		66,856
Markel Group ^*		32		52,531
Marsh & McLennan		1,359		282,101
Mastercard, Cl A		2,287		1,022,449
MetLife		1,716		124,187

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Moody’s		427	$	169,515
Morgan Stanley		3,505		342,929
MSCI, Cl A		224		110,920
Nasdaq		925		54,603
Northern Trust		563		47,427
PayPal Holdings ^*		2,989		188,277
PNC Financial Services Group		1,087		171,083
Principal Financial Group		663		54,393
Progressive		1,585		334,720
Prudential Financial		1,002		120,591
Raymond James Financial		499		61,252
Regions Financial		2,534		49,033
Rocket, Cl A ^*		136		1,890
S&P Global		865		369,796
State Street		826		62,437
Synchrony Financial		1,121		49,100
T Rowe Price Group		610		71,876
Tradeweb Markets, Cl A		311		33,902
Travelers		636		137,185
Truist Financial		3,625		136,844
US Bancorp		4,035		163,619
Visa, Cl A		4,331		1,180,024
W R Berkley		532		43,108
Wells Fargo		9,947		596,024
Willis Towers Watson PLC		288		73,524
				15,803,104
Health Care — 11.8%
Abbott Laboratories		4,736		483,972
AbbVie		4,824		777,822
Agilent Technologies		797		103,937
Align Technology ^*		208		53,500
Alnylam Pharmaceuticals ^*		339		50,318
Amgen		1,457		445,623
Avantor ^*		1,765		42,501
Baxter International		1,374		46,840
Becton Dickinson		786		182,328
Biogen ^*		389		87,502
BioMarin Pharmaceutical ^*		595		44,667

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Boston Scientific *		3,989	$	301,449
Bristol-Myers Squibb		5,553		228,173
Cardinal Health		685		68,000
Cencora		451		102,183
Centene ^*		1,453		104,020
Cigna Group		798		275,007
Cooper		493		46,495
CVS Health		3,483		207,587
Danaher		1,805		463,524
Dexcom ^*		1,056		125,421
Edwards Lifesciences ^*		1,626		141,283
Elevance Health		653		351,627
Eli Lilly		2,322		1,904,829
GE HealthCare Technologies		999		77,922
Gilead Sciences		3,395		218,197
HCA Healthcare		521		177,010
Hologic ^*		652		48,105
Humana		342		122,477
IDEXX Laboratories ^*		236		117,280
Illumina ^*		423		44,110
Incyte ^*		602		34,790
Intuitive Surgical ^*		964		387,644
IQVIA Holdings ^*		483		105,820
Johnson & Johnson		6,590		966,555
Labcorp Holdings		241		46,973
McKesson		369		210,179
Medtronic PLC		3,639		296,105
Merck		6,944		871,750
Mettler-Toledo International ^*		58		81,437
Moderna ^*		888		126,584
Molina Healthcare ^*		139		43,727
Pfizer		15,405		441,507
Quest Diagnostics		306		43,443
Regeneron Pharmaceuticals ^*		289		283,266
ResMed		392		80,881
Revvity		339		37,039
Royalty Pharma, Cl A		1,016		27,849
STERIS PLC		275		61,292
Stryker		854		291,291

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Thermo Fisher Scientific		1,058	$	600,923
UnitedHealth Group		2,541		1,258,735
Veeva Systems, Cl A ^*		397		69,177
Vertex Pharmaceuticals ^*		706		321,470
Viatris		3,231		34,249
Waters ^*		146		45,099
West Pharmaceutical Services		214		70,922
Zimmer Biomet Holdings		580		66,787
Zoetis, Cl A		1,249		211,780
				14,560,983
Industrials — 8.4%
3M		1,497		149,910
AMETEK		635		107,683
Automatic Data Processing		1,127		276,025
Axon Enterprise ^*		202		56,897
Boeing ^*		1,519		269,790
Booz Allen Hamilton Holding, Cl A		349		53,121
Broadridge Financial Solutions		322		64,648
Builders FirstSource ^*		335		53,865
Carlisle		120		50,195
Carrier Global		2,267		143,252
Caterpillar		1,413		478,329
Cintas		246		166,781
Copart ^*		2,301		122,091
CSX		5,454		184,073
Cummins		386		108,748
Deere		703		263,456
Delta Air Lines		1,755		89,540
Dover		377		69,300
Eaton PLC		1,085		361,142
Emerson Electric		1,555		174,409
Equifax		334		77,284
Expeditors International of Washington		395		47,756
Fastenal		1,546		102,005
FedEx		637		161,773
Ferguson		514		105,750
Fortive		971		72,281
General Dynamics		625		187,356

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
General Electric		2,961	$	488,980
HEICO		104		23,064
HEICO, Cl A		214		37,591
Honeywell International		1,820		367,986
Howmet Aerospace		1,109		93,877
Hubbell, Cl B		133		51,722
IDEX		217		45,275
Illinois Tool Works		820		199,055
Ingersoll Rand		1,099		102,262
Jacobs Solutions		341		47,515
JB Hunt Transport Services		234		37,616
Johnson Controls International		1,853		133,249
L3Harris Technologies		502		112,865
Lennox International		77		38,700
Lockheed Martin		682		320,772
Nordson		124		29,105
Norfolk Southern		629		141,399
Northrop Grumman		410		184,816
Old Dominion Freight Line		521		91,305
Otis Worldwide		1,123		111,402
PACCAR		1,414		152,005
Parker-Hannifin		350		186,032
Paychex		865		103,938
Quanta Services		391		107,893
Republic Services, Cl A		576		106,669
Rockwell Automation		316		81,379
Rollins		794		36,278
RTX		3,643		392,752
Southwest Airlines		1,594		42,783
SS&C Technologies Holdings		598		37,106
Stanley Black & Decker		514		44,805
Trane Technologies PLC		630		206,300
TransDigm Group		137		184,023
TransUnion		507		36,463
Uber Technologies ^*		5,491		354,499
Union Pacific		1,649		383,920
United Airlines Holdings ^*		1,087		57,600
United Parcel Service, Cl B		1,969		273,553
United Rentals		189		126,518

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Veralto		606	$	59,739
Verisk Analytics, Cl A		390		98,584
Vertiv Holdings, Cl A		948		92,970
Waste Management		1,108		233,489
Westinghouse Air Brake Technologies		473		80,046
WW Grainger		101		93,067
Xylem		653		92,086
				10,320,513
Information Technology — 31.0%
Accenture PLC, Cl A		1,744		492,314
Adobe ^*		1,233		548,389
Advanced Micro Devices ^*		4,377		730,521
Akamai Technologies ^*		400		36,896
Amdocs		314		24,806
Amphenol, Cl A		1,609		212,983
Analog Devices		1,385		324,769
ANSYS ^*		246		78,093
Apple		40,640		7,813,040
Applied Materials		2,291		492,748
AppLovin, Cl A ^*		495		40,333
Arista Networks ^*		652		194,068
Aspen Technology ^*		70		14,745
Atlassian, Cl A ^*		416		65,254
Autodesk ^*		595		119,952
Bentley Systems, Cl B		768		38,584
Broadcom		1,260		1,673,973
Cadence Design Systems ^*		737		211,010
CDW		366		81,845
Cisco Systems		11,137		517,870
Cloudflare, Cl A ^*		779		52,731
Cognizant Technology Solutions, Cl A		1,388		91,816
Corning		2,095		78,060
Crowdstrike Holdings, Cl A ^*		615		192,907
Datadog, Cl A ^*		775		85,389
Dell Technologies, Cl C		813		113,462
Enphase Energy ^*		359		45,916
Entegris		400		50,540
EPAM Systems ^*		136		24,198

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Fair Isaac ^*		67	$	86,425
First Solar ^*		280		76,093
Fortinet ^*		1,843		109,327
Gartner ^*		221		92,747
GLOBALFOUNDRIES ^*		316		15,484
Hewlett Packard Enterprise		3,470		61,246
HP		2,666		97,309
HubSpot ^*		133		81,270
Intel		11,390		351,382
International Business Machines		2,489		415,290
Intuit		744		428,871
Jabil		339		40,307
Keysight Technologies ^*		473		65,501
KLA		374		284,064
Lam Research		366		341,273
Marvell Technology		2,326		160,052
Microchip Technology		1,458		141,761
Micron Technology		2,985		373,125
Microsoft		20,118		8,351,585
MicroStrategy, Cl A ^*		40		60,980
MongoDB, Cl A ^*		204		48,156
Monolithic Power Systems		130		95,632
Motorola Solutions		449		163,845
NetApp		569		68,525
NVIDIA		6,513		7,140,397
Okta, Cl A ^*		402		35,649
ON Semiconductor ^*		1,165		85,092
Oracle		4,233		496,065
Palantir Technologies, Cl A ^*		5,407		117,224
Palo Alto Networks ^*		875		258,046
PTC ^*		321		56,573
QUALCOMM		3,043		620,924
Roper Technologies		296		157,697
Salesforce		2,573		603,214
Samsara, Cl A ^*		530		17,983
Seagate Technology Holdings		614		57,249
ServiceNow ^*		548		359,998
Skyworks Solutions		424		39,288
Snowflake, Cl A *		864		117,660

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Super Micro Computer ^*		134	$	105,124
Synopsys ^*		409		229,367
TE Connectivity		847		126,796
Teledyne Technologies ^*		112		44,458
Teradyne		413		58,208
Texas Instruments		2,479		483,430
Trimble ^*		670		37,306
Tyler Technologies ^*		100		48,036
VeriSign ^*		254		44,277
Western Digital ^*		854		64,298
Workday, Cl A ^*		579		122,430
Zebra Technologies, Cl A ^*		133		41,541
Zoom Video Communications, Cl A ^*		690		42,325
Zscaler ^*		247		41,980
				38,110,097
Materials — 2.3%
Air Products & Chemicals		608		162,154
Albemarle		319		39,106
Amcor PLC		3,901		39,673
Avery Dennison		227		51,663
Ball		840		58,321
Celanese, Cl A		299		45,460
CF Industries Holdings		616		49,114
Corteva		1,926		107,740
CRH		1,879		153,627
Dow		1,917		110,477
DuPont de Nemours		1,137		93,416
Ecolab		692		160,682
Freeport-McMoRan		3,896		205,436
International Flavors & Fragrances		694		66,749
Linde PLC		1,348		587,081
LyondellBasell Industries, Cl A		695		69,097
Martin Marietta Materials		161		92,105
Newmont		3,049		127,875
Nucor		674		113,805
PPG Industries		647		85,022
Reliance		152		45,719
Sherwin-Williams		654		198,685

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Steel Dynamics		412	$	55,154
Vulcan Materials		361		92,333
Westlake		82		13,166
				2,823,660
Real Estate — 2.0%
Alexandria Real Estate Equities ^‡		417		49,623
American Tower ^‡		1,258		246,241
AvalonBay Communities ^‡		383		73,796
CBRE Group, Cl A ^*		832		73,274
CoStar Group ^*		1,103		86,221
Crown Castle ^‡		1,170		119,925
Digital Realty Trust ^‡		817		118,743
Equinix ^‡		264		201,427
Equity Residential ^‡		927		60,283
Essex Property Trust ^‡		154		40,008
Extra Space Storage ^‡		581		84,111
Healthpeak Properties ^‡		1,934		38,487
Invitation Homes ^‡		1,541		53,611
Iron Mountain ^‡		779		62,857
Mid-America Apartment Communities ^‡		317		42,386
ProLogis ^‡		2,523		278,766
Public Storage ^‡		425		116,378
Realty Income ^‡		2,359		125,169
SBA Communications, Cl A ^‡		297		58,414
Simon Property Group ^‡		870		131,640
Sun Communities ^‡		335		39,527
Ventas ^‡		1,087		54,633
VICI Properties, Cl A ^‡		2,818		80,905
Welltower ^‡		1,620		167,945
Weyerhaeuser ^‡		1,971		59,189
WP Carey ^‡		598		33,727
				2,497,286
Utilities — 2.3%
Alliant Energy		680		35,013
Ameren		710		52,093
American Electric Power		1,435		129,509
American Water Works		514		67,216

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Atmos Energy		397	$	46,020
Avangrid		296		10,659
CenterPoint Energy		1,716		52,355
CMS Energy		782		49,211
Consolidated Edison		951		89,917
Constellation Energy		880		191,180
Dominion Energy		2,268		122,291
DTE Energy		557		64,907
Duke Energy		2,110		218,533
Edison International		1,044		80,231
Entergy		584		65,694
Evergy		619		33,835
Exelon		2,691		101,047
FirstEnergy		1,472		59,263
NextEra Energy		5,525		442,111
PG&E		5,594		103,713
PPL		1,982		58,132
Public Service Enterprise Group		1,365		103,412
Sempra		1,724		132,800
Southern		2,967		237,775
Vistra		946		93,730
WEC Energy Group		845		68,470
Xcel Energy		1,494		82,842
				2,791,959
TOTAL UNITED STATES				122,251,083
TOTAL COMMON STOCK (Cost $113,632,723)				122,607,397

EXCHANGE TRADED FUND — 0.1%
Vanguard S&P 500 ETF		300		145,386
TOTAL EXCHANGE TRADED FUND (Cost $140,012)				145,386
TOTAL INVESTMENTS — 99.9% (Cost $113,772,735)			$	122,752,783

Percentages are based on Net Assets of $122,890,507.

*	Non-income producing security.

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

Schedule of Investments		May 31, 2024 (Unaudited)
Global X Adaptive U.S. Risk Management ETF

‡	Real Estate Investment Trust

As of May 31, 2024, 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	May 31, 2024 (Unaudited)
Global X U.S. 1-3 Month T-Bill ETF

Sector Weightings †:

	Face Amount		Value
U.S TREASURY OBLIGATIONS — 101.3%
U.S. Cash Management Bill
5.319%, 07/18/24^(A)	$	33,310,000	$	33,091,077
U.S. Treasury Bills
31.152%, 06/27/24^(A)		4,075,000		4,060,712
6.897%, 06/13/24^(A)		7,160,000		7,149,528
6.271%, 06/18/24^(A)		11,170,000		11,145,480
6.025%, 06/20/24^(A)		22,450,000		22,394,184
5.467%, 06/06/24^(A)		3,478,000		3,476,479
5.415%, 06/04/24^(A)		4,960,000		4,959,277
5.339%, 07/02/24^(A)		21,275,000		21,184,810
5.334%, 08/27/24^(A)		3,655,000		3,609,866
5.328%, 09/17/24^(A)		3,000,000		2,953,802
5.326%, 07/09/24^(A)		15,625,000		15,542,676
5.319%, 06/25/24^(A)		14,930,000		14,881,933
5.316%, 07/16/24^(A)		10,230,000		10,165,559
5.311%, 07/05/24^(A)		29,015,000		28,878,968
5.303%, 07/23/24^(A)		13,085,000		12,989,128
4.968%, 07/25/24^(A)		30,615,000		30,381,510
4.619%, 08/29/24^(A)		15,125,000		14,933,467
4.335%, 08/22/24^(A)		21,680,000		21,427,789
4.244%, 08/08/24^(A)		29,785,000		29,498,593
3.362%, 07/30/24^(A)		13,650,000		13,536,129
2.869%, 08/15/24^(A)		10,875,000		10,759,447
2.820%, 08/01/24^(A)		27,724,000		27,485,231
1.560%, 08/06/24^(A)		14,165,000		14,032,667
0.000%, 07/11/24^(B)		34,170,000		33,979,920
TOTAL U.S TREASURY OBLIGATIONS (Cost $392,408,353)				392,518,232
TOTAL INVESTMENTS — 101.3% (Cost $392,408,353)			$	392,518,232

Percentages are based on Net Assets of $387,595,049.

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

Schedule of Investments	May 31, 2024 (Unaudited)
Global X U.S. 1-3 Month T-Bill ETF

(A)	Interest rate represents the security’s effective yield at the time of purchase.
(B)	There is currently no stated interest rate.

As of May 31, 2024, all of the Fund’s investments were considered Level 2, 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	May 31, 2024 (Unaudited)
Global X U.S. Cash Flow Kings 100 ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.8%
UNITED STATES — 99.8%
Communication Services — 5.6%
AT&T		3,937	$	71,732
Nexstar Media Group, Cl A		122		20,214
Omnicom Group		346		32,164
Warner Bros Discovery ^*		7,861		64,775
				188,885
Consumer Discretionary — 16.1%
Carter’s		127		8,687
Columbia Sportswear		171		14,641
Crocs ^*		153		23,813
Dick’s Sporting Goods		129		29,366
eBay		890		48,256
Expedia Group ^*		325		36,679
Gap		1,149		33,275
H&R Block		300		14,892
Leggett & Platt		478		5,545
Lennar, Cl A		426		68,309
Mohawk Industries ^*		141		17,192
Newell Brands		1,846		14,251
Polaris		140		11,704

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

Schedule of Investments	May 31, 2024 (Unaudited)
Global X U.S. Cash Flow Kings 100 ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
PulteGroup		448	$	52,559
Skechers USA, Cl A ^*		349		24,926
Steven Madden		116		5,156
Tapestry		648		28,182
Thor Industries		171		16,970
Toll Brothers		245		29,802
VF		1,662		22,071
Williams-Sonoma		101		29,615
YETI Holdings ^*		131		5,337
				541,228
Consumer Staples — 5.6%
Altria Group		1,530		70,762
Bunge Global		538		57,883
Ingredion		151		17,755
Molson Coors Beverage, Cl B		490		26,857
Olaplex Holdings ^*		2,120		3,774
Reynolds Consumer Products		437		12,428
				189,459
Energy — 20.0%
Cheniere Energy		413		65,167
Chevron		431		69,954
Chord Energy		76		14,091
Coterra Energy		833		23,757
Devon Energy		773		37,939
Diamondback Energy		237		47,225
EOG Resources		541		67,382
Exxon Mobil		604		70,825
HF Sinclair		447		24,688
Marathon Oil		1,059		30,669
Marathon Petroleum		344		60,754
Murphy Oil		205		8,772
Occidental Petroleum		1,071		66,937
Ovintiv		385		19,893
Valero Energy		410		64,427
				672,480

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

Schedule of Investments	May 31, 2024 (Unaudited)
Global X U.S. Cash Flow Kings 100 ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 13.4%
Bristol-Myers Squibb		1,283	$	52,718
Cardinal Health		607		60,257
Cencora		280		63,440
CVS Health		867		51,673
DaVita ^*		261		38,398
Gilead Sciences		911		58,550
Teladoc Health ^*		295		3,316
Tenet Healthcare ^*		390		52,736
United Therapeutics ^*		76		20,910
Viatris		4,628		49,057
				451,055
Industrials — 9.7%
3M		639		63,990
Acuity Brands		48		12,461
AGCO		118		12,665
Allison Transmission Holdings		205		15,541
Builders FirstSource ^*		221		35,535
Carlisle		78		32,627
Cummins		238		67,052
MSC Industrial Direct, Cl A		150		12,885
Owens Corning		178		32,230
Robert Half		175		11,240
Snap-On		86		23,466
TriNet Group		87		9,045
				328,737
Information Technology — 14.8%
Amdocs		199		15,721
Cisco Systems		1,372		63,798
Dell Technologies, Cl C		624		87,085
DocuSign, Cl A ^*		309		16,915
Dropbox, Cl A ^*		745		16,785
DXC Technology ^*		988		15,363
Hewlett Packard Enterprise		3,734		65,905
HP		2,207		80,555
IPG Photonics ^*		49		4,250
NCR Voyix ^*		1,014		13,365
RingCentral, Cl A ^*		229		7,832

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

Schedule of Investments	May 31, 2024 (Unaudited)
Global X U.S. Cash Flow Kings 100 ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Skyworks Solutions		375	$	34,748
TD SYNNEX		285		37,289
Teradata ^*		218		7,109
Zoom Video Communications, Cl A ^*		524		32,142
				498,862
Materials — 10.6%
Berry Global Group		385		23,054
Cabot		101		10,332
Cleveland-Cliffs *		1,911		33,022
LyondellBasell Industries, Cl A		672		66,810
Mosaic		733		22,672
NewMarket		20		10,701
Nucor		354		59,773
Olin		271		14,569
Reliance		89		26,769
Scotts Miracle-Gro, Cl A		176		12,265
Steel Dynamics		318		42,571
Westlake		208		33,397
				355,935
Real Estate — 0.9%
Apple Hospitality REIT ^‡		469		6,773
EPR Properties ^‡		252		10,342
Kilroy Realty ^‡		406		13,613
				30,728
Utilities — 3.1%
Vistra		1,042		103,241

TOTAL UNITED STATES				3,360,610
TOTAL COMMON STOCK (Cost $3,251,958)				3,360,610
TOTAL INVESTMENTS — 99.8% (Cost $3,251,958)			$	3,360,610

Percentages are based on Net Assets of $3,367,598.

*	Non-income producing security.

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

Schedule of Investments	May 31, 2024 (Unaudited)
Global X U.S. Cash Flow Kings 100 ETF

‡	Real Estate Investment Trust

As of May 31, 2024, 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	May 31, 2024 (Unaudited)
Glossary (abbreviations which may be used in preceding Schedule of Investments):

Fund Abbreviations

Cl — Class

CME — Chicago Mercantile Exchange

ETF — Exchange-Traded Fund

H15T5Y — U.S. Treasury Yield Curve Rate T Note Constant Maturity 5 Year

REIT — Real Estate Investment Trust

TSFR3M — Term Secured Overnight Financing Rate 3-Month

Ser — Series

SOFRRATE — Secured Overnight Financing Rate

US0003M — ICE LIBOR USD 3 Month

USD — U.S. Dollar

Statements of Assets and Liabilities

May 31, 2024 (Unaudited)

	Global X MLP ETF		Global X MLP & Energy Infrastructure ETF			Global X Alternative Income ETF			Global X Conscious Companies ETF
Assets:
Cost of Investments	$	883,391,649	$	1,087,729,764		$	5,980,135		$	531,342,594
Cost of Affiliated Investments		151,746,519		20,344,955			34,863,207			—
Cost of Repurchase Agreement		—		—			4,962,917			—
Cost (Proceeds) of Foreign Currency		—		(23,748	)		—			—
Investments, at Value	$	1,532,932,627	$	1,455,058,590		$	7,686,615	*	$	639,032,194
Affiliated Investments, at Value		175,729,503		22,068,787			28,175,117			—
Repurchase Agreement, at Value		—		—			4,962,917			—
Cash		375,995		139,937			57,882			968,782
Prepaid Expenses		28,848		—			—			—
Receivable for Investment Securities Sold		—		72,612,710			—			—
Dividend, Interest, and Securities Lending Income Receivable		—		1,814,415			7,030			704,161
Reclaim Receivable		—		637,543			—			7,135
Prepaid Income Taxes		5,576,200		—			—			—
Total Assets		1,714,643,173		1,552,331,982			40,889,561			640,712,272
Liabilities:
Deferred Tax Liability		88,772,086		—			—			—
Obligation to Return Securities Lending Collateral		—		—			6,864,081			—
Current Tax Liability		6,301,120		—			—			—
Payable due to Investment Adviser		624,952		544,634			4,159			232,937
Payable for Investment Securities Purchased		—		73,096,618			—			—
Overdraft of Foreign Currency		—		23,640			—			—
Custodian Fees Payable		476		885			—			—
Franchise Tax Payable		10,703		—			—			—
Total Liabilities		95,709,337		73,665,777			6,868,240			232,937
Net Assets	$	1,618,933,836	$	1,478,666,205		$	34,021,321		$	640,479,335
Net Assets Consist of:
Paid-in Capital	$	1,505,904,018	$	1,310,604,057		$	41,797,310		$	559,181,833
Total Distributable Earnings (Accumulated Losses)		113,029,818		168,062,148			(7,775,989	)		81,297,502
Net Assets	$	1,618,933,836	$	1,478,666,205		$	34,021,321		$	640,479,335
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		34,608,637		29,727,506			2,990,000			17,700,000
Net Asset Value, Offering and Redemption Price Per Share		$46.78		$49.74			$11.38			$36.19
* Includes market value of securities on loan.	$	—	$	—		$	6,756,088		$	—

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

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

Statements of Assets and Liabilities

May 31, 2024 (Unaudited)

	Global X U.S. Preferred ETF			Global X S&P 500^® Quality Dividend ETF			Global X Adaptive U.S. Factor ETF		Global X Variable Rate Preferred ETF
Assets:
Cost of Investments	$	2,552,639,604		$	27,339,304		$	252,833,908	$	244,469,541
Cost of Repurchase Agreement		29,459,822			—			—		—
Investments, at Value	$	2,357,659,922	*	$	27,137,826		$	263,688,208	$	249,208,375
Repurchase Agreement, at Value		29,459,822			—			—		—
Cash		493,382			11,489			117,919		327,856
Dividend, Interest, and Securities Lending Income Receivable		14,889,080			50,283			427,782		668,334
Reclaim Receivable		30,234			522			3,933		—
Receivable for Capital Shares Sold		—			—			2,397,968		—
Total Assets		2,402,532,440			27,200,120			266,635,810		250,204,565
Liabilities:
Obligation to Return Securities Lending Collateral		40,745,114			—			—		—
Payable for Investment Securities Purchased		15,529,131			—			2,400,553		1,025,441
Payable due to Investment Adviser		459,131			4,424			58,841		52,280
Custodian Fees Payable		635			—			170		36
Total Liabilities		56,734,011			4,424			2,459,564		1,077,757
Net Assets	$	2,345,798,429		$	27,195,696		$	264,176,246	$	249,126,808
Net Assets Consist of:
Paid-in Capital	$	2,931,145,430		$	33,657,380		$	249,686,522	$	276,120,781
Total Distributable Earnings (Accumulated Losses)		(585,347,001	)		(6,461,684	)		14,489,724		(26,993,973	)
Net Assets	$	2,345,798,429		$	27,195,696		$	264,176,246	$	249,126,808
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		118,600,000			810,002			6,610,002		10,480,000
Net Asset Value, Offering and Redemption Price Per Share		$19.78			$33.57			$39.97		$23.77
* Includes market value of securities on loan.	$	39,877,322		$	—		$	—	$	—

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

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

Statements of Assets and Liabilities

May 31, 2024 (Unaudited)

	Global X Adaptive U.S. Risk Management ETF		Global X 1-3 Month T-Bill ETF		Global X U.S. Cash Flow Kings 100 ETF
Assets:
Cost of Investments	$	113,772,735	$	392,408,353	$	3,251,958
Investments, at Value	$	122,752,783	$	392,518,232	$	3,360,610
Cash		36,842		78,353		1,729
Dividend, Interest, and Securities Lending Income Receivable		140,400		—		5,848
Reclaim Receivable		377		—		67
Receivable for Investment Securities Sold		—		41,577,906		—
Total Assets		122,930,402		434,174,491		3,368,254
Liabilities:
Payable due to Investment Adviser		39,895		24,232		656
Payable for Investment Securities Purchased		—		46,555,210		—
Total Liabilities		39,895		46,579,442		656
Net Assets	$	122,890,507	$	387,595,049	$	3,367,598
Net Assets Consist of:
Paid-in Capital	$	117,913,523	$	386,626,945	$	2,884,174
Total Distributable Earnings		4,976,984		968,104		483,424
Net Assets	$	122,890,507	$	387,595,049	$	3,367,598
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		3,740,000		15,430,000		110,000
Net Asset Value, Offering and Redemption Price Per Share		$32.86		$25.12		$30.61

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

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

Statements of Operations

For the period ended May 31, 2024 (Unaudited)

	Global X MLP ETF			Global X MLP & Energy Infrastructure ETF			Global X Alternative Income ETF			Global X Conscious Companies ETF
Investment Income:
Distributions from Master Limited Partnerships	$	55,393,444		$	—		$	—		$	—
Less: Return of Capital Distributions		(55,393,444	)		—			—			—
Dividend Income		2,692,801			12,603,123			(69,213	)		4,237,750
Dividend Income, from Affiliated Investments		1,734,189			152,787			632,421			—
Interest Income		67,917			30,853			1,461			20,022
Security Lending Income		—			193,108			13,890			—
Less: Foreign Taxes Withheld		—			(1,002,873	)		—			(10,700	)
Total Investment Income		4,494,907			11,976,998			578,559			4,247,072
Expenses:
Supervision and Administration Fees⁽¹⁾		3,428,525			2,470,343			86,692			1,332,516
Custodian Fees⁽²⁾		25,691			1,145			32			26
Net Expenses		3,454,216			2,471,488			86,724			1,332,542
Net Investment Income, Before Taxes		1,040,691			9,505,510			491,835			2,914,530
Tax Benefit/(Expense)		(228,681	)		—			—			—
Net Investment Income, Net of Taxes		812,010			9,505,510			491,835			2,914,530
Net Realized Gain (Loss) on:
Investments⁽³⁾		40,008,084			16,072,316			89,737			24,216,795
Affiliated Investments		(166,729	)		45,420			47,311			—
Foreign Currency Transactions		—			(4,159	)		—			—
Tax Benefit/(Expense)		(8,754,741	)		—			—			—
Capital Gain Distribution from Affiliated Investments		—			76,405			125,808			—
Payment from Adviser⁽⁴⁾		—			—			62,516			—
Net Realized Gain (Loss)		31,086,614			16,189,982			325,372			24,216,795
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		48,180,895			119,117,438			383,697			54,261,535
Affiliated Investments		9,969,960			1,214,849			1,121,877			—
Foreign Currency Translations		—			108			—			—
Tax Benefit/(Expense)		(12,778,071	)		—			—			—
Net Change in Unrealized Appreciation (Depreciation)		45,372,784			120,332,395			1,505,574			54,261,535
Net Realized and Unrealized Gain (Loss)		76,459,398			136,522,377			1,830,946			78,478,330
Net Increase in Net Assets Resulting from Operations	$	77,271,408		$	146,027,887		$	2,322,781		$	81,392,860

(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.)
(2)	See Note 2 in the Notes to Financial Statements.
(3)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)
(4)	See Note 3 in the Notes to Financial Statements.

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

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

Statements of Operations

For the period ended May 31, 2024 (Unaudited)

	Global X U.S. Preferred ETF			Global X S&P 500^® Quality Dividend ETF		Global X Adaptive U.S. Factor ETF			Global X Variable Rate Preferred ETF
Investment Income:
Dividend Income	$	75,323,186		$	371,590	$	3,066,596		$	9,040,802
Interest Income		443,470			904		—			63,385
Security Lending Income		313,925			—		—			—
Less: Foreign Taxes Withheld		17,640			1,695		1,376			—
Total Investment Income		76,098,221			374,189		3,067,972			9,104,187
Expenses:
Supervision and Administration Fees⁽¹⁾		2,732,128			30,924		303,903			299,010
Custodian Fees⁽²⁾		10,764			671		327			1,460
Total Expenses		2,742,892			31,595		304,230			300,470
Net Investment Income		73,355,329			342,594		2,763,742			8,803,717
Net Realized Gain (Loss) on:
Investments⁽³⁾		(30,659,547	)		829,090		34,232,738			(1,060,902	)
Net Realized Gain (Loss)		(30,659,547	)		829,090		34,232,738			(1,060,902	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		111,389,314			2,375,243		(3,752,231	)		7,724,108
Net Change in Unrealized Appreciation (Depreciation)		111,389,314			2,375,243		(3,752,231	)		7,724,108
Net Realized and Unrealized Gain (Loss)		80,729,767			3,204,333		30,480,507			6,663,206
Net Increase in Net Assets Resulting from Operations	$	154,085,096		$	3,546,927	$	33,244,249		$	15,466,923

(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.)
(2)	See Note 2 in the Notes to Financial Statements.
(3)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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

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

Statements of Operations

For the period ended May 31, 2024 (Unaudited)

	Global X Adaptive U.S. Risk Management ETF		Global X 1-3 Month T-Bill ETF		Global X U.S. Cash Flow Kings 100 ETF
Investment Income:
Dividend Income	$	757,063	$	—	$	35,968
Interest Income		4,014		6,991,784		109
Less: Foreign Taxes Withheld		96		—		(4	)
Total Investment Income		761,173		6,991,784		36,073
Expenses:
Supervision and Administration Fees⁽¹⁾		214,010		83,585		3,779
Custodian Fees⁽²⁾		3,912		—		5
Total Expenses		217,922		83,585		3,784
Net Investment Income		543,251		6,908,199		32,289
Net Realized Gain (Loss) on:
Investments⁽³⁾		8,036,255		3,372		388,365
Net Realized Gain (Loss)		8,036,255		3,372		388,365
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		7,416,390		107,334		(360	)
Net Change in Unrealized Appreciation (Depreciation)		7,416,390		107,334		(360	)
Net Realized and Unrealized Gain (Loss)		15,452,645		110,706		388,005
Net Increase in Net Assets Resulting from Operations	$	15,995,896	$	7,018,905	$	420,294

(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.)
(2)	See Note 2 in the Notes to Financial Statements.
(3)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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

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

Statements of Changes in Net Assets

	Global X MLP ETF						Global X MLP & Energy Infrastructure ETF
	Period Ended May 31, 2024 (Unaudited)			Year Ended November 30, 2023			Period Ended May 31, 2024 (Unaudited)			Year Ended November 30, 2023
Operations:
Net Investment Income (Loss)	$	812,010		$	(1,638,914	)	$	9,505,510		$	19,496,685
Net Realized Gain (Loss)		31,086,614			119,271,031			16,189,982			89,543,720
Net Change in Unrealized Appreciation (Depreciation)		45,372,784			86,633,326			120,332,395			(29,594,737	)
Net Increase in Net Assets Resulting from Operations		77,271,408			204,265,443			146,027,887			79,445,668
Distributions:		(58,199,387	)		(106,518,075	)		(31,885,383	)		(47,511,225	)
Return of Capital:		—			—			—			(7,533,664	)
Capital Share Transactions:
Issued		182,233,971			147,213,966			395,205,677			128,027,131
Redeemed		(71,236,265	)		(134,375,997	)		(29,890,233	)		(243,219,768	)
Increase (Decrease) in Net Assets from Capital Share Transactions		110,997,706			12,837,969			365,315,444			(115,192,637	)
Total Increase (Decrease) in Net Assets		130,069,727			110,585,337			479,457,948			(90,791,858	)
Net Assets:
Beginning of Year/Period		1,488,864,109			1,378,278,772			999,208,257			1,090,000,115
End of Year/Period	$	1,618,933,836		$	1,488,864,109		$	1,478,666,205		$	999,208,257
Share Transactions:
Issued		3,880,000			3,430,000			8,180,000			3,100,000
Redeemed		(1,580,000	)		(3,180,000	)		(660,000	)		(5,970,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		2,300,000			250,000			7,520,000			(2,870,000	)

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

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

Statements of Changes in Net Assets

	Global X Alternative Income ETF						Global X Conscious Companies ETF
	Period Ended May 31, 2024 (Unaudited)			Year Ended November 30, 2023			Period Ended May 31, 2024 (Unaudited)			Year Ended November 30, 2023
Operations:
Net Investment Income	$	491,835		$	1,580,080		$	2,914,530		$	7,932,587
Net Realized Gain (Loss)		325,372			393,696			24,216,795			7,310,769
Net Change in Unrealized Appreciation (Depreciation)		1,505,574			(590,182	)		54,261,535			37,219,381
Net Increase in Net Assets Resulting from Operations		2,322,781			1,383,594			81,392,860			52,462,737
Distributions:		(1,298,000	)		(2,657,760	)		(4,262,091	)		(6,163,099	)
Capital Share Transactions:
Issued		1,360,832			6,918,197			57,662,836			46,353,658
Redeemed		(2,836,195	)		(8,388,501	)		(74,054,772	)		(186,645,529	)
Decrease in Net Assets from Capital Share Transactions		(1,475,363	)		(1,470,304	)		(16,391,936	)		(140,291,871	)
Total Increase (Decrease) in Net Assets		(450,582	)		(2,744,470	)		60,738,833			(93,992,233	)
Net Assets:
Beginning of Year/Period		34,471,903			37,216,373			579,740,502			673,732,735
End of Year/Period	$	34,021,321		$	34,471,903		$	640,479,335		$	579,740,502
Share Transactions:
Issued		120,000			610,000			1,670,000			1,580,000
Redeemed		(250,000	)		(750,000	)		(2,150,000	)		(6,220,000	)
Net Decrease in Shares Outstanding from Share Transactions		(130,000	)		(140,000	)		(480,000	)		(4,640,000	)

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

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

Statements of Changes in Net Assets

	Global X U.S. Preferred ETF						Global X S&P 500^® Quality Dividend ETF
	Period Ended May 31, 2024 (Unaudited)			Year Ended November 30, 2023			Period Ended May 31, 2024 (Unaudited)			Year Ended November 30, 2023
Operations:
Net Investment Income	$	73,355,329		$	142,965,813		$	342,594		$	1,921,985
Net Realized Gain (Loss)		(30,659,547	)		(247,896,463	)		829,090			2,146,424
Net Change in Unrealized Appreciation (Depreciation)		111,389,314			88,345,353			2,375,243			(5,404,794	)
Net Increase (Decrease) in Net Assets Resulting from Operations		154,085,096			(16,585,297	)		3,546,927			(1,336,385	)
Distributions:		(75,796,350	)		(144,784,500	)		(540,394	)		(1,991,843	)
Capital Share Transactions:
Issued		146,705,505			413,172,813			7,895,680			40,923,453
Redeemed		(156,874,266	)		(188,585,867	)		(32,024,379	)		(50,433,467	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(10,168,761	)		224,586,946			(24,128,699	)		(9,510,014	)
Total Increase (Decrease) in Net Assets		68,119,985			63,217,149			(21,122,166	)		(12,838,242	)
Net Assets:
Beginning of Year/Period		2,277,678,444			2,214,461,295			48,317,862			61,156,104
End of Year/Period	$	2,345,798,429		$	2,277,678,444		$	27,195,696		$	48,317,862
Share Transactions:
Issued		7,440,000			21,090,000			240,000			1,270,000
Redeemed		(7,930,000	)		(9,980,000	)		(990,000	)		(1,550,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(490,000	)		11,110,000			(750,000	)		(280,000	)

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

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

Statements of Changes in Net Assets

	Global X Adaptive U.S. Factor ETF						Global X Variable Rate Preferred ETF
	Period Ended May 31, 2024 (Unaudited)			Year Ended November 30, 2023			Period Ended May 31, 2024 (Unaudited)			Year Ended November 30, 2023
Operations:
Net Investment Income	$	2,763,742		$	3,256,036		$	8,803,717		$	17,188,257
Net Realized Gain (Loss)		34,232,738			9,554,707			(1,060,902	)		(17,014,142	)
Net Change in Unrealized Appreciation (Depreciation)		(3,752,231	)		(628,064	)		7,724,108			9,691,065
Net Increase in Net Assets Resulting from Operations		33,244,249			12,182,679			15,466,923			9,865,180
Distributions:		(3,036,301	)		(3,511,163	)		(9,166,509	)		(16,361,150	)
Return of Capital:		—			(453,852	)		—			—
Capital Share Transactions:
Issued		207,879,152			276,386,515			46,093,777			45,621,449
Redeemed		(155,749,078	)		(281,299,409	)		(25,580,246	)		(102,201,448	)
Increase (Decrease) in Net Assets from Capital Share Transactions		52,130,074			(4,912,894	)		20,513,531			(56,579,999	)
Total Increase (Decrease) in Net Assets		82,338,022			3,304,770			26,813,945			(63,075,969	)
Net Assets:
Beginning of Year/Period		181,838,224			178,533,454			222,312,863			285,388,832
End of Year/Period	$	264,176,246		$	181,838,224		$	249,126,808		$	222,312,863
Share Transactions:
Issued		5,380,000			8,580,000			1,960,000			1,990,000
Redeemed		(4,060,000	)		(8,830,000	)		(1,090,000	)		(4,500,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		1,320,000			(250,000	)		870,000			(2,510,000	)

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

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

Statements of Changes in Net Assets

	Global X Adaptive U.S. Risk Management ETF						Global X 1-3 Month T-Bill ETF
	Period Ended May 31, 2024 (Unaudited)			Year Ended November 30, 2023			Period Ended May 31, 2024 (Unaudited)			Period Ended November 30, 2023⁽¹⁾
Operations:
Net Investment Income	$	543,251		$	1,294,460		$	6,908,199		$	1,589,396
Net Realized Gain (Loss)		8,036,255			3,748,699			3,372			(5,740	)
Net Change in Unrealized Appreciation (Depreciation)		7,416,390			(3,267,026	)		107,334			2,545
Net Increase in Net Assets Resulting from Operations		15,995,896			1,776,133			7,018,905			1,586,201
Distributions:		(752,510	)		(1,310,795	)		(6,393,219	)		(1,251,315	)
Capital Share Transactions:
Issued		49,683,532			28,468,281			343,669,897			155,811,245
Redeemed		(36,829,453	)		(548,364	)		(69,460,248	)		(43,386,417	)
Increase in Net Assets from Capital Share Transactions		12,854,079			27,919,917			274,209,649			112,424,828
Total Increase in Net Assets		28,097,465			28,385,255			274,835,335			112,759,714
Net Assets:
Beginning of Year/Period		94,793,042			66,407,787			112,759,714			—
End of Year/Period	$	122,890,507		$	94,793,042		$	387,595,049		$	112,759,714
Share Transactions:
Issued		1,600,000			990,000			13,710,000			6,220,000
Redeemed		(1,180,000	)		(20,000	)		(2,770,000	)		(1,730,000	)
Net Increase in Shares Outstanding from Share Transactions		420,000			970,000			10,940,000			4,490,000

(1)

The Fund commenced operations on June 20, 2023.

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

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

Statements of Changes in Net Assets

	Global X U.S. Cash Flow Kings 100 ETF
	Period Ended May 31, 2024 (Unaudited)			Period Ended November 30, 2023⁽¹⁾
Operations:
Net Investment Income	$	32,289		$	27,873
Net Realized Gain (Loss)		388,365			54,126
Net Change in Unrealized Appreciation (Depreciation)		(360	)		109,012
Net Increase in Net Assets Resulting from Operations		420,294			191,011
Distributions:		(38,015	)		(17,340	)
Capital Share Transactions:
Issued		2,398,077			4,144,105
Redeemed		(3,202,928	)		(527,606	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(804,851	)		3,616,499
Total Increase (Decrease) in Net Assets		(422,572	)		3,790,170
Net Assets:
Beginning of Period		3,790,170			—
End of Period	$	3,367,598		$	3,790,170
Share Transactions:
Issued		80,000			160,000
Redeemed		(110,000	)		(20,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(30,000	)		140,000

(1)

The Fund commenced operations on July 10, 2023.

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

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

Page intentionally left blank.

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 MLP ETF
2024 (Unaudited)		46.08		0.03			2.44			2.47			(1.77	)		—			—
2023		42.99		(0.07	)		6.48			6.41			(3.32	)		—			—
2022		33.59		(0.02	)		12.44			12.42			(3.02	)		—			—
2021		26.73		(0.06	)		9.97			9.91			—			—			(3.05	)
2020⁽¹⁾		43.92		(0.26	)		(13.13	)		(13.39	)		—			—			(3.80	)
2019⁽¹⁾		51.24		(0.24	)		(2.76	)		(3.00	)		—			—			(4.32	)
Global X MLP & Energy Infrastructure ETF
2024 (Unaudited)		44.99		0.40			5.60			6.00			(1.25	)		—			—
2023		43.47		0.83			3.02			3.85			(2.01	)		—			(0.32	)
2022		34.89		0.75			9.98			10.73			(1.39	)		—			(0.76	)
2021		26.59		0.42			9.97			10.39			(1.05	)		—			(1.04	)
2020⁽²⁾		33.45		0.71			(5.33	)		(4.62	)		(1.95	)		—			(0.29	)
2019⁽²⁾		36.39		1.14			(1.89	)		(0.75	)		(2.01	)		—			(0.18	)
Global X Alternative Income ETF
2024 (Unaudited)		11.05		0.16			0.59			0.75			(0.42	)		—			—
2023		11.42		0.48			(0.04	)		0.44			(0.81	)		—			—
2022		13.16		0.61			(1.45	)		(0.84	)		(0.77	)		—			(0.13	)
2021		11.51		0.49			2.05			2.54			(0.62	)		—			(0.27	)
2020		14.74		0.66			(2.64	)		(1.98	)		(0.98	)		(0.15	)		(0.12	)
2019		14.52		0.94			0.44			1.38			(1.07	)		(0.09	)		—


*	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.
***	Supplemental ratio, presented for the purpose of additional analysis.
†	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.
‡	The Before Net Deferred Tax Expense/(Benefit) expense ratios for the periods ending November 30, 2019, 2020, 2021, 2022 and 2023 was 0.46%, 0.45%, 0.45%, 0.45%, and 0.45%.
‡‡	Includes amount of tax benefit or expense associated with expenses. Including amount of tax benefit or expense associated for all components of the Statement of Operations, for the periods ending May 31, 2024, November 30, 2022 and 2023 the impact would be 2.83%, 2.29% and 4.16%.
#	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^	Effective September 28, 2021, the fund’s fees were permanently lowered to 0.50%.
@	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) 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 the year ended November 30, 2021 (first year of this agreement), the ratio of Expenses to Average Net Assets would have been 0.70%.
(1)	Per share amounts have been adjusted for a 1 for 6 reverse share split on April 28, 2020 (See Note 9 in the Notes to Financial Statements).

The accompanying notes are an integral part of the financial statements.77

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, Net of Tax Expense/ (Benefit) (%)			Tax Expense /(Benefit) (%)			Ratio of Net Investment Income (Loss) to Average Net Assets, Net of Tax Expense/ (Benefit) (%)			Portfolio Turnover (%)^††

	(1.77	)		46.78		5.46			1,618,934		0.48	†		0.03	‡‡		0.14	†		21.26
	(3.32	)		46.08		15.79			1,488,864		0.42	^‡		(0.03	)‡‡		(0.15	)		42.36
	(3.02	)		42.99		37.69			1,378,279		0.44	^‡		(0.01	)‡‡		(0.04	)		47.13
	(3.05	)		33.59		37.49			992,935		0.43	^‡		(0.02	)		(0.19	)		33.79
	(3.80	)		26.73		(30.51	)		687,577		0.46	^‡		0.46			(0.85	)		33.78
	(4.32	)		43.92		(6.54	)		947,045		0.46	^‡		—			(0.46	)		55.65

	(1.25	)		49.74		13.58			1,478,666		0.45	†		—			1.73	†		11.73
	(2.33	)		44.99		9.42			999,208		0.45			—			2.00			24.32
	(2.15	)		43.47		31.26			1,090,000		0.45			—			1.85			23.48
	(2.09	)		34.89		39.64			738,092		0.45			—			1.25			16.88
	(2.24	)		26.59		(13.34	)		538,344		0.45			—			2.66			35.86
	(2.19	)		33.45		(2.34	)		612,300		0.45			—			3.03			36.57

	(0.42	)		11.38		6.91			34,021		0.50	†		—			2.84	†		0.25
	(0.81	)		11.05		4.01			34,472		0.50			—			4.29			14.38
	(0.90	)		11.42		(6.64	)		37,216		0.50	#		—			5.03			18.10
	(0.89	)		13.16		22.52			35,921		0.63	#^@^		—			3.77			86.85
	(1.25	)		11.51		(13.13	)		19,573		0.75	#		—			5.61			52.78
	(1.16	)		14.74		9.89			28,012		0.75	#		—			6.39			18.16

(2)	Per share amounts have been adjusted for a 1 for 3 reverse share split on April 28, 2020. (See Note 9 in Notes to Financial Statements.)

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

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

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 Conscious Companies ETF
2024 (Unaudited)		31.89		0.16		4.38			4.54			(0.24	)		—			—
2023		29.52		0.38		2.27			2.65			(0.28	)		—			—
2022		32.97		0.31		(3.40	)		(3.09	)		(0.36	)		—			—
2021		26.46		0.31		6.49			6.80			(0.29	)		—			—
2020		23.10		0.33		3.32			3.65			(0.27	)		(0.02	)		—
2019		20.55		0.37		2.68			3.05			(0.50	)		—			—
Global X U.S. Preferred ETF
2024 (Unaudited)		19.13		0.61		0.67			1.28			(0.63	)		—			—
2023		20.51		1.24		(1.36	)		(0.12	)		(1.26	)		—			—
2022		25.21		1.23		(4.64	)		(3.41	)		(1.29	)		—			—
2021		25.36		1.28		(0.12	)		1.16			(1.31	)		—			—
2020		24.79		1.33		0.58			1.91			(1.34	)		—			—
2019		22.97		1.36		1.83			3.19			(1.37	)		—			—
Global X S&P 500^® Quality Dividend ETF
2024 (Unaudited)		30.97		0.36		2.78			3.14			(0.54	)		—			—
2023		33.24		0.99		(2.23	)		(1.24	)		(1.03	)		—			—
2022		31.02		1.03		2.10			3.13			(0.91	)		—			—
2021		25.20		0.78		5.84			6.62			(0.80	)		—			—
2020		26.51		0.75		(1.24	)		(0.49	)		(0.82	)		—			—	***
2019		24.60		0.75		1.89			2.64			(0.73	)		—			—

*	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 April 1, 2019, the Fund’s fees were permanently lowered to 0.20%. 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 0.31% for the year ended November 30, 2019.
^^	Effective April 1, 2020, until 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 0.23%.

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

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

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 (%)^††

	(0.24	)		36.19		14.28			640,479		0.43	†		0.94	†		5.58
	(0.28	)		31.89		9.05			579,741		0.43			1.27			27.74
	(0.36	)		29.52		(9.45	)		673,733		0.43			1.06			31.92
	(0.29	)		32.97		25.84			654,764		0.43			1.00			22.92
	(0.29	)		26.46		16.01			403,499		0.43			1.45			48.73
	(0.50	)		23.10		15.35			85,459		0.43			1.73			34.97

	(0.63	)		19.78		6.76			2,345,798		0.23	†		6.18	†		12.71
	(1.26	)		19.13		(0.51	)		2,277,678		0.23			6.38			36.65
	(1.29	)		20.51		(13.82	)		2,214,461		0.23			5.51			33.20
	(1.31	)		25.21		4.61			2,458,022		0.23	^^		4.99			47.89
	(1.34	)		25.36		8.13			868,550		0.23	^^		5.49			39.14
	(1.37	)		24.79		14.25			585,150		0.24			5.57			32.93

	(0.54	)		33.57		10.22			27,196		0.20	†		2.22	†		48.87
	(1.03	)		30.97		(3.71	)		48,318		0.20			3.16			78.89
	(0.91	)		33.24		10.25			61,156		0.20			3.24			78.73
	(0.80	)		31.02		26.45			9,615		0.20			2.60			70.66
	(0.82	)		25.20		(1.47	)		6,300		0.20			3.27			93.40
	(0.73	)		26.51		11.01			9,278		0.28	^‡		2.99			49.18

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

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 Adaptive U.S. Factor ETF
2024 (Unaudited)		34.37		0.47		5.54			6.01			(0.41	)		—			—
2023		32.23		0.59		2.28			2.87			(0.65	)		—			(0.08	)
2022		29.86		0.62		2.50			3.12			(0.71	)		—			(0.04	)
2021		24.91		0.61		5.09			5.70			(0.70	)		—			(0.05	)
2020		25.79		0.63		(0.67	)		(0.04	)		(0.70	)		(0.05	)		(0.09	)
2019		24.39		0.89		1.53			2.42			(1.02	)		—	***		—
Global X Variable Rate Preferred ETF
2024 (Unaudited)		23.13		0.86		0.69			1.55			(0.91	)		—			—
2023		23.55		1.60		(0.49	)		1.11			(1.53	)		—			—
2022		27.28		1.45		(3.70	)		(2.25	)		(1.39	)		(0.02	)		(0.07	)
2021		26.97		1.40		0.37			1.77			(1.29	)		(0.02	)		(0.15	)
2020⁽¹⁾		24.85		0.61		2.00			2.61			(0.49	)		—			—
Global X Adaptive U.S. Risk Management ETF
2024 (Unaudited)		28.55		0.15		4.38			4.53			(0.22	)		—			—
2023		28.26		0.47		0.34			0.81			(0.52	)		—			—
2022		29.88		0.40		(1.71	)		(1.31	)		(0.31	)		—			—
2021⁽²⁾		24.95		0.25		4.77			5.02			(0.09	)		—			—

*	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 June 22, 2020.
(2)	The Fund commenced operations on January 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.

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 (%)^††

	(0.41	)		39.97		17.52			264,176		0.27	†		2.46	†		71.89
	(0.73	)		34.37		9.13			181,838		0.27			1.89			234.57
	(0.75	)		32.23		10.61			178,533		0.27			2.03			115.74
	(0.75	)		29.86		23.01			172,008		0.27			2.09			96.21
	(0.84	)		24.91		0.14			144,484		0.27			2.78			159.91
	(1.02	)		25.79		10.27			189,564		0.27			3.63			112.43

	(0.91	)		23.77		6.84			249,127		0.25	†		7.36	†		28.74
	(1.53	)		23.13		5.01			222,313		0.25			7.01			81.87
	(1.48	)		23.55		(8.40	)		285,389		0.25			5.93			74.41
	(1.46	)		27.28		6.60			89,217		0.25			5.01			26.17
	(0.49	)		26.97		10.59			1,349		0.25	†		5.38	†		10.96

	(0.22	)		32.86		15.96			122,891		0.40	†		0.99	†		25.95
	(0.52	)		28.55		2.92			94,793		0.40			1.67			574.56
	(0.31	)		28.26		(4.28	)		66,408		0.39			1.49			1481.94
	(0.09	)		29.88		20.13			104,574		0.39	†		1.01	†		30.10

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

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 1-3 Month T-Bill ETF
2024 (Unaudited)		25.11		0.67		0.01			0.68		(0.67	)		—		—
2023⁽¹⁾		24.99		0.60		(0.02	)		0.58		(0.46	)		—		—
Global X U.S. Cash Flow Kings 100 ETF
2024 (Unaudited)		27.07		0.31		3.56			3.87		(0.33	)		—		—
2023⁽²⁾		25.58		0.25		1.40			1.65		(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.
†	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 June 20, 2023.
(2)	The Fund commenced operations on July 10, 2023.

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

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

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 (%)^††

	(0.67	)		25.12		2.74		387,595		0.06	†		5.35	†		0.00
	(0.46	)		25.11		2.36		112,760		0.09	†		5.34	†		0.00

	(0.33	)		30.61		14.38		3,368		0.25	†		2.14	†		41.08
	(0.16	)		27.07		6.46		3,790		0.25	†		2.41	†		14.76

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

Notes to Financial Statements

May 31, 2024 (Unaudited)

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 May 31, 2024, the Trust had one hundred portfolios, ninety-two of which were operational. The financial statements herein and the related notes pertain to the Global X MLP ETF, Global X MLP & Energy Infrastructure ETF, Global X Alternative Income ETF, Global X Conscious Companies ETF, Global X U.S. Preferred ETF, Global X S&P 500^®Quality Dividend ETF, Global X Adaptive U.S. Factor ETF, Global X Variable Rate Preferred ETF, Global X Adaptive U.S. Risk Management ETF, Global X 1-3 Month T-Bill ETF and Global X U.S. Cash Flow Kings 100 ETF (each a “Fund” and collectively, the “Funds”). Each Fund, other than the Global X Alternative Income ETF, Global X Conscious Companies ETF, Global X U.S. Preferred ETF, Global X S&P 500^®Quality Dividend ETF, Global X Adaptive U.S. Factor ETF, Global X Variable Rate Preferred ETF, and Global X 1-3 Month T-Bill ETF, has elected non-diversified status under the 1940 Act.

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, 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 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.

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

MLPs – Certain Funds may invest in MLPs. MLPs are publicly-traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity-level taxation. To qualify as an MLP, and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include natural resource-based activities, such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly-traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.

Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership’s operations and management. MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD is paid to both common and subordinated units and is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions.

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 Standard 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).

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 currencies 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 Board of Trustees (the “Board”) of the Trust. 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 a Fund’s security that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that each 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 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. As of May 31, 2024, there were no securities priced using the Fair Value Procedures.

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

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 and 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 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.

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.

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

DUE TO/FROM BROKERS – Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties as of May 31, 2024. 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.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (each, an “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 an 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, except for Global X MLP ETF, to qualify, or to continue to qualify, as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Code. Accordingly, no provisions for Federal income taxes have been made in the financial statements, except for Global X MLP ETF as described below.

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

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 May 31, 2024, 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 an income tax expense on the Statements 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.

Global X MLP ETF is taxed as a C-corporation for Federal income tax purposes and as such is obligated to pay Federal and applicable state corporate income tax. Currently, the Federal income tax rate for a corporation is 21%. This differs from most investment companies, which elect to be treated as “regulated investment companies” under Subchapter M of the Code in order to avoid paying entity level income taxes. Under current law, Global X MLP ETF is not eligible to elect treatment as a regulated investment company due to its investments primarily in MLPs invested in energy assets. As a result, Global X MLP ETF will be obligated to pay applicable Federal and state corporate income taxes on its taxable income as opposed to most other investment companies, which are not so obligated. Global X MLP ETF expects that a portion of the distributions that are received from MLPs may be treated as a tax-deferred return of capital, thus reducing Global X MLP ETF’s current tax liability. However, the amount of taxes currently paid by Global X MLP ETF will vary depending on the amount of income and gains derived from investments and/or sales of MLP interests and such taxes have the potential to reduce an investor’s return from an investment in Global X MLP ETF.

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.

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

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. 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.

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.

Cash distributions from MLPs to Global X MLP ETF that exceed the Global X MLP ETF’s allocable share of such MLP’s net taxable income are considered tax-deferred return of capital that will reduce Global X MLP ETF’s adjusted tax basis in the equity securities of the MLP. These reductions in Global X MLP ETF’s adjusted tax basis in MLP equity securities will increase the amount of gain (or decrease the amount of loss) recognized by Global X MLP ETF on a subsequent sale of the securities. Global X MLP ETF will accrue deferred income taxes for any future tax liability associated with (i) that portion of MLP distributions considered to be a tax-deferred return of capital as well as (ii) capital appreciation of its investments. Upon the sale of an MLP security, Global X MLP ETF may be liable for previously deferred taxes. Global X MLP ETF will rely to some extent on information provided by the MLPs, which may not necessarily be timely, to estimate deferred tax liability for purposes of financial statement reporting and determining Global X MLP ETF’s NAV. From time to time, the Adviser will modify the estimates or assumptions related to Global X MLP ETF’s deferred tax liabilities as new information becomes available. Global X MLP ETF will generally compute deferred income taxes based on the Federal income tax rate applicable to corporations and an estimated rate attributable to state taxes.

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 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.

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Global X Alternative Income ETF’s dividend income includes reclassifications of prior year and current year dividend income to return of capital/realized gain to align those income amounts to the character of those distributions. Those reclassifications exceeded current year dividend income resulting in a negative dividend income for the current fiscal year.

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..

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. If a Creation Unit is purchased or redeemed for cash, an additional variable fee may be charged. The following table discloses the Creation Unit breakdown:

	Creation Unit Shares	Creation Fee		Value at May 31, 2024		Redemption Fee
Global X MLP ETF	10,000	$	100	$	467,800	$	100
Global X MLP & Energy Infrastructure ETF	10,000		250		497,400		250
Global X Alternative Income ETF	10,000		250		113,800		250
Global X Conscious Companies ETF	10,000		500		361,900		500
Global X U.S. Preferred ETF	10,000		650		197,800		650
Global X S&P 500^®Quality Dividend ETF	10,000		250		335,700		250
Global X Adaptive U.S. Factor ETF	10,000		600		399,700		600
Global X Variable Rate Preferred ETF	10,000		250		237,700		250
Global X Adaptive U.S. Risk Management ETF	10,000		1,300		328,600		1,300
Global X 1-3 Month T-Bill ETF	10,000		250		251,200		250
Global X U.S. Cash Flow Kings 100 ETF	10,000		250		306,100		250

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

3. RELATED PARTY 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.

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 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 the Global X Alternative Income ETF, Global X U.S. Preferred ETF, Global X Variable Rate Preferred ETF and Global X Adaptive U.S. Risk Management 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 each of the Global X Alternative Income ETF, Global X U.S. Preferred ETF, Global X Variable Rate Preferred ETF and Global X Adaptive U.S. Risk Management ETF provides that the Adviser also bears the costs for acquired fund fees and expenses generated by investments by the Funds in affiliated investment companies. For the period ended May 31, 2024, the Adviser paid acquired fund fees and expenses for the Global X Alternative Income ETF of $62,516 and made such reimbursement payments to the Fund on a monthly basis. These amounts are included in Payment from Adviser on the Statement of Operations.

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

3. RELATED PARTY 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 MLP ETF	0.45%
Global X MLP & Energy Infrastructure ETF	0.45%
Global X Alternative Income ETF	0.50%
Global X Conscious Companies ETF	0.43%
Global X U.S. Preferred ETF	0.23%
Global X S&P 500^®Quality Dividend ETF	0.20%
Global X Adaptive U.S. Factor ETF	0.27%
Global X Variable Rate Preferred ETF	0.25%
Global X Adaptive U.S. Risk Management ETF	0.39%
Global X 1-3 Month T-Bill ETF	0.07%
Global X U.S. Cash Flow Kings 100 ETF	0.25%

SEI Investments Global Funds Services (“SEIGFS”) serves as sub-administrator to the Funds. As sub-administrator, SEIGFS provides the Funds with 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.

SIDCO bears the following costs and expenses relating to the distribution of Shares: (1) the costs of processing and maintaining records of creations of Creation Units; (2) all costs of maintaining the records required of a registered broker/dealer; (3) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (4) filing fees; and (5) 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.

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

3. RELATED PARTY AND SERVICE PROVIDER TRANSACTIONS (continued)

For all Funds other than the Global X 1-3 Month T-Bill ETF and Global X U.S. Cash Flow Kings 100 ETF, BBH serves as the Custodian and transfer agent of the Funds’ assets. 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 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, 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.

BNY Mellon serves as Custodian and transfer agent to the Trust on behalf of the Global X 1-3 Month T-Bill ETF and Global X U.S. Cash Flow Kings 100 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 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 Funds, 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.

4. INVESTMENT TRANSACTIONS

For the period ended May 31, 2024, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government, and short-term securities were:

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

4. INVESTMENT TRANSACTIONS (continued)

	Purchases		Sales and Maturities
Global X MLP ETF	$	341,594,927	$	481,553,568
Global X MLP & Energy Infrastructure ETF		132,177,677		154,147,050
Global X Alternative Income ETF		85,648		899,366
Global X Conscious Companies ETF		34,709,141		36,048,940
Global X U.S. Preferred ETF		324,362,479		298,356,572
Global X S&P 500^®Quality Dividend ETF		15,365,746		15,538,542
Global X Adaptive U.S. Factor ETF		164,900,514		163,547,839
Global X Variable Rate Preferred ETF		70,468,200		68,583,765
Global X Adaptive U.S. Risk Management ETF		28,648,127		28,232,210
Global X 1-3 Month T-Bill ETF		747,846,142		496,305,404
Global X U.S. Cash Flow Kings 100 ETF		1,388,534		1,368,321

For the period ended May 31, 2024, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales		Realized Gain/(Loss)
Global X MLP ETF	$	189,122,837	$	–	$	–
Global X MLP & Energy Infrastructure ETF		388,967,183		22,151,835		6,846,690
Global X Alternative Income ETF		1,360,227		2,598,286		103,086
Global X Conscious Companies ETF		57,201,743		74,025,748		27,013,102
Global X U.S. Preferred ETF		130,475,325		153,842,345		10,185,050
Global X S&P 500^®Quality Dividend ETF		7,795,474		31,713,557		999,281
Global X Adaptive U.S. Factor ETF		206,038,012		155,591,580		35,899,318
Global X Variable Rate Preferred ETF		45,685,238		25,760,683		1,595,954
Global X Adaptive U.S. Risk Management ETF		49,054,765		36,859,855		8,203,530
Global X 1-3 Month T-Bill ETF		343,324,489		69,522,480		(376	)
Global X U.S. Cash Flow Kings 100 ETF		2,361,665		3,187,161		425,754

During the period ended May 31, 2024, there were no purchases or sales of long-term U.S. Government securities by the Funds.

5. TAX INFORMATION

Global X MLP ETF recognizes interest and penalties, if any, related to unrecognized tax benefits within the income tax expense line in the accompanying Statement of Operations. Accrued interest and penalties, if any, are included within the related tax liability line in the Statement of Assets and Liabilities. For the period ended May 31 2024, Global X MLP ETF did not incur any interest or penalties.

Since Global X MLP ETF will be subject to taxation on its taxable income, the NAV of Global X MLP ETF shares will also be reduced by the accrual of any current and deferred tax liabilities.

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

5. TAX INFORMATION (continued)

Global X MLP ETF’s income tax expense/(benefit) consists of the following for the period ended May 31, 2024:

	Current MLP		Deferred MLP		Total MLP
Federal	$	6,020,178	$	14,863,677	$	20,883,855
State		(109,663)		987,301		877,638
Valuation allowance		—		—		—
Total tax expense (benefit)	$	5,910,515	$	15,850,978	$	21,761,493

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes.

Components of the Global X MLP ETF’s deferred tax assets and liabilities are as follows for the period ended May 31, 2024:

	MLP
Deferred tax assets:
State Net Operating Loss Carryforward	$ 106,253
Capital Loss Carryforward	21,386,802
Other	1,832,443
Less Variation Allowance	—

Deferred tax liabilities:
Net unrealized gain on investment securities	(45,826,008)
Book vs tax partnership income to be recognized	(60,695,377)
Net Deferred Tax Asset/(Liability)	$ (83,195,887)

The Global X MLP ETF reviews the recoverability of its deferred tax assets based upon the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight is given to the effects of potential future realized and unrealized gains on investments and the period over which these deferred tax assets can be realized. Currently, any capital losses that may be generated by the Global X MLP ETF are eligible to be carried back up to three years and can be carried forward for five years to offset capital gains recognized by the Global X MLP ETF in those years.

The Global X MLP ETF has estimated capital loss carryforwards for Federal income tax purposes as follows:

	Year Ended	Amount		Expiration
Global X MLP ETF	11/30/2020	$	59,868,290	11/30/2025
	11/30/2021		37,432,903	11/30/2026

Based upon the Global X MLP ETF’s assessment, it has been determined that it is more likely than not that the Global X MLP ETF’s deferred tax assets will be realized through future taxable income of the appropriate character. Accordingly, no valuation allowance has been established for the Global X MLP ETF’s deferred tax assets. The Global X MLP

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

5. TAX INFORMATION (continued)

ETF will continue to assess the need for a valuation allowance in the future. Significant increases or declines in the fair value of its portfolio of investments may change the Global X MLP ETF’s assessment of the recoverability of these assets and may result in the recording or removal of a valuation allowance against all or a portion of the Global X MLP ETF’s gross deferred tax assets.

Total income tax expense/benefit (current and deferred) during the period ended May 31, 2024, differs from the amount computed by applying the Federal statutory income tax rate of 21% for the Global X MLP ETF to net investment and realized and unrealized gain/(losses) on investment before taxes as follows:

For the period ended May 31, 2024:

	MLP
Income tax (benefit) at statutory rate	$	20,796,909	21.00	%
State income taxes (net of federal benefit)		970,522	0.98	%
Permanent differences, net		(5,938)	-0.01	%
Effect of state tax rate change		—	0.00	%
Net income tax expense/(benefit)	$	21,761,493	21.97	%

The Global X MLP ETF recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Global X MLP ETF’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since the inception of the Global X MLP ETF. No U.S. Federal or state income tax returns are currently under examination. The tax years ended November 30, 2022, 2021, and 2020 remain subject to examination by tax authorities in the United States. Due to the nature of the Global X MLP ETF’s investments, the Global X MLP ETF may be required to file income tax returns in several states. The Global X MLP ETF is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

State franchise taxes are separate and distinct from state income taxes. State franchise taxes are imposed on a corporation for the right to conduct business in the state and typically are based off the net worth or capital apportioned to a state. Due to the nature of the Global X MLP ETF’s investments, the Global X MLP ETF may be required to file franchise state tax returns in several states.

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

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

5. TAX INFORMATION (continued)

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 REIT adjustments, reclassification of distributions, investments in publically traded partnerships, PFIC gain reclassifications, and preferred stock adjustments. The permanent differences that are credited or charged to paid-in capital and distributable earnings are primarily related to redemptions in kind and return of capital distributions.

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 MLP ETF
2023	$	106,518,075	$	—	$	—	$	106,518,075
2022		90,450,291		—		—		90,450,291
Global X MLP & Energy Infrastructure ETF
2023	$	47,511,225	$	—	$	7,533,664	$	55,044,889
2022		32,598,692		—		17,688,775		50,287,467
Global X Alternative Income ETF
2023	$	2,657,760	$	—	$	—	$	2,657,760
2022		2,282,880		—		390,992		2,673,872
Global X Conscious Companies ETF
2023	$	6,163,099	$	—	$	—	$	6,163,099
2022		7,480,197		—		—		7,480,197
Global X U.S. Preferred ETF
2023	$	144,784,500	$	—	$	—	$	144,784,500
2022		128,023,270		—		—		128,023,270
Global X S&P 500^®Quality Dividend ETF
2023	$	1,991,843	$	—	$	—	$	1,991,843
2022		1,339,222		—		—		1,339,222
Global X Adaptive U.S. Factor ETF
2023	$	3,511,163	$	—	$	453,852	$	3,965,015
2022		3,989,881		—		204,893		4,194,774
Global X Variable Rate Preferred ETF
2023	$	16,361,150	$	—	$	—	$	16,361,150
2022		10,395,351		19,467		515,682		10,930,500
Global X Adaptive U.S. Risk Management ETF
2023	$	1,310,795	$	—	$	—	$	1,310,795
2022		997,056		5,768		—		1,002,824
Global X 1-3 Month T-Bill ETF
2023	$	1,251,315	$	—	$	—	$	1,251,315
Global X U.S. Cash Flow Kings 100 ETF
2023	$	17,340	$	—	$	—	$	17,340

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

5. 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 MLP & Energy Infrastructure ETF			Global X Alternative Income ETF
Undistributed Ordinary Income	$	—		$	126,128
Capital Loss Carryforwards		(137,747,647	)		(1,722,291	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		191,667,293			(7,204,615	)
Other Temporary Differences		(2	)		8
Total Distributable Earnings (Accumulated Losses)	$	53,919,644		$	(8,800,770	)

	Global X Funds
	Global X Conscious Companies ETF			Global X U.S. Preferred ETF			Global X S&P 500^® Quality Dividend ETF
Undistributed Ordinary Income	$	3,909,246		$	1,494,254		$	135,793
Capital Loss Carryforwards		(50,640,701	)		(318,462,730	)		(6,922,184	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		50,898,190			(346,668,054	)		(2,681,825	)
Other Temporary Differences		(2	)		783			(1	)
Total Distributable Earnings (Accumulated Losses)	$	4,166,733		$	(663,635,747	)	$	(9,468,217	)

	Global X Funds
	Global X Adaptive U.S. Factor ETF			Global X Variable Rate Preferred ETF			Global X Adaptive U.S. Risk Management ETF
Undistributed Ordinary Income	$	—		$	1,015,498		$	656,698
Capital Loss Carryforwards		(29,417,493	)		(27,455,624	)		(12,486,755	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		13,699,270			(7,921,537	)		1,563,657
Other Temporary Differences		(1	)		1,067,276			(2	)
Total Accumulated Losses	$	(15,718,224	)	$	(33,294,387	)	$	(10,266,402	)

100

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

5. TAX INFORMATION (continued)

	Global X Funds
	Global X 1-3 Month T-Bill ETF		Global X U.S. Cash Flow Kings 100 ETF
Undistributed Ordinary Income	$	339,872	$	10,563
Capital Loss Carryforwards		—		(5,640	)
Unrealized Appreciation on Investments and Foreign Currency		2,545		96,221
Other Temporary Differences		1		1
Total Distributable Earnings	$	342,418	$	101,145

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 MLP & Energy Infrastructure ETF	$	26,150,257	$	111,597,390	$	137,747,647
Global X Alternative Income ETF		281,145		1,441,146		1,722,291
Global X Conscious Companies ETF		14,636,796		36,003,905		50,640,701
Global X U.S. Preferred ETF		112,031,596		206,431,134		318,462,730
Global X S&P 500^®Quality Dividend ETF		5,745,817		1,176,367		6,922,184
Global X Adaptive U.S. Factor ETF		27,165,433		2,252,060		29,417,493
Global X Variable Rate Preferred ETF		17,462,374		9,993,250		27,455,624
Global X Adaptive U.S. Risk Management ETF		12,352,177		134,578		12,486,755
Global X U.S. Cash Flow Kings 100 ETF		5,640		—		5,640

During the year ended November 30, 2023, the following Fund utilized capital loss carryforwards to offset capital gains amounting to:

	Short-Term Loss		Long-Term Loss		Total
Global X MLP & Energy Infrastructure ETF	$	4,043,802	$	17,423,085	$	21,466,887
Global X Adaptive U.S. Risk Management ETF		6,970,587		901		6,971,488

101

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

5. TAX INFORMATION (continued)

The Federal tax cost basis of investments and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at May 31, 2024 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X MLP ETF	$	1,228,551,665	$	481,483,194	$	(1,372,729	)	$	480,110,465
Global X MLP & Energy Infrastructure ETF		1,108,074,719		381,960,062		(12,907,404	)		369,052,658
Global X Alternative Income ETF		45,806,259		2,066,927		(7,048,537	)		(4,981,610	)
Global X Conscious Companies ETF		531,342,594		126,906,130		(19,216,530	)		107,689,600
Global X U.S. Preferred ETF		2,582,099,426		23,881,744		(218,861,426	)		(194,979,682	)
Global X S&P 500^®Quality Dividend ETF		27,339,304		1,520,194		(1,721,672	)		(201,478	)
Global X Adaptive U.S. Factor ETF		252,833,908		15,166,905		(4,312,605	)		10,854,300
Global X Variable Rate Preferred ETF		244,469,541		8,520,213		(3,781,380	)		4,738,833
Global X Adaptive U.S. Risk Management ETF		113,772,735		11,764,878		(2,784,831	)		8,980,047
Global X 1-3 Month T-Bill ETF		392,408,353		114,178		—			114,178
Global X U.S. Cash Flow Kings 100 ETF		3,251,958		243,931		135,279			379,210

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 adjustments in preferred stock and partnerships.

6. CONCENTRATION OF RISKS

The Funds may invest in securities in a particular asset class. Securities and other assets held in each Fund’s portfolio may underperform in comparison to the general securities markets, a particular securities market or other asset classes.

The Funds, except for Global X U.S. Preferred ETF and Global X Variable Rate Preferred ETF, use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of an underlying index in approximately the same proportions as in the underlying index. A representative sampling strategy is an indexing strategy that involves investing in a representative sample of securities (including indirect investments through underlying ETFs) that collectively has an investment profile similar to an underlying index in terms of key risk factors, performance attributes and other characteristics. Each Fund may utilize a representative sampling strategy with respect to its underlying index

102

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

6. CONCENTRATION OF RISKS (continued)

when a replication strategy might be detrimental to its 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 a Fund but not its underlying index). The Global X U.S. Preferred ETF and Global X Variable Rate Preferred ETF use a representative sampling strategy.

The Funds 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.

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 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

103

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

6. CONCENTRATION OF RISKS (continued)

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.

7. 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 a 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 agreements, short-term investments or U.S. Treasury obligations and is recognized in the Schedules of Investments and Statements of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statements of Assets 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 MLP & Energy Infrastructure ETF, Global X Alternative Income ETF and Global X U.S. Preferred ETF are held by BNY Mellon and are designated as being held on each 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

104

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

7. LOANS OF PORTFOLIO SECURITIES (continued)

restricted cash) as an asset and the obligation to return securities lending collateral as a liability- on the Statement 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 May 31, 2024.

	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 Alternative Income ETF	$	6,756,088	$	6,756,088	$	—	$	—
Global X U.S. Preferred ETF		39,877,322		39,877,322		—		—

(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 May 31, 2024 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 May 31, 2024, 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:

105

Notes to Financial Statements (Continued)

May 31, 2024 (Unaudited)

7. LOANS OF PORTFOLIO SECURITIES (continued)

	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total
Global X Alternative Income ETF
Repurchase Agreements	$	4,962,917	$	—	$	—	$	—	$	4,962,917
Short-Term Investments		1,901,164		—		—		—		1,901,164
Total	$	6,864,081	$	—	$	—	$	—	$	6,864,081
Global X U.S. Preferred ETF
Repurchase Agreements	$	29,459,822	$	—	$	—	$	—	$	29,459,822
Short-Term Investments		11,285,292		—		—		—		11,285,292
Total	$	40,745,114	$	—	$	—	$	—	$	40,745,114

8. CONTRACTUAL OBLIGATION

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 (the “Trustees”) and the Trust’s officers are indemnified against certain liabilities that may arise out of the performance of their duties.

9. REVERSE SHARE SPLIT

Effective April 28, 2020, the Global X MLP ETF executed a 1-for-6 reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for the Fund 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 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 this reverse share split. There were no changes in net assets, results of operations or total return as a result of this transaction.

Effective April 28, 2020, the Global X MLP & Energy Infrastructure ETF executed a 1-for- 3 reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by three, resulting in a corresponding increase in the NAV per Share. The capital share activity 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

106

Notes to Financial Statements (Concluded)

May 31, 2024 (Unaudited)

9. REVERSE SHARE SPLIT (continued)

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 these transactions.

10. SUBSEQUENT EVENTS

The Board of the Trust approved a reverse share split of the issued and outstanding shares of the Global 1-3 Month T-Bill ETF (the “Reverse Share Split”). The Reverse Share Split was completed after the close of business on June 14, 2024. The effect of this transaction for the Fund was to divide the number of outstanding Shares of the Fund by the applicable ratio below, 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 updated 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.

Fund Name	Ratio

Global X 1-3 Month T-Bill ETF	1:4

The Funds have been evaluated by management regarding the need for additional disclosures (other than what is disclosed in the preceding paragraphs) and/or adjustments resulting from subsequent events. Based on this evaluation, no additional adjustments were required to the financial statements.

107

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 December 1, 2023 to May 31, 2024.

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.

108

Disclosure of Fund Expenses (Unaudited) (Continued)

	Beginning Account Value 12/1/2023		Ending Account Value 5/31/2024		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X MLP ETF

Actual Fund Return	$	1,000.00	$	1,054.60		0.48	%	$	2.47
Hypothetical 5% Return		1,000.00		1,022.60		0.48			2.43

Global X MLP & Energy Infrastructure ETF

Actual Fund Return	$	1,000.00		1,135.80		0.45			2.40
Hypothetical 5% Return		1,000.00		1,022.75		0.45			2.28

Global X Alternative Income ETF

Actual Fund Return	$	1,000.00		1,069.10		0.14	⁽²⁾		0.72
Hypothetical 5% Return		1,000.00		1,024.30		0.14	⁽²⁾		0.71

Global X Conscious Companies ETF

Actual Fund Return	$	1,000.00		1,142.80		0.43			2.30
Hypothetical 5% Return		1,000.00		1,022.85		0.43			2.17

Global X U.S. Preferred ETF

Actual Fund Return	$	1,000.00		1,067.60		0.23			1.19
Hypothetical 5% Return		1,000.00		1,023.85		0.23			1.16

Global X S&P 500^® Quality Dividend ETF

Actual Fund Return	$	1,000.00		1,102.20		0.20			1.05
Hypothetical 5% Return		1,000.00		1,024.00		0.20			1.01

Global X Adaptive U.S. Factor ETF

Actual Fund Return	$	1,000.00		1,175.20		0.27			1.47
Hypothetical 5% Return		1,000.00		1,023.00		0.27			1.37

109

Disclosure of Fund Expenses (Unaudited) (Concluded)

	Beginning Account Value 12/1/2023		Ending Account Value 5/31/2024		Annualized Expense Ratios		Expenses Paid During Period⁽¹⁾
Global X Variable Rate Preferred ETF

Actual Fund Return	$	1,000.00		1,068.40		0.25		1.29
Hypothetical 5% Return		1,000.00		1,023.75		0.25		1.26

Global X Adaptive U.S. Risk Management ETF

Actual Fund Return	$	1,000.00		1,159.60		0.40		2.16
Hypothetical 5% Return		1,000.00		1,023.00		0.40		2.02

Global X 1-3 Month T-Bill ETF

Actual Fund Return	$	1,000.00		1,027.40		0.06		0.30
Hypothetical 5% Return		1,000.00		1,024.70		0.06		0.30

Global X U.S. Cash Flow Kings 100 ETF

Actual Fund Return	$	1,000.00		1,141.80		0.25		1.34
Hypothetical 5% Return		1,000.00		1,023.75		0.25		1.26

(1)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
(2)	The annualized expense ratios include acquired fund fees incurred during the six-month period. Annualized acquired fund fees of average net assets totaled 0.36%. Had this expense not been included the ratio would have been 0.5%.

110

Liquidity Risk Management Program (unaudited)

Pursuant to Rule 22e-4 under the 1940 Act, the Funds’ investment adviser has adopted, and the Board has approved, a liquidity risk management program (the “Program”) to govern the Funds’ approach to managing liquidity risk. The Program is overseen by the Funds’ Liquidity Risk Management Committee (the “Committee”), and the Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Funds.

At a meeting of the Board held on May 21, 2024, the Trustees received a report from the Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from January 1, 2023 through December 31, 2023. The Committee’s report noted that the Committee had determined that the Program is reasonably designed to assess and manage each Fund’s Liquidity Risk and operated adequately and effectively to manage each Fund’s Liquidity Risk for the period covered by the report. The Committee’s report noted that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Committee’s report noted that a portfolio of the Trust, the Global X MSCI Nigeria ETF, was classified as an In-Kind Fund for purposes of Liquidity Reporting. The Committee’s report noted that no other material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

111

Renewal 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 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 Semi-Annual Report (each, a “Renewal Fund” and together, the “Renewal Funds”); and (ii) the Supervision and Administration Agreement (“Renewal Supervision and Administration Agreement”), each between the Trust, 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 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 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 Renewal Agreements, the Trust’s Independent Trustees were advised by their independent legal counsel and, in addition to meetings

112

Renewal of Investment Advisory Agreement(unaudited) (Continued)

with management of Global X Management, the Independent Trustees met separately in executive sessions with their counsel.

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. In considering the key personnel, the Board considered the departures of certain key executives of Global X Management and their replacements, and the plan for identifying a permanent replacement for Global X Management’s chief executive officer;

● 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 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. In evaluating key personnel, the Board considered the qualifications of Global X Management’s

113

Renewal of Investment Advisory Agreement(unaudited) (Continued)

chief operating officer and interim chief executive officer, and considered Global X Management’s plans for hiring a permanent chief executive officer.

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 overperformance with respect to the competitor funds. The Board also considered the Renewal Funds’ tracking against their underlying indexes in absolute terms, and in the case of passively managed ETFs, considered their tracking against their underlying indexes.

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 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.

114

Renewal of Investment Advisory Agreement(unaudited) (Continued)

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 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

115

Renewal of Investment Advisory Agreement(unaudited) (Concluded)

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.

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.

116

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 the Funds’ are listed for trading, as of the time that a Fund’s NAV is calculated. Each Fund’s 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.

117

Notes

118

Notes

119

Notes

120

Notes

121

Notes

122

Notes

123

Notes

124

605 3rd 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, NY 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-SA-005-1300

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual report.

Item 6. Schedule of 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.

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing date of this report. In their opinion, based on their evaluation, the registrant’s disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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) Not applicable.

(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/Ryan O’Connor
	Ryan O’Connor
	Principal Executive Officer

Date: July 23, 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/Ryan O’Connor
	Ryan O’Connor
	Principal Executive Officer

Date: July 23, 2024

By (Signature and Title)	/s/Eric Olsen
	Eric Olsen
	Principal Financial Officer

Date: July 23, 2024

Global X Funds N-CSRSCertified semi-annual shareholder report (management investment company)