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)

Luis Berruga

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: October 31, 2020

Date of reporting period: April 30, 2020

Item 1. Reports to Stockholders.

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 Silver Miners ETF (ticker: SIL)

Global X Gold Explorers ETF (ticker: GOEX)

Global X Copper Miners ETF (ticker: COPX)

Global X Uranium ETF (ticker: URA)

Global X Lithium & Battery Tech ETF (ticker: LIT)

Global X Fertilizers/Potash ETF (ticker: SOIL)

Semi-Annual Report

April 30, 2020

Beginning on January 1, 2021, 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), 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

Schedule of Investments
Global X Silver Miners ETF	1
Global X Gold Explorers ETF	4
Global X Copper Miners ETF	8
Global X Uranium ETF	12
Global X Lithium & Battery Tech ETF	16
Global X Fertilizers/Potash ETF	21
Statements of Assets and Liabilities	26
Statements of Operations	28
Statements of Changes in Net Assets	30
Financial Highlights	33
Notes to Financial Statements	37
Disclosure of Fund Expenses	53
Approval of Investment Advisory Agreement	55
Supplemental Information	60

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

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “SEC” or “Commission”) for the first and third quarters of each fiscal year 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 https://www.sec.gov.


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Silver Miners ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments. Repurchase agreements purchased from cash collateral received for securities lending activity are included in total investments. Please see Note 2 and 7 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.9%
CANADA— 15.3%
Industrials — 0.6%
Alexco Resource ^{* (A)}		1,800,135	$	2,916,219
Materials — 14.6%
Americas Gold & Silver ^{* (A)}		1,220,401		2,627,164
Bear Creek Mining ^*		1,296,246		1,679,861
Endeavour Silver ^{* (A)}		2,171,023		3,495,347
Excellon Resources ^{* (A)}		1,330,765		507,798
First Majestic Silver ^*		2,310,351		18,696,386
Fortuna Silver Mines ^{* (A)}		2,523,781		7,595,237
GoGold Resources ^*		264,600		131,447
MAG Silver ^*		1,178,061		13,426,477
New Pacific Metals ^*		192,700		865,724
Silvercorp Metals		2,550,975		9,587,163
SilverCrest Metals ^{* (A)}		1,234,012		8,022,699
				66,635,303
TOTAL CANADA				69,551,522
MEXICO— 3.0%
Materials — 3.0%
Industrias Penoles		1,713,436		13,390,851
PERU— 3.5%
Materials — 3.5%
Cia de Minas Buenaventura ADR		1,645,235		12,322,810

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Silver Miners ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Volcan Cia Minera SAA ^*		39,315,110	$	3,365,791
TOTAL PERU				15,688,601
SOUTH KOREA— 6.6%
Materials — 6.6%
Korea Zinc		95,316		30,195,721
UNITED KINGDOM— 22.2%
Materials — 22.2%
Fresnillo		2,471,831		22,192,852
Hochschild Mining		3,988,371		7,007,821
Polymetal International		3,493,300		71,932,546
TOTAL UNITED KINGDOM				101,133,219
UNITED STATES— 49.4%
Materials — 49.4%
Coeur d’Alene Mines ^*		3,453,491		14,539,197
Gold Resource		1,002,232		4,139,218
Great Panther Mining ^*		4,857,074		2,275,054
Hecla Mining		7,537,055		19,822,455
McEwen Mining ^{* (A)}		4,440,436		4,275,696
Pan American Silver		1,197,175		25,427,997
SSR Mining ^*		1,329,282		23,249,142
Wheaton Precious Metals		3,472,308		131,114,350
TOTAL UNITED STATES				224,843,109
TOTAL COMMON STOCK
(Cost $432,346,605)				454,803,023

SHORT-TERM INVESTMENT^(B)(C) — 2.0%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $9,184,823)		9,184,823		9,184,823

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Silver Miners ETF

	Face Amount		Value
REPURCHASE AGREEMENT^(B) — 0.2%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20, repurchase price $992,152 (collateralized by U.S. Treasury Obligations, ranging in par value $239,341 - $772,061, 1.500%, 08/15/2026, with a total market value of $1,011,402)
(Cost $992,151)	$	992,151	$	992,151
TOTAL INVESTMENTS — 102.1%
(Cost $442,523,579)			$	464,979,997

Percentages are based on Net Assets of $455,253,100.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $9,229,946.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $10,176,974.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	424,607,302	$	30,195,721	$	—	$	454,803,023
Short-Term Investment		9,184,823		—		—		9,184,823
Repurchase Agreement		—		992,151		—		992,151
Total Investments in Securities	$	433,792,125	$	31,187,872	$	—	$	464,979,997

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Gold Explorers ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.6%
AUSTRALIA— 24.0%
Materials — 24.0%
Aurelia Metals		739,562	$	159,783
Castile Resources ^*		75,060		8,108
Dacian Gold ^*		95,369		22,478
Gold Road Resources ^*		691,885		731,557
OceanaGold ^*		526,834		804,124
Perseus Mining ^*		918,645		580,386
Ramelius Resources		538,360		474,064
Regis Resources		404,451		1,191,571
Resolute Mining ^{* (A)}		751,152		464,730
Saracen Mineral Holdings ^*		601,246		1,708,376
Silver Lake Resources ^*		675,562		862,465
SolGold ^{* (A)}		788,146		270,900
St. Barbara		603,232		1,022,882
Westgold Resources ^*		288,441		389,014
TOTAL AUSTRALIA				8,690,438
CANADA— 51.8%
Materials — 51.8%
Alacer Gold ^*		248,641		1,278,157
Alamos Gold, Cl A		256,273		2,068,340
Argonaut Gold ^*		143,203		149,497
B2Gold		406,138		2,058,542
Dundee Precious Metals		121,304		566,804

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Gold Explorers ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Eldorado Gold ^*		134,478	$	1,284,800
Endeavour Mining ^*		64,844		1,169,942
Guyana Goldfields ^*		148,890		66,462
K92 Mining ^{* (A)}		177,794		413,460
Kirkland Lake Gold		29,419		1,218,740
Lundin Gold ^*		72,880		544,127
New Gold ^*		539,447		442,759
Novo Resources ^{* (A)}		103,866		202,654
Osisko Mining ^*		156,163		393,514
Premier Gold Mines ^{* (A)}		152,889		190,430
Pretium Resources ^*		154,631		1,183,432
Roxgold ^*		303,950		273,543
Sabina Gold & Silver ^*		220,884		311,698
SEMAFO ^*		284,411		716,684
SSR Mining ^*		104,206		1,829,860
Teranga Gold ^*		69,200		480,282
Torex Gold Resources ^*		72,285		1,030,970
Wesdome Gold Mines ^*		115,013		882,709
TOTAL CANADA				18,757,406
CHINA— 0.4%
Materials — 0.4%
China Gold International Resources ^*		181,717		88,965
Hengxing Gold Holding ^(A)		208,900		57,396
TOTAL CHINA				146,361
EGYPT— 5.1%
Materials — 5.1%
Centamin		929,428		1,827,086
INDONESIA— 0.7%
Materials — 0.7%
Aneka Tambang		7,171,100		245,866

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Gold Explorers ETF

	Shares		Value
COMMON STOCK — continued
RUSSIA— 4.5%
Materials — 4.5%
Highland Gold Mining		273,757	$	823,205
Petropavlovsk ^*		2,471,474		810,524
TOTAL RUSSIA				1,633,729
TURKEY— 1.1%
Materials — 1.1%
Koza Altin Isletmeleri ^*		39,292		403,910
UNITED KINGDOM— 1.0%
Materials — 1.0%
Hochschild Mining		213,833		375,718
UNITED STATES— 11.0%
Materials — 11.0%
Coeur d’Alene Mines ^*		188,202		792,331
Golden Star Resources ^{* (A)}		64,206		150,242
McEwen Mining ^{* (A)}		238,458		229,611
Novagold Resources ^*		198,775		2,224,292
Seabridge Gold ^{* (A)}		42,381		592,486
TOTAL UNITED STATES				3,988,962
TOTAL COMMON STOCK
(Cost $31,539,623)				36,069,476

SHORT-TERM INVESTMENT^(B)(C) — 4.2%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $1,531,508)		1,531,508		1,531,508

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Gold Explorers ETF

	Face Amount		Value
REPURCHASE AGREEMENT^(B) — 0.5%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20, repurchase price $164,435 (collateralized by U.S. Treasury Obligations, ranging in par value $39,909 - $128,736, 1.500%, 08/15/2026, with a total market value of $168,645)
(Cost $165,435)	$	165,435	$	165,435
TOTAL INVESTMENTS — 104.3%
(Cost $33,236,566)			$	37,766,419

Percentages are based on Net Assets of $36,218,154.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $1,564,333.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $1,696,943.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	36,012,080	$	57,396	$	—	$	36,069,476
Short-Term Investment		1,531,508		—		—		1,531,508
Repurchase Agreement		—		165,435		—		165,435
Total Investments in Securities	$	37,543,588	$	222,831	$	—	$	37,766,419

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Copper Miners ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA— 9.1%
Materials — 9.1%
OZ Minerals		395,198	$	2,320,859
Sandfire Resources		365,508		1,079,232
SolGold ^{* (A)}		2,136,908		734,495
TOTAL AUSTRALIA				4,134,586
CANADA— 26.2%
Materials — 26.2%
Altius Minerals		92,689		573,905
ERO Copper ^*		144,355		1,654,582
First Quantum Minerals		294,889		1,804,641
HudBay Minerals, Cl B		602,813		1,475,621
Ivanhoe Mines, Cl A ^*		998,258		2,098,645
Lundin Mining		487,024		2,391,378
Northern Dynasty Minerals ^*		851,272		490,673
Teck Resources, Cl B		153,200		1,353,371
TOTAL CANADA				11,842,816
CHINA— 17.0%
Materials — 17.0%
Jiangxi Copper, Cl H		2,202,329		2,153,367
Jinchuan Group International Resources ^(A)		22,289,500		1,581,356
MMG ^{* (A)}		5,102,700		895,170
Zijin Mining Group, Cl H		7,339,160		3,029,444

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Copper Miners ETF

	Shares		Value
COMMON STOCK — continued
TOTAL CHINA			$	7,659,337
INDIA— 3.1%
Materials — 3.1%
Vedanta ADR ^(A)		308,464		1,394,257
JAPAN— 1.2%
Materials — 1.2%
Nittetsu Mining		12,870		528,954
MEXICO— 5.0%
Materials — 5.0%
Grupo Mexico, Cl B		1,046,622		2,259,403
POLAND— 5.0%
Materials — 5.0%
KGHM Polska Miedz ^*		122,892		2,284,444
SWEDEN— 4.5%
Materials — 4.5%
Boliden ^(A)		98,532		2,020,636
UNITED KINGDOM— 15.4%
Materials — 15.4%
Antofagasta		225,374		2,311,164
Central Asia Metals		391,191		714,486
Glencore ^*		854,875		1,586,177
Kazakhstan		448,429		2,345,089
TOTAL UNITED KINGDOM				6,956,916
UNITED STATES— 13.2%
Materials — 13.2%
Freeport-McMoRan Copper & Gold ^*		264,899		2,339,058
Southern Copper		75,587		2,452,042
Turquoise Hill Resources ^*		2,289,510		1,156,203

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Copper Miners ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
TOTAL UNITED STATES			$	5,947,303
TOTAL COMMON STOCK
(Cost $75,022,973)				45,028,652

SHORT-TERM INVESTMENT^(B)(C) — 6.4%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $2,884,318)		2,884,318		2,884,318

REPURCHASE AGREEMENT^(B) — 0.7%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20, repurchase price $311,566 (collateralized by U.S. Treasury Obligations, ranging in par value $75,160 - $242,451, 1.500%, 08/15/2026, with a total market value of $317,611)
(Cost $311,566)	$	311,566		311,566
TOTAL INVESTMENTS — 106.8%
(Cost $78,218,857)			$	48,224,536

Percentages are based on Net Assets of $45,165,362.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $2,963,473.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $3,195,884.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

ADR — American Depositary Receipt

Cl — Class

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Copper Miners ETF

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	37,369,315	$	7,659,337	$	—	$	45,028,652
Short-Term Investment		2,884,318		—		—		2,884,318
Repurchase Agreement		—		311,566		—		311,566
Total Investments in Securities	$	40,253,633	$	7,970,903	$	—	$	48,224,536

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Uranium ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA— 10.8%
Energy — 0.3%
Paladin Energy ^*		6,009,303	$	413,100
Financials — 3.1%
Macquarie Group		67,029		4,505,111
Materials — 7.4%
BHP Group		292,620		4,931,872
Greenland Minerals ^*		4,248,023		319,835
Rio Tinto		118,390		5,502,119
				10,753,826
TOTAL AUSTRALIA				15,672,037
CANADA— 40.1%
Energy — 28.2%
Cameco		3,328,542		33,166,796
Denison Mines ^*		4,921,198		2,125,864
Energy Fuels ^*		496,625		883,159
Fission Uranium ^{* (A)}		1,679,143		380,813
NexGen Energy ^{* (A)}		3,398,746		4,502,460
				41,059,092

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Uranium ETF

	Shares		Value
COMMON STOCK — continued
Financials — 3.9%
Uranium Participation ^*		1,626,005	$	5,736,293
Industrials — 1.5%
Aecon Group		195,664		2,153,931
Materials — 6.5%
Barrick Gold		369,748		9,509,919
TOTAL CANADA				58,459,235
CHINA— 0.2%
Utilities — 0.2%
CGN Power, Cl H		1,387,386		347,189
JAPAN— 10.5%
Industrials — 10.5%
ITOCHU		287,440		5,711,975
Mitsubishi Heavy Industries		172,410		4,455,557
Sumitomo		450,450		5,174,899
TOTAL JAPAN				15,342,431
KAZAKHSTAN— 23.1%
Energy — 23.1%
Kazakhstan GDR		2,246,601		33,699,015
SOUTH AFRICA— 0.4%
Materials — 0.4%
Sibanye Stillwater ^*		305,070		627,250
SOUTH KOREA— 12.7%
Industrials — 12.7%
Daewoo Engineering & Construction ^*		483,432		1,412,465
Doosan Heavy Industries & Construction ^*		224,515		736,130
GS Engineering & Construction		215,063		4,465,587
Hyundai Engineering & Construction		186,689		5,370,306
KEPCO Engineering & Construction		20,544		286,633
Samsung C&T		71,351		6,207,235

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Uranium ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
TOTAL SOUTH KOREA			$	18,478,356
UNITED KINGDOM— 1.1%
Industrials — 1.1%
Yellow Cake ^*		556,168		1,543,352
UNITED STATES— 0.8%
Energy — 0.7%
Uranium Energy ^{* (A)}		573,992		631,391
Ur-Energy ^*		684,195		417,359
				1,048,750
Industrials — 0.1%
Graham		17,147		224,626
TOTAL UNITED STATES				1,273,376
TOTAL COMMON STOCK
(Cost $159,826,318)				145,442,241

SHORT-TERM INVESTMENT^(B)(C) — 1.0%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $1,441,607)		1,441,607		1,441,607

REPURCHASE AGREEMENT^(B) — 0.1%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20, repurchase price $155,724 (collateralized by U.S. Treasury Obligations, ranging in par value $37,566 - $121,179, 1.500%, 08/15/2026, with a total market value of $158,745)
(Cost $155,724)	$	155,724		155,724
TOTAL INVESTMENTS — 100.8%
(Cost $161,423,649)			$	147,039,572

Percentages are based on Net Assets of $145,806,185.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Uranium ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $1,494,738.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $1,597,331.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

Cl — Class

GDR — Global Depositary Receipt

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	126,616,696	$	18,825,545	$	—	$	145,442,241
Short-Term Investment		1,441,607		—		—		1,441,607
Repurchase Agreement		—		155,724		—		155,724
Total Investments in Securities	$	128,058,303	$	18,981,269	$	—	$	147,039,572

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Lithium & Battery Tech ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA— 5.1%
Materials — 5.1%
Altura Mining ^*		21,878,302	$	716,185
Argosy Minerals ^{* (A)}		15,656,082		440,751
AVZ Minerals ^{* (A)(B)(C)}		41,161,354		1,589,949
Galaxy Resources ^{* (A)}		9,128,716		4,572,068
ioneer ^{* (A)}		24,653,727		2,179,003
Neometals ^{* (A)}		10,480,499		1,132,159
Orocobre ^{* (A)}		4,390,331		6,553,505
Pilbara Minerals ^{* (A)}		36,398,405		5,242,598
TOTAL AUSTRALIA				22,426,218
CANADA— 1.1%
Materials — 1.1%
Lithium Americas ^{* (A)}		824,135		2,782,817
Nemaska Lithium ^{* (A)(B)(C)(D)}		17,931,245		213,014
Neo Lithium ^*		2,421,174		976,174
Standard Lithium ^*		1,930,807		1,056,491
TOTAL CANADA				5,028,496

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Lithium & Battery Tech ETF

	Shares		Value
COMMON STOCK — continued
CHILE— 12.2%
Materials — 12.2%
Sociedad Quimica y Minera de Chile ADR ^(A)		2,362,630	$	53,867,964
CHINA— 5.9%
Consumer Discretionary — 5.9%
BYD, Cl H ^(A)		4,100,638		25,812,964
GERMANY— 4.6%
Industrials — 4.6%
Akasol ^{* (A)}		51,360		2,151,462
Varta ^{* (A)}		211,165		17,508,615
Voltabox ^(A)		144,456		719,124
TOTAL GERMANY				20,379,201
HONG KONG— 0.9%
Consumer Discretionary — 0.1%
FDG Electric Vehicles ^{*(B) (C)(D)}		28,896,569		494,634
Industrials — 0.8%
Honbridge Holdings ^{* (A)}		76,359,200		3,348,936
TOTAL HONG KONG				3,843,570
JAPAN— 8.7%
Consumer Discretionary — 4.3%
Panasonic		2,462,320		19,038,165
Industrials — 3.9%
GS Yuasa		1,186,868		17,147,903
Materials — 0.5%
W-Scope ^*		676,300		2,302,083
TOTAL JAPAN				38,488,151

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Lithium & Battery Tech ETF

	Shares		Value
COMMON STOCK — continued
SOUTH KOREA— 13.3%
Industrials — 0.8%
Vitzrocell		304,149	$	3,482,193
Information Technology — 7.0%
L&F		328,157		5,144,076
Samsung SDI		108,783		25,534,029
				30,678,105
Materials — 5.5%
LG Chemical		78,658		24,305,254
TOTAL SOUTH KOREA				58,465,552
SWITZERLAND— 0.1%
Industrials — 0.1%
Leclanche ^{* (A)}		931,993		633,464
TAIWAN— 7.9%
Industrials — 0.8%
Advanced Lithium Electrochemistry Cayman ^*		2,854,598		935,965
Changs Ascending Enterprise ^*		885,652		956,045
SYNergy ScienTech		1,155,100		1,703,332
				3,595,342
Information Technology — 7.1%
Dynapack International Technology		3,018,800		7,238,257
Simplo Technology		2,244,580		23,550,484
STL Technology		740,100		742,925
				31,531,666
TOTAL TAIWAN				35,127,008
UNITED KINGDOM— 0.2%
Materials — 0.2%
Bacanora Lithium ^{* (A)}		2,189,620		683,566

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Lithium & Battery Tech ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
UNITED STATES— 39.8%
Consumer Discretionary — 13.7%
Tesla ^*		77,256	$	60,404,921
Industrials — 4.5%
EnerSys		310,978		18,158,005
Ultralife ^*		216,155		1,523,893
				19,681,898
Materials — 21.6%
Albemarle		1,259,447		77,367,830
Livent ^*		2,896,711		17,959,608
				95,327,438
TOTAL UNITED STATES				175,414,257
TOTAL COMMON STOCK
(Cost $637,061,479)				440,170,411

SHORT-TERM INVESTMENT^(E)(F) — 18.5%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $81,422,404)		81,422,404		81,422,404

REPURCHASE AGREEMENT^(E) — 2.0%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20, repurchase price $8,795,316 (collateralized by U.S. Treasury Obligations, ranging in par value $2,121,731 - $6,844,231, 1.500%, 08/15/2026, with a total market value of $8,965,962)
(Cost $8,795,309)	$	8,795,309		8,795,309
TOTAL INVESTMENTS — 120.3%
(Cost $727,279,192)			$	530,388,124

Percentages are based on Net Assets of $440,991,674.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Lithium & Battery Tech ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $84,294,461.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2020 was $2,297,597 and represents 0.5% of net assets.
(D)	Security considered illiquid. The total value of such securities as of April 30, 2020 was $707,648 and represented 0.2% of Net Assets.
(E)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $90,217,713.
(F)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:


Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	350,245,361	$	87,627,453	$	2,297,597	$	440,170,411
Short-Term Investment		81,422,404		—		—		81,422,404
Repurchase Agreement		—		8,795,309		—		8,795,309
Total Investments in Securities	$	431,667,765	$	96,422,762	$	2,297,597	$	530,388,124

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

For the period ended April 30, 2020, the transfers in and out of Level 3 were due to changes in the availability of observable inputs to determine fair value. Transfers between levels are recognized at period end.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Fertilizers/Potash ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA— 8.9%
Materials — 8.9%
Incitec Pivot		188,504	$	294,958
Nufarm		99,713		343,383
TOTAL AUSTRALIA				638,341
BELGIUM— 3.0%
Materials — 3.0%
Tessenderlo Group ^*		7,657		213,442
CANADA— 4.5%
Materials — 4.5%
Nutrien		9,016		322,679
CHILE— 5.7%
Materials — 5.7%
Sociedad Quimica y Minera de Chile ADR ^(A)		17,948		409,214
CHINA— 1.2%
Materials — 1.2%
China BlueChemical		572,101		85,605
GERMANY— 3.3%
Materials — 3.3%
K+S ^(A)		35,147		236,754

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Fertilizers/Potash ETF

	Shares		Value
COMMON STOCK — continued
ISRAEL— 6.7%
Materials — 6.7%
Israel Chemicals		95,109	$	333,480
The Israel Corp ^*		1,175		152,338
TOTAL ISRAEL				485,818
JAPAN— 1.6%
Materials — 1.6%
Taki Chemical		2,346		116,055
MALAYSIA— 4.5%
Materials — 4.5%
Petronas Chemicals Group		248,300		323,368
NETHERLANDS— 3.5%
Materials — 3.5%
OCI ^*		20,938		253,415
NORWAY— 5.5%
Materials — 5.5%
Yara International ^(A)		11,562		395,184
POLAND— 1.9%
Materials — 1.9%
Grupa Azoty ^*		21,512		137,659
RUSSIA— 5.9%
Materials — 5.9%
PhosAgro PJSC GDR		35,415		427,813
SINGAPORE— 5.1%
Consumer Staples — 5.1%
Wilmar International		146,000		370,264

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Fertilizers/Potash ETF

	Shares		Value
COMMON STOCK — continued
SOUTH AFRICA— 0.8%
Materials — 0.8%
Omnia Holdings		47,353	$	60,697
SOUTH KOREA— 0.5%
Materials — 0.5%
Namhae Chemical		5,258		33,616
TAIWAN— 5.0%
Materials — 5.0%
Taiwan Fertilizer		233,897		362,607
TURKEY— 2.4%
Industrials — 1.8%
Tekfen Holding ^*		64,344		131,183
Materials — 0.6%
Gubre Fabrikalari		19,165		43,871
TOTAL TURKEY				175,054
UNITED STATES— 29.9%
Consumer Staples — 2.3%
Andersons		9,714		164,847
Industrials — 6.0%
SiteOne Landscape Supply ^*		4,859		430,653
Materials — 21.6%
AdvanSix ^*		8,790		107,062
CF Industries Holdings		9,585		263,588
Compass Minerals International		7,936		390,134
Intrepid Potash ^*		29,801		28,701
Mosaic		22,261		256,224
Rentech Escrow Shares ^{*(B) (C)}		7,168		—
Scotts Miracle-Gro, Cl A		4,132		512,492
				1,558,201

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Fertilizers/Potash ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
TOTAL UNITED STATES			$	2,153,701
TOTAL COMMON STOCK
(Cost $10,095,282)				7,201,286

SHORT-TERM INVESTMENT^(D)(E) — 9.7%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $700,835)		700,835		700,835

REPURCHASE AGREEMENT^(D) — 1.0%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20, repurchase price $75,705 (collateralized by U.S. Treasury Obligations, ranging in par value $18,263 - $58,911, 1.500%, 08/15/2026, with a total market value of $77,174)
(Cost $75,705)	$	75,705		75,705
TOTAL INVESTMENTS — 110.6%
(Cost $10,871,822)			$	7,977,826

Percentages are based on Net Assets of $7,211,260.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $743,636.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2020 was $0 and represents 0% of net assets.
(D)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $776,540.
(E)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Fertilizers/Potash ETF

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

PJSC — Public Joint Stock Company

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:


Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾			Total
Common Stock	$	7,082,065	$	119,221	$	—	⁽²⁾	$	7,201,286
Short-Term Investment		700,835		—		—			700,835
Repurchase Agreement		—		75,705		—			75,705
Total Investments in Securities	$	7,782,900	$	194,926	$	—		$	7,977,826

⁽²⁾ Amounts designated as “—“ are $0 or have been rounded to $0.

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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


Statements of Assets and Liabilities
	April 30, 2020 (Unaudited)

	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Copper Miners ETF
Assets:
Cost of Investments	$	441,531,428		$	33,071,131		$	77,907,291
Cost of Repurchase Agreement		992,151			165,435			311,566
Cost of Foreign Currency		2,558			2			4,798
Investments, at Value	$	463,987,846	*	$	37,600,984	*	$	47,912,970	*
Repurchase Agreement, at Value		992,151			165,435			311,566
Cash		268,860			82,481			—
Foreign Currency, at Value		2,226			2			4,862
Receivable for Investment Securities Sold		7,102,333			11,110			—
Dividend and Interest Receivable		378,804			73,742			146,179
Reclaim Receivable		60,780			624			10,592
Unrealized Appreciation on Spot Contracts		971			—			—
Total Assets		472,793,971			37,934,378			48,386,169
Liabilities:
Obligation to Return Securities Lending Collateral		10,176,974			1,696,943			3,195,884
Payable for Investment Securities Purchased		7,137,086			—			—
Payable due to Investment Adviser		226,811			19,256			21,790
Unrealized Depreciation on Spot Contracts		—			25			—
Cash Overdraft		—			—			3,133
Total Liabilities		17,540,871			1,716,224			3,220,807
Net Assets	$	455,253,100		$	36,218,154		$	45,165,362
Net Assets Consist of:
Paid-in Capital	$	778,937,012		$	95,853,200		$	113,152,529
Total Distributable Loss		(323,683,912	)		(59,635,046	)		(67,987,167	)
Net Assets	$	455,253,100		$	36,218,154		$	45,165,362
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		14,597,318			1,362,054			3,099,374
Net Asset Value, Offering and Redemption Price Per Share	$	31.19		$	26.59		$	14.57
*Includes Market Value of Securities on Loan	$	9,229,946		$	1,564,333		$	2,963,473

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


Statements of Assets and Liabilities
	April 30, 2020 (Unaudited)

	Global X Uranium ETF			Global X Lithium & Battery Tech ETF			Global X Fertilizers/Potash ETF
Assets:
Cost of Investments	$	161,267,925		$	718,483,883		$	10,796,117
Cost of Repurchase Agreement		155,724			8,795,309			75,705
Cost of Foreign Currency		2,885			3,399			4,535
Investments, at Value	$	146,883,848	*	$	521,592,815	*	$	7,902,121	*
Repurchase Agreement, at Value		155,724			8,795,309			75,705
Cash		102,530			171,407			—
Foreign Currency, at Value		3,041			3,431			4,512
Dividend and Interest Receivable		334,309			1,382,670			4,076
Reclaim Receivable		—			—			6,582
Unrealized Appreciation on Spot Contracts		—			—			18
Total Assets		147,479,452			531,945,632			7,993,014
Liabilities:
Obligation to Return Securities Lending Collateral		1,597,331			90,217,713			776,540
Payable due to Investment Adviser		75,936			248,978			3,819
Payable for Investment Securities Purchased		—			487,267			—
Cash Overdraft		—			—			1,395
Total Liabilities		1,673,267			90,953,958			781,754
Net Assets	$	145,806,185		$	440,991,674		$	7,211,260
Net Assets Consist of:
Paid-in Capital	$	641,765,462		$	750,223,991		$	20,288,398
Total Distributable Loss		(495,959,277	)		(309,232,317	)		(13,077,138	)
Net Assets	$	145,806,185		$	440,991,674		$	7,211,260
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		13,581,666			17,324,628			1,050,000
Net Asset Value, Offering and Redemption Price Per Share	$	10.74		$	25.45		$	6.87
*Includes Market Value of Securities on Loan	$	1,494,738		$	84,294,461		$	743,636

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


Statements of Operations
	For the period ended April 30, 2020 (Unaudited)

	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Copper Miners ETF
Investment Income:
Dividend Income	$	3,996,360		$	162,288		$	547,739
Interest Income		4,759			246			313
Security Lending Income		439,986			34,761			11,990
Less: Foreign Taxes Withheld		(430,664	)		(4,738	)		(22,777	)
Total Investment Income		4,010,441			192,557			537,265
Supervision and Administration Fees⁽¹⁾		1,596,789			129,507			200,280
Custodian Fees⁽²⁾		2,351			24			106
Total Expenses		1,599,140			129,531			200,386
Net Investment Income		2,411,301			63,026			336,879
Net Realized Gain (Loss) on:
Investments⁽³⁾		10,742,371			2,336,233			(5,626,687	)
Foreign Currency Transactions		(33,620	)		2,027			(916	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		10,708,751			2,338,260			(5,627,603	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(2,598,121	)		(352,356	)		(11,853,705	)
Foreign Currency Translations		(18,716	)		175			482
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(2,616,837	)		(352,181	)		(11,853,223	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		8,091,914			1,986,079			(17,480,826	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	10,503,215		$	2,049,105		$	(17,143,947	)

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which 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.)

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


Statements of Operations
	For the period ended April 30, 2020 (Unaudited)

	Global X Uranium ETF			Global X Lithium & Battery Tech ETF			Global X Fertilizers/Potash ETF
Investment Income:
Dividend Income	$	1,986,750		$	3,494,056		$	87,075
Interest Income		5,242			2,218			6
Security Lending Income		29,062			2,627,587			4,932
Less: Foreign Taxes Withheld		(226,500	)		(580,808	)		(13,016	)
Total Investment Income		1,794,554			5,543,053			78,997
Supervision and Administration Fees⁽¹⁾		558,235			1,819,296			30,494
Custodian Fees⁽²⁾		1,148			4,661			118
Total Expenses		559,383			1,823,957			30,612
Net Investment Income		1,235,171			3,719,096			48,385
Net Realized Loss on:
Investments⁽³⁾		(24,590,240	)		(8,213,370	)		(997,654	)
Foreign Currency Transactions		(83,598	)		(78,914	)		(1,743	)
Net Realized Loss on Investments and Foreign Currency Transactions		(24,673,838	)		(8,292,284	)		(999,397	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		17,696,262			1,229,111			(1,118,956	)
Foreign Currency Translations		3,286			4,088			195
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		17,699,548			1,233,199			(1,118,761	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(6,974,290	)		(7,059,085	)		(2,118,158	)
Net Decrease in Net Assets Resulting from Operations	$	(5,739,119	)	$	(3,339,989	)	$	(2,069,773	)

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which 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.)

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


Statements of Changes in Net Assets

	Global X Silver Miners ETF						Global X Gold Explorers ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income	$	2,411,301		$	3,061,753		$	63,026		$	71,824
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		10,708,751			(18,867,140	)		2,338,260			868,152
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(2,616,837	)		124,559,124			(352,181	)		10,352,164
Net Increase in Net Assets Resulting from Operations		10,503,215			108,753,737			2,049,105			11,292,140
Distributions		(7,034,718	)		(5,525,823	)		(687,040	)		(24,354	)
Capital Share Transactions:
Issued		3,309,849			179,965,995			—			5,224,767
Redeemed		(77,115,879	)		(59,118,712	)		(8,613,541	)		(5,605,108	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(73,806,030	)		120,847,283			(8,613,541	)		(380,341	)
Total Increase (Decrease) in Net Assets		(70,337,533	)		224,075,197			(7,251,476	)		10,887,445
Net Assets:
Beginning of Period		525,590,633			301,515,436			43,469,630			32,582,185
End of Period	$	455,253,100		$	525,590,633		$	36,218,154		$	43,469,630
Share Transactions:
Issued		100,000			6,500,000			—			200,000
Redeemed		(2,800,000	)		(2,200,000	)		(350,000	)		(250,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(2,700,000	)		4,300,000			(350,000	)		(50,000	)

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

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


Statements of Changes in Net Assets

	Global X Copper Miners ETF						Global X Uranium ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income	$	336,879		$	1,098,818		$	1,235,171		$	3,472,315
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(5,627,603	)		(2,103,004	)		(24,673,838	)		(24,129,651	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(11,853,223	)		(140,224	)		17,699,548			3,723,140
Net Decrease in Net Assets Resulting from Operations		(17,143,947	)		(1,144,410	)		(5,739,119	)		(16,934,196	)
Distributions		(226,622	)		(2,203,738	)		(1,311,296	)		(3,082,771	)
Capital Share Transactions:
Issued		32,994,442			9,387,014			32,350			98,884
Redeemed		(18,479,563	)		(26,815,633	)		(34,791,458	)		(101,419,571	)
Increase (Decrease) in Net Assets from Capital Share Transactions		14,514,879			(17,428,619	)		(34,759,108	)		(101,320,687	)
Total Decrease in Net Assets		(2,855,690	)		(20,776,767	)		(41,809,523	)		(121,337,654	)
Net Assets:
Beginning of Period		48,021,052			68,797,819			187,615,708			308,953,362
End of Period	$	45,165,362		$	48,021,052		$	145,806,185		$	187,615,708
Share Transactions:
Issued		1,700,000			500,000			—			—
Redeemed		(1,350,000	)		(1,300,000	)		(3,600,000	)		(8,400,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		350,000			(800,000	)		(3,600,000	)		(8,400,000	)

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

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


Statements of Changes in Net Assets

	Global X Lithium & Battery Tech ETF						Global X Fertilizers/Potash ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income	$	3,719,096		$	9,857,030		$	48,385		$	175,225
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(8,292,284	)		(33,026,292	)		(999,397	)		(472,410	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,233,199			(69,402,183	)		(1,118,761	)		(901,581	)
Net Decrease in Net Assets Resulting from Operations		(3,339,989	)		(92,571,445	)	��	(2,069,773	)		(1,198,766	)
Distributions		(5,093,629	)		(19,555,528	)		(28,068	)		(293,332	)
Return of Capital		—			—			—			(6,152	)
Capital Share Transactions:
Issued		54,911,982			18,595,520			459			462,687
Redeemed		(60,610,355	)		(190,497,918	)		(596,541	)		(2,795,125	)
Decrease in Net Assets from Capital Share Transactions		(5,698,373	)		(171,902,398	)		(596,082	)		(2,332,438	)
Total Decrease in Net Assets		(14,131,991	)		(284,029,371	)		(2,693,923	)		(3,830,688	)
Net Assets:
Beginning of Period		455,123,665			739,153,036			9,905,183			13,735,871
End of Period	$	440,991,674		$	455,123,665		$	7,211,260		$	9,905,183
Share Transactions:
Issued		1,800,000			700,000			—			50,000
Redeemed		(2,650,000	)		(6,900,000	)		(100,000	)		(300,000	)
Net Decrease in Shares Outstanding from Share Transactions		(850,000	)		(6,200,000	)		(100,000	)		(250,000	)

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

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 ($)		Net Investment Income (Loss) ($)*			Net Realized and Unrealized Gain (Loss) on Investments ($)			Total from Operations ($)			Distribution from Net Investment Income ($)			Return of Capital ($)
Global X Silver Miners ETF
2020 (Unaudited)		30.39		0.14			1.07			1.21			(0.41	)		—
2019		23.20		0.21			7.38			7.59			(0.40	)		—
2018		31.96		0.32			(9.07	)		(8.75	)		(0.01	)		—
2017		40.61		0.20			(7.78	)		(7.58	)		(1.06	)		(0.01	)
2016		20.83		0.05			19.80			19.85			(0.07	)		—
2015⁽¹⁾		26.16		0.06			(5.37	)		(5.31	)		(0.02	)		—
Global X Gold Explorers ETF
2020 (Unaudited)		25.39		0.04			1.57			1.61			(0.41	)		—
2019		18.49		0.04			6.87			6.91			(0.01	)		—
2018		21.46		0.06			(3.03	)		(2.97	)		—			—
2017		34.95		0.07			(5.51	)		(5.44	)		(8.05	)		—
2016		19.89		(0.06	)		17.04			16.98			(1.92	)		—
2015⁽²⁾		19.28		0.14			0.50			0.64			(0.03	)		—
Global X Copper Miners ETF
2020 (Unaudited)		17.47		0.09			(2.94	)		(2.85	)		(0.05	)		—
2019		19.38		0.37			(1.58	)		(1.21	)		(0.70	)		—
2018		25.61		0.43			(6.23	)		(5.80	)		(0.43	)		—
2017		17.60		0.20			7.93			8.13			(0.12	)		—
2016		14.98		0.07			2.69			2.76			(0.14	)		—
2015⁽¹⁾		24.96		0.21			(9.68	)		(9.47	)		(0.51	)		—

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 (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††

	(0.41	)		31.19		3.90			455,253		0.65	†		0.98	†		3.24
	(0.40	)		30.39		33.08			525,591		0.66			0.80			42.16
	(0.01	)		23.20		(27.40	)		301,515		0.65			1.10			25.71
	(1.07	)		31.96		(18.61	)		378,656		0.65			0.56			24.46
	(0.07	)		40.61		95.69			379,617		0.65			0.17			27.45
	(0.02	)		20.83		(20.35	)		143,756		0.65			0.22			26.75

	(0.41	)		26.59		6.36			36,218		0.65	†		0.32	†		1.75
	(0.01	)		25.39		37.40			43,470		0.65			0.19			16.35
	—			18.49		(13.84	)		32,582		0.65			0.26			20.31
	(8.05	)		21.46		(13.61	)		44,256		0.66			0.31			84.00
	(1.92	)		34.95		95.95			72,074		0.66			(0.22	)		17.06
	(0.03	)		19.89		3.36			29,093		0.65			0.70			57.53

	(0.05	)		14.57		(16.38	)		45,165		0.65	†		1.09	†		31.83
	(0.70	)		17.47		(6.51	)		48,021		0.65			1.89			18.77
	(0.43	)		19.38		(23.12	)		68,798		0.65			1.74			17.00
	(0.12	)		25.61		46.38			66,567		0.65			0.89			43.58
	(0.14	)		17.60		18.88			25,504		0.65			0.57			34.73
	(0.51	)		14.98		(38.64	)		18,979		0.65			1.07			29.72

(1)	Per share amounts have been adjusted for a 1 for 3 reverse share split on November 18, 2015. For more information see Note 9 in the Notes to Financial Statements.
(2)	Per share amounts have been adjusted for a 1 for 2 reverse share split on November 18, 2015. For more information see Note 9 in the Notes to Financial Statements.
*	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.

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 ($)			Total from Distributions ($)
Global X Uranium ETF
2020 (Unaudited)		10.92		0.08			(0.18	)		(0.10	)		(0.08	)		(0.08	)
2019		12.08		0.17			(1.17	)		(1.00	)		(0.16	)		(0.16	)
2018		11.88		0.03			0.48			0.51			(0.31	)		(0.31	)
2017		12.08		0.16			0.58			0.74			(0.94	)		(0.94	)
2016		14.94		0.09			(2.68	)		(2.59	)		(0.27	)		(0.27	)
2015⁽¹⁾		23.26		0.15			(7.50	)		(7.35	)		(0.97	)		(0.97	)
Global X Lithium & Battery Tech ETF
2020 (Unaudited)		25.04		0.20			0.49			0.69			(0.28	)		(0.28	)
2019		30.32		0.48			(4.86	)		(4.38	)		(0.90	)		(0.90	)
2018		39.14		0.33			(7.89	)		(7.56	)		(1.26	)		(1.26	)
2017		24.02		0.33			15.31			15.64			(0.52	)		(0.52	)
2016		20.62		0.27			3.18			3.45			(0.05	)		(0.05	)
2015⁽¹⁾		24.00		0.08			(3.22	)		(3.14	)		(0.24	)		(0.24	)
Global X Fertilizers/Potash ETF
2020 (Unaudited)		8.61		0.04			(1.76	)		(1.72	)		(0.02	)		(0.02	)
2019		9.81		0.14			(1.10	)		(0.96	)	(0.24)		^		(0.24	)
2018		10.28		0.15			(0.55	)		(0.40	)		(0.07	)		(0.07	)
2017		8.56		0.14			1.87			2.01			(0.29	)		(0.29	)
2016		9.98		0.18	‡‡		(1.27	)		(1.09	)		(0.33	)		(0.33	)
2015		10.87		0.33			(0.97	)		(0.64	)		(0.25	)		(0.25	)

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


Financial Highlights

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 (%)††

	10.74		(0.94	)		145,806		0.69	†		1.53	†		22.81
	10.92		(8.42	)		187,616		0.71			1.46			23.93
	12.08		3.79			308,953		0.72			0.20			54.06
	11.88		5.75			236,218		0.69			1.16			11.95
	12.08		(17.53	)		102,437		0.70			0.71			14.48
	14.94		(33.01	)		142,056		0.69			0.74			22.37

	25.45		2.69			440,992		0.75	†		1.53	†		14.00
	25.04		(14.61	)		455,124		0.75			1.75			35.28
	30.32		(20.01	)		739,153		0.75			0.96			16.48
	39.14		66.46			950,071		0.75			1.02			68.13
	24.02		16.76			112,304		0.76			1.21			44.90
	20.62		(13.18	)		40,731		0.75			0.35			31.14

	6.87		(19.99	)		7,211		0.69	†		1.10	†		15.23
	8.61		(9.87	)		9,905		0.70			1.55			16.81
	9.81		(3.90	)		13,736		0.69			1.40			28.17
	10.28		23.99			15,418		0.69			1.46			23.56
	8.56		(11.15	)		11,125		0.69			2.00	‡‡		25.38
	9.98		(6.01	)		11,483		0.69			2.97			30.64

(1)	Per share amounts have been adjusted for a 1 for 2 reverse share split on November 18, 2015. For more information see Note 9 in the Notes to Financial Statements.
*	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.
^	Includes a return of capital of less than $0.005 per share.
†	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 November 1, 2015, the Fund changed its method for estimating the characterization of amounts distributed by master limited partnerships, which correspondingly impacted the financial highlight ratios and per share disclosures to the extent that the fund recorded investment income that differed from amounts previously estimated.

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


Notes to Financial Statements (unaudited)
	April 30, 2020

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Funds:

USE OF ESTIMATES — The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could materially differ from those estimates.

RETURN OF CAPITAL ESTIMATES — Distributions received by the Funds from underlying master limited partnership (“MLP”) and real estate investment trust (“REIT”) investments generally are comprised of income and return of capital. The Funds record investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from the MLPs, REITs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs and REITs after their tax reporting periods are concluded.

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on 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 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 approximate fair value (absent both bid and asked prices on such exchange, the bid price may be used).


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day. Prices for most securities held by the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. 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, the Funds may fair value a security if an event that may materially affect the value of the Funds’ 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 the Funds calculate their net asset values. 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 Global X Management Company LLC, the Funds’ investment adviser (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 net asset values, 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 April 30, 2020, there was $2,297,597 and $0 of fair valued securities in Global X Lithium & Battery Tech ETF and Global X Fertilizers/Potash ETF respectively. There were no other securities priced using the Fair Value Procedures.


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date

Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Funds have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term, and short-term investments valued at amortized cost)

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 net asset value 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 the period ended April 30, 2020 there have been no significant changes to the Funds’ fair valuation methodologies.

The unobservable inputs used to determine fair value of Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at April 30, 2020. 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.


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

REPURCHASE AGREEMENTS — Securities pledged as collateral for repurchase agreements by BNP Paribas are held by Brown Brothers Harriman & Co. (“BBH”), the Fund’s custodian (“Custodian”), and are designated as being held on each Fund’s behalf by its 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 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 (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 (“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.

As of April 30, 2020, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:

Repurchase
Agreements

Fair Value of Non-
Cash Collateral Received⁽¹⁾

Cash
Collateral
Received

Net
Amount⁽²⁾

Global X Silver Miners ETF

BNP Paribas

992,151

–

Global X Gold Explorers ETF

BNP Paribas

165,435

–

Global X Copper Miners ETF

BNP Paribas

311,566

–

Global X Uranium ETF

BNP Paribas

155,724

–

Global X Lithium & Battery Tech ETF

BNP Paribas

8,795,309

–

Global X Fertilizer/Potash ETF

BNP Paribas

75,705

–


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

⁽¹⁾ Excess collateral received is not presented in the table above. Please refer to the Schedule of Investments for the market value of the collateral received for each Fund.

⁽²⁾ Net Amount represents the net amount receivable due from the counterparty in the event of default.

FEDERAL INCOME TAXES — It is each Fund’s intention to qualify or continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

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 percent) 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 provision in the current period. Management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable) and on-going analysis of and changes to tax laws, regulations and interpretations thereof.

If the Funds have foreign tax filings that have not been made, the tax years that remain subject to examination may date back to the inception of the Funds.

As of and during the period ended April 30, 2020, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Funds did not incur any interest or penalties.

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.


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

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 ex-dividend date.

An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard redemption fee per transaction to BBH, 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 Creation Unit breakdown:

	Creation Unit Shares		Creation Fee		Value as of April 30, 2020		Redemption Fee
Global X Silver Miners ETF		50,000	$	500	$	1,559,500	$	500
Global X Gold Explorers ETF		50,000		1,000		1,329,500		1,000
Global X Copper Miners ETF		50,000		800		728,500		800
Global X Uranium ETF		50,000		500		537,000		500
Global X Lithium & Battery Tech ETF		50,000		1,000		1,272,500		1,000
Global X Fertilizers/Potash ETF		50,000		1,000		343,500		1,000

CASH OVERDRAFT CHARGES — Per the terms of an agreement with BBH, if a Fund has a cash overdraft on a given day, it will be assessed an overdraft charge of LIBOR plus 2.00%. Cash overdraft charges are included in custodian fees on the Statements of Operations.


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

3. RELATED PARTIES 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, which is a leading financial services company in Korea and is the headquarters for the Mirae Asset Global Investments Group. The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate distribution services agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate investment advisory agreement), under what is essentially an “all-in” fee structure. For the Adviser’s services to the Funds, under the supervision and administration agreement, each Fund pays a monthly fee to the Adviser at the annual rate (stated as a percentage of the average daily net assets of the Fund) (the “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, custodian fees, acquired fund fees and other transaction expenses, interest expenses, and extraordinary expenses (such as litigation and indemnification expenses).

		Supervision and Administration Fee
Global X Silver Miners ETF		0.65%
Global X Gold Explorers ETF		0.65%
Global X Copper Miners ETF		0.65%
Global X Uranium ETF		0.69%
Global X Lithium & Battery Tech ETF		0.75%
Global X Fertilizers/Potash ETF		0.69%

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


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

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 each Fund’s underwriter and distributor of Creation Units pursuant to a distribution agreement. SIDCO has no obligation to sell any specific quantity of Fund 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.

BBH serves as transfer agent and custodian 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 compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees. As transfer agent, BBH has agreed to (1) issue and redeem Shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds. As compensation for these services, 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.

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2020, 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 (unaudited) (continued)
	April 30, 2020

4. INVESTMENT TRANSACTIONS (continued)

	Purchases		Sales and Maturities
Global X Silver Miners ETF	$	12,911,658	$	21,245,501
Global X Gold Explorers ETF		695,105		1,445,816
Global X Copper Miners ETF		2,672,156		233,176
Global X Uranium ETF		36,814,827		42,680,787
Global X Lithium & Battery Tech ETF		26,464,538		18,233,926
Global X Fertilizers/Potash ETF		1,346,852		1,396,075

For the period ended April 30, 2020, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales and Maturities		Realized Gain (Loss)
Global X Silver Miners ETF	$	2,970,958	$	69,981,471	$	14,618,066
Global X Gold Explorers ETF		–		8,596,172		2,402,266
Global X Copper Miners ETF		30,780,267		18,457,395		(5,571,912	)
Global X Uranium ETF		–		29,049,384		(2,951,694	)
Global X Lithium & Battery Tech ETF		42,613,482		48,274,406		(1,528,234	)
Global X Fertilizers/Potash ETF		–		537,528		(147,657	)

For the year ended October 31, 2019, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales and Maturities		Realized Gain (Loss)
Global X Silver Miners ETF	$	158,607,185	$	50,765,722	$	11,197,503
Global X Gold Explorers ETF		5,227,925		5,604,288		1,426,219
Global X Copper Miners ETF		8,506,427		26,798,228		1,511,179
Global X Uranium ETF		–		82,358,289		8,182,876
Global X Lithium & Battery Tech ETF		14,347,370		156,294,703		(13,951,610	)
Global X Fertilizers/Potash ETF		418,446		2,505,577		294,868

During the period ended April 30, 2020, there were no purchases or sales of long-term U.S. Government securities for the Funds.

5. TAX INFORMATION


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

5. TAX INFORMATION (continued)

during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions declared during the years ended October 31, 2019 and 2018 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X Silver Miners ETF
2019	$	5,525,823	$	–	$	–	$	5,525,823
2018		82,106		–		–		82,106
Global X Gold Explorers ETF
2019	$	24,354	$	–	$	–	$	24,354
2018		–		–		–		–
Global X Copper Miners ETF
2019	$	2,203,738	$	–	$	–	$	2,203,738
2018		1,070,604		–		–		1,070,604
Global X Uranium ETF
2019	$	3,082,771	$	–	$	–	$	3,082,771
2018		7,648,887		–		–		7,648,887
Global X Lithium & Battery Tech ETF
2019	$	19,555,528	$	–	$	–	$	19,555,528
2018		34,929,753		–		–		34,929,753
Global X Fertilizers/Potash ETF
2019	$	293,332	$	–	$	6,152	$	299,484
2018		111,375		–		–		111,375

As of October 31, 2019, the components of tax basis accumulated losses were as follows:

	Global X Funds
	Global X Silver Miners ETF			Global X Gold Explorers ETF			Global X Copper Miners ETF			Global X Uranium ETF
Undistributed Ordinary Income	$	6,012,399		$	687,037		$	170,136		$	526,338
Capital Loss Carryforwards		(326,837,856	)		(63,180,484	)		(29,073,497	)		(439,888,343	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(6,326,946	)		1,496,338			(21,713,230	)		(49,546,859	)
Other Temporary Differences		(6	)		(2	)		(7	)		2
Total Accumulated Losses	$	(327,152,409	)	$	(60,997,111	)	$	(50,616,598	)	$	(488,908,862	)


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

5. TAX INFORMATION (continued)

	Global X Funds
	Global X Lithium & Battery Tech ETF			Global X Fertilizers/Potash ETF
Undistributed Ordinary Income	$	3,269,974		$	–
Capital Loss Carryforwards		(83,154,489	)		(8,168,245	)
Unrealized Depreciation on Investments and Foreign Currency		(220,914,177	)		(2,811,040	)
Other Temporary Differences		(7	)		(12	)
Total Accumulated Losses	$	(300,798,699	)	$	(10,979,297	)

For taxable years beginning after December 22, 2010, a registered investment company (“RIC”) 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:

Global X Funds	Short-Term Loss		Long-Term Loss		Total
Global X Silver Miners ETF	$	49,488,620	$	277,349,236	$	326,837,856
Global X Gold Explorers ETF		13,116,828		50,063,656		63,180,484
Global X Copper Miners ETF		7,180,931		21,892,566		29,073,497
Global X Uranium ETF		77,440,144		362,448,199		439,888,343
Global X Lithium & Battery Tech ETF		26,160,288		56,994,201		83,154,489
Global X Fertilizers/Potash ETF		894,282		7,273,963		8,168,245

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2020 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X Silver Miners ETF	$	442,523,579	$	101,108,883	$	(78,652,465	)	$	22,456,418
Global X Gold Explorers ETF		33,236,566		11,040,180		(6,510,327	)		4,529,853
Global X Copper Miners ETF		78,218,857		136,459		(30,130,780	)		(29,994,321	)
Global X Uranium ETF		161,423,649		10,255,637		(24,639,714	)		(14,384,077	)
Global X Lithium & Battery Tech ETF		727,279,192		73,240,522		(270,131,590	)		(196,891,068	)
Global X Fertilizers/Potash ETF		10,871,822		419,848		(3,313,844	)		(2,893,996	)


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

6. CONCENTRATION OF RISKS

The Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

The securities markets of emerging countries are less liquid and subject to greater price volatility, and have a smaller market capitalization than the U.S. securities markets. In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issuers or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities
markets in the United States. In particular, the assets and profits appearing on the statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.

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.

The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the underlying index in approximately the same proportions as in the underlying index. Each Fund may utilize a representative sampling strategy with respect to its underlying index 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 the Funds but not the underlying indexes). Commodity related securities are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a great impact on the Funds.

Certain Funds may invest in commodity related securities, which are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a great impact on those securities. Please refer to each Fund’s prospectus and statement of additional information (“SAI”) for a more complete description of risks.


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

7. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Security loans made pursuant to a securities lending agreement with BBH 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 Schedule of Investments and Statement of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statement 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.

Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. In the event the borrower may not provide additional collateral when required or may not return the securities when due, the securities lending agency agreement requires the lending agent to indemnify the Funds by replacing either the security or the security’s current market value to the Funds. The Funds could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.

As of April 30, 2020, the value of securities on loan was $9,229,946, $1,564,333, $2,963,473, $1,494,738, $84,294,461 and $743,636 for the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, Global X Uranium ETF,

Global X Lithium & Battery Tech ETF and Global X Fertilizer/Potash ETF respectively, and the cash collateral received from securities on loan was $10,176,974, $1,696,943, $3,195,884, $1,597,331, $90,217,713 and $776,540 for the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, Global X Uranium ETF, Global X Lithium & Battery Tech ETF and Global X Fertilizer/Potash ETF, respectively.


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

7. LOANS OF PORTFOLIO SECURITIES (continued)

At April 30, 2020, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X Silver Miners ETF
Barclays Capital Inc.	$	59,073	$	64,279
Citigroup Global Markets Inc.		459,990		505,683
Credit Suisse Securities (USA)		47,778		51,625
JP Morgan Securities LLC		653,837		718,996
Morgan Stanley And Co., LLC		3,721,823		4,131,143
Scotia Capital USA Inc.		4,287,445		4,705,248
Global X Gold Explorers ETF
Barclays Capital Inc.	$	106,490	$	117,162
Citigroup Global Markets Inc.		484,550		524,295
Goldman, Sachs & Co.		443,463		469,234
Morgan Stanley And Co., LLC		172,208		196,727
National Financial Services LLC		357,622		389,525
Global X Copper Miners ETF
Bofa Securities, Inc.	$	106,419	$	120,000
JP Morgan Securities LLC		660,422		715,269
Morgan Stanley And Co., LLC		681,154		719,318
UBS AG London Branch		1,515,478		1,641,297
Global X Uranium ETF
Barclays Capital Inc.	$	876,371	$	948,333
Bofa Securities, Inc.		46,640		53,000
JP Morgan Securities LLC		571,727		595,998
Global X Lithium & Battery Tech ETF
Barclays Capital Inc.	$	1,421,242	$	1,652,013
Bofa Securities, Inc.		2,092,234		2,270,587
Citigroup Global Markets Inc.		1,102,464		1,271,353
Credit Suisse Securities (USA)		7,157,491		8,268,367
Goldman, Sachs & Co.		31,836,315		33,730,124
JP Morgan Securities LLC		5,516,699		5,952,179
Morgan Stanley And Co., LLC		32,127,041		33,770,664
Scotia Capital USA Inc.		2,648,602		2,865,986
UBS AG London Branch		392,373		436,440
Global X Fertilizer/Potash ETF
JPMorgan Securities LLC	$	105,757	$	110,999
Scotia Capital USA Inc.		306,911		320,372
UBS AG London Branch		330,968		345,169

⁽¹⁾ 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.


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

8. CONTRACTUAL OBLIGATIONS

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown. However, the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

Pursuant to the Trust’s organizational documents, the Trustees of the Trust and the Trust’s officers are indemnified against certain liabilities that may arise out of the performance of their duties.

9. REVERSE SHARE SPLIT

Effective November 18, 2015, each of the Global X Silver Miners ETF, Global X Gold Explorers ETF, Global X Copper Miners ETF, Global X Uranium ETF and the Global X Lithium & Battery Tech ETF executed a reverse share split for shareholders of record after the close of markets on November 17, 2015. The effect of this transaction for each 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 in the statement of changes in net assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions. The details of the reverse splits are as follows:

November 18, 2015:

Fund Name		Ratio
Global X Silver Miners ETF		1:3
Global X Gold Explorers ETF		1:2
Global X Copper Miners ETF		1:3
Global X Uranium ETF		1:2
Global X Lithium & Battery Tech ETF		1:2


Notes to Financial Statements (unaudited) (concluded)
	April 30, 2020

10. REGULATORY MATTERS

On August 17, 2018, the Commission adopted amendments to Regulation S-X. These changes are effective for periods after November 5, 2018. The updates to RICs were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earnings on a book basis in the Statements of Assets and Liabilities. The update also impacted the presentation of undistributed net investment income and distributions to shareholders on the Statements of Changes in Net Assets. The amounts presented in the current Statements of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately.

11. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosure requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management elected to early adopt the removal of certain disclosures and delay the adoption of additional disclosure until the effective date.

12. SUBSEQUENT EVENTS

The Funds have been evaluated by management regarding the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional adjustments were required to the financial statements.


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 Funds’ gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the Funds’ average net assets; this percentage is known as the Funds’ 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 November 1, 2019 through April 30, 2020.

The table on the next page illustrates your Fund’s 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 the Funds, 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 Funds 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 Funds 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.


Disclosure of Fund Expenses (unaudited)

	Beginning Account Value 11/1/2019		Ending Account Value 4/30/2020		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X Silver Miners ETF
Actual Fund Return	$	1,000.00	$	1,039.00		0.65	%	$	3.30
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27

Global X Gold Explorers ETF
Actual Fund Return	$	1,000.00	$	1,063.60		0.65	%	$	3.34
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27

Global X Copper Miners ETF
Actual Fund Return	$	1,000.00	$	836.20		0.65	%	$	2.97
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27

Global X Uranium ETF
Actual Fund Return	$	1,000.00	$	990.60		0.69	%	$	3.42
Hypothetical 5% Return		1,000.00		1,021.43		0.69			3.47

Global X Lithium & Battery Tech ETF
Actual Fund Return	$	1,000.00	$	1,026.90		0.75	%	$	3.78
Hypothetical 5% Return		1,000.00		1,021.13		0.75			3.77

Global X Fertilizers/Potash ETF
Actual Fund Return	$	1,000.00	$	800.10		0.69	%	$	3.09
Hypothetical 5% Return		1,000.00		1,021.43		0.69			3.47

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 182/366 (to reflect the one-half year period.)


Approval of Investment Advisory Agreement (unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (“1940 Act”), requires that the board of trustees of an exchange-traded fund (“ETF”), including a majority of those trustees who are not “interested persons” of the ETF, as defined in the 1940 Act (“Independent Trustees”), consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in person meeting called for such purpose, the terms of each ETF’s investment advisory agreement and whether to approve entering into, or renewing, each agreement.

At a Board meeting of the Global X Funds (the “Trust”) held in person on November 15, 2019, called for such purpose, the Board of Trustees (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 (ii) the Supervision and Administration Agreement between the Trust (“Renewal Supervision and Administration Agreement”), on behalf of each Renewal Fund, and Global X Management Company LLC (“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 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 and supporting materials relating to those requests for information. 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 meeting with management of Global X Management, the Independent Trustees met separately in executive session 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;


Approval of Investment Advisory Agreement (unaudited)

•	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, statement of additional information, and other reports and documents for the Renewal Funds that are required to be filed by the Trust with the U.S. Securities and Exchange Commission and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including Creation Units) of the Renewal Funds by shareholders and new investors;
•	the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to the Renewal Funds; and
•	the quality of Global X Management’s resources and personnel that would continue to be made available to the Renewal Funds, including Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Renewal Funds by Global X Management.

Performance

The Board considered the performance of each Renewal Fund. The Board examined the performance of the Renewal Funds for the one-year, three-year, five-year and since inception periods, as applicable. Also, the Board considered the total return and investments performance of the Renewal Funds relative to (i) the performance of unaffiliated comparable ETFs and/or other registered funds, which performance information is publicly available from such registered funds as well as other third party sources; and (ii) the performance of pertinent indexes. The Board considered instances of under-performance and over-performance with respect to the competitor funds. The Board also considered the Renewal Funds’ tracking against their underlying indexes in absolute terms.

Based on these considerations and comparisons, the Board concluded that the investment performance of the Renewal Funds did not adversely affect the Board’s approval of the continuance of the Renewal Agreements.


Approval of Investment Advisory Agreement (unaudited)

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.

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 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 ratios (i.e., the total fees) of the Renewal Funds and that the proposed Management Fees for the Renewal Funds were set at competitive levels to make the Renewal Funds viable in the marketplace; and


Approval of Investment Advisory Agreement (unaudited)

•

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.

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 discussed 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 their 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 discussed


Approval of Investment Advisory Agreement (unaudited)

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.


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 the Funds 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 the Funds’ NAV is calculated. The Funds’ Market Price may be at, above or below their NAV. The NAV of the Funds will fluctuate with changes in the market value of the Funds’ holdings. The Market Price of the Funds 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 the Funds on a given day, generally at the time NAV is calculated. A premium is the amount that the Funds are trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Funds are 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.

605 3rd Avenue, 43rd Floor,

New York, New York 10158

1-888-493-8631

www.globalxetfs.com

Investment Adviser and Administrator:

Global X Management Company LLC

605 3rd Avenue, 43rd Floor,

New York, New York 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

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

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-001-1200

Global X MSCI China Consumer Discretionary ETF (ticker: CHIQ)

Global X MSCI China Energy ETF (ticker: CHIE)

Global X MSCI China Financials ETF (ticker: CHIX)

Global X MSCI China Industrials ETF (ticker: CHII)

Global X MSCI China Materials ETF (ticker: CHIM)

Global X MSCI China Communication Services ETF (ticker: CHIC)

Global X MSCI China Consumer Staples ETF (ticker: CHIS)

Global X MSCI China Health Care ETF (ticker: CHIH)

Global X MSCI China Information Technology ETF (ticker: CHIK)

Global X MSCI China Real Estate ETF (ticker: CHIR)

Global X MSCI China Utilities ETF (ticker: CHIU)

Global X MSCI China Large-Cap 50 ETF (ticker: CHIL)

Global X FTSE Southeast Asia ETF (ticker: ASEA)

Global X MSCI Colombia ETF (ticker: GXG)

Global X MSCI Argentina ETF (ticker: ARGT)

Global X MSCI Greece ETF (ticker: GREK)

Global X MSCI Norway ETF (ticker: NORW)

Global X FTSE Nordic Region ETF (ticker: GXF)

Global X MSCI Nigeria ETF (ticker: NGE)

Global X MSCI Next Emerging & Frontier ETF (ticker: EMFM)

Global X MSCI Portugal ETF (ticker: PGAL)

Global X MSCI Pakistan ETF (ticker: PAK)

Global X DAX Germany ETF (ticker: DAX)

Semi-Annual Report

April 30, 2020

Beginning on January 1, 2021, 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), and you will be notified by mail each time a report is posted and provided with a website link to access the report.



	Table of Contents

Schedules of Investments
Global X MSCI China Consumer Discretionary ETF	1
Global X MSCI China Energy ETF	6
Global X MSCI China Financials ETF	9
Global X MSCI China Industrials ETF	15
Global X MSCI China Materials ETF	21
Global X MSCI China Communication Services ETF	25
Global X MSCI China Consumer Staples ETF	28
Global X MSCI China Health Care ETF	31
Global X MSCI China Information Technology ETF	35
Global X MSCI China Real Estate ETF	39
Global X MSCI China Utilities ETF	42
Global X MSCI China Large-Cap 50 ETF	44
Global X FTSE Southeast Asia ETF	48
Global X MSCI Colombia ETF	53
Global X MSCI Argentina ETF	57
Global X MSCI Greece ETF	62
Global X MSCI Norway ETF	66
Global X FTSE Nordic Region ETF	72
Global X MSCI Nigeria ETF	75
Global X MSCI Next Emerging & Frontier ETF	77
Global X MSCI Portugal ETF	93
Global X MSCI Pakistan ETF	97
Global X DAX Germany ETF	100
Statements of Assets and Liabilities	103
Statements of Operations	109
Statements of Changes in Net Assets	115
Financial Highlights	127
Notes to Financial Statements	141
Disclosure of Fund Expenses	168
Approval of Investment Advisory Agreement	171
Supplemental Information	175


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Consumer Discretionary ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 100.0%
CHINA— 100.0%
Consumer Discretionary — 100.0%
Alibaba Group Holding ADR ^*		59,752	$	12,109,938
ANTA Sports Products		571,696		4,826,601
BAIC BluePark New Energy Technology, Cl A ^*		221,100		171,635
BAIC Motor, Cl H		1,561,600		688,910
Baozun ADR ^*(A)		41,629		1,325,467
Bosideng International Holdings		3,097,400		843,036
Brilliance China Automotive Holdings		2,906,400		2,703,070
BTG Hotels Group, Cl A		62,100		143,916
BYD, Cl A		103,494		879,047
BYD, Cl H ^(A)		615,300		3,873,231
Changzhou Xingyu Automotive Lighting Systems, Cl A		17,700		248,751
China East Education Holdings ^*		523,800		845,934
China Education Group Holdings		577,100		972,212
China Grand Automotive Services Group, Cl A		457,653		223,661
China International Travel Service, Cl A		112,658		1,457,029
Chongqing Changan Automobile, Cl A		219,283		301,309
Dongfeng Motor Group, Cl H		2,601,946		1,728,511
Fuyao Glass Industry Group, Cl A		114,251		320,288
Fuyao Glass Industry Group, Cl H		485,000		1,069,805

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Consumer Discretionary ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Geely Automobile Holdings		2,712,200	$	4,240,245
GOME Electrical Appliances Holding ^(A)		9,264,200		1,075,516
Great Wall Motor, Cl H		2,973,597		1,986,911
Gree Electric Appliances of Zhuhai, Cl A		173,200		1,343,773
Guangzhou Automobile Group, Cl A		132,240		183,580
Guangzhou Automobile Group, Cl H		2,827,423		2,549,380
Haidilao International Holding ^(A)		355,300		1,546,805
Haier Electronics Group		1,213,900		3,343,085
Haier Smart Home, Cl A		348,619		763,477
Hangzhou Robam Appliances, Cl A		52,232		235,880
HLA, Cl A		187,903		170,353
Huayu Automotive Systems, Cl A		179,717		519,343
Huazhu Group ADR		111,101		4,000,747
JD.com ADR ^*		267,156		11,514,424
Li Ning		1,421,000		4,481,667
Liaoning Cheng Da, Cl A ^*		84,800		211,539
Luckin Coffee ADR ^{*(A)(B)(C)(D)}		80,807		354,743
Meituan Dianping, Cl B ^*		485,400		6,499,258
NavInfo, Cl A		110,900		230,932
New Oriental Education & Technology Group ADR ^*		59,259		7,565,004
Nexteer Automotive Group		833,200		432,058
Ningbo Joyson Electronic, Cl A ^*		72,900		210,149
NIO ADR ^*(A)		630,113		2,148,685
Oppein Home Group, Cl A		15,725		236,944
Pinduoduo ADR ^*		123,677		5,867,237
SAIC Motor, Cl A		447,700		1,198,627
Shandong Linglong Tyre, Cl A		67,732		207,820
Shanghai Jinjiang International Hotels, Cl A		43,027		178,706

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Consumer Discretionary ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Shanghai Yuyuan Tourist Mart Group, Cl A		206,726	$	222,558
Shenzhen Overseas Chinese Town, Cl A		464,500		429,011
Shenzhou International Group Holdings		386,862		4,508,695
Songcheng Performance Development, Cl A		82,600		349,035
Suning.com, Cl A		531,400		633,824
Suofeiya Home Collection, Cl A		58,400		155,941
TAL Education Group ADR ^*		158,151		8,570,203
TCL, Cl A		773,605		508,478
Topsports International Holdings		1,188,400		1,493,098
Trip.com Group ADR ^*		208,007		5,358,260
Vipshop Holdings ADR ^*		329,442		5,248,011
Visual China Group, Cl A		43,500		108,021
Wanxiang Qianchao, Cl A		174,272		122,693
Weifu High-Technology Group, Cl A		53,300		152,515
Wuchan Zhongda Group, Cl A		323,100		214,199
Yum China Holdings		153,479		7,437,592
Zhejiang Semir Garment, Cl A		113,787		115,087
Zhejiang Supor, Cl A		30,900		288,368
Zhejiang Wanfeng Auto Wheel, Cl A		138,600		125,655
Zhongsheng Group Holdings		545,500		2,202,448
TOTAL COMMON STOCK
(Cost $133,289,793)				136,272,931

SHORT-TERM INVESTMENT^(E)(F) — 5.7%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $7,726,824)		7,726,824		7,726,824

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Consumer Discretionary ETF

	Face Amount		Value
REPURCHASE AGREEMENT^(E) — 0.6%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20, repurchase price $834,658 (collateralized by U.S. Treasury Obligations, ranging in par value $201,348 - $649,504, 1.500%, 08/15/2026, with a total market value of $850,852)
(Cost $834,657)	$	834,657	$	834,657
TOTAL INVESTMENTS — 106.3%
(Cost $141,851,274)			$	144,834,412

Percentages are based on Net Assets of $136,274,676.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $8,021,713.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security considered illiquid. The total value of such securities as of April 30, 2020 was $354,743 and represented 0.3% of Net Assets.
(D)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2020 was $354,743 and represents 0.3% of Net Assets.
(E)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $8,561,481.
(F)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

ADR — American Depositary Receipt

Cl — Class

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Consumer Discretionary ETF

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	77,125,137	$	58,793,051	$	354,743	$	136,272,931
Short-Term Investment		7,726,824		—		—		7,726,824
Repurchase Agreement		—		834,657		—		834,657
Total Investments in Securities	$	84,851,961	$	59,627,708	$	354,743	$	144,834,412

⁽¹⁾

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

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Energy ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 100.0%
CHINA— 98.3%
Energy — 98.3%
Anton Oilfield Services Group		533,300	$	33,364
China Coal Energy, Cl H		179,841		48,020
China Merchants Energy Shipping, Cl A		61,700		59,258
China Oilfield Services, Cl H		53,786		41,767
China Petroleum & Chemical, Cl A		3,650		2,306
China Petroleum & Chemical, Cl H		313,097		158,318
China Shenhua Energy, Cl A		3,600		8,124
China Shenhua Energy, Cl H		89,030		159,172
China Suntien Green Energy, Cl H		220,900		51,005
CNOOC		111,585		126,521
COSCO SHIPPING Energy Transportation, Cl A		54,400		65,348
COSCO SHIPPING Energy Transportation, Cl H		112,100		73,602
Guanghui Energy, Cl A		116,750		41,677
Honghua Group ^*		938,800		28,821
Inner Mongolia Yitai Coal, Cl B		83,694		51,723
Offshore Oil Engineering, Cl A		58,975		41,353
PetroChina, Cl A		3,800		2,390
PetroChina, Cl H		385,463		138,725
Shaanxi Coal Industry, Cl A		55,136		58,890
Shandong Xinchao Energy, Cl A ^*		148,300		37,814
Shanxi Lu’an Environmental Energy Development, Cl A		56,365		45,352
Shanxi Meijin Energy, Cl A ^*		39,800		37,436

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Energy ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Energy — continued
Shanxi Xishan Coal & Electricity Power, Cl A		66,126	$	44,307
Sinopec Kantons Holdings		147,600		65,495
Wison Engineering Services		484,600		48,758
Yantai Jereh Oilfield Services Group, Cl A		10,100		35,654
Yanzhou Coal Mining, Cl A		40,464		47,518
Yanzhou Coal Mining, Cl H		104,225		79,052
TOTAL CHINA				1,631,770
HONG KONG — 1.7%
Energy — 1.7%
China LNG Group ^*		864,700		27,327
TOTAL COMMON STOCK
(Cost $2,242,707)				1,659,097

U.S. TREASURY OBLIGATION — 6.0%
United States Treasury Bill
0.061%, 05/14/20^(A)
(Cost $99,998)	$	100,000		99,997
TOTAL INVESTMENTS — 106.0%
(Cost $2,342,705)			$	1,759,094

Percentages are based on Net Assets of $1,659,669.

*	Non-income producing security.
(A)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.

Cl — Class

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Energy ETF

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	169,119	$	1,489,978	$	—	$	1,659,097
U.S. Treasury Obligation		—		99,997		—		99,997
Total Investments in Securities	$	169,119	$	1,589,975	$	—	$	1,759,094

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Financials ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 99.9%
Financials — 99.9%
Agricultural Bank of China, Cl A		461,500	$	226,195
Agricultural Bank of China, Cl H		3,441,288		1,447,122
Anxin Trust, Cl A ^(A)(B)(C)		91,200		28,506
Avic Capital, Cl A		90,500		50,382
Bank of Beijing, Cl A		145,000		102,290
Bank of Chengdu, Cl A		44,700		49,073
Bank of China, Cl H		8,122,034		3,111,629
Bank of China Ltd., Cl A		250,700		123,586
Bank of Communications, Cl A		261,100		191,590
Bank of Communications, Cl H		1,244,871		790,053
Bank of Guiyang, Cl A		42,820		47,919
Bank of Hangzhou, Cl A		50,445		59,168
Bank of Jiangsu, Cl A		87,300		74,694
Bank of Nanjing, Cl A		68,284		74,384
Bank of Ningbo, Cl A		39,300		145,023
Bank of Shanghai, Cl A		95,698		110,754
Caitong Securities, Cl A		40,400		54,654
Changjiang Securities, Cl A		58,400		52,697
China Cinda Asset Management, Cl H		1,941,600		378,184
China Citic Bank Corp Ltd., Cl H		1,319,622		645,142
China CITIC Bank Corp Ltd., Cl A		66,600		49,058

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Financials ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
China Construction Bank, Cl A		7,700	$	7,014
China Construction Bank, Cl H		4,239,226		3,455,972
China Everbright		240,400		367,778
China Everbright Bank, Cl A		266,200		140,654
China Everbright Bank, Cl H		838,600		355,891
China Galaxy Securities, Cl H		828,200		423,055
China Huarong Asset Management, Cl H		2,349,300		263,648
China International Capital, Cl H		271,000		416,689
China Life Insurance, Cl H		696,140		1,485,247
China Life Insurance, Cl A		10,302		41,650
China Merchants Bank, Cl A		120,629		599,612
China Merchants Bank, Cl H		416,034		1,993,675
China Merchants Securities, Cl A		41,700		109,162
China Minsheng Banking, Cl A		235,600		196,574
China Minsheng Banking, Cl H		1,041,326		779,079
China Pacific Insurance Group, Cl A		43,200		188,298
China Pacific Insurance Group, Cl H		323,312		1,071,819
China Reinsurance Group, Cl H		1,843,100		216,350
China Taiping Insurance Holdings		270,530		455,749
Chongqing Rural Commercial Bank, Cl H		733,600		320,794
CITIC Securities, Cl A		65,800		220,907
CITIC Securities, Cl H		319,996		617,508
CSC Financial, Cl A		21,500		106,566
Dongxing Securities, Cl A		35,100		53,301
East Money Information, Cl A		48,700		125,831
Everbright Securities, Cl A		40,557		64,231
Far East Horizon		498,500		402,537
First Capital Securities, Cl A		56,200		55,409
Founder Securities, Cl A		71,900		72,518

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Financials ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
GF Securities Ltd., Cl A		46,400	$	90,114
GF Securities Ltd., Cl H		337,300		368,524
Guosen Securities, Cl A		36,245		54,886
Guotai Junan Securities, Cl A		49,744		119,227
Guotai Junan Securities, Cl H		226,700		326,349
Guoyuan Securities, Cl A		41,600		48,145
Haitong Securities Ltd., Cl A		55,600		101,523
Haitong Securities Ltd., Cl H		539,200		491,740
Hithink RoyalFlush Information Network, Cl A		5,800		98,141
Huaan Securities Ltd., Cl A		54,600		56,075
Huatai Securities Ltd., Cl A		48,300		124,114
Huatai Securities Ltd., Cl H		308,100		513,477
Huaxi Securities, Cl A		35,400		51,049
Huaxia Bank, Cl A		90,000		83,634
Hubei Biocause Pharmaceutical, Cl A		90,900		70,950
Industrial & Commercial Bank of China, Cl A		14,200		10,399
Industrial & Commercial Bank of China, Cl H		4,979,037		3,384,719
Industrial Bank, Cl A		136,600		321,601
Industrial Securities, Cl A		69,200		59,110
Jiangsu Changshu Rural Commercial Bank, Cl A		35,000		35,400
Nanjing Securities, Cl A		34,600		67,393
New China Life Insurance C, Cl A		14,617		93,073
New China Life Insurance C, Cl H		146,211		507,340
Noah Holdings ADR ^*		8,506		236,127
Northeast Securities, Cl A		33,700		38,907
Orient Securities, Cl A		50,600		67,377
Pacific Securities, Cl A		91,600		42,171

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Financials ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
People’s Insurance Group of China, Cl A ^*		52,300	$	47,045
People’s Insurance Group of China, Cl H		1,453,200		476,130
PICC Property & Casualty, Cl H		879,463		842,894
Ping An Bank, Cl A		8,300		16,378
Ping An Insurance Group of China, Cl H		301,714		3,101,847
Ping An Insurance Group of China, Cl A		1,800		18,986
Postal Savings Bank of China, Cl H		1,168,500		700,887
SDIC Capital, Cl A		35,200		59,536
Sealand Securities, Cl A ^*		66,610		40,762
Shanghai AJ Group, Cl A		27,000		30,254
Shanghai Pudong Development Bank, Cl A		193,214		290,942
Shanxi Securities, Cl A		42,600		42,725
Shenwan Hongyuan Group, Cl A		154,100		95,394
Sinolink Securities, Cl A		40,500		55,707
SooChow Securities, Cl A		53,380		58,451
Southwest Securities, Cl A		77,000		49,302
Western Securities, Cl A		42,000		47,299
Zheshang Securities, Cl A		30,400		42,288
ZhongAn Online P&C Insurance, Cl H ^*(D)		99,400		343,627
TOTAL COMMON STOCK
(Cost $43,563,989)				36,241,640

SHORT-TERM INVESTMENT^(E)(F) — 0.6%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $232,292)		232,292		232,292

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Financials ETF

	Face Amount		Value
REPURCHASE AGREEMENT^(E) — 0.1%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20, repurchase price $25,092 (collateralized by U.S. Treasury Obligations, ranging in par value $6,053 - $19,526, 1.500%, 08/15/2026, with a total market value of $25,579)
(Cost $25,092)	$	25,092	$	25,092
TOTAL INVESTMENTS — 100.6%
(Cost $43,821,373)			$	36,499,024

Percentages are based on Net Assets of $36,269,311.

*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2020 was $28,506 and represented 0.1% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2020 was $28,506 and represents 0.1% of Net Assets.
(D)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $244,446.
(E)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $257,384.
(F)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Financials ETF

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	1,309,835	$	34,903,299	$	28,506	$	36,241,640
Short-Term Investment		232,292		—		—		232,292
Repurchase Agreement		—		25,092		—		25,092
Total Investments in Securities	$	1,542,127	$	34,928,391	$	28,506	$	36,499,024

⁽¹⁾

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Industrials ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 100.1%
CHINA— 98.8%
Industrials — 98.8%
51job ADR ^*		448	$	26,853
AECC Aero-Engine Control, Cl A		1,200		2,206
AECC Aviation Power, Cl A		2,300		8,064
Air China, Cl A		4,100		4,211
Air China, Cl H		30,800		22,130
A-Living Services, Cl H		7,250		39,933
AVIC Aircraft, Cl A		2,900		7,238
AVIC Electromechanical Systems, Cl A		3,700		4,335
AVIC Shenyang Aircraft, Cl A ^*		1,000		4,744
AviChina Industry & Technology, Cl H		42,090		16,614
AVICOPTER, Cl A		600		3,758
Beijing Capital International Airport, Cl H		28,531		19,211
Beijing New Building Materials, Cl A		1,700		6,148
Beijing Originwater Technology, Cl A		3,300		4,460
BEST ADR ^*		3,371		18,102
Bohai Leasing, Cl A ^*		6,100		2,368
Centre Testing International Group, Cl A		800		1,938
China Aerospace Times Electronics, Cl A ^*		2,800		2,586
China Avionics Systems, Cl A		1,300		2,550
China Communications Construction, Cl A		2,500		2,854
China Communications Construction, Cl H		74,743		50,038
China Communications Services, Cl H		40,700		28,928
China Conch Venture Holdings		27,400		131,480
China COSCO Holdings, Cl H ^*		44,132		12,752
China Eastern Airlines, Cl A		9,600		5,956
China Eastern Airlines, Cl H		31,000		12,916

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Industrials ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
China Everbright International		62,250	$	36,214
China Gezhouba Group, Cl A		4,200		3,885
China International Marine Containers Group, Cl A		1,360		1,431
China Lesso Group Holdings		18,300		26,014
China Meheco, Cl A		1,100		2,233
China Merchants Holdings International		23,031		29,708
China National Chemical Engineering, Cl A		5,100		4,457
China Railway Construction, Cl A		11,800		16,348
China Railway Construction, Cl H		33,301		36,513
China Railway Group, Cl A		20,600		17,100
China Railway Group, Cl H		63,898		38,410
China Railway Hi-tech Industry, Cl A		2,300		3,190
China Shipbuilding Industry, Cl A		23,600		13,941
China Southern Airlines, Cl A		8,900		6,808
China Southern Airlines, Cl H		27,700		13,828
China Spacesat, Cl A		1,100		5,123
China State Construction Engineering, Cl A		42,500		31,547
China State Construction International Holdings		33,810		26,167
Citic Pacific		98,300		102,328
Contemporary Amperex Technology, Cl A		2,200		44,995
COSCO Pacific		29,530		15,732
COSCO SHIPPING Development, Cl A		7,200		1,968
COSCO SHIPPING Holdings, Cl A ^*		6,700		3,417
Country Garden Services Holdings		20,600		95,661
CRRC		73,753		39,101
CRRC, Cl A		24,600		21,570
Dalian Port PDA, Cl A		8,100		1,985

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Industrials ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Daqin Railway, Cl A		15,300	$	15,562
Dongfang Electric, Cl A		2,500		3,049
Eve Energy, Cl A		1,000		9,562
Fangda Carbon New Material, Cl A ^*		2,488		2,943
Fosun International		43,300		54,849
Greentown Service Group		18,600		24,713
Guangshen Railway, Cl A		5,100		1,712
Guangzhou Baiyun International Airport, Cl A		2,100		4,700
Guoxuan High-Tech, Cl A		1,200		3,884
Haitian International Holdings		10,726		19,259
Hefei Meiya Optoelectronic Technology, Cl A		700		4,170
Hongfa Technology, Cl A		800		3,709
Inner Mongolia First Machinery Group, Cl A		1,800		2,443
Jiangsu Expressway, Cl H		20,619		24,602
Jiangsu Hengli Hydraulic, Cl A		900		8,848
Jiangsu Zhongtian Technology, Cl A		3,200		5,063
Juneyao Airlines, Cl A ^*		1,700		2,377
Metallurgical Corp of China, Cl A		18,400		6,699
Metallurgical Corp of China, Cl H		49,700		8,655
NARI Technology, Cl A		4,700		13,382
Ningbo Zhoushan Port, Cl A		9,100		4,293
Power Construction Corp of China, Cl A		13,200		6,675
Sany Heavy Industry, Cl A		8,600		23,938
SF Holding, Cl A		1,600		10,605
Shanghai Construction Group, Cl A		9,200		4,288
Shanghai Electric Group, Cl A		8,400		5,771
Shanghai Electric Group, Cl H		44,971		13,922
Shanghai Industrial Holdings		8,239		13,986
Shanghai International Airport, Cl A		1,000		10,015

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Industrials ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Shanghai International Port Group, Cl A		8,800	$	5,211
Shanghai M&G Stationery, Cl A		900		6,554
Shanghai Mechanical and Electrical Industry, Cl A		800		1,685
Shanghai Tunnel Engineering, Cl A		2,800		2,269
Shanghai Waigaoqiao Free Trade Zone Group, Cl A		800		1,626
Shenzhen Airport, Cl A		2,100		2,454
Shenzhen Expressway, Cl H		12,000		13,668
Shenzhen Inovance Technology, Cl A		1,700		7,882
Shenzhen International Holdings		16,406		31,448
Siasun Robot & Automation, Cl A		1,600		2,987
Sinochem International, Cl A		2,800		1,967
Sinopec Engineering Group, Cl H		23,800		11,328
Sinotrans, Cl A		4,600		2,124
Sinotrans, Cl H		34,900		8,509
Sinotruk Hong Kong		11,600		23,372
Spring Airlines, Cl A		900		4,736
Sunwoda Electronic, Cl A		1,600		3,262
Suzhou Gold Mantis Construction Decoration, Cl A		2,400		2,740
TangShan Port Group, Cl A		6,200		2,003
TBEA, Cl A		3,400		3,627
Tian Di Science & Technology, Cl A		4,300		1,852
Tus Environmental Science And Technology Development, Cl A		1,500		1,719
Weichai Power, Cl A		6,200		11,769
Weichai Power, Cl H		32,796		57,365
XCMG Construction Machinery, Cl A		8,100		6,368
Xiamen C & D, Cl A		2,600		3,083

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Industrials ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Xinjiang Goldwind Science & Technology, Cl A		3,547	$	5,014
Xinjiang Goldwind Science & Technology, Cl H		12,971		12,733
Yunda Holding, Cl A		1,500		6,283
Zhejiang Chint Electrics, Cl A		2,200		7,760
Zhejiang Dingli Machinery, Cl A		350		3,900
Zhejiang Expressway, Cl H		24,140		18,154
Zhejiang Sanhua Intelligent Controls, Cl A		2,900		9,050
Zhejiang Weixing New Building Materials, Cl A		1,600		2,765
Zhengzhou Yutong Bus, Cl A		2,300		4,249
Zhuzhou CRRC Times Electric, Cl H		9,223		28,434
Zoomlion Heavy Industry Science and Technology		23,800		19,157
Zoomlion Heavy Industry Science and Technology, Cl A		6,600		5,984
ZTO Express Cayman ADR		5,337		158,829
TOTAL CHINA				1,899,641
SINGAPORE— 1.3%
Industrials — 1.3%
BOC Aviation		3,520		23,815
TOTAL COMMON STOCK
(Cost $2,241,820)				1,923,456
TOTAL INVESTMENTS — 100.1%
(Cost $2,241,820)			$	1,923,456

Percentages are based on Net Assets of $1,922,491.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Industrials ETF

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	375,402	$	1,548,054	$	—	$	1,923,456
Total Investments in Securities	$	375,402	$	1,548,054	$	—	$	1,923,456

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Materials ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 95.8%
Materials — 95.8%
Aluminum Corp of China, Cl A ^*		26,800	$	10,820
Aluminum Corp of China, Cl H ^*		161,239		34,318
Angang Steel, Cl A		15,010		5,592
Anhui Conch Cement, Cl A		500		4,247
Anhui Conch Cement, Cl H		20,220		159,103
Baoshan Iron & Steel, Cl A		37,500		25,870
BBMG, Cl A		21,000		9,608
BBMG, Cl H		108,640		27,607
Beijing Oriental Yuhong Waterproof Technology, Cl A		3,100		16,968
Beijing Sanju Environmental Protection and New Material, Cl A		5,500		3,249
China Hongqiao Group		74,300		36,995
China Jushi, Cl A		7,200		8,975
China Lumena New Materials ^*(A)(B)(C)		48		—
China Molybdenum, Cl A		35,800		17,648
China Molybdenum, Cl H		144,554		43,633
China National Building Material, Cl H		130,400		164,002
China Northern Rare Earth Group High-Tech, Cl A		8,000		10,233
China Resources Cement Holdings		89,200		120,815
China Zhongwang Holdings		78,300		18,887
Ganfeng Lithium, Cl A		2,900		19,024
GEM, Cl A		8,700		5,718
Guangdong HEC Technology Holding, Cl A		6,200		5,902
Hengli Petrochemical, Cl A		11,920		23,859
Hengyi Petrochemical, Cl A		6,000		10,446

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Materials ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Hesteel, Cl A		24,000	$	6,970
Huaxin Cement, Cl A		2,800		10,531
Hunan Valin Steel, Cl A ^*		8,800		4,974
Inner Mongolia BaoTou Steel Union, Cl A		92,900		14,213
Inner Mongolia Junzheng Energy & Chemical Industry Group, Cl A		17,300		7,033
Jiangsu Yangnong Chemical, Cl A		700		7,467
Jiangxi Copper, Cl A		4,500		8,159
Jiangxi Copper, Cl H		47,091		46,044
Jinduicheng Molybdenum, Cl A		7,600		6,363
Lee & Man Paper Manufacturing		57,900		35,700
Lomon Billions Group, Cl A		4,200		9,912
Luxi Chemical Group, Cl A		3,500		3,887
Maanshan Iron & Steel, Cl A		16,900		6,272
Maanshan Iron & Steel, Cl H		43,125		13,963
Nanjing Iron & Steel, Cl A ^*		9,400		4,248
Pangang Group Vanadium Titanium & Resources, Cl A ^*		17,700		5,015
Real Gold Mining ^*(A)(B)(C)		97,864		—
Rongsheng Petro Chemical, Cl A		10,800		18,252
Sansteel Minguang Fujian, Cl A		5,100		5,252
Shandong Gold Mining, Cl A		5,200		26,732
Shandong Hualu Hengsheng Chemical, Cl A		3,500		8,245
Shandong Nanshan Aluminum, Cl A		24,600		7,283
Shandong Sinocera Functional Material, Cl A		2,000		6,550
Shandong Sun Paper Industry JSC, Cl A		5,700		6,742
Shanxi Taigang Stainless Steel, Cl A		11,800		5,483
Shanying International Holding, Cl A		10,700		4,578
Shenghe Resources Holding, Cl A		3,700		3,585

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Materials ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Shenzhen Zhongjin Lingnan Nonfemet, Cl A		10,100	$	4,993
Sichuan Hebang Biotechnology		20,700		3,988
Sinopec Shanghai Petrochemical, Cl A		13,500		7,688
Sinopec Shanghai Petrochemical, Cl H		145,350		39,936
Tangshan Jidong Cement, Cl A		2,800		8,024
Tianqi Lithium, Cl A		3,350		7,859
Tongkun Group, Cl A ^*		3,800		6,325
Tongling Nonferrous Metals Group, Cl A		29,800		8,189
Transfar Zhilian, Cl A		6,700		5,827
Wanhua Chemical Group, Cl A		6,300		40,159
Weihai Guangwei Composites, Cl A		1,100		8,527
Xiamen Tungsten, Cl A		2,900		4,626
Xinjiang Zhongtai Chemical, Cl A		5,100		3,395
Xinxing Ductile Iron Pipes, Cl A		9,300		4,558
Xinyu Iron & Steel, Cl A		6,700		3,834
Yintai Gold, Cl A		4,100		9,542
Yunnan Energy New Material		1,400		10,870
Yunnan Tin, Cl A ^*		3,500		4,185
Zhaojin Mining Industry		43,584		49,249
Zhejiang Huayou Cobalt, Cl A		2,730		13,319
Zhejiang Jiahua Energy Chemical Industry, Cl A		3,400		4,195
Zhejiang Juhua, Cl A		6,200		5,656
Zhejiang Longsheng Group, Cl A		8,200		14,055
Zhongjin Gold, Cl A		9,900		11,780
Zijin Mining Group, Cl A		39,800		22,044
Zijin Mining Group, Cl H		211,359		87,244
TOTAL CHINA				1,457,039

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Materials ETF

	Shares		Value
COMMON STOCK — continued
HONG KONG— 4.1%
Materials — 4.1%
Nine Dragons Paper Holdings		63,670	$	61,597
TOTAL COMMON STOCK
(Cost $1,762,751)				1,518,636
TOTAL INVESTMENTS — 99.9%
(Cost $1,762,751)			$	1,518,636

Percentages are based on Net Assets of $1,520,146.

*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2020 was $0 and represented 0.0% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2020 was $0 and represents 0.0% of net assets.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	210,002	$	1,308,634	$	—	$	1,518,636
Total Investments in Securities	$	210,002	$	1,308,634	$	—	$	1,518,636

⁽¹⁾

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Communication Services ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 97.7%
Communication Services — 97.7%
58.com ADR ^*		10,682	$	554,930
Autohome ADR		7,271		597,312
Baidu ADR ^*		12,941		1,306,135
Beijing Enlight Media, Cl A		211,400		318,327
China Film, Cl A		174,781		328,302
China Literature ^*		800		3,596
China Mobile		204,900		1,650,597
China South Publishing & Media Group, Cl A		196,072		303,579
China Telecom, Cl H		1,467,200		505,321
China Tower, Cl H ^*		3,115,300		699,223
China Unicom Hong Kong		635,700		410,825
China United Network Communications, Cl A		497,600		367,948
Chinese Universe Publishing and Media Group, Cl A		157,850		268,549
CITIC Guoan Information Industry, Cl A		524,000		241,240
Focus Media Information Technology, Cl A		456,700		311,827
G-bits Network Technology Xiamen, Cl A		6,410		343,929
Giant Network Group, Cl A		135,400		327,407
HUYA ADR ^*		18,684		303,241
iQIYI ADR ^*		23,399		397,081
JOYY ADR ^*		8,081		492,618
Mango Excellent Media, Cl A		66,920		440,423
Momo ADR		16,711		402,401
NanJi E-Commerce, Cl A ^*		226,400		438,089
NetEase ADR		4,162		1,435,723
Oriental Pearl Group, Cl A		269,600		344,096

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Communication Services ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Perfect World, Cl A		67,440	$	451,775
SINA ^*		12,885		435,126
Tencent Holdings		32,865		1,767,813
Tencent Music Entertainment Group ADR ^*		292		3,332
Wanda Film Holding, Cl A		139,700		330,482
Weibo ADR ^*		10,277		385,696
Wuhu Sanqi Interactive Entertainment Network Technology Group, Cl A		90,951		465,877
Youzu Interactive, Cl A		109,900		289,565
				16,922,385
Information Technolgy — 0.0%
National Agricultural Holdings ^*(A)(B)(C)		204,200		3
TOTAL CHINA				16,922,388
HONG KONG — 2.2%
Communication Services — 2.2%
Alibaba Pictures Group ^*		2,842,600		381,343
TOTAL COMMON STOCK
(Cost $18,875,363)				17,303,731
TOTAL INVESTMENTS — 99.9%
(Cost $18,875,363)			$	17,303,731

Percentages are based on Net Assets of $17,314,051.

*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2020 was $3 and represented 0.0% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2020 was $3 and represents 0.0% of Net Assets.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Communication Services ETF

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	9,928,608	$	7,375,120	$	3	$	17,303,731
Total Investments in Securities	$	9,928,608	$	7,375,120	$	3	$	17,303,731

⁽¹⁾

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Consumer Staples ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.7%
CHINA— 99.7%
Consumer Staples — 99.7%
Angel Yeast, Cl A		3,954	$	20,802
Anhui Gujing Distillery, Cl A		1,676		32,025
Anhui Kouzi Distillery, Cl A		2,600		15,178
Beijing Dabeinong Technology Group, Cl A		52,400		67,250
Beijing Shunxin Agriculture, Cl A		3,297		25,398
Beijing Yanjing Brewery, Cl A		12,600		10,638
By-health, Cl A		7,000		18,483
China Mengniu Dairy		128,800		459,387
China Resources Beer Holdings		99,300		473,292
Chongqing Brewery, Cl A		2,072		15,979
Chongqing Fuling Zhacai Group, Cl A		3,700		17,438
Dali Foods Group		193,200		118,875
Foshan Haitian Flavouring & Food, Cl A		11,161		194,355
Fujian Sunner Development, Cl A		4,600		14,160
Guangdong Haid Group, Cl A		6,891		42,121
Heilongjiang Agriculture, Cl A		8,100		19,529
Henan Shuanghui Investment & Development, Cl A ^*		19,340		110,708
Hengan International Group		52,700		470,077
Inner Mongolia Yili Industrial Group, Cl A ^*		32,029		132,665
Jiangsu King’s Luck Brewery JSC, Cl A		5,500		25,399
Jiangsu Yanghe Brewery Joint-Stock, Cl A		8,044		112,171
Jiangxi Zhengbang Technology, Cl A		11,100		29,073
Jonjee Hi-Tech Industrial And Commercial Holding, Cl A		3,600		24,142

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Consumer Staples ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Juewei Food, Cl A		2,700	$	20,256
Kweichow Moutai, Cl A		3,154		565,493
Laobaixing Pharmacy Chain JSC, Cl A		1,400		15,090
Luzhou Laojiao, Cl A		8,947		100,340
Muyuan Foodstuff, Cl A		9,800		176,860
New Hope Liuhe, Cl A		28,800		134,222
Shanghai Jahwa United, Cl A		3,000		13,782
Shanxi Xinghuacun Fen Wine Factory, Cl A		6,149		93,472
Sichuan Swellfun, Cl A		2,268		14,811
Sun Art Retail Group		189,600		315,986
Tech-Bank Food, Cl A		5,600		9,964
Tingyi Cayman Islands Holding		130,200		230,426
Toly Bread, Cl A ^*		2,500		17,381
Tongwei, Cl A		29,600		63,357
Tsingtao Brewery, Cl A		3,000		22,417
Tsingtao Brewery, Cl H		32,200		195,841
Uni-President China Holdings		124,300		125,224
Want Want China Holdings		373,800		268,090
Wens Foodstuffs Group		26,087		111,711
Wuliangye Yibin, Cl A		15,706		302,068
Yifeng Pharmacy Chain, Cl A		1,673		22,455
Yihai International Holding		36,540		292,232
Yonghui Superstores, Cl A		63,100		90,815
Yuan Longping High-tech Agriculture, Cl A		6,000		13,803
TOTAL COMMON STOCK
(Cost $5,101,138)				5,665,241
TOTAL INVESTMENTS — 99.7%
(Cost $5,101,138)			$	5,665,241

Percentages are based on Net Assets of $5,680,125.

*	Non-income producing security.

Cl — Class

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Consumer Staples ETF

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,328,433	$	4,336,808	$	—	$	5,665,241
Total Investments in Securities	$	1,328,433	$	4,336,808	$	—	$	5,665,241

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Health Care ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 88.1%
Health Care — 88.1%
3SBio ^*		74,800	$	76,707
Aier Eye Hospital Group, Cl A		9,230		58,039
Alibaba Health Information Technology ^*		184,300		445,990
Asymchem Laboratories Tianjin, Cl A		580		15,506
Autobio Diagnostics, Cl A		700		13,347
Beijing SL Pharmaceutical, Cl A		3,000		4,734
Beijing Tiantan Biological Products, Cl A		2,500		12,069
Beijing Tongrentang, Cl A		6,540		23,791
Betta Pharmaceuticals, Cl A		1,000		13,372
BGI Genomics, Cl A		900		13,417
Changchun High & New Technology Industry Group, Cl A		500		42,205
Chengdu Kanghong Pharmaceutical Group, Cl A		1,600		8,699
China Medical System Holdings		78,900		94,041
China National Accord Medicines, Cl A		900		5,263
China National Medicines, Cl A		1,600		7,071
China Resources Double Crane Pharmaceutical, Cl A		3,000		5,431
China Resources Pharmaceutical Group		95,000		60,046
China Resources Sanjiu Medical & Pharmaceutical, Cl A		2,400		9,876
China Traditional Chinese Medicine Holdings		141,500		62,789
Chongqing Zhifei Biological Products, Cl A		3,700		41,490
CSPC Pharmaceutical Group		178,900		355,384
Dong-E-E-Jiao, Cl E		3,100		13,613

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Health Care ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Genscript Biotech ^*		53,200	$	94,976
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		6,500		28,452
Guangzhou Kingmed Diagnostics Group, Cl A		1,000		9,774
Guizhou Bailing Group Pharmaceutical, Cl A		4,400		5,136
Hangzhou Tigermed Consulting, Cl A		2,016		21,990
Hansoh Pharmaceutical Group ^*		22,800		88,525
Huadong Medicine, Cl A		8,380		23,682
Hualan Biological Engineering, Cl A		5,070		27,916
Hubei Jumpcan Pharmaceutical, Cl A		1,600		4,696
Innovent Biologics ^*		47,000		232,808
Jafron Biomedical, Cl A		1,000		15,755
Jiangsu Hengrui Medicine, Cl A ^*		13,400		176,532
Jiangsu Yuyue Medical Equipment & Supply, Cl A		2,100		10,322
Jilin Aodong Pharmaceutical Group, Cl A		2,500		5,457
Jinyu Bio-Technology, Cl A		2,600		8,806
Joincare Pharmaceutical Group Industry, Cl A		4,100		7,277
Jointown Pharmaceutical Group, Cl A		9,100		23,113
Lepu Medical Technology Beijing, Cl A		5,000		26,993
Livzon Pharmaceutical Group, Cl A		1,400		7,889
Luye Pharma Group		84,500		41,202
Meinian Onehealth Healthcare Holdings, Cl A		17,320		28,068
Nanjing King-Friend Biochemical Pharmaceutical, Cl A		1,500		12,290
Ovctek China, Cl A		1,000		9,329
Ping An Healthcare and Technology ^*		16,000		221,662
Shandong Buchang Pharmaceuticals, Cl A		5,510		17,179
Shandong Weigao Group Medical Polymer, Cl H		112,800		171,986

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Health Care ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Shanghai Fosun Pharmaceutical Group, Cl A		5,600	$	26,678
Shanghai Fosun Pharmaceutical Group, Cl H		32,000		122,182
Shanghai Pharmaceuticals Holding, Cl A		4,900		12,841
Shanghai Pharmaceuticals Holding, Cl H		49,100		86,516
Shanghai RAAS Blood Products, Cl A		4,600		5,519
Shenzhen Hepalink Pharmaceutical Group, Cl A		2,500		7,827
Shenzhen Kangtai Biological Products, Cl A		1,743		33,085
Shenzhen Mindray Bio-Medical Electronics, Cl A		2,482		90,113
Shenzhen Salubris Pharmaceuticals, Cl A ^*		4,100		10,872
Shijiazhuang Yiling Pharmaceutical, Cl A		3,400		13,861
Sichuan Kelun Pharmaceutical, Cl A		6,600		18,184
Sinopharm Group, Cl H		70,300		190,434
Tasly Pharmaceutical Group, Cl A		7,300		14,488
Tonghua Dongbao Pharmaceutical, Cl A		9,800		17,603
Topchoice Medical, Cl A		800		13,911
Walvax Biotechnology, Cl A		4,000		22,931
Winning Health Technology Group, Cl A		3,900		14,049
WuXi AppTec, Cl A		4,300		61,990
WuXi AppTec, Cl H		8,600		121,473
Wuxi Biologics Cayman ^*		28,740		448,579
Yifan Pharmaceutical, Cl A		3,000		7,934
Yunnan Baiyao Group, Cl A		5,110		65,379
Zai Lab ADR ^*		1,572		98,596
Zhangzhou Pientzehuang Pharmaceutical, Cl A		2,040		40,529
Zhejiang Conba Pharmaceutical, Cl A		5,900		4,313
Zhejiang Huahai Pharmaceutical, Cl A		3,100		11,374

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Health Care ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Zhejiang NHU, Cl A		5,900	$	22,808
Zhejiang Wolwo Bio-Pharmaceutical, Cl A		1,200		8,858
TOTAL CHINA				4,297,622
HONG KONG— 11.8%
Health Care — 11.8%
Hutchison China MediTech ADR ^*		3,581		77,027
Sino Biopharmaceutical		296,400		433,569
SSY Group		94,900		67,328
TOTAL HONG KONG				577,924
TOTAL COMMON STOCK
(Cost $4,403,228)				4,875,546
TOTAL INVESTMENTS — 99.9%
(Cost $4,403,228)			$	4,875,546

Percentages are based on Net Assets of $4,880,814.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	905,794	$	3,969,752	$	—	$	4,875,546
Total Investments in Securities	$	905,794	$	3,969,752	$	—	$	4,875,546

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Information Technology ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.7%
CHINA— 98.0%
Information Technology — 98.0%
360 Security Technology, Cl A		12,959	$	34,255
AAC Technologies Holdings		85,000		416,099
Accelink Technologies, Cl A		3,000		12,622
Aisino, Cl A		19,000		46,212
AVIC Jonhon Optronic Technology, Cl A		4,600		23,347
Beijing Shiji Information Technology, Cl A		9,000		39,089
Beijing Sinnet Technology, Cl A		6,600		25,477
BOE Technology Group, Cl A		233,000		124,102
BYD Electronic International		101,300		234,422
Chaozhou Three-Circle Group, Cl A		15,100		44,534
China Greatwall Technology Group, Cl A		13,600		22,791
China National Software & Service, Cl A		2,000		23,430
China Railway Signal & Communication, Cl H		250,200		123,610
China TransInfo Technology, Cl A		6,000		19,795
Dawning Information Industry, Cl A		4,000		27,379
DHC Software, Cl A		33,100		63,815
Fiberhome Telecommunication Technologies, Cl A		4,100		18,469
Foxconn Industrial Internet, Cl A		31,000		64,509
GCL System Integration Technology, Cl A ^*		20,100		7,175
GDS Holdings ADR ^*		7,564		433,568
Gigadevice Semiconductor Beijing, Cl A		1,660		65,329
Glodon, Cl A		5,000		37,213
GoerTek, Cl A		33,900		92,921

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Information Technology ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
GRG Banking Equipment, Cl A		10,100	$	18,714
Guangzhou Haige Communications Group, Cl A		23,900		40,999
Hangzhou Hikvision Digital Technology, Cl A		60,300		273,851
Hangzhou Silan Microelectronics, Cl A		5,200		10,445
Hengtong Optic-electric, Cl A		19,900		46,851
Holitech Technology, Cl A		17,100		13,202
Hua Hong Semiconductor		74,600		144,921
Hubei Kaile Science & Technology, Cl A		7,000		15,003
Hundsun Technologies, Cl A		8,370		121,661
Hytera Communications, Cl A		10,100		9,386
Iflytek		18,600		87,686
Inspur Electronic Information Industry, Cl A ^*		7,152		42,045
Kingboard Holdings		90,000		221,971
Kingdee International Software Group		291,400		423,999
Kingsoft		104,700		363,975
Legend Holdings, Cl H		36,350		42,481
Lenovo Group		852,400		464,005
Lens Technology, Cl A		31,100		80,489
Leyard Optoelectronic, Cl A ^*		12,200		9,661
Lingyi iTech Guangdong, Cl A ^*		30,100		39,569
LONGi Green Energy Technology, Cl A		29,650		129,405
Luxshare Precision Industry, Cl A		36,650		245,619
NAURA Technology Group, Cl A		2,380		51,303
Newland Digital Technology, Cl A		5,200		12,191
Ninestar, Cl A		10,600		45,107
O-film Tech, Cl A		28,000		60,289
Sanan Optoelectronics, Cl A		37,600		116,965
Sangfor Technologies, Cl A		1,510		40,966

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Information Technology ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Semiconductor Manufacturing International ^*		352,600	$	674,058
Shanghai 2345 Network Holding Group, Cl A		62,010		26,177
Shanghai Baosight Software, Cl A		3,600		25,855
Shengyi Technology, Cl A		11,100		51,040
Shennan Circuits, Cl A		1,630		53,892
Shenzhen Goodix Technology, Cl A		2,150		71,952
Shenzhen Kingdom Sci-Tech, Cl A		4,100		9,920
Shenzhen Sunway Communication, Cl A		4,100		23,987
Sunny Optical Technology Group		61,860		878,545
Suzhou Dongshan Precision Manufacturing, Cl A		14,200		53,386
Tianjin Zhonghuan Semiconductor, Cl A		12,800		31,133
Tianma Microelectronics, Cl A		21,100		42,383
Travelsky Technology, Cl H		125,000		220,901
Tunghsu Optoelectronic Technology, Cl A		61,200		24,101
Unigroup Guoxin Microelectronics, Cl A		2,400		20,936
Unisplendour, Cl A		9,867		58,229
Universal Scientific Industrial Shanghai, Cl A		5,000		12,664
Venustech Group, Cl A		3,700		21,594
Visionox Technology, Cl A ^*		5,200		8,957
Wangsu Science & Technology, Cl A ^*		24,300		28,226
Westone Information Industry, Cl A		3,100		9,920
Will Semiconductor, Cl A		3,130		86,229
Wingtech Technology, Cl A ^*		5,240		79,208
Wuhan Guide Infrared, Cl A		4,100		23,749
WUS Printed Circuit Kunshan, Cl A		7,200		27,395
Wuxi Lead Intelligent Equipment, Cl A		8,000		43,063
Xiaomi, Cl B ^*		615,500		809,832
Xinyi Solar Holdings		441,100		277,667

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Information Technology ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Yealink Network Technology, Cl A		2,200	$	28,213
Yonyou Network Technology, Cl A		18,120		119,100
Zhejiang Dahua Technology, Cl A ^*		31,100		74,321
Zhongji Innolight, Cl A		2,500		22,970
ZTE, Cl A ^*		27,100		157,740
ZTE, Cl H		94,800		271,473
TOTAL CHINA				9,541,738
HONG KONG — 1.7%
Information Technology — 1.7%
Kingboard Laminates Holdings		166,300		162,817
TOTAL COMMON STOCK
(Cost $10,433,626)				9,704,555
TOTAL INVESTMENTS — 99.7%
(Cost $10,433,626)			$	9,704,555

Percentages are based on Net Assets of $9,730,287.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,797,898	$	6,906,657	$	—	$	9,704,555
Total Investments in Securities	$	2,797,898	$	6,906,657	$	—	$	9,704,555

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Real Estate ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 98.0%
Real Estate — 98.0%
Agile Group Holdings		141,600	$	159,640
Beijing Capital Development, Cl A		9,100		8,559
China Aoyuan Group		130,100		152,381
China Enterprise		15,200		9,108
China Evergrande Group		149,800		265,887
China Fortune Land Development, Cl A		16,000		54,260
China Jinmao Holdings Group		488,400		340,831
China Merchants Shekou Industrial Zone Holdings, Cl A		36,500		88,518
China Overseas Land & Investment		228,900		840,030
China Resources Land		181,300		743,689
China Vanke, Cl A		10,700		40,621
China Vanke, Cl H		94,500		314,498
CIFI Holdings Group		284,700		216,306
Country Garden Holdings		597,100		769,448
Financial Street Holdings, Cl A		31,900		31,361
Gemdale, Cl A		32,900		62,590
Grandjoy Holdings Group, Cl A		10,800		8,246
Greenland Holdings Group, Cl A		56,900		45,621
Guangzhou R&F Properties		136,400		172,076
Jiangsu Zhongnan Construction Group, Cl A		15,200		17,419
Jinke Properties Group, Cl A		52,000		58,634
Kaisa Group Holdings		297,700		113,668
KWG Group Holdings		139,500		205,498
Logan Property Holdings		138,600		218,118

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Real Estate ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Longfor Group Holdings		153,700	$	778,180
Oceanwide Holdings, Cl A		36,900		18,295
Poly Developments and Holdings Group, Cl A		55,253		127,109
RiseSun Real Estate Development, Cl A		36,900		42,340
Seazen Group		222,600		215,641
Seazen Holdings, Cl A		12,800		57,587
Shanghai Lujiazui Finance & Trade Zone Development, Cl B		129,234		107,652
Shanghai Zhangjiang High-Tech Park Development, Cl A		11,000		20,755
Shenzhen Investment		356,500		116,345
Shimao Property Holdings		105,400		425,551
Shui On Land		513,400		90,728
Sichuan Languang Development, Cl A		9,600		7,915
Sino-Ocean Group Holding		363,500		95,654
SOHO China		291,500		139,126
Sunac China Holdings		148,500		658,949
Tahoe Group, Cl A ^(A)(B)(C)		12,100		7,603
Xinhu Zhongbao, Cl A		90,900		40,432
Yango Group, Cl A		16,400		16,239
Yuexiu Property		767,300		145,495
Yuzhou Properties		240,600		102,418
Zhenro Properties Group		116,000		74,367
TOTAL CHINA				8,225,388

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Real Estate ETF

	Shares		Value
COMMON STOCK — continued
HONG KONG— 1.9%
Real Estate — 1.9%
Wharf Holdings		82,800	$	156,578
TOTAL COMMON STOCK
(Cost $8,773,531)				8,381,966
TOTAL INVESTMENTS — 99.9%
(Cost $8,773,531)			$	8,381,966

Percentages are based on Net Assets of $8,389,727.

(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2020 was $7,603 and represented 0.1% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2020 was $7,603 and represents 0.1% of Net Assets.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	429,325	$	7,945,038	$	7,603	$	8,381,966
Total Investments in Securities	$	429,325	$	7,945,038	$	7,603	$	8,381,966

⁽¹⁾

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Utilities ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 100.2%
CHINA— 100.2%
Utilities — 100.2%
Beijing Enterprises Holdings		14,200	$	50,463
Beijing Enterprises Water Group		129,900		50,269
CGN Power, Cl H		247,600		61,961
Chengdu Xingrong Environment, Cl A		19,300		13,205
China Gas Holdings		47,600		175,913
China Longyuan Power Group, Cl H		107,200		53,515
China National Nuclear Power, Cl A		40,800		25,026
China Power International Development		209,900		42,509
China Resources Gas Group		24,450		138,140
China Resources Power Holdings		47,600		56,427
China Yangtze Power, Cl A		41,200		101,841
Datang International Power Generation, Cl H		180,000		26,237
ENN Energy Holdings		10,930		123,507
GD Power Development, Cl A		76,000		21,424
Guangdong Investment		62,600		130,168
Huadian Power International, Cl A		39,000		20,275
Huadian Power International, Cl H		96,800		33,589
Huaneng Power International, Cl A		16,900		10,103
Huaneng Power International, Cl H		115,500		43,504
Hubei Energy Group, Cl A		28,100		14,808
Inner Mongolia MengDian HuaNeng Thermal Power, Cl A		37,600		13,475
Kunlun Energy		77,400		50,420
SDIC Power Holdings, Cl A		22,600		24,619

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Utilities ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Shanghai Electric Power, Cl A		17,000	$	17,724
Shenergy, Cl A		25,400		19,070
Shenzhen Energy Group, Cl A		21,400		16,643
Sichuan Chuantou Energy, Cl A		17,700		22,491
Towngas China		53,800		26,718
TOTAL COMMON STOCK
(Cost $1,505,850)				1,384,044
TOTAL INVESTMENTS — 100.2%
(Cost $1,505,850)			$	1,384,044

Percentages are based on Net Assets of $1,381,222.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	44,656	$	1,339,388	$	—	$	1,384,044
Total Investments in Securities	$	44,656	$	1,339,388	$	—	$	1,384,044

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Large-Cap 50 ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 99.0%
Communication Services — 19.4%
Baidu ADR ^*		645	$	65,100
China Mobile		13,960		112,456
China Tower, Cl H ^*		106,700		23,949
NetEase ADR		198		68,302
Tencent Holdings		5,030		270,564
				540,371
Consumer Discretionary — 22.4%
Alibaba Group Holding ADR ^*		1,200		243,203
ANTA Sports Products		2,800		23,639
Geely Automobile Holdings		13,000		20,324
JD.com ADR ^*		1,761		75,899
Meituan Dianping, Cl B ^*		2,400		32,135
New Oriental Education & Technology Group ADR ^*		422		53,873
Shenzhou International Group Holdings		2,700		31,468

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Large-Cap 50 ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
TAL Education Group ADR ^*		1,027	$	55,653
Trip.com Group ADR ^*		1,281		32,999
Yum China Holdings		1,116		54,081
				623,274
Consumer Staples — 9.1%
China Mengniu Dairy		10,300		36,737
Foshan Haitian Flavouring & Food, Cl A		1,700		29,603
Kweichow Moutai, Cl A		779		139,670
Wuliangye Yibin, Cl A		2,505		48,178
				254,188
Energy — 3.1%
China Petroleum & Chemical, Cl H		68,700		34,738
CNOOC		44,700		50,683
				85,421
Financials — 26.8%
Agricultural Bank of China, Cl H		82,500		34,693
Bank of China, Cl H		195,400		74,860
China Construction Bank, Cl H		203,800		166,146
China Life Insurance, Cl H		21,350		45,551
China Merchants Bank, Cl H		11,150		53,432
China Pacific Insurance Group, Cl H		8,550		28,344
CITIC Securities, Cl A		7,500		25,179
Industrial & Commercial Bank of China, Cl H		148,700		101,085
Industrial Bank, Cl A		14,100		33,196
Ping An Bank, Cl A		13,900		27,428
Ping An Insurance Group of China, Cl H		12,140		124,809
Shanghai Pudong Development Bank, Cl A		20,600		31,020
				745,743

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Large-Cap 50 ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 4.4%
CSPC Pharmaceutical Group		11,500	$	22,845
Jiangsu Hengrui Medicine, Cl A ^*		3,080		40,575
Shenzhen Mindray Bio-Medical Electronics, Cl A		800		29,045
Wuxi Biologics Cayman ^*		1,900		29,656
				122,121
Industrials — 2.0%
China State Construction Engineering, Cl A		32,400		24,050
Contemporary Amperex Technology, Cl A		1,500		30,678
				54,728
Information Technology — 4.3%
Hangzhou Hikvision Digital Technology, Cl A		6,600		29,974
Luxshare Precision Industry, Cl A		4,000		26,807
Sunny Optical Technology Group		2,240		31,813
Xiaomi, Cl B ^*		23,200		30,525
				119,119
Real Estate — 6.2%
China Overseas Land & Investment		12,000		44,038
China Resources Land		9,400		38,559
China Vanke, Cl A		7,000		26,575
Country Garden Holdings		19,200		24,742
Sunac China Holdings		8,650		38,383
				172,297
Utilities — 1.3%
China Yangtze Power, Cl A		14,800		36,584
TOTAL CHINA				2,753,846

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI China Large-Cap 50 ETF

	Shares		Value
COMMON STOCK — continued
HONG KONG — 0.9%
Health Care — 0.9%
Sino Biopharmaceutical		18,000	$	26,330
TOTAL COMMON STOCK
(Cost $2,587,606)				2,780,176
TOTAL INVESTMENTS — 99.9%
(Cost $2,587,606)			$	2,780,176

Percentages are based on Net Assets of $2,782,939.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	867,795	$	1,912,381	$	—	$	2,780,176
Total Investments in Securities	$	867,795	$	1,912,381	$	—	$	2,780,176

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X FTSE Southeast Asia ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.8%
INDONESIA— 18.4%
Communication Services — 3.6%
Telekomunikasi Indonesia Persero		3,050,100	$	717,671
Consumer Discretionary — 1.7%
Astra International		1,318,081		341,150
Consumer Staples — 1.8%
Gudang Garam		30,400		92,579
Hanjaya Mandala Sampoerna		583,500		62,567
Unilever Indonesia		371,880		206,878
				362,024
Financials — 11.3%
Bank Central Asia		634,296		1,102,289
Bank Mandiri		1,216,780		364,830

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X FTSE Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Bank Negara Indonesia Persero		488,100	$	134,535
Bank Rakyat Indonesia Persero		3,477,600		638,242
				2,239,896
TOTAL INDONESIA				3,660,741
MALAYSIA— 19.3%
Communication Services — 2.6%
Axiata Group		289,888		265,618
DiGi.com		241,800		260,919
				526,537
Consumer Staples — 1.3%
Sime Darby Plantation		232,396		267,526
Financials — 9.3%
CIMB Group Holdings		459,375		368,568
Malayan Banking		394,531		694,558
Public Bank		203,699		775,951
				1,839,077
Health Care — 1.2%
IHH Healthcare		193,380		236,104
Materials — 1.2%
Petronas Chemicals Group		187,024		243,566
Utilities — 3.7%
Tenaga Nasional		256,645		730,543
TOTAL MALAYSIA				3,843,353
PHILIPPINES— 6.0%
Financials — 1.3%
BDO Unibank		127,550		255,555
Industrials — 1.2%
Ayala		21,350		246,493
Real Estate — 3.5%
Ayala Land		514,200		325,902

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X FTSE Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
SM Prime Holdings		593,700	$	365,100
				691,002
TOTAL PHILIPPINES				1,193,050
SINGAPORE— 30.6%
Communication Services — 4.9%
Singapore Telecommunications		489,304		983,683
Consumer Discretionary — 0.5%
Jardine Cycle & Carriage		6,618		94,543
Consumer Staples — 1.6%
Wilmar International		126,651		321,193
Financials — 21.9%
DBS Group Holdings		118,383		1,678,571
Oversea-Chinese Banking		226,566		1,454,967
United Overseas Bank		84,497		1,220,906
				4,354,444
Real Estate — 1.7%
CapitaLand ^*		162,818		348,144
TOTAL SINGAPORE				6,102,007
THAILAND— 25.5%
Communication Services — 2.3%
Advanced Info Service NVDR		73,461		449,553
Consumer Staples — 3.8%
CP ALL NVDR		343,073		752,841
Energy — 6.4%
PTT NVDR		940,440		1,031,853
PTT Exploration & Production NVDR		91,310		238,470
				1,270,323
Financials — 3.9%
Bangkok Bank		14,300		45,965
Bangkok Bank NVDR		17,611		56,608

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X FTSE Southeast Asia ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Financials — continued
Kasikornbank NVDR		132,408	$	352,965
Siam Commercial Bank NVDR ^(A)		156,931		332,244
				787,782
Health Care — 1.9%
Bangkok Dusit Medical Services NVDR		586,000		376,721
Industrials — 2.7%
Airports of Thailand NVDR		282,200		542,944
Materials — 3.0%
Siam Cement NVDR		55,326		591,649
Utilities — 1.5%
Gulf Energy Development NVDR		254,100		304,323
TOTAL THAILAND				5,076,136
TOTAL COMMON STOCK
(Cost $25,805,086)				19,875,287

SHORT-TERM INVESTMENT^(B)(C) — 1.1%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $210,626)		210,626		210,626

REPURCHASE AGREEMENT^(B) — 0.1%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20, repurchase price $22,752 (collateralized by U.S. Treasury Obligations, ranging in par value $5,489 - $17,705, 1.500%, 08/15/2026, with a total market value of $23,194)
(Cost $22,752)	$	22,752		22,752
TOTAL INVESTMENTS — 101.0%
(Cost $26,038,464)			$	20,108,665

Percentages are based on Net Assets of $19,905,793.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X FTSE Southeast Asia ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $222,564.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $233,378.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

Cl — Class

NVDR — Non-Voting Depositary Receipt

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	19,875,287	$	—	$	—	$	19,875,287
Short-Term Investment		210,626		—		—		210,626
Repurchase Agreement		—		22,752		—		22,752
Total Investments in Securities	$	20,085,913	$	22,752	$	—	$	20,108,665

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Colombia ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 89.5%
CHILE— 6.4%
Energy — 2.9%
Empresas COPEC		180,613	$	1,127,359
Utilities — 3.5%
Enel Americas		8,502,283		1,393,367
TOTAL CHILE				2,520,726
COLOMBIA— 81.6%
Consumer Staples — 5.9%
Grupo Nutresa		412,463		2,321,364
Energy — 16.1%
Canacol Energy		531,640		1,351,157
Ecopetrol ADR ^(A)		476,498		4,979,404
				6,330,561
Financials — 35.7%
Banco de Bogota		83,532		1,363,909
BanColombia		339,475		2,192,927

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Colombia ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Financials — continued
BanColombia ADR ^(A)		198,604	$	5,183,564
Financiera Colombiana ^*		269,519		1,774,033
Grupo Aval Acciones y Valores ADR		272,358		1,143,904
Grupo de Inversiones Suramericana		431,851		2,370,986
				14,029,323
Materials — 6.6%
Cementos Argos		1,143,824		1,136,631
Cemex Latam Holdings ^*		1,025,996		471,162
Grupo Argos		427,144		1,004,750
				2,612,543
Utilities — 17.3%
Celsia ESP		1,663,130		1,782,084
Grupo Energia Bogota ESP		4,322,743		2,470,360
Interconexion Electrica		543,173		2,522,100
				6,774,544
TOTAL COLOMBIA				32,068,335
UNITED STATES— 1.5%
Materials — 1.5%
Tecnoglass ^(A)		142,076		573,987
TOTAL COMMON STOCK
(Cost $57,447,907)				35,163,048

U.S. TREASURY OBLIGATION — 15.3%
United States Treasury Bill
0.065%, 05/14/20^(B)
(Cost $5,999,859)	$	6,000,000		5,999,826

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Colombia ETF

	Shares/Face Amount		Value
PREFERRED STOCK — 10.4%
COLOMBIA— 10.4%
Financials — 7.2%
Banco Davivienda		223,608	$	1,638,417
Grupo Aval Acciones y Valores^(C)		1,431,941		308,699
Grupo de Inversiones Suramericana^(C)		180,461		869,237
				2,816,353
Industrials — 0.7%
Avianca Holdings^(C)		2,233,206		286,582
Materials — 2.5%
Cementos Argos^(C)		684,019		558,433
Grupo Argos^(C)		214,163		442,570
				1,001,003
TOTAL PREFERRED STOCK
(Cost $8,939,353)				4,103,938

SHORT-TERM INVESTMENT^(D)(E) — 18.9%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $7,427,397)		7,427,397		7,427,397

REPURCHASE AGREEMENT^(D) — 2.0%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20, repurchase price $802,314 (collateralized by U.S. Treasury Obligations, ranging in par value $193,546 - $624,335, 1.500%, 08/15/2026, with a total market value of $817,881)
(Cost $802,313)	$	802,313		802,313
TOTAL INVESTMENTS — 136.1%
(Cost $80,616,829)			$	53,496,522

Percentages are based on Net Assets of $39,303,442.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Colombia ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $8,014,770.
(B)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.
(C)	There’s currently no stated interest rate.
(D)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $8,229,710.
(E)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	35,163,048	$	—	$	—	$	35,163,048
U.S. Treasury Obligation		—		5,999,826		—		5,999,826
Preferred Stock		4,103,938		—		—		4,103,938
Short-Term Investment		7,427,397		—		—		7,427,397
Repurchase Agreement		—		802,313		—		802,313
Total Investments in Securities	$	46,694,383	$	6,802,139	$	—	$	53,496,522

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Argentina ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 95.5%
ARGENTINA— 77.1%
Communication Services — 3.8%
Telecom Argentina ADR		205,726	$	1,413,338
Consumer Discretionary — 28.3%
Despegar.com ^*		137,432		948,281
MercadoLibre ^*		16,670		9,727,111
				10,675,392
Energy — 6.5%
Transportadora de Gas del Sur ADR		273,386		1,252,108
YPF ADR		313,803		1,205,004
				2,457,112

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Argentina ETF

	Shares		Value
COMMON STOCK — continued
Financials — 10.6%
Banco BBVA Argentina ADR		305,668	$	797,794
Banco Macro ADR		88,476		1,443,044
Grupo Financiero Galicia ADR		176,487		1,256,587
Grupo Supervielle ADR ^(A)		303,348		512,658
				4,010,083
Industrials — 0.9%
America Airports ^*		136,283		347,522
Information Technology — 14.7%
Globant ^*		47,890		5,539,436
Materials — 2.3%
Loma Negra Cia Industrial Argentina ADR ^*		243,273		880,648
Real Estate — 2.5%
Cresud SACIF y A ADR ^*		138,954		440,484
IRSA Inversiones y Representaciones ADR ^*		98,443		323,877
IRSA Propiedades Comerciales ADR		27,115		173,265
				937,626
Utilities — 7.5%
Central Puerto ADR ^(A)		424,964		1,032,662
Empresa Distribuidora Y Comercializadora Norte ADR ^*		87,111		261,333
Pampa Energia ADR ^*		150,807		1,556,328
				2,850,323
TOTAL ARGENTINA				29,111,480
BRAZIL— 5.7%
Consumer Discretionary — 2.9%
Arcos Dorados Holdings, Cl A		288,938		1,100,854
Consumer Staples — 2.8%
Adecoagro ^*		263,697		1,052,151
TOTAL BRAZIL				2,153,005

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Argentina ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
CANADA— 4.3%
Materials — 4.3%
SSR Mining ^*		92,430	$	1,623,073
CHILE— 8.0%
Consumer Staples — 8.0%
Cencosud		1,372,718		1,658,487
Cia Cervecerias Unidas		192,491		1,381,564
TOTAL CHILE				3,040,051
UNITED KINGDOM— 0.4%
Energy — 0.4%
Phoenix Global Resources PLC ^*		1,524,632		150,002
TOTAL COMMON STOCK
(Cost $80,978,026)				36,077,611

U.S. TREASURY OBLIGATION — 15.9%
United States Treasury Bill
0.065%, 05/14/20^(B)
(Cost $5,999,859)	$	6,000,000		5,999,827

PREFERRED STOCK — 4.3%
CHILE— 4.3%
Consumer Staples — 4.3%
Embotelladora Andina ^(C)
(Cost $1,922,829)		679,943		1,621,836

SHORT-TERM INVESTMENT^(D)(E) — 0.8%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $287,697)		287,697		287,697

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Argentina ETF

	Face Amount		Value
REPURCHASE AGREEMENT^(D) — 0.1%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20, repurchase price $31,077 (collateralized by U.S. Treasury Obligations, ranging in par value $7,497 - $24,183, 1.500%, 08/15/2026, with a total market value of $31,680)
(Cost $31,077)	$	31,077	$	31,077
TOTAL INVESTMENTS — 116.6%
(Cost $89,219,488)			$	44,018,048

Percentages are based on Net Assets of $37,758,726.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $290,747.
(B)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.
(C)	There’s currently no stated interest rate.
(D)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $318,774.
(E)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Argentina ETF

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	36,077,611	$	—	$	—	$	36,077,611
U.S. Treasury Obligation		—		5,999,827		—		5,999,827
Preferred Stock		1,621,836		—		—		1,621,836
Short-Term Investment		287,697		—		—		287,697
Repurchase Agreement		—		31,077		—		31,077
Total Investments in Securities	$	37,987,144	$	6,030,904	$	—	$	44,018,048

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Greece ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.9%
GREECE— 90.9%
Communication Services — 18.9%
Hellenic Telecommunications Organization		2,050,398	$	27,174,247
Consumer Discretionary — 15.3%
FF Group ^*(A)(B)(C)		452,712		119,006
FF Group ADR ^*(A)(B)(C)		200,300		52,653
JUMBO		132,207		2,069,287
JUMBO ADR		340,000		5,321,646
OPAP		940,759		8,449,407
OPAP ADR ^(D)		1,404,900		6,048,095
				22,060,094
Consumer Staples — 2.3%
Sarantis		394,986		3,374,507

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Greece ETF

	Shares		Value
COMMON STOCK — continued
Energy — 11.1%
Capital Product Partners ^(E)		212,814	$	2,070,680
Hellenic Petroleum		625,461		4,144,667
Motor Oil Hellas Corinth Refineries		282,739		4,152,871
Motor Oil Hellas Corinth Refineries ADR		368,300		2,704,795
Tsakos Energy Navigation		829,854		2,862,996
				15,936,009
Financials — 19.5%
Alpha Bank AE ^*		11,855,523		8,661,249
Eurobank Ergasias ^*		22,143,564		8,930,284
Hellenic Exchanges - Athens Stock Exchange		705,868		2,636,403
National Bank of Greece ^*		3,130,380		4,248,175
Piraeus Bank ^{* (D)}		2,787,066		3,718,164
				28,194,275
Industrials — 10.5%
Aegean Airlines		391,031		2,518,387
Ellaktor ^*		1,595,109		1,554,943
GEK Terna Holding Real Estate Construction ^*		754,865		4,812,007
Mytilineos Holdings		411,287		3,063,288
Mytilineos Holdings ADR		426,200		3,174,380
				15,123,005
Real Estate — 3.0%
LAMDA Development ^*		662,360		4,352,906
Utilities — 10.3%
Athens Water Supply & Sewage		481,228		3,573,671
Holding ADMIE IPTO		1,373,802		3,084,693
Public Power ^*		1,143,602		3,319,363
Terna Energy		511,737		4,781,122
				14,758,849
TOTAL GREECE				130,973,892

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Greece ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
MONACO— 3.0%
Energy — 3.0%
GasLog		470,296	$	2,172,768
GasLog Partners		350,193		2,108,162
TOTAL MONACO				4,280,930
UNITED STATES— 6.0%
Energy — 2.3%
Dorian LPG ^*		349,726		3,318,900
Materials — 3.7%
Titan Cement International ^*		383,777		5,330,061
TOTAL UNITED STATES				8,648,961
TOTAL COMMON STOCK
(Cost $241,554,369)				143,903,783

SHORT-TERM INVESTMENT^(F)(G) — 2.6%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $3,802,086)		3,802,086		3,802,086

REPURCHASE AGREEMENT^(F) — 0.3%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20, repurchase price $410,704 (collateralized by U.S. Treasury Obligations, ranging in par value $99,076 - $319,597, 1.500%, 08/15/2026, with a total market value of $418,673)
(Cost $410,704)	$	410,704		410,704
TOTAL INVESTMENTS — 102.8%
(Cost $245,767,159)			$	148,116,573

Percentages are based on Net Assets of $144,034,454.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Greece ETF

*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2020 was $171,659 and represented 0.1% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2020 was $171,659 and represents 0.1% of Net Assets.
(D)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $3,930,024.
(E)	Security considered Master Limited Partnership. At April 30, 2020, these securities amounted to $2,070,680 or 1.4% of net assets.
(F)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $4,212,790.
(G)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	143,732,124	$	—	$	171,659	$	143,903,783
Short-Term Investment		3,802,086		—		—		3,802,086
Repurchase Agreement		—		410,704		—		410,704
Total Investments in Securities	$	147,534,210	$	410,704	$	171,659	$	148,116,573

⁽¹⁾

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Norway ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.8%
FAROE ISLANDS— 2.5%
Consumer Staples — 2.5%
Bakkafrost P/F ^*		18,651	$	924,378
FRANCE— 1.5%
Communication Services — 1.5%
Adevinta, Cl B ^*		64,917		538,352
NORWAY— 93.9%
Communication Services — 12.5%
Schibsted, Cl B		36,259		706,408
Telenor		252,314		3,882,400
				4,588,808

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Norway ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — 0.7%
Europris ^(A)		57,326	$	211,476
XXL ^*		44,554		44,992
				256,468
Consumer Staples — 18.0%
Austevoll Seafood		37,375		292,394
Grieg Seafood		18,427		181,393
Leroy Seafood Group ^(A)		111,685		594,732
Mowi ^(A)		149,508		2,567,496
Norway Royal Salmon		4,744		96,462
Orkla		233,158		2,115,854
Salmar		19,017		744,338
				6,592,669
Energy — 19.4%
Aker BP		40,098		667,414
Aker Solutions ^*		62,828		41,498
BW Energy ^*		14,201		17,703
BW Offshore ^*		33,230		94,297
DNO International ^(A)		267,855		122,060
Equinor ^(A)		354,614		4,977,654
Frontline		38,128		361,150
Hoegh LNG Holdings		22,888		24,994
Kvaerner		42,400		26,387
Ocean Yield		28,966		75,536
Odfjell Drilling ^*		36,400		30,275
Petroleum Geo-Services ^*		153,473		55,490
TGS Nopec Geophysical		41,511		639,549
				7,134,007
Financials — 21.9%
Aker, Cl A ^(A)		8,944		237,525
Axactor ^*		47,420		31,089
B2Holding		75,115		30,356
DnB		330,579		4,017,585

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Norway ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Gjensidige Forsikring		73,633	$	1,304,126
Norwegian Finance Holding		40,080		215,508
Protector Forsikring ^(A)		30,495		103,395
Sbanken		27,564		147,536
Sparebank 1 Nord Norge		43,318		260,258
Sparebank 1 Oestlandet		11,487		94,081
SpareBank 1 SMN		49,806		365,033
SpareBank 1 SR-Bank ^*		52,911		337,309
Storebrand		171,429		862,215
				8,006,016
Industrials — 6.4%
Golden Ocean Group		40,173		144,267
Kongsberg Gruppen		22,660		292,243
NEL, Cl A ^*		272,947		337,193
Norwegian Air Shuttle ^*		63,764		31,933
Stolt-Nielsen		12,700		108,738
TOMRA Systems		35,318		1,176,397
Veidekke		26,360		235,754
Wallenius Wilhelmsen, Cl B		37,527		41,348
				2,367,873
Information Technology — 1.7%
Atea		33,478		293,846
Nordic Semiconductor ^*		57,291		338,604
				632,450
Materials — 9.5%
Borregaard		42,097		392,566
Elkem		47,653		80,156
Norsk Hydro		446,576		1,143,582
Yara International ^(A)		54,422		1,860,121
				3,476,425
Real Estate — 2.3%
Entra		56,502		713,217

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Norway ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Selvaag Bolig		29,958	$	124,440
				837,657
Utilities — 1.5%
Fjordkraft Holding		10,542		71,177
Scatec Solar		31,765		465,306
				536,483
TOTAL NORWAY				34,428,856
SINGAPORE— 0.3%
Energy — 0.3%
BW LPG		37,650		129,386
UNITED ARAB EMIRATES— 0.1%
Energy — 0.1%
Borr Drilling ^*(A)		27,442		19,468
UNITED KINGDOM— 1.5%
Energy — 1.5%
FLEX LNG ^(A)		9,083		47,195
Subsea 7		88,475		491,915
TOTAL UNITED KINGDOM				539,110
TOTAL COMMON STOCK
(Cost $59,279,887)				36,579,550

RIGHT — 0.0%
	Number of Rights
Norway — 0.0%
XXL^(B)(C)(D)		20,673		10,762

TOTAL RIGHT (Cost $–)				10,762

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Norway ETF

	Shares/Face Amount		Value
SHORT-TERM INVESTMENT^(E)(F) — 19.1%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $7,018,618)		7,018,618	$	7,018,618

REPURCHASE AGREEMENT^(E) — 2.1%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20, repurchase price $758,157 (collateralized by U.S. Treasury Obligations, ranging in par value $182,893 - $589,973, 1.500%, 08/15/2026, with a total market value of $772,866)
(Cost $758,156)	$	758,156		758,156
TOTAL INVESTMENTS — 121.0%
(Cost $67,056,661)			$	44,367,086

Percentages are based on Net Assets of $36,666,177.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $7,517,374.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2020 was $10,762 and represented 0.0% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2020 was $10,762 and represents 0.0% of Net Assets.
(D)	Level 3 security in accordance with fair value hierarchy.
(E)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $7,776,774.
(F)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

Cl — Class

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Norway ETF

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	36,579,550	$	—	$	—	$	36,579,550
Right		—		—		10,762		10,762
Short-Term Investment		7,018,618		—		—		7,018,618
Repurchase Agreement		—		758,156		—		758,156
Total Investments in Securities	$	43,598,168	$	758,156	$	10,762	$	44,367,086

⁽¹⁾

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X FTSE Nordic Region ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.2%
DENMARK— 37.0%
Consumer Staples — 2.2%
Carlsberg, Cl B		3,024	$	381,227
Financials — 1.4%
Danske Bank		19,821		235,152
Health Care — 22.3%
Coloplast, Cl B		3,978		629,060
Novo Nordisk, Cl B		49,711		3,169,960
				3,799,020
Industrials — 7.8%
A P Moller - Maersk, Cl B		192		190,854
DSV PANALPINA		6,071		626,296
Vestas Wind Systems		5,848		503,344
				1,320,494
Utilities — 3.3%
Orsted		5,645		570,580
TOTAL DENMARK				6,306,473

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X FTSE Nordic Region ETF

	Shares		Value
COMMON STOCK — continued
FINLAND— 18.1%
Energy — 2.6%
Neste		12,418	$	439,735
Financials — 6.5%
Nordea Bank Abp ^*		96,471		617,822
Sampo, Cl A ^*		14,671		485,932
				1,103,754
Industrials — 4.2%
Kone, Cl B		11,717		709,958
Information Technology — 3.6%
Nokia		167,733		610,680
Utilities — 1.2%
Fortum		12,820		212,733
TOTAL FINLAND				3,076,860
NORWAY— 6.4%
Communication Services — 1.8%
Telenor		19,308		297,096
Energy — 2.4%
Equinor		29,400		412,683
Financials — 2.2%
DnB		31,182		378,960
TOTAL NORWAY				1,088,739
SWEDEN— 37.7%
Communication Services — 1.6%
Telia		77,716		268,543
Consumer Discretionary — 2.1%
Hennes & Mauritz, Cl B		26,164		364,847
Consumer Staples — 3.5%
Essity, Cl B		18,195		591,460

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X FTSE Nordic Region ETF

	Shares		Value
COMMON STOCK — continued
Financials — 10.6%
Investor, Cl B		13,599	$	683,904
Skandinaviska Enskilda Banken, Cl A ^*		42,811		352,141
Svenska Handelsbanken, Cl A		44,334		409,878
Swedbank, Cl A		29,948		353,715
				1,799,638
Industrials — 13.1%
Assa Abloy, Cl B		27,468		495,100
Atlas Copco, Cl A		18,833		654,234
Sandvik		32,216		499,046
Volvo, Cl B		44,836		579,088
				2,227,468
Information Technology — 6.8%
Hexagon, Cl B		7,591		378,571
Telefonaktiebolaget LM Ericsson, Cl B		89,437		779,250
				1,157,821
TOTAL SWEDEN				6,409,777
TOTAL COMMON STOCK
(Cost $19,003,326)				16,881,849
TOTAL INVESTMENTS — 99.2%
(Cost $19,003,326)			$	16,881,849

Percentages are based on Net Assets of $17,020,417.

*	Non-income producing security.

Cl — Class

As of April 30, 2020, 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.

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Nigeria ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 98.5%
NIGERIA— 95.7%
Communication Services — 5.6%
Nigeria Communications		5,666,143	$	1,652,625
Consumer Staples — 26.2%
Dangote Sugar Refinery		37,739,109		1,223,573
Flour Mills of Nigeria		24,022,814		1,313,748
Nestle Nigeria		1,211,123		2,902,280
Nigerian Breweries		12,750,569		996,138
UAC of Nigeria		38,739,565		696,101
Unilever Nigeria		24,647,104		673,944
				7,805,784
Financials — 45.1%
Access Bank		67,702,942		1,163,644
FBN Holdings		113,264,967		1,356,820
Fidelity Bank		176,888,874		824,560
First City Monument Bank		171,109,376		766,428
Guaranty Trust Bank		66,031,216		3,611,082
Stanbic IBTC Holdings		17,063,251		1,266,413
Sterling Bank		212,093,700		706,979
United Bank for Africa		87,003,212		1,370,754
Zenith Bank		62,245,336		2,317,990
				13,384,670

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Nigeria ETF

	Shares		Value
COMMON STOCK — continued
Materials — 16.3%
Dangote Cement		11,501,848	$	3,893,855
Lafarge Africa ^*		30,621,105		940,961
				4,834,816
Utilities — 2.5%
Transnational Corp of Nigeria		432,691,712		743,689
TOTAL NIGERIA				28,421,584
TOGO— 2.8%
Financials — 2.8%
Ecobank Transnational ^*		71,328,071		826,588
TOTAL COMMON STOCK
(Cost $43,141,986)				29,248,172
TOTAL INVESTMENTS — 98.5%
(Cost $43,141,986)			$	29,248,172

Percentages are based on Net Assets of $29,701,617.

*	Non-income producing security.

As of April 30, 2020, 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.

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.7%
ARGENTINA— 0.1%
Energy — 0.1%
YPF ADR		5,017	$	19,265
BAHRAIN— 0.7%
Financials — 0.7%
Ahli United Bank BSC		125,507		79,533
GFH FINANCIAL GROUP BSC		68,140		11,149
TOTAL BAHRAIN				90,682
BANGLADESH— 1.1%
Communication Services — 0.2%
GrameenPhone ^(A)(B)(C)		9,276		27,990
Financials — 0.1%
BRAC Bank ^*(A)(B)(C)		20,592		8,300
Health Care — 0.8%
Square Pharmaceuticals ^(A)(B)(C)		50,642		110,385
TOTAL BANGLADESH				146,675

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
CHILE— 1.7%
Consumer Discretionary — 0.4%
SACI Falabella		22,164	$	60,450
Consumer Staples — 0.4%
Cencosud		42,834		51,751
Financials — 0.9%
Banco de Chile		580,439		51,102
Banco de Credito e Inversiones		632		23,435
Banco Santander Chile		842,508		36,130
				110,667
TOTAL CHILE				222,868
COLOMBIA— 0.1%
Financials — 0.1%
Grupo de Inversiones Suramericana		2,978		16,350
CZECH REPUBLIC— 0.8%
Financials — 0.1%
Komercni Banka		970		20,598
Utilities — 0.7%
CEZ		4,751		88,759
TOTAL CZECH REPUBLIC				109,357
EGYPT— 0.6%
Financials — 0.6%
Commercial International Bank Egypt S.A.E.		18,366		74,572
ESTONIA— 0.2%
Industrials — 0.2%
Tallink Grupp		21,172		15,769
Tallinna Sadam		6,398		12,018
TOTAL ESTONIA				27,787

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
GREECE— 1.3%
Communication Services — 0.7%
Hellenic Telecommunications Organization		7,080	$	93,833
Consumer Discretionary — 0.4%
OPAP		5,772		51,841
Financials — 0.2%
Alpha Bank AE ^*		17,712		12,940
Eurobank Ergasias ^*		33,161		13,373
				26,313
TOTAL GREECE				171,987
INDONESIA— 9.0%
Communication Services — 2.1%
Telekomunikasi Indonesia Persero		1,180,135		277,679
Consumer Discretionary — 0.9%
Astra International		484,067		125,288
Consumer Staples — 2.0%
Charoen Pokphand Indonesia		173,000		53,499
Gudang Garam		11,154		33,968
Indofood CBP Sukses Makmur TBK		54,100		35,915
Indofood Sukses Makmur		101,900		44,699
Unilever Indonesia		182,795		101,689
				269,770
Energy — 0.3%
United Tractors		39,350		43,120
Financials — 2.8%
Bank Central Asia		104,058		180,834
Bank Mandiri		192,136		57,608
Bank Negara Indonesia Persero		79,300		21,857
Bank Rakyat Indonesia Persero		587,470		107,818
				368,117

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 0.4%
Kalbe Farma		489,300	$	47,368
Materials — 0.5%
Indocement Tunggal Prakarsa		42,700		33,442
Semen Indonesia Persero		68,900		36,824
				70,266
TOTAL INDONESIA				1,201,608
JORDAN— 0.1%
Financials — 0.1%
Arab Bank ^(A)(B)(C)		2,322		15,398
KAZAKHSTAN— 0.5%
Energy — 0.3%
NAC Kazatomprom JSC GDR		3,153		47,295
Financials — 0.2%
Halyk Savings Bank of Kazakhstan JSC GDR ^*		2,301		20,709
TOTAL KAZAKHSTAN				68,004
KENYA— 2.1%
Communication Services — 1.9%
Safaricom		983,200		261,270
Financials — 0.2%
Equity Group Holdings		64,500		22,643
TOTAL KENYA				283,913
KUWAIT— 8.0%
Communication Services — 2.3%
Mobile Telecommunications KSC		176,108		301,769
Financials — 3.9%
Boubyan Bank KSCP		20,734		33,518
Burgan Bank SAK		17,789		11,963
Gulf Bank KSCP		34,731		24,254
Kuwait Finance House		98,958		190,686

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
National Bank of Kuwait SAK		106,021	$	253,998
				514,419
Industrials — 1.2%
Agility Public Warehousing KSC ^*		79,388		165,039
Real Estate — 0.6%
Mabanee SAK		42,171		86,714
TOTAL KUWAIT				1,067,941
LUXEMBOURG— 0.1%
Financials — 0.1%
Reinet Investments SCA		992		16,022
MALAYSIA— 7.7%
Communication Services — 1.9%
Axiata Group		79,867		73,181
DiGi.com		91,602		98,845
Maxis		69,176		88,159
				260,185
Consumer Staples — 1.0%
Nestle Malaysia		2,070		67,444
PPB Group		16,500		63,160
				130,604
Financials — 1.9%
CIMB Group Holdings		63,690		51,100
Hong Leong Bank		8,300		25,672
Public Bank		40,510		154,315
RHB Bank		20,500		22,645
				253,732
Industrials — 0.3%
Malaysia Airports Holdings		28,300		34,552
Utilities — 2.6%
Petronas Gas		23,189		83,049

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Tenaga Nasional		91,983	$	261,831
				344,880
TOTAL MALAYSIA				1,023,953
MEXICO— 6.1%
Communication Services — 0.6%
Grupo Televisa		71,511		76,917
Consumer Staples — 2.4%
Kimberly-Clark de Mexico, Cl A		44,900		64,192
Wal-Mart de Mexico		107,011		260,539
				324,731
Financials — 0.8%
Grupo Financiero Banorte, Cl O		34,144		94,516
Grupo Financiero Inbursa, Cl O		29,600		18,026
				112,542
Industrials — 1.3%
Grupo Aeroportuario del Pacifico, Cl B		10,500		66,413
Grupo Aeroportuario del Sureste, Cl B		6,125		62,097
Promotora y Operadora de Infraestructura ^*		6,617		46,530
				175,040
Real Estate — 0.6%
Fibra Uno Administracion ^‡		93,600		77,718
Utilities — 0.4%
Infraestructura Energetica Nova		15,640		49,094
TOTAL MEXICO				816,042
MOROCCO— 2.4%
Communication Services — 1.8%
Maroc Telecom		17,966		234,605
Consumer Staples — 0.3%
Cosumar		2,301		42,024

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — 0.3%
Attijariwafa Bank		957	$	34,587
Banque Centrale Populaire		588		12,171
				46,758
TOTAL MOROCCO				323,387
NIGERIA— 0.8%
Financials — 0.3%
Guaranty Trust Bank		334,550		18,296
Zenith Bank		355,651		13,244
				31,540
Materials — 0.5%
Dangote Cement		204,272		69,155
TOTAL NIGERIA				100,695
OMAN— 0.4%
Communication Services — 0.3%
Oman Telecommunications SAOG		14,859		24,697
Ooredoo		14,000		15,198
				39,895
Financials — 0.1%
BankMuscat SAOG		18,437		15,514
TOTAL OMAN				55,409
PERU— 1.0%
Financials — 1.0%
Credicorp		888		132,330
PHILIPPINES— 4.7%
Financials — 0.5%
BDO Unibank		25,150		50,390
Metropolitan Bank & Trust		22,974		17,797
				68,187
Industrials — 1.3%
Aboitiz Equity Ventures		58,973		48,549

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
SM Investments		7,098	$	118,981
				167,530
Information Technology — 0.5%
PLDT		2,511		64,705
Real Estate — 2.4%
Ayala Land		217,770		138,023
SM Prime Holdings		298,227		183,397
				321,420
TOTAL PHILIPPINES				621,842
POLAND— 2.4%
Communication Services — 0.4%
Cyfrowy Polsat		7,661		47,285
Consumer Staples — 0.4%
Dino Polska ^*		1,415		59,659
Energy — 0.4%
Polskie Gornictwo Naftowe i Gazownictwo		51,930		46,561
Financials — 1.2%
Bank Polska Kasa Opieki		2,178		27,339
Powszechna Kasa Oszczednosci Bank Polski		11,130		59,155
Powszechny Zaklad Ubezpieczen		7,977		58,328
Santander Bank Polska		458		18,027
				162,849
TOTAL POLAND				316,354
QATAR— 3.8%
Energy — 0.5%
Qatar Fuel QSC		14,388		63,266
Financials — 1.2%
Commercial Bank PSQC		25,365		27,866
Masraf Al Rayan QSC		46,932		49,226
Qatar International Islamic Bank QSC		9,454		20,824

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Qatar Islamic Bank SAQ		14,763	$	62,807
				160,723
Industrials — 0.8%
Industries Qatar QSC		53,463		103,519
Materials — 0.5%
Mesaieed Petrochemical Holding		129,481		64,011
Real Estate — 0.3%
Barwa Real Estate		55,363		43,488
Utilities — 0.5%
Qatar Electricity & Water QSC		15,683		65,041
TOTAL QATAR				500,048
ROMANIA— 1.2%
Energy — 0.4%
Societatea Nationala de Gaze Naturale ROMGAZ		9,312		58,837
Financials — 0.4%
Banca Transilvania		89,521		38,629
BRD-Groupe Societe Generale		5,507		14,118
				52,747
Real Estate — 0.2%
NEPI Rockcastle		5,444		23,685
Utilities — 0.2%
Societatea Energetica Electrica		11,116		24,210
TOTAL ROMANIA				159,479
SAUDI ARABIA— 11.9%
Communication Services — 2.3%
Etihad Etisalat ^*		9,188		68,145
Saudi Telecom		9,942		239,879
				308,024

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — 0.4%
Jarir Marketing		1,478	$	58,097
Consumer Staples — 1.2%
Almarai JSC		6,255		81,790
Savola Group		6,555		70,699
				152,489
Energy — 1.9%
Saudi Arabian Oil		29,826		251,396
Financials — 4.0%
Al Rajhi Bank		13,418		204,397
Alinma Bank ^*		10,451		44,420
Arab National Bank		6,402		34,849
Bank AlBilad		3,947		23,924
Banque Saudi Fransi		5,856		48,267
Riyad Bank		12,841		58,203
Samba Financial Group		10,540		65,345
Saudi British Bank		7,666		50,345
				529,750
Materials — 1.4%
Saudi Arabian Fertilizer		4,084		77,003
Saudi Kayan Petrochemical ^*		17,742		41,012
Yanbu National Petrochemical		5,484		65,721
				183,736
Utilities — 0.7%
Saudi Electricity		20,825		94,614
TOTAL SAUDI ARABIA				1,578,106
SOUTH AFRICA— 5.4%
Communication Services — 0.2%
MultiChoice Group ^*		6,114		29,040
Consumer Discretionary — 2.4%
Mr Price Group		3,585		25,768

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Naspers, Cl N		1,851	$	292,175
				317,943
Consumer Staples — 0.8%
Clicks Group		3,669		46,092
Shoprite Holdings		6,577		38,366
Tiger Brands		2,531		24,890
				109,348
Financials — 1.7%
Absa Group		4,393		21,839
Capitec Bank Holdings		310		15,226
Discovery		2,698		14,250
Nedbank Group		2,537		14,810
Old Mutual		28,900		21,118
PSG Group		971		8,407
Remgro		3,244		24,200
RMB Holdings		5,196		14,995
Sanlam		11,528		37,211
Standard Bank Group		7,966		44,300
				216,356
Industrials — 0.2%
Bidvest Group		4,065		33,323
Real Estate — 0.1%
Redefine Properties ^‡		76,238		9,423
TOTAL SOUTH AFRICA				715,433
THAILAND— 10.5%
Communication Services — 1.4%
Advanced Info Service NVDR		19,834		121,376
Intouch Holdings PCL NVDR		36,500		60,354
				181,730
Consumer Discretionary — 0.3%
Home Product Center NVDR		96,060		40,378

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — 1.8%
Berli Jucker NVDR		19,690	$	24,494
CP ALL NVDR		97,172		213,235
				237,729
Energy — 2.2%
PTT NVDR		190,350		208,853
PTT Exploration & Production NVDR		22,650		59,154
Thai Oil NVDR		18,430		23,354
				291,361
Financials — 0.5%
Bangkok Bank NVDR		3,500		11,250
Kasikornbank NVDR		12,670		33,775
Krung Thai Bank NVDR		25,300		8,601
Siam Commercial Bank NVDR		5,970		12,639
				66,265
Health Care — 1.0%
Bangkok Dusit Medical Services NVDR		159,810		102,737
Bumrungrad Hospital NVDR		7,200		26,147
				128,884
Industrials — 1.6%
Airports of Thailand NVDR		71,720		137,987
Bangkok Expressway & Metro NVDR		124,000		36,217
BTS Group Holdings PCL NVDR		113,900		40,484
				214,688
Real Estate — 0.6%
Central Pattana NVDR ^*		36,500		55,278
Land & Houses NVDR		135,700		31,036
				86,314
Utilities — 1.1%
Electricity Generating		4,800		42,429
Energy Absolute NVDR		27,300		33,962
Global Power Synergy NVDR		11,600		25,276

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Gulf Energy Development NVDR		43,500	$	52,098
				153,765
TOTAL THAILAND				1,401,114
TURKEY— 2.5%
Communication Services — 0.5%
Turkcell Iletisim Hizmetleri		31,943		63,753
Consumer Staples — 0.7%
BIM Birlesik Magazalar		12,550		99,384
Energy — 0.4%
Tupras Turkiye Petrol Rafinerileri		3,750		48,716
Financials — 0.6%
Akbank Turk		36,504		30,762
Turkiye Garanti Bankasi		29,459		35,151
Turkiye Is Bankasi, Cl C		19,852		14,059
				79,972
Materials — 0.3%
Eregli Demir ve Celik Fabrikalari		40,305		46,651
TOTAL TURKEY				338,476
UNITED ARAB EMIRATES— 4.0%	��
Communication Services — 1.6%
Emirates Telecommunications Group PJSC		51,233		216,197
Financials — 1.4%
Abu Dhabi Commercial Bank PJSC		35,539		42,959
Dubai Islamic Bank PJSC		21,018		21,000
National Bank of Abu Dhabi PJSC		35,785		113,013
				176,972
Real Estate — 1.0%
Aldar Properties PJSC		115,237		57,099

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Emaar Properties PJSC		103,350	$	76,814
				133,913
TOTAL UNITED ARAB EMIRATES				527,082
VIETNAM— 8.5%
Consumer Staples — 2.5%
Masan Group ^*		33,170		83,247
Saigon Beer Alcohol Beverage		5,200		36,177
Vietnam Dairy Products JSC		49,890		210,812
				330,236
Energy — 0.1%
Vietnam National Petroleum Group		6,700		11,525
Financials — 0.3%
Bank for Foreign Trade of Vietnam JSC		8,460		24,554
Bank for Investment and Development of Vietnam JSC		3,580		5,440
Saigon Thuong Tin Commercial JSB ^*		11,470		4,455
				34,449
Industrials — 0.5%
Vietjet Aviation JSC ^*		13,130		64,728
Materials — 0.7%
Hoa Phat Group JSC ^*		109,550		100,530
Real Estate — 4.3%
No Va Land Investment Group ^*		18,860		42,825
Vincom Retail JSC		75,430		74,371
Vingroup JSC ^*		68,410		268,338
Vinhomes JSC		68,570		186,139
				571,673
Utilities — 0.1%
PetroVietnam Gas JSC		4,160		11,257

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Value
COMMON STOCK — continued
TOTAL VIETNAM	$	1,124,398
TOTAL COMMON STOCK
(Cost $16,402,221)		13,266,577
TOTAL INVESTMENTS — 99.7%
(Cost $16,402,221)	$	13,266,577

Percentages are based on Net Assets of $13,303,082.

*	Non-income producing security.
‡	Real Estate Investment Trust
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2020 was $162,073 and represented 1.2% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2020 was $162,073 and represents 1.2% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	11,980,106	$	1,124,398	$	162,073	$	13,266,577
Total Investments in Securities	$	11,980,106	$	1,124,398	$	162,073	$	13,266,577

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Next Emerging & Frontier ETF

	Investments in Common Stock
Beginning Balance as of October 31, 2019	$	‒
Transfers out of Level 3	‒
Transfers into Level 3		162,073
Net purchases	‒
Net sales	‒
Realized gain/(loss)	‒
Change in unrealized appreciation/(depreciation)		‒
Ending Balance as of April 30, 2020	$	162,073

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Portugal ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.9%
NETHERLANDS— 2.5%
Communication Services — 2.5%
Altice Europe ^*		94,735	$	377,180
PORTUGAL— 92.3%
Communication Services — 5.9%
NOS SGPS ^(A)		181,386		676,281
Pharol SGPS ^*(A)		1,212,718		92,981
Sonaecom		64,845		123,939
				893,201
Consumer Discretionary — 0.9%
Ibersol SGPS		30,155		132,446
Consumer Staples — 10.2%
Jeronimo Martins		46,708		788,622
Sonae ^(A)		942,223		738,925
				1,527,547

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Portugal ETF

	Shares		Value
COMMON STOCK — continued
Energy — 21.8%
Galp Energia		281,789	$	3,245,393
Financials — 3.1%
Banco Comercial Portugues, Cl R ^(A)		4,147,153		463,323
Banco Espirito Santo ^*(B)(C)(D)		2,085,614		—
BANIF - Banco Internacional do Funchal ^*(B)(C)(D)		55,479,410		12
				463,335
Industrials — 5.9%
CTT-Correios de Portugal		217,091		511,228
Mota-Engil		174,056		219,240
Sonae Capital		182,471		98,132
Teixeira Duarte ^*		367,681		48,327
				876,927
Materials — 16.3%
Altri ^(A)		114,485		604,407
Corticeira Amorim SGPS		61,285		645,748
Navigator ^(A)		253,708		659,704
Ramada Investimentos E Industria		13,272		45,064
Semapa-Sociedade de Investimento e Gestao ^*		48,115		474,304
				2,429,227
Utilities — 28.2%
Energias de Portugal		811,762		3,423,130
REN - Redes Energeticas Nacionais		286,728		777,283
				4,200,413
TOTAL PORTUGAL				13,768,489
SPAIN— 5.1%
Utilities — 5.1%
EDP Renovaveis		61,380		752,972
TOTAL COMMON STOCK
(Cost $23,395,764)				14,898,641

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Portugal ETF

	Shares/Face Amount		Value
SHORT-TERM INVESTMENT^(E)(F) — 14.2%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $2,115,580)		2,115,580	$	2,115,580

REPURCHASE AGREEMENT^(E) — 1.5%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20 repurchase price $228,527 (collateralized by U.S. Treasury Obligations, ranging in par value $55,128 - $177,832, 1.500%, 08/15/2026, with a total market value of $232,960)
(Cost $228,527)	$	228,527		228,527
TOTAL INVESTMENTS — 115.6%
(Cost $25,739,871)			$	17,242,748

Percentages are based on Net Assets of $14,920,472.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $2,188,640.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security considered illiquid. The total value of such securities as of April 30, 2020 was $12 and represented 0.0% of Net Assets.
(D)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2020 was $12 and represents 0.0% of Net Assets.
(E)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $2,344,107.
(F)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

Cl — Class

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Portugal ETF

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	14,898,629	$	—	$	12	$	14,898,641
Short-Term Investment		2,115,580		—		—		2,115,580
Repurchase Agreement		—		228,527		—		228,527
Total Investments in Securities	$	17,014,209	$	228,527	$	12	$	17,242,748

⁽¹⁾

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Pakistan ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.6%
PAKISTAN— 99.6%
Consumer Discretionary — 3.5%
Honda Atlas Cars Pakistan		342,350	$	365,458
Nishat Mills		1,460,200		699,986
PAK Suzuki Motor		279,300		286,745
				1,352,189
Energy — 22.4%
Oil & Gas Development		4,298,940		2,824,232
Pakistan Oilfields		736,134		1,458,360
Pakistan Petroleum		4,537,876		2,584,220
Pakistan State Oil		1,728,014		1,663,850
				8,530,662
Financials — 25.1%
Bank Al Habib		4,220,200		1,513,878
Bank Alfalah		4,773,060		896,725
Habib Bank		3,777,950		2,371,480
MCB Bank		2,765,740		2,822,563
National Bank of Pakistan		3,555,900		628,588
United Bank		1,975,590		1,318,456
				9,551,690

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Pakistan ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 2.2%
Searle		728,416	$	842,169
Industrials — 4.5%
Millat Tractors		187,900		819,999
Pak Elektron		2,802,200		420,920
Pakistan International Bulk Terminal ^*		7,450,987		439,974
				1,680,893
Materials — 34.0%
DG Khan Cement		2,174,660		1,174,960
Engro		2,111,349		4,051,421
Engro Fertilizers		3,482,300		1,338,853
Fauji Cement		5,857,200		622,333
Fauji Fertilizer		3,110,400		2,168,116
Fauji Fertilizer Bin Qasim		2,891,500		297,128
International Steels		1,490,500		509,210
Lucky Cement		688,460		2,019,512
Maple Leaf Cement Factory		4,652,318		817,474
				12,999,007
Utilities — 7.9%
Hub Power		3,441,742		1,807,196
K-Electric ^*		20,027,200		375,881
Kot Addu Power		2,587,848		371,779
SUI Northern Gas Pipeline		1,425,600		470,504
				3,025,360
TOTAL PAKISTAN				37,981,970
TOTAL COMMON STOCK
(Cost $49,796,068)				37,981,970

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI Pakistan ETF

	Face Amount		Value
U.S. TREASURY OBLIGATION — 3.9%
United States Treasury Bill
0.060%, 05/14/20^(A)
(Cost $1,499,968)	$	1,500,000	$	1,499,957
TOTAL INVESTMENTS — 103.5%
(Cost $51,296,036)			$	39,481,927

Percentages are based on Net Assets of $38,146,850.

*	Non-income producing security.
(A)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	37,981,970	$	—	$	—	$	37,981,970
U.S. Treasury Obligation		—		1,499,957		—		1,499,957
Total Investments in Securities	$	37,981,970	$	1,499,957	$	—	$	39,481,927

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X DAX Germany ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 94.6%
GERMANY— 85.1%
Communication Services — 4.9%
Deutsche Telekom		45,333	$	661,631
Consumer Discretionary — 10.8%
adidas		2,643		605,610
Bayerische Motoren Werke		4,772		282,508
Continental ^*		1,600		135,292
Daimler		12,566		434,034
				1,457,444
Consumer Staples — 1.1%
Beiersdorf		1,459		152,741
Financials — 16.6%
Allianz		6,164		1,140,183
Deutsche Bank		30,703		227,938
Deutsche Boerse		2,742		425,720

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

100


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X DAX Germany ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		2,099	$	461,647
				2,255,488
Health Care — 12.4%
Bayer		14,565		959,418
Fresenius & KGaA		6,119		265,606
Fresenius Medical Care & KGaA		3,040		238,608
Merck KGaA		1,923		223,475
				1,687,107
Industrials — 12.1%
Deutsche Lufthansa		6,737		60,198
Deutsche Post		14,692		436,903
MTU Aero Engines		780		106,194
Siemens		11,218		1,040,472
				1,643,767
Information Technology — 13.5%
Infineon Technologies		18,684		346,875
SAP		11,128		1,327,818
Wirecard		1,698		168,128
				1,842,821
Materials — 6.5%
BASF		13,590		694,914
Covestro		2,325		78,129
HeidelbergCement		2,169		103,058
				876,101
Real Estate — 2.8%
Vonovia		7,584		374,220
Utilities — 4.4%
E.ON		33,172		332,305
RWE		9,179		263,811
				596,116

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

101


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X DAX Germany ETF

	Shares		Value
COMMON STOCK — continued
TOTAL GERMANY			$	11,547,436
UNITED KINGDOM— 9.5%
Materials — 9.5%
Linde		6,961		1,284,711
TOTAL COMMON STOCK
(Cost $16,807,771)				12,832,147

PREFERRED STOCK — 4.5%
GERMANY— 4.5%
Consumer Discretionary — 2.8%
Volkswagen^(A)		2,736		384,243
Consumer Staples — 1.7%
Henkel & KGaA^(A)		2,599		230,696
TOTAL PREFERRED STOCK
(Cost $949,879)				614,939
TOTAL INVESTMENTS — 99.1%
(Cost $17,757,650)			$	13,447,086

Percentages are based on Net Assets of $13,569,849.

*	Non-income producing security.
(A)	There’s currently no stated interest rate.

As of April 30, 2020, 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.

For the period ended April 30, 2020, there were no transfers in or out of Level 3.

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

102


Statements of Assets and Liabilities
	April 30, 2020 (Unaudited)

	Global X MSCI China Consumer Discretionary ETF			Global X MSCI China Energy ETF			Global X MSCI China Financials ETF			Global X MSCI China Industrials ETF
Assets:
Cost of Investments	$	141,016,617		$	2,342,705		$	43,796,281		$	2,241,820
Cost of Repurchase Agreement		834,657			—			25,092			—
Cost of Foreign Currency		9,884			20			941			30
Investments, at Value	$	143,999,755	*	$	1,759,094		$	36,473,932	*	$	1,923,456
Repurchase Agreement, at Value		834,657			—			25,092			—
Cash		44,295			—			44,790			—
Foreign Currency, at Value		9,884			21			944			31
Dividend and Interest Receivable		18,971			—			1,515			—
Total Assets		144,907,562			1,759,115			36,546,273			1,923,487
Liabilities:
Obligation to Return Securities Lending Collateral		8,561,481			—			257,384			—
Payable due to Investment Adviser		71,405			882			19,576			983
Unrealized Depreciation on Spot Contracts		—			—			2			—
Cash Overdraft		—			98,564			—			13
Total Liabilities		8,632,886			99,446			276,962			996
Net Assets	$	136,274,676		$	1,659,669		$	36,269,311		$	1,922,491
Net Assets Consist of:
Paid-in Capital	$	207,819,667		$	3,789,904		$	52,105,434		$	5,042,038
Total Distributable Loss		(71,544,991	)		(2,130,235	)		(15,836,123	)		(3,119,547	)
Net Assets	$	136,274,676		$	1,659,669		$	36,269,311		$	1,922,491
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		7,750,000			200,000			2,550,000			150,000
Net Asset Value, Offering and Redemption Price Per Share	$	17.58		$	8.30		$	14.22		$	12.82
*Includes Market Value of Securities on Loan	$	8,021,713		$	—		$	244,446		$	—

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

103


Statements of Assets and Liabilities
	April 30, 2020 (Unaudited)

	Global X MSCI China Materials ETF			Global X MSCI China Communication Services ETF			Global X MSCI China Consumer Staples ETF		Global X MSCI China Health Care ETF
Assets:
Cost of Investments	$	1,762,751		$	18,875,363		$	5,101,138	$	4,403,228
Cost of Foreign Currency		114			12			4		6
Investments, at Value	$	1,518,636		$	17,303,731		$	5,665,241	$	4,875,546
Cash		1,197			19,940			17,495		8,431
Foreign Currency, at Value		124			12			4		6
Dividend and Interest Receivable		971			92			—		—
Total Assets		1,520,928			17,323,775			5,682,740		4,883,983
Liabilities:
Payable due to Investment Adviser		782			9,724			2,615		3,169
Total Liabilities		782			9,724			2,615		3,169
Net Assets	$	1,520,146		$	17,314,051		$	5,680,125	$	4,880,814
Net Assets Consist of:
Paid-in Capital	$	3,818,673		$	25,148,222		$	4,930,917	$	4,017,132
Total Distributable Earnings/(Loss)		(2,298,527	)		(7,834,171	)		749,208		863,682
Net Assets	$	1,520,146		$	17,314,051		$	5,680,125	$	4,880,814
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		99,971			750,000			250,002		250,002
Net Asset Value, Offering and Redemption Price Per Share	$	15.21		$	23.09		$	22.72	$	19.52

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

104


Statements of Assets and Liabilities
	April 30, 2020 (Unaudited)

	Global X MSCI China Information Technology ETF			Global X MSCI China Real Estate ETF			Global X MSCI China Utilities ETF			Global X MSCI China Large-Cap 50 ETF
Assets:
Cost of Investments	$	10,433,626		$	8,773,531		$	1,505,850		$	2,587,606
Cost of Foreign Currency		8			9			7			3
Investments, at Value	$	9,704,555		$	8,381,966		$	1,384,044		$	2,780,176
Cash		30,206			12,675			—			3,399
Foreign Currency, at Value		8			9			8			3
Total Assets		9,734,769			8,394,650			1,384,052			2,783,578
Liabilities:
Payable due to Investment Adviser		4,482			4,923			703			639
Cash Overdraft		—			—			2,127			—
Total Liabilities		4,482			4,923			2,830			639
Net Assets	$	9,730,287		$	8,389,727		$	1,381,222		$	2,782,939
Net Assets Consist of:
Paid-in Capital	$	9,982,503		$	8,557,103		$	1,502,076		$	2,627,889
Total Distributable Earnings/(Loss)		(252,216	)		(167,376	)		(120,854	)		155,050
Net Assets	$	9,730,287		$	8,389,727		$	1,381,222		$	2,782,939
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		500,002			500,002			100,002			100,002
Net Asset Value, Offering and Redemption Price Per Share	$	19.46		$	16.78		$	13.81		$	27.83

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

105


Statements of Assets and Liabilities
	April 30, 2020 (Unaudited)

	Global X FTSE Southeast Asia ETF			Global X MSCI Colombia ETF			Global X MSCI Argentina ETF			Global X MSCI Greece ETF
Assets:
Cost of Investments	$	26,015,712		$	79,814,516		$	89,188,411		$	245,356,455
Cost of Repurchase Agreement		22,752			802,313			31,077			410,704
Cost of Foreign Currency		20,932			21,499			—			5,244
Investments, at Value	$	20,085,913	*	$	52,694,209	*	$	43,986,971	*	$	147,705,869	*
Repurchase Agreement, at Value		22,752			802,313			31,077			410,704
Cash		—			—			—			164,181
Foreign Currency, at Value		20,932			22,110			—			5,340
Dividend and Interest Receivable		70,010			446,581			62			42,384
Receivable for Investment Securities Sold		—			1,140,928			—			1,937,178
Reclaim Receivable		—			—			2,134			—
Total Assets		20,199,607			55,106,141			44,020,244			150,265,656
Liabilities:
Obligation to Return Securities Lending Collateral		233,378			8,229,710			318,774			4,212,790
Payable due to Investment Adviser		10,327			20,018			17,662			63,287
Unrealized Depreciation on Spot Contracts		5			—			—			—
Payable for Capital Shares Redeemed		—			1,142,563			—			1,918,974
Cash Overdraft		50,104			6,410,408			5,925,082			36,151
Total Liabilities		293,814			15,802,699			6,261,518			6,231,202
Net Assets	$	19,905,793		$	39,303,442		$	37,758,726		$	144,034,454
Net Assets Consist of:
Paid-in Capital	$	32,218,878		$	147,506,724		$	93,725,358		$	467,224,894
Total Distributable Loss		(12,313,085	)		(108,203,282	)		(55,966,632	)		(323,190,440	)
Net Assets	$	19,905,793		$	39,303,442		$	37,758,726		$	144,034,454
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		1,650,000			1,720,000			2,074,975			7,616,667
Net Asset Value, Offering and Redemption Price Per Share	$	12.06		$	22.85		$	18.20		$	18.91
*Includes Market Value of Securities on Loan	$	222,564		$	8,014,770		$	290,747		$	3,930,024

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

106


Statements of Assets and Liabilities
	April 30, 2020 (Unaudited)

	Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF			Global X MSCI Nigeria ETF			Global X MSCI Next Emerging & Frontier ETF
Assets:
Cost of Investments	$	66,298,505		$	19,003,326		$	43,141,986		$	16,402,221
Cost of Repurchase Agreement		758,156			—			—			—
Cost of Foreign Currency		—			4,722			1,709,348			40,329
Investments, at Value	$	43,608,930	*	$	16,881,849		$	29,248,172		$	13,266,577
Repurchase Agreement, at Value		758,156			—			—			—
Cash		72,690			—			—			—
Foreign Currency, at Value		—			4,722			1,703,749			40,291
Dividend and Interest Receivable		16,831			17,164			146,731			45,368
Receivable for Investment Securities Sold		—			—			68,339			—
Reclaim Receivable		—			127,295			—			—
Total Assets		44,456,607			17,031,030			31,166,991			13,352,236
Liabilities:
Obligation to Return Securities Lending Collateral		7,776,774			—			—			—
Payable due to Investment Adviser		13,656			6,515			15,829			4,954
Unrealized Depreciation on Spot Contracts		—			36			—			—
Cash Overdraft		—			4,062			1,449,545			44,200
Total Liabilities		7,790,430			10,613			1,465,374			49,154
Net Assets	$	36,666,177		$	17,020,417		$	29,701,617		$	13,303,082
Net Assets Consist of:
Paid-in Capital	$	96,996,603		$	23,928,889		$	71,678,136		$	41,006,424
Total Distributable Loss		(60,330,426	)		(6,908,472	)		(41,976,519	)		(27,703,342	)
Net Assets	$	36,666,177		$	17,020,417		$	29,701,617		$	13,303,082
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		4,150,000			860,000			2,962,135			850,000
Net Asset Value, Offering and Redemption Price Per Share	$	8.84		$	19.79		$	10.03		$	15.65
*Includes Market Value of Securities on Loan	$	7,517,374		$	—		$	—		$	—

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

107


Statements of Assets and Liabilities
	April 30, 2020 (Unaudited)

	Global X MSCI Portugal ETF			Global X MSCI Pakistan ETF			Global X DAX Germany ETF
Assets:
Cost of Investments	$	25,511,344		$	51,296,036		$	17,757,650
Cost of Repurchase Agreement		228,527			—			—
Cost of Foreign Currency		—			167,323			—
Investments, at Value	$	17,014,221	*	$	39,481,927		$	13,447,086
Repurchase Agreement, at Value		228,527			—			—
Foreign Currency, at Value		—			168,191			—
Dividend and Interest Receivable		86,715			165,964			55,812
Receivable for Investment Securities Sold		—			—			2,317,859
Reclaim Receivable		—			—			110,277
Total Assets		17,329,463			39,816,082			15,931,034
Liabilities:
Obligation to Return Securities Lending Collateral		2,344,107			—			—
Payable due to Investment Adviser		6,395			19,834			2,451
Payable for Capital Shares Redeemed		—			—			2,291,925
Cash Overdraft		58,489			1,649,398			66,809
Total Liabilities		2,408,991			1,669,232			2,361,185
Net Assets	$	14,920,472		$	38,146,850		$	13,569,849
Net Assets Consist of:
Paid-in Capital	$	36,488,400		$	82,515,287		$	18,980,537
Total Distributable Loss		(21,567,928	)		(44,368,437	)		(5,410,688	)
Net Assets	$	14,920,472		$	38,146,850		$	13,569,849
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		1,700,000			1,562,500			600,000
Net Asset Value, Offering and Redemption Price Per Share	$	8.78		$	24.41		$	22.62
*Includes Market Value of Securities on Loan	$	2,188,640		$	—		$	—

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

108


Statements of Operations
	For the period ended April 30, 2020 (Unaudited)

	Global X MSCI China Consumer Discretionary ETF			Global X MSCI China Energy ETF			Global X MSCI China Financials ETF			Global X MSCI China Industrials ETF
Investment Income:
Dividend Income	$	110,499		$	17,331		$	19,669		$	1,871
Interest Income		935			15			631			8
Security Lending Income		301,435			—			19,509			—
Less: Foreign Taxes Withheld		(1,549	)		(1,733	)		(1,995	)		(6	)
Total Investment Income		411,320			15,613			37,814			1,873
Supervision and Administration Fees⁽¹⁾		500,763			5,056			172,250			6,317
Custodian Fees⁽²⁾		2,322			60			377			60
Total Expenses		503,085			5,116			172,627			6,377
Net Investment Income (Loss)		(91,765	)		10,497			(134,813	)		(4,504	)
Net Realized Loss on:
Investments⁽³⁾		(875,643	)		(47,064	)		(4,321,499	)		(87,059	)
Foreign Currency Transactions		(11,768	)		(135	)		(4,184	)		(273	)
Net Realized Loss on Investments and Foreign Currency Transactions		(887,411	)		(47,199	)		(4,325,683	)		(87,332	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(450,998	)		(287,489	)		529,082			100,342
Foreign Currency Translations		—			7			1			—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(450,998	)		(287,482	)		529,083			100,342
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(1,338,409	)		(334,681	)		(3,796,600	)		13,010
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,430,174	)	$	(324,184	)	$	(3,931,413	)	$	8,506

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which 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 transactions. (See Note 4 in Notes to Financial Statements).

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

109


Statements of Operations
	For the period ended April 30, 2020 (Unaudited)

	Global X MSCI China Materials ETF			Global X MSCI China Communication Services ETF			Global X MSCI China Consumer Staples ETF			Global X MSCI China Health Care ETF
Investment Income:
Dividend Income	$	2,929		$	62,228		$	2,836		$	2,023
Interest Income		39			199			—			—
Security Lending Income		—			248			—			—
Less: Foreign Taxes Withheld		(27	)		—			(140	)		(160	)
Total Investment Income		2,941			62,675			2,696			1,863
Supervision and Administration Fees⁽¹⁾		5,667			67,868			13,630			11,990
Custodian Fees⁽²⁾		72			238			47			47
Total Expenses		5,739			68,106			13,677			12,037
Net Investment Loss		(2,798	)		(5,431	)		(10,981	)		(10,174	)
Net Realized Gain (Loss) on:
Investments⁽³⁾		(129,232	)		(116,357	)		198,820			407,126
Foreign Currency Transactions		(591	)		(2,891	)		(2,724	)		(1,928	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(129,823	)		(119,248	)		196,096			405,198
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		324,415			914,438			163,335			238,025
Foreign Currency Translations		7			(8	)		—			—
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		324,422			914,430			163,335			238,025
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		194,599			795,182			359,431			643,223
Net Increase in Net Assets Resulting from Operations	$	191,801		$	789,751		$	348,450		$	633,049

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which 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 transactions. (See Note 4 in Notes to Financial Statements).

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

110


Statements of Operations
	For the period ended April 30, 2020 (Unaudited)

	Global X MSCI China Information Technology ETF			Global X MSCI China Real Estate ETF			Global X MSCI China Utilities ETF			Global X MSCI China Large-Cap 50 ETF
Investment Income:
Dividend Income	$	1,424		$	10,875		$	405		$	2,040
Total Investment Income		1,424			10,875			405			2,040
Supervision and Administration Fees⁽¹⁾		21,335			20,797			4,704			4,074
Custodian Fees⁽²⁾		152			73			26			4
Total Expenses		21,487			20,870			4,730			4,078
Net Investment Loss		(20,063	)		(9,995	)		(4,325	)		(2,038	)
Net Realized Gain (Loss) on:
Investments⁽³⁾		526,308			269,466			6,990			(16,988	)
Foreign Currency Transactions		(4,494	)		(3,144	)		(77	)		(7	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		521,814			266,322			6,913			(16,995	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(782,727	)		(601,697	)		(176,057	)		75,216
Foreign Currency Translations		(1	)		7			—			3
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(782,728	)		(601,690	)		(176,057	)		75,219
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(260,914	)		(335,368	)		(169,144	)		58,224
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(280,977	)	$	(345,363	)	$	(173,469	)	$	56,186

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which 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 transactions. (See Note 4 in Notes to Financial Statements).

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

111


Statements of Operations
	For the period ended April 30, 2020 (Unaudited)

	Global X FTSE Southeast Asia ETF			Global X MSCI Colombia ETF			Global X MSCI Argentina ETF			Global X MSCI Greece ETF
Investment Income:
Dividend Income	$	440,737		$	1,457,851		$	298,380		$	3,847,588
Interest Income		237			718			830			4,462
Security Lending Income		55			1,608			6,955			863,428
Less: Foreign Taxes Withheld		(34,535	)		(44,090	)		(11,692	)		(119,629	)
Total Investment Income		406,494			1,416,087			294,473			4,595,849
Supervision and Administration Fees⁽¹⁾		78,804			188,604			182,441			718,787
Custodian Fees⁽²⁾		159			584			536			50,575
Total Expenses		78,963			189,188			182,977			769,362
Net Investment Income		327,531			1,226,899			111,496			3,826,487
Net Realized Gain (Loss) on:
Investments⁽³⁾		(711,793	)		(32,842	)		(4,969,673	)		(19,556,584	)
Foreign Currency Transactions		(12,738	)		(131,476	)		12,325			(18,269	)
Net Realized Loss on Investments and Foreign Currency Transactions		(724,531	)		(164,318	)		(4,957,348	)		(19,574,853	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(5,968,217	)		(27,378,718	)		(3,347,265	)		(91,281,010	)
Foreign Currency Translations		1,027			783			(52	)		9
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(5,967,190	)		(27,377,935	)		(3,347,317	)		(91,281,001	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(6,691,721	)		(27,542,253	)		(8,304,665	)		(110,855,854	)
Net Decrease in Net Assets Resulting from Operations	$	(6,364,190	)	$	(26,315,354	)	$	(8,193,169	)	$	(107,029,367	)

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which 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 transactions. (See Note 4 in Notes to Financial Statements).

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

112


Statements of Operations
	For the period ended April 30, 2020 (Unaudited)

	Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF			Global X MSCI Nigeria ETF			Global X MSCI Next Emerging & Frontier ETF
Investment Income:
Dividend Income	$	750,486		$	173,227		$	1,723,445		$	292,111
Interest Income		507			423			425			155
Security Lending Income		34,059			1,870			—			—
Less: Foreign Taxes Withheld		(163,427	)		(27,498	)		(172,344	)		(18,559	)
Total Investment Income		621,625			148,022			1,551,526			273,707
Supervision and Administration Fees⁽¹⁾		147,361			43,971			120,383			40,020
Custodian Fees⁽²⁾		14			639			37,111			15,692
Total Expenses		147,375			44,610			157,494			55,712
Net Investment Income		474,250			103,412			1,394,032			217,995
Net Realized Loss on:
Investments⁽³⁾		(6,425,911	)		(11,400	)		(3,110,810	)		(889,467	)
Foreign Currency Transactions		(10,535	)		(2,619	)		(54,378	)		(1,742	)
Net Realized Loss on Investments and Foreign Currency Transactions		(6,436,446	)		(14,019	)		(3,165,188	)		(891,209	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(5,293,158	)		(856,953	)		(5,420,526	)		(3,222,886	)
Foreign Currency Translations		282			(1,657	)		(9,535	)		(186	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(5,292,876	)		(858,610	)		(5,430,061	)		(3,223,072	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(11,729,322	)		(872,629	)		(8,595,249	)		(4,114,281	)
Net Decrease in Net Assets Resulting from Operations	$	(11,255,072	)	$	(769,217	)	$	(7,201,217	)	$	(3,896,286	)

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which 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 transactions. (See Note 4 in Notes to Financial Statements).

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

113


Statements of Operations
	For the period ended April 30, 2020 (Unaudited)

	Global X MSCI Portugal ETF			Global X MSCI Pakistan ETF			Global X DAX Germany ETF
Investment Income:
Dividend Income	$	50,665		$	1,113,476		$	151,423
Interest Income		363			572			—
Security Lending Income		11,068			—			—
Less: Foreign Taxes Withheld		(7,600	)		(193,311	)		(14,242	)
Total Investment Income		54,496			920,737			137,181
Supervision and Administration Fees⁽¹⁾		51,946			168,908			38,104
Custodian Fees⁽²⁾		3,549			36,173			76
Total Expenses		55,495			205,081			38,180
Waiver of Supervision and Administration Fees		–			–			(21,169	)
Net Expenses		55,495			205,081			17,011
Net Investment Income (Loss)		(999	)		715,656			120,170
Net Realized Gain (Loss) on:
Investments⁽³⁾		(484,508	)		(14,995,677	)		(7,005	)
Foreign Currency Transactions		162			(157,898	)		(206	)
Net Realized Loss on Investments and Foreign Currency Transactions		(484,346	)		(15,153,575	)		(7,211	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(2,530,535	)		10,121,665			(3,443,571	)
Foreign Currency Translations		(1,562	)		2,086			(1,354	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(2,532,097	)		10,123,751			(3,444,925	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(3,016,443	)		(5,029,824	)		(3,452,136	)
Net Decrease in Net Assets Resulting from Operations	$	(3,017,442	)	$	(4,314,168	)	$	(3,331,966	)

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which 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 transactions. (See Note 4 in Notes to Financial Statements).

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

114


Statements of Changes in Net Assets

	Global X MSCI China Consumer Discretionary ETF						Global X MSCI China Energy ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income (Loss)	$	(91,765	)	$	1,457,518		$	10,497		$	56,817
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(887,411	)		(20,246,748	)		(47,199	)		(263,806	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(450,998	)		56,137,252			(287,482	)		14,295
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,430,174	)		37,348,022			(324,184	)		(192,694	)
Distributions		(1,252,988	)		(3,541,990	)		(43,218	)		(123,563	)
Capital Share Transactions:
Issued		10,706,901			26,355,509			463,155			—
Redeemed		(28,234,654	)		(23,778,436	)		—			(1,074,531	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(17,527,753	)		2,577,073			463,155			(1,074,531	)
Total Increase (Decrease) in Net Assets		(20,210,915	)		36,383,105			95,753			(1,390,788	)
Net Assets:
Beginning of Period		156,485,591			120,102,486			1,563,916			2,954,704
End of Period	$	136,274,676		$	156,485,591		$	1,659,669		$	1,563,916
Share Transactions:
Issued		550,000			1,600,000			50,000			—
Redeemed		(1,650,000	)		(1,600,000	)		—			(100,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(1,100,000	)		—			50,000			(100,000	)

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

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

115


Statements of Changes in Net Assets

	Global X MSCI China Financials ETF						Global X MSCI China Industrials ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income (Loss)	$	(134,813	)	$	2,815,432		$	(4,504	)	$	40,829
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(4,325,683	)		(2,761,859	)		(87,332	)		(373,576	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		529,083			(5,721,964	)		100,342			300,844
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,931,413	)		(5,668,391	)		8,506			(31,903	)
Distributions		(1,692,791	)		(2,438,433	)		(24,432	)		(67,864	)
Capital Share Transactions:
Issued		3,252,389			78,511,082			—			—
Redeemed		(21,518,736	)		(41,027,907	)		—			—
Increase (Decrease) in Net Assets from Capital Share Transactions		(18,266,347	)		37,483,175			—			—
Total Increase (Decrease) in Net Assets		(23,890,551	)		29,376,351			(15,926	)		(99,767	)
Net Assets:
Beginning of Period		60,159,862			30,783,511			1,938,417			2,038,184
End of Period	$	36,269,311		$	60,159,862		$	1,922,491		$	1,938,417
Share Transactions:
Issued		200,000			4,500,000			—			—
Redeemed		(1,450,000	)		(2,700,000	)		—			—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(1,250,000	)		1,800,000			—			—

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

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

116


Statements of Changes in Net Assets

	Global X MSCI China Materials ETF						Global X MSCI China Communication Services ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income (Loss)	$	(2,798	)	$	78,356		$	(5,431	)	$	98,084
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(129,823	)		(431,845	)		(119,248	)		(323,084	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		324,422			283,201			914,430			609,088
Net Increase (Decrease) in Net Assets Resulting from Operations		191,801			(70,288	)		789,751			384,088
Distributions		(40,346	)		(149,448	)		(69,770	)		(115,344	)
Capital Share Transactions:
Issued		—			—			—			3,542,417
Redeemed		(806,413	)		—			(4,477,142	)		(7,384,857	)
Decrease in Net Assets from Capital Share Transactions		(806,413	)		—			(4,477,142	)		(3,842,440	)
Total Decrease in Net Assets		(654,958	)		(219,736	)		(3,757,161	)		(3,573,696	)
Net Assets:
Beginning of Period		2,175,104			2,394,840			21,071,212			24,644,908
End of Period	$	1,520,146		$	2,175,104		$	17,314,051		$	21,071,212
Share Transactions:
Issued		—			—			—			150,000
Redeemed		(50,000	)		—			(200,000	)		(300,000	)
Net Decrease in Shares Outstanding from Share Transactions		(50,000	)		—			(200,000	)		(150,000	)

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

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

117


Statements of Changes in Net Assets

	Global X MSCI China Consumer Staples ETF						Global X MSCI China Health Care ETF
	Period Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019⁽¹⁾			Period Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019⁽¹⁾
Operations:
Net Investment Income (Loss)	$	(10,981	)	$	27,628		$	(10,174	)	$	9,374
Net Realized Gain on Investments and Foreign Currency Transactions⁽²⁾		196,096			203,706			405,198			100,560
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		163,335			400,768			238,025			234,293
Net Increase in Net Assets Resulting from Operations		348,450			632,102			633,049			344,227
Distributions		(90,153	)		(13,493	)		(16,314	)		(2,880	)
Capital Share Transactions:
Issued		7,591,388			2,441,052			3,558,820			3,099,609
Redeemed		(4,278,090	)		(951,131	)		(1,950,081	)		(785,616	)
Increase in Net Assets from Capital Share Transactions		3,313,298			1,489,921			1,608,739			2,313,993
Total Increase in Net Assets		3,571,595			2,108,530			2,225,474			2,655,340
Net Assets:
Beginning of Period		2,108,530			—			2,655,340			—
End of Period	$	5,680,125		$	2,108,530		$	4,880,814		$	2,655,340
Share Transactions:
Issued		350,000			150,002			200,000			200,002
Redeemed		(200,000	)		(50,000	)		(100,000	)		(50,000	)
Net Increase in Shares Outstanding from Share Transactions		150,000			100,002			100,000			150,002

(1)	The Fund commenced operations on December 7, 2018.
(2)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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

118


Statements of Changes in Net Assets

	Global X MSCI China Information Technology ETF						Global X MSCI China Real Estate ETF
	Period Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019⁽¹⁾			Period Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019⁽¹⁾
Operations:
Net Investment Income (Loss)	$	(20,063	)	$	22,228		$	(9,995	)	$	65,807
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽²⁾		521,814			125,893			266,322			(28,873	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(782,728	)		53,657			(601,690	)		210,125
Net Increase (Decrease) in Net Assets Resulting from Operations		(280,977	)		201,778			(345,363	)		247,059
Distributions		(33,137	)		(12,360	)		(42,830	)		(26,242	)
Capital Share Transactions:
Issued		13,954,948			3,298,330			12,160,121			1,502,246
Redeemed		(5,702,612	)		(1,695,683	)		(5,105,264	)		—
Increase in Net Assets from Capital Share Transactions		8,252,336			1,602,647			7,054,857			1,502,246
Total Increase in Net Assets		7,938,222			1,792,065			6,666,664			1,723,063
Net Assets:
Beginning of Period		1,792,065			—			1,723,063			—
End of Period	$	9,730,287		$	1,792,065		$	8,389,727		$	1,723,063
Share Transactions:
Issued		650,000			200,002			700,000			100,002
Redeemed		(250,000	)		(100,000	)		(300,000	)		—
Net Increase in Shares Outstanding from Share Transactions		400,000			100,002			400,000			100,002

(1)	The Fund commenced operations on December 7, 2018.
(2)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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

119


Statements of Changes in Net Assets

	Global X MSCI China Utilities ETF						Global X MSCI China Large-Cap 50 ETF
	Period Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019⁽¹⁾			Period Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019⁽¹⁾
Operations:
Net Investment Income (Loss)	$	(4,325	)	$	32,847		$	(2,038	)	$	54,725
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽²⁾		6,913			3,972			(16,995	)		96,014
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(176,057	)		54,251			75,219			117,351
Net Increase (Decrease) in Net Assets Resulting from Operations		(173,469	)		91,070			56,186			268,090
Distributions		(26,143	)		(12,312	)		(33,229	)		(21,830	)
Capital Share Transactions:
Issued		—			1,502,076			—			3,902,789
Redeemed		—			—			—			(1,389,067	)
Increase in Net Assets from Capital Share Transactions		—			1,502,076			—			2,513,722
Total Increase (Decrease) in Net Assets		(199,612	)		1,580,834			22,957			2,759,982
Net Assets:
Beginning of Period		1,580,834			—			2,759,982			—
End of Period	$	1,381,222		$	1,580,834		$	2,782,939		$	2,759,982
Share Transactions:
Issued		—			100,002			—			150,002
Redeemed		—			—			—			(50,000	)
Net Increase in Shares Outstanding from Share Transactions		—			100,002			—			100,002

(1)	The Fund commenced operations on December 7, 2018.
(2)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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

120


Statements of Changes in Net Assets

	Global X FTSE Southeast Asia ETF						Global X MSCI Colombia ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income	$	327,531		$	587,288		$	1,226,899		$	2,194,900
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(724,531	)		(208,036	)		(164,318	)		(1,132,564	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(5,967,190	)		1,253,888			(27,377,935	)		9,637,684
Net Increase (Decrease) in Net Assets Resulting from Operations		(6,364,190	)		1,633,140			(26,315,354	)		10,700,020
Distributions		(266,006	)		(911,494	)		(1,100,517	)		(3,425,053	)
Capital Share Transactions:
Issued		787,099			7,987,304			—			7,168,432
Redeemed		(574,260	)		—			(5,562,631	)		(24,443,712	)
Increase (Decrease) in Net Assets from Capital Share Transactions		212,839			7,987,304			(5,562,631	)		(17,275,280	)
Total Increase (Decrease) in Net Assets		(6,417,357	)		8,708,950			(32,978,502	)		(10,000,313	)
Net Assets:
Beginning of Period		26,323,150			17,614,200			72,281,944			82,282,257
End of Period	$	19,905,793		$	26,323,150		$	39,303,442		$	72,281,944
Share Transactions:
Issued		50,000			500,000			—			750,000
Redeemed		(50,000	)		—			(175,000	)		(2,650,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		—			500,000			(175,000	)		(1,900,000	)

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

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

121


Statements of Changes in Net Assets

	Global X MSCI Argentina ETF						Global X MSCI Greece ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income	$	111,496		$	947,404		$	3,826,487		$	7,261,688
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(4,957,348	)		4,097,803			(19,574,853	)		7,147,977
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(3,347,317	)		(13,779,241	)		(91,281,001	)		66,702,125
Net Increase (Decrease) in Net Assets Resulting from Operations		(8,193,169	)		(8,734,034	)		(107,029,367	)		81,111,790
Distributions		(231,396	)		(1,862,692	)		(5,975,000	)		(7,386,717	)
Capital Share Transactions:
Issued		12,847,721			23,447,588			3,882,203			122,188,425
Redeemed		(26,145,941	)		(42,760,305	)		(85,683,422	)		(114,974,004	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(13,298,220	)		(19,312,717	)		(81,801,219	)		7,214,421
Total Increase (Decrease) in Net Assets		(21,722,785	)		(29,909,443	)		(194,805,586	)		80,939,494
Net Assets:
Beginning of Period		59,481,511			89,390,954			338,840,040			257,900,546
End of Period	$	37,758,726		$	59,481,511		$	144,034,454		$	338,840,040
Share Transactions:
Issued		550,000			850,000			150,000			14,000,000
Redeemed		(1,200,000	)		(1,650,000	)		(3,866,666	)		(13,600,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(650,000	)		(800,000	)		(3,716,666	)		400,000

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

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

122


Statements of Changes in Net Assets

	Global X MSCI Norway ETF						Global X FTSE Nordic Region ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income	$	474,250		$	3,192,473		$	103,412		$	66,437
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(6,436,446	)		(609,830	)		(14,019	)		(577,358	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(5,292,876	)		(16,892,602	)		(858,610	)		1,690,864
Net Increase (Decrease) in Net Assets Resulting from Operations		(11,255,072	)		(14,309,959	)		(769,217	)		1,179,943
Distributions		(486,366	)		(6,822,589	)		(15,937	)		(946,666	)
Return of Capital		—			—			—			(410,291	)
Capital Share Transactions:
Issued		2,525,244			28,417,866			1,049,832			—
Redeemed		(32,440,864	)		(92,433,481	)		—			(7,216,000	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(29,915,620	)		(64,015,615	)		1,049,832			(7,216,000	)
Total Increase (Decrease) in Net Assets		(41,657,058	)		(85,148,163	)		264,678			(7,393,014	)
Net Assets:
Beginning of Period		78,323,235			163,471,398			16,755,739			24,148,753
End of Period	$	36,666,177		$	78,323,235		$	17,020,417		$	16,755,739
Share Transactions:
Issued		300,000			2,150,000			50,000			—
Redeemed		(2,850,000	)		(7,150,000	)		—			(350,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(2,550,000	)		(5,000,000	)		50,000			(350,000	)

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

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

123


Statements of Changes in Net Assets

	Global X MSCI Nigeria ETF						Global X MSCI Next Emerging & Frontier ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income	$	1,394,032		$	2,080,153		$	217,995		$	429,655
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(3,165,188	)		(4,923,709	)		(891,209	)		(1,596,752	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(5,430,061	)		(7,368,323	)		(3,223,072	)		1,576,445
Net Increase (Decrease) in Net Assets Resulting from Operations		(7,201,217	)		(10,211,879	)		(3,896,286	)		409,348
Distributions		(235,024	)		(3,827,441	)		(216,934	)		(725,137	)
Capital Share Transactions:
Issued		5,547,617			6,742,660			759,524			5,248,374
Redeemed		(970,502	)		(817,591	)		(1,420,678	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		4,577,115			5,925,069			(661,154	)		5,248,374
Total Increase (Decrease) in Net Assets		(2,859,126	)		(8,114,251	)		(4,774,374	)		4,932,585
Net Assets:
Beginning of Period		32,560,743			40,674,994			18,077,456			13,144,871
End of Period	$	29,701,617		$	32,560,743		$	13,303,082		$	18,077,456
Share Transactions:
Issued		400,000			450,000			50,000			250,000
Redeemed		(100,000	)		(50,000	)		(100,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		300,000			400,000			(50,000	)		250,000

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

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

124


Statements of Changes in Net Assets

	Global X MSCI Portugal ETF						Global X MSCI Pakistan ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income (Loss)	$	(999	)	$	806,252		$	715,656		$	1,786,076
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(484,346	)		(1,490,574	)		(15,153,575	)		(5,515,582	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(2,532,097	)		1,251,984			10,123,751			(8,397,889	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,017,442	)		567,662			(4,314,168	)		(12,127,395	)
Distributions		(151,264	)		(1,885,103	)		(991,676	)		(2,425,569	)
Capital Share Transactions:
Issued		—			5,527,566			13,578,502			16,333,858
Redeemed		(4,397,327	)		(7,018,798	)		(11,930,272	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		(4,397,327	)		(1,491,232	)		1,648,230			16,333,858
Total Increase (Decrease) in Net Assets		(7,566,033	)		(2,808,673	)		(3,657,614	)		1,780,894
Net Assets:
Beginning of Period		22,486,505			25,295,178			41,804,464			40,023,570
End of Period	$	14,920,472		$	22,486,505		$	38,146,850		$	41,804,464
Share Transactions:
Issued		—			500,000			425,000			2,450,000
Redeemed		(400,000	)		(650,000	)		(450,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(400,000	)		(150,000	)		(25,000	)		2,450,000

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

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

125


Statements of Changes in Net Assets

	Global X DAX Germany ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019*
Operations:
Net Investment Income	$	120,170		$	404,378
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(7,211	)		(573,031	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(3,444,925	)		1,686,382
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,331,966	)		1,517,729
Distributions		(1,814	)		(666,693	)
Return of Capital		—			(10,877	)
Capital Share Transactions:
Issued		2,825,060			—
Redeemed		(2,291,925	)		(1,320,546	)
Increase (Decrease) in Net Assets from Capital Share Transactions		533,135			(1,320,546	)
Total Decrease in Net Assets		(2,800,645	)		(480,387	)
Net Assets:
Beginning of Period		16,370,494			16,850,881
End of Period	$	13,569,849		$	16,370,494
Share Transactions:
Issued		100,000			—
Redeemed		(100,000	)		(50,000	)
Net Decrease in Shares Outstanding from Share Transactions		—			(50,000	)

*	The financial statements include the financial information of the Predecessor Fund through December 21, 2018 (See Note 1 in Notes to Financial Statements).
(1)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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

126


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 ($)
Global X MSCI China Consumer Discretionary ETF
2020 (Unaudited)		17.68		(0.01	)	0.05		^		0.04			(0.14	)
2019		13.57		0.16			4.35			4.51			(0.40	)
2018		17.44		0.20			(3.95	)		(3.75	)		(0.12	)
2017		11.97		0.24			5.40			5.64			(0.17	)
2016		13.72		0.20			(1.36	)		(1.16	)		(0.59	)
2015		13.82		0.53			(0.37	)		0.16			(0.26	)
Global X MSCI China Energy ETF
2020 (Unaudited)		10.43		0.06			(1.90	)		(1.84	)		(0.29	)
2019		11.82		0.30			(1.12	)		(0.82	)		(0.57	)
2018		11.69		0.49			0.05			0.54			(0.41	)
2017		10.56		0.41			0.93			1.34			(0.21	)
2016		11.61		0.22			(0.94	)		(0.72	)		(0.33	)
2015		15.03		0.22			(3.31	)		(3.09	)		(0.33	)
Global X MSCI China Financials ETF
2020 (Unaudited)		15.83		(0.04	)		(1.12	)		(1.16	)		(0.45	)
2019		15.39		0.67			0.65			1.32			(0.88	)
2018		17.63		0.48			(2.38	)		(1.90	)		(0.34	)
2017		13.80		0.39			3.70			4.09			(0.26	)
2016		14.90		0.25			(0.62	)		(0.37	)		(0.73	)
2015		13.50		0.54			1.02			1.56			(0.16	)

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

127


Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††

	(0.14	)		17.58		0.19			136,275		0.65	†		(0.12	)†		13.94
	(0.40	)		17.68		34.20			156,486		0.65			1.03			83.41
	(0.12	)		13.57		(21.70	)		120,102		0.65			1.11			17.92
	(0.17	)		17.44		47.90			156,050		0.65			1.67			34.72
	(0.59	)		11.97		(8.57	)		73,023		0.65			1.71			38.13
	(0.26	)		13.72		1.34			93,951		0.65			3.86			24.57

	(0.29	)		8.30		(18.29	)		1,660		0.66	†		1.35	†		15.73
	(0.57	)		10.43		(7.04	)		1,564		0.66			2.67			109.41
	(0.41	)		11.82		4.77			2,955		0.65			4.00			14.60
	(0.21	)		11.69		13.13			1,754		0.65			3.82			11.85
	(0.33	)		10.56		(6.11	)		1,583		0.65			2.19			22.19
	(0.33	)		11.61		(20.89	)		1,741		0.65			1.66			15.62

	(0.45	)		14.22		(7.72	)		36,269		0.65	†		(0.51	)†		9.57
	(0.88	)		15.83		8.95			60,160		0.66			4.11			54.17
	(0.34	)		15.39		(11.04	)		30,784		0.66			2.67			15.09
	(0.26	)		17.63		30.32			50,251		0.65			2.58			19.12
	(0.73	)		13.80		(2.56	)		28,289		0.65			1.92			18.43
	(0.16	)		14.90		11.50			57,358		0.65			3.34			15.88

^	The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
*	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.

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

128


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 ($)
Global X MSCI China Industrials ETF
2020 (Unaudited)		12.92		(0.03	)		0.09			0.06			(0.16	)
2019		13.59		0.27			(0.49	)		(0.22	)		(0.45	)
2018		16.06		0.29			(2.41	)		(2.12	)		(0.35	)
2017		12.57		0.24			3.45			3.69			(0.20	)
2016		14.44		0.18			(1.71	)		(1.53	)		(0.34	)
2015		12.93		0.21			1.40			1.61			(0.10	)
Global X MSCI China Materials ETF
2020 (Unaudited)		14.50		(0.02	)		1.13			1.11			(0.40	)
2019		15.97		0.52			(0.99	)		(0.47	)		(1.00	)
2018		21.59		0.46			(5.84	)		(5.38	)		(0.24	)
2017		13.42		0.38			7.95			8.33			(0.16	)
2016		13.29		0.16			0.68			0.84			(0.71	)
2015		14.80		0.40			(1.70	)		(1.30	)		(0.21	)
Global X MSCI China Communication Services ETF
2020 (Unaudited)		22.18		(0.01	)		1.00			0.99			(0.08	)
2019		22.40		0.09			(0.21	)		(0.12	)		(0.10	)
2018		29.24		0.07			(6.23	)		(6.16	)		(0.68	)
2017		23.23		0.28			6.69			6.97			(0.96	)
2016		22.01		0.45			0.91			1.36			(0.14	)
2015		23.48		0.12			(1.52	)		(1.40	)		(0.07	)

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

129


Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**				Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††

	(0.16	)		12.82		0.40				1,922		0.66	†		(0.46	)†		14.48
	(0.45	)		12.92		(1.66	)			1,938		0.66			1.99			80.17
	(0.35	)		13.59		(13.44	)			2,038		0.66			1.92			18.28
	(0.20	)		16.06		29.88				4,015		0.65			1.68			21.53
	(0.34	)		12.57		(10.60	)	��		3,770		0.65			1.47			14.08
	(0.10	)		14.44		12.49				7,222		0.65			1.38			23.87

	(0.40	)		15.21		7.42				1,520		0.66	†		(0.32	)†		22.23
	(1.00	)		14.50		(3.13	)			2,175		0.66			3.30			65.67
	(0.24	)		15.97		(25.20	)			2,395		0.66			2.27			26.95
	(0.16	)		21.59		62.79				5,397		0.65			2.19			49.80
	(0.71	)		13.42		6.84				1,342		0.65			1.31			26.33
	(0.21	)		13.29		(8.95	)			1,329		0.65			2.39			28.59

	(0.08	)		23.09		4.43				17,314		0.65	†		(0.05	)†		15.12
	(0.10	)		22.18		(0.54	)			21,071		0.66			0.39			114.67
	(0.68	)		22.40		(21.70	)			24,645		0.65			0.24			33.79
	(0.96	)		29.24		31.56				19,007		0.65			1.14			42.59
	(0.14	)		23.23		6.20				13,940		0.65			2.09			42.02
	(0.07	)		22.01		(5.94	)			15,404		0.65			0.52			44.95

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

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

130


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 ($)			Distribution from Capital Gains ($)
Global X MSCI China Consumer Staples ETF
2020 (Unaudited)		21.08		(0.06	)		2.30			2.24			(0.09	)		(0.51	)
2019⁽¹⁾		15.00		0.28			5.93			6.21			(0.13	)		—
Global X MSCI China Health Care ETF
2020 (Unaudited)		17.70		(0.05	)		1.98			1.93			(0.04	)		(0.07	)
2019⁽¹⁾		15.00		0.09			2.64			2.73			(0.03	)		—
Global X MSCI China Information Technology ETF
2020 (Unaudited)		17.92		(0.06	)		1.82			1.76			(0.06	)		(0.16	)
2019⁽¹⁾		15.00		0.19			2.81			3.00			(0.08	)		—
Global X MSCI China Real Estate ETF
2020 (Unaudited)		17.23		(0.03	)		0.01			(0.02	)		(0.43	)		—
2019⁽¹⁾		15.00		0.67			1.82			2.49			(0.26	)		—
Global X MSCI China Utilities ETF
2020 (Unaudited)		15.81		(0.04	)		(1.69	)		(1.73	)		(0.21	)		(0.06	)
2019⁽¹⁾		15.00		0.33			0.60			0.93			(0.12	)		—
Global X MSCI China Large-Cap 50 ETF
2020 (Unaudited)		27.60		(0.02	)		0.58			0.56			(0.33	)		—
2019⁽¹⁾		25.00		0.55			2.27			2.82			(0.22	)		—

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

131


Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††

	(0.60	)		22.72		10.78			5,680		0.65	†		(0.52	)†		77.65
	(0.13	)		21.08		41.48			2,109		0.67	†		1.66	†		29.25

	(0.11	)		19.52		10.97			4,881		0.65	†		(0.55	)†		33.28
	(0.03	)		17.70		18.22			2,655		0.66	†		0.60	†		12.20

	(0.22	)		19.46		9.80			9,730		0.65	†		(0.61	)†		40.03
	(0.08	)		17.92		20.06			1,792		0.66	†		1.29	†		36.75

	(0.43	)		16.78		(0.48	)		8,390		0.65	†		(0.31	)†		13.28
	(0.26	)		17.23		16.56			1,723		0.65	†		4.44	†		14.00

	(0.27	)		13.81		(11.16	)		1,381		0.65	†		(0.60	)†		19.27
	(0.12	)		15.81		6.24			1,581		0.66	†		2.42	†		28.26

	(0.33	)		27.83		1.96			2,783		0.29	†		(0.15	)†		10.59
	(0.22	)		27.60		11.27			2,760		0.29	†		2.26	†		12.46

(1)	The Fund commenced operations on December 7, 2018.
*	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.

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

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

132


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 ($)
Global X FTSE Southeast Asia ETF
2020 (Unaudited)		15.95		0.19		(3.92	)		(3.73	)		(0.16	)
2019		15.32		0.44		0.91			1.35			(0.72	)
2018		15.91		0.49		(0.81	)		(0.32	)		(0.27	)
2017		13.72		0.32		2.23			2.55			(0.36	)
2016		13.07		0.31		0.78			1.09			(0.44	)
2015		16.76		0.34		(3.61	)		(3.27	)		(0.42	)
Global X MSCI Colombia ETF
2020⁽¹⁾ (Unaudited)		38.16		0.66		(15.39	)		(14.73	)		(0.58	)
2019⁽¹⁾		34.72		1.04		3.96			5.00			(1.56	)
2018⁽¹⁾		38.24		0.84		(3.64	)		(2.80	)		(0.72	)
2017⁽¹⁾		36.88		0.72		1.16			1.88			(0.52	)
2016⁽¹⁾		35.16		0.64		1.56			2.20			(0.48	)
2015⁽¹⁾		69.68		1.24		(34.12	)		(32.88	)		(1.64	)
Global X MSCI Argentina ETF
2020 (Unaudited)		21.83		0.04		(3.59	)		(3.55	)		(0.08	)
2019		25.36		0.29		(3.26	)		(2.97	)		(0.56	)
2018		32.05		0.35		(6.87	)		(6.52	)		(0.17	)
2017		23.69		0.07		8.37			8.44			(0.08	)
2016		19.81		0.15		3.89			4.04			(0.16	)
2015		21.18		0.11		(1.39	)		(1.28	)		(0.09	)

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

133


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 (%)††

	(0.16	)		12.06		(23.65	)		19,906		0.65	†		2.70	†		3.87
	(0.72	)		15.95		8.94			26,323		0.65			2.76			7.01
	(0.27	)		15.32		(2.15	)		17,614		0.65			2.94			11.98
	(0.36	)		15.91		19.19			14,320		0.65			2.23			7.78
	(0.44	)		13.72		8.75			12,349		0.65			2.40			12.94
	(0.42	)		13.07		(19.97	)		14,376		0.65			2.26			24.06

	(0.58	)		22.85		(39.24	)		39,303		0.61	†		3.97	†		8.53
	(1.56	)		38.16		15.05			72,282		0.62			2.81			18.05
	(0.72	)		34.72		(7.55	)		82,282	0.62		^@		2.01			39.15
	(0.52	)		38.24		5.24			92,984	0.62		^@		1.83			40.93
	(0.48	)		36.88		6.55			88,760	0.65		^@		1.82			37.60
	(1.64	)		35.16		(47.93	)		66,616	0.61		^@		2.80			66.93

	(0.08	)		18.20		(16.39	)		37,759		0.59	†		0.36	†		26.53
	(0.56	)		21.83		(12.08	)		59,482		0.60			1.08			28.88
	(0.17	)		25.36		(20.48	)		89,391		0.60	‡		1.07			34.46
	(0.08	)		32.05		35.79			183,468		0.65	‡		0.24			24.45
	(0.16	)		23.69		20.65			90,602		0.74			0.69			20.88
	(0.09	)		19.81		(6.04	)		15,355		0.74			0.58			26.88

(1)	Per share amounts have been adjusted for a 1 for 4 reverse share split on April 28, 2020 (See Note 9 in the Notes to Financial Statements).
*	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.
@	The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.68%, 0.81%, 0.84% and 0.79% for the years ended October 31, 2018, 2017, 2016 and 2015, respectively.
‡	The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratios would have been 0.66% and 0.74% for the years ended October 31, 2018 and 2017.

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

134


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 ($)			Return of Capital ($)
Global X MSCI Greece ETF
2020⁽¹⁾ (Unaudited)		29.91		0.38		(10.82	)		(10.44	)		(0.56	)		—
2019⁽¹⁾		23.04		0.63		6.87			7.50			(0.63	)		—
2018⁽¹⁾		27.90		0.57		(4.77	)		(4.20	)		(0.66	)		—
2017⁽¹⁾		22.05		0.45		5.85			6.30			(0.45	)		—
2016⁽¹⁾		31.23		0.39		(9.21	)		(8.82	)		(0.36	)		—
2015⁽¹⁾		47.52		0.54		(16.44	)		(15.90	)		(0.39	)		—
Global X MSCI Norway ETF
2020 (Unaudited)		11.69		0.09		(2.86	)		(2.77	)		(0.08	)		—
2019		13.97		0.42		(1.80	)		(1.38	)		(0.90	)		—
2018		13.50		0.37		0.48			0.85			(0.38	)		—
2017		11.07		0.41		2.34			2.75			(0.32	)		—
2016		10.75		0.35		0.34			0.69			(0.37	)		—
2015		14.82		0.34		(3.58	)		(3.24	)		(0.83	)		—
Global X FTSE Nordic Region ETF
2020 (Unaudited)		20.69		0.12		(1.00	)		(0.88	)		(0.02	)		—
2019		20.82		0.06		1.02			1.08			(0.84	)		(0.37	)
2018		23.89		0.63		(2.87	)		(2.24	)		(0.83	)		—
2017		19.38		0.51		4.72			5.23			(0.72	)		—
2016		22.29		0.63		(2.91	)		(2.28	)		(0.63	)		—
2015		24.36		0.59		(1.81	)		(1.22	)		(0.85	)		—

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

135


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 (%)††

	(0.56	)		18.91		(35.61	)		144,034		0.59	†		2.93	†		16.12
	(0.63	)		29.91		33.57			338,840		0.57			2.43			12.67
	(0.66	)		23.04		(15.63	)		257,901		0.59			1.98			16.38
	(0.45	)		27.90		29.04			349,788		0.61			1.69			21.59
	(0.36	)		22.05		(28.33	)		245,561		0.62			1.71			76.19
	(0.39	)		31.23		(33.66	)		314,907		0.62			1.61			29.35

	(0.08	)		8.84		(23.92	)		36,666		0.50	†		1.61	†		3.94
	(0.90	)		11.69		(9.77	)		78,323		0.50			3.36			9.63
	(0.38	)		13.97		6.47			163,471		0.50			2.64			9.55
	(0.32	)		13.50		25.53			164,736		0.50			3.41			9.53
	(0.37	)		11.07		6.86			113,997		0.50			3.39			16.62
	(0.83	)		10.75		(22.50	)		65,024		0.50			2.76			16.05

	(0.02	)		19.79		(4.27	)		17,020		0.51	†		1.18	†		0.54
	(1.21	)		20.69		5.44			16,756		0.56			0.30			4.27
	(0.83	)		20.82		(9.67	)		24,149		0.58			2.80			7.37
	(0.72	)		23.89		27.97			38,464		0.55			2.37			6.79
	(0.63	)		19.38		(10.54	)		40,899		0.51			3.01			10.90
	(0.85	)		22.29		(5.05	)		52,596		0.50			2.53			7.76

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

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

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

136


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 ($)			Total from Distributions ($)
Global X MSCI Nigeria ETF
2020 (Unaudited)		12.23		0.48		(2.60	)		(2.12	)		(0.08	)		(0.08	)
2019		17.98		0.87		(4.96	)		(4.09	)		(1.66	)		(1.66	)
2018		21.43		0.73		(3.76	)		(3.03	)		(0.42	)		(0.42	)
2017⁽¹⁾		17.24		0.54		4.07			4.61			(0.42	)		(0.42	)
2016⁽¹⁾		31.76		0.86		(14.16	)		(13.30	)		(1.22	)		(1.22	)
2015⁽¹⁾		52.08		1.37		(20.47	)		(19.10	)		(1.22	)		(1.22	)
Global X MSCI Next Emerging & Frontier ETF
2020 (Unaudited)		20.09		0.25		(4.45	)		(4.20	)		(0.24	)		(0.24	)
2019		20.22		0.55		0.31			0.86			(0.99	)		(0.99	)
2018		23.28		0.59		(3.24	)		(2.65	)		(0.41	)		(0.41	)
2017		20.15		0.40		3.21			3.61			(0.48	)		(0.48	)
2016		19.27		0.20		1.14			1.34			(0.46	)		(0.46	)
2015		25.55		0.49		(6.37	)		(5.88	)		(0.40	)		(0.40	)
Global X MSCI Portugal ETF
2020 (Unaudited)		10.71		—		(1.85	)		(1.85	)		(0.08	)		(0.08	)
2019		11.24		0.36		(0.11	)		0.25			(0.78	)		(0.78	)
2018		12.49		0.36		(1.25	)		(0.89	)		(0.36	)		(0.36	)
2017		9.88		0.36		2.65			3.01			(0.40	)		(0.40	)
2016		10.85		0.42		(0.93	)		(0.51	)		(0.46	)		(0.46	)
2015		12.65		0.30		(1.87	)		(1.57	)		(0.23	)		(0.23	)

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

137


Financial Highlights

Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††

	10.03		(17.47	)		29,702		0.89	†		7.88	†		17.94
	12.23		(24.55	)		32,561		0.89			5.70			45.62
	17.98		(14.46	)		40,675		0.88			3.29			62.52
	21.43		27.52			64,559		1.07			2.99			21.07
	17.24		(43.30	)		28,009	1.02		^@		3.80			29.61
	31.76		(37.25	)		24,623	0.68		^@		3.72			34.00

	15.65		(21.18	)		13,303		0.68	†		2.67	†		17.36
	20.09		4.29			18,077		0.66			2.66			78.67
	20.22		(11.66	)		13,145		0.55			2.54			14.62
	23.28		18.53			16,294		0.56			1.89			7.93
	20.15		7.33			15,112		0.56			1.13			9.35
	19.27		(23.29	)		106,925		0.58			2.22			19.72

	8.78		(17.47	)		14,920		0.59	†		(0.01	)†		13.14
	10.71		2.72			22,487		0.58			3.41			20.74
	11.24		(7.26	)		25,295		0.57			2.91			21.05
	12.49		31.88			63,705		0.60			3.31			25.31
	9.88		(4.86	)		25,694		0.61			4.26			27.20
	10.85		(12.39	)		37,449		0.61			2.68			35.26

(1)	Per share amounts have been adjusted for a 1 for 4 reverse share split on March 16, 2017 (See Note 9 in the Notes to Financial Statements).
*	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.
@	The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 1.10% and 0.92%, for the years and or period ended October 31, 2016 and 2015, respectively.

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

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

138


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 MSCI Pakistan ETF
2020⁽²⁾ (Unaudited)		26.32		0.41		(1.78	)		(1.37	)		(0.54	)		—			—
2019⁽²⁾		41.04		1.52		(13.88	)		(12.36	)		(2.36	)		—			—
2018⁽²⁾		54.24		1.88		(10.72	)		(8.84	)		(1.76	)		(2.60	)		—
2017⁽²⁾		60.92		3.00		(7.60	)		(4.60	)		(2.08	)		—			—
2016⁽²⁾		56.68		2.32		3.60			5.92			(1.48	)		(0.20	)		—
2015⁽¹⁾⁽²⁾		61.12		1.40		(5.84	)		(4.44	)		—			—			—
Global X DAX Germany ETF⁽³⁾
2020 (Unaudited)		27.28		0.18		(4.84	)		(4.66	)		—			—			—
2019⁽⁴⁾		25.92		0.67		1.82			2.49			(1.11	)		—			(0.02	)
2018⁽⁴⁾		31.25		0.77		(5.75	)‡		(4.98	)		(0.35	)		—			—
2017⁽⁴⁾		24.73		0.48		6.91			7.39			(0.83	)		—			(0.04	)
2016⁽⁴⁾		25.82		0.45		(1.33	)		(0.88	)		(0.21	)		—			—
2015⁽⁴⁾		25.73		0.73		(0.37	)		0.36			(0.27	)		—			—

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

139


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 (%)††

	(0.54	)		24.41		(5.62	)		38,147		0.83	†		2.88	†		35.25
	(2.36	)		26.32		(30.73	)		41,804		0.88			5.14			19.09
	(4.36	)		41.04		(17.53	)		40,024		0.87			3.84			44.05
	(2.08	)		54.24		(8.25	)		53,576		0.89			4.64			65.51
	(1.68	)		60.92		10.87			10,664		0.91			4.01			21.22
	—			56.68		(7.26	)		5,667		0.90	†		4.43	†		19.31

	—			22.62		(17.07	)		13,570		0.20	+		1.42	†		3.43
	(1.13	)		27.28		9.98			16,370		0.21	+		2.65			15.36
	(0.35	)		25.92	(16.05)		^@		16,851		0.20			2.57			7.00
	(0.87	)		31.25		30.40			17,186		0.38			1.74			9.00
	(0.21	)		24.73		(3.41	)		13,601		0.45			1.86			14.00
	(0.27	)		25.82		1.34			15,494		0.45			2.70			9.00

(1)	The Fund commenced operations on April 22, 2015.
(2)	Per share amounts have been adjusted for a 1 for 4 reverse share split on April 28, 2020 (See Note 9 in the Notes to Financial Statements).
(3)	The financial statements include the financial information of the Predecessor Fund through December 21, 2018 (See Note 1 in Notes to Financial Statements).
(4)	As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund. Accordingly, performance figures for the Fund for periods prior to the date of the Reorganization represent the performance of the Predecessor Fund (See Note 1 in Notes to Financial Statements).
*	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.
+	The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.45% and 0.46% for the period ended April 30, 2020 and year ended October 31, 2019, respectively.
‡	Includes a $0.10 gain per share derived from a payment from the prior administrator of the Predecessor Fund.
@	Before payment from the prior administrator of the Predecessor Fund for the loss resulting from an error, the total return for the period would have been (16.37%).

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

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

140


Notes to Financial Statements (unaudited)
	April 30, 2020

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, as an open-end management investment company. As of April 30, 2020, the Trust had eighty-three portfolios, seventy-two of which were operational. The financial statements herein and the related notes pertain to the Global X MSCI China Consumer Discretionary ETF, Global X MSCI China Energy ETF, Global X MSCI China Financials ETF, Global X MSCI China Industrials ETF, Global X MSCI China Materials ETF, Global X MSCI China Communication Services ETF, Global X MSCI China Consumer Staples ETF, Global X MSCI China Health Care ETF, Global X MSCI China Information Technology ETF, Global X MSCI China Real Estate ETF, Global X MSCI China Utilities ETF, Global X MSCI China Large-Cap 50 ETF, Global X FTSE Southeast Asia ETF, Global X MSCI Colombia ETF, Global X MSCI Argentina ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF, Global X MSCI Nigeria ETF, Global X MSCI Next Emerging & Frontier ETF, Global X MSCI Portugal ETF, Global X MSCI Pakistan ETF and Global X DAX Germany ETF (each a “Fund”, and collectively, the “Funds”). Each Fund (except for the Global X MSCI Next Emerging & Frontier ETF) has elected non-diversified status.

On December 24, 2018, the shareholders of the Horizons DAX Germany ETF (the “Predecessor Fund”) approved a proposed agreement and plan of reorganization (the “Reorganization”) that provided for (a) the transfer of all the assets to the Global X DAX Germany ETF (the “Germany Fund”) and the assumption of certain of the liabilities of the Predecessor Fund; (b) the issuance of shares of the Germany Fund to the shareholders of the Predecessor Fund; and (c) the liquidation and termination of the Predecessor Fund. The effective date of the Reorganization was December 24, 2018. The Germany Fund had no operations prior to the Reorganization. The Predecessor Fund had substantially similar investment objectives, investment strategies, policies and restrictions as those of the Germany Fund. The financial statements and financial highlights include the financial information of the Predecessor Fund through December 21, 2018.

Effective December 6, 2018, the Global X China Consumer ETF changed its name to Global X MSCI China Consumer Discretionary ETF, and its underlying index was changed to MSCI China Consumer Discretionary 10/50 Index.

Effective December 6, 2018, the Global X China Energy ETF changed its name to Global X MSCI China Energy ETF, and its underlying index was changed to MSCI China Energy IMI Plus 10/50 Index.

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Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

1. ORGANIZATION (continued)

Effective December 6, 2018, the Global X China Financials ETF changed its name to Global X MSCI China Financials ETF, and its underlying index was changed to MSCI China Financials 10/50 Index.

Effective December 6, 2018, the Global X China Industrials ETF changed its name to Global X MSCI China Industrials ETF, and its underlying index was changed to MSCI China Industrials 10/50 Index.

Effective December 6, 2018, the Global X China Materials ETF changed its name to Global X MSCI China Materials ETF, and its underlying index was changed to MSCI China Materials 10/50 Index.

Effective December 6, 2018, the Global X NASDAQ China Technology ETF changed its name to Global X MSCI China Communication Services ETF, and its underlying index was changed to MSCI China Communication Services 10/50 Index.

Effective January 16, 2019, the Global X Next Emerging & Frontier ETF changed its name to Global X MSCI Next Emerging & Frontier ETF, and its underlying index was changed to the MSCI Select Emerging and Frontier Markets Access Index.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the Significant Accounting Policies followed by the Funds.

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.

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Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ and the Nigerian Stock Exchange), 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 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 approximate fair value (absent both bid and asked prices on such exchange, the bid price may be used).

For securities traded on NASDAQ and the Nigerian Stock Exchange, the Official Closing Price will be used. 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. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held by the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

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Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

adviser (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 net asset values, 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 relevant information reasonably available to the Committee. As of April 30, 2020, there were securities valued using Fair Value Procedures of $354,743, $28,506, $0, $3, $7,603, $171,659, $10,762, $162,073 and $12 in Global X MSCI China Consumer Discretionary ETF, Global X MSCI China Financials ETF, Global X MSCI China Materials ETF, Global X MSCI China Communication Services ETF, Global X MSCI China Real Estate ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X MSCI Next Emerging & Frontier ETF and Global X MSCI Portugal ETF, respectively. There were no other securities priced using the Fair Value Procedures.

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 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments, fair value of investments for which the Funds do not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term)

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Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 the period ended April 30, 2020, there have been no significant changes to the Funds’ fair valuation methodologies.

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of April 30, 2020. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

Assets	Fair Value at 04/30/20	Valuation Technique(s)	Unobservable Input	Discount Percentage
Common Stock	$15,398	Discount from the Last Traded Price	Last Traded Price Comparability Adjustment %	0.1%
Common Stock	$110,385	Discount from the Last Traded Price	Last Traded Price Comparability Adjustment %	-7.3%
Common Stock	$8,300	Discount from the Last Traded Price	Last Traded Price Comparability Adjustment %	-7.3%
Common Stock	$27,990	Discount from the Last Traded Price	Last Traded Price Comparability Adjustment %	-7.3%

REPURCHASE AGREEMENTS — Securities pledged as collateral for repurchase agreements by BNP Paribas are held by Brown Brothers Harriman & Co. (“BBH”), the Funds’ custodian (“Custodian”), 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 Fund bears the risk of loss in the event that the counterparty 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

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Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

during the period. 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 (“MRA”) which permit the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Funds.

As of April 30, 2020, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:

	Repurchase Agreements		Fair Value of Non-cash Collateral Received⁽¹⁾		Cash Collateral Received		Net Amount⁽²⁾
Global X MSCI China Consumer Discretionary ETF
BNP Paribas	$	834,657	$	834,657	$	-	$	-
Global X China Financials ETF
BNP Paribas		25,092		25,092		-		-
Global X FTSE Southeast Asia ETF
BNP Paribas		22,752		22,752		-		-
Global X MSCI Colombia ETF
BNP Paribas		802,313		802,313		-		-
Global X MSCI Argentina ETF
BNP Paribas		31,077		31,077		-		-
Global X MSCI Greece ETF
BNP Paribas		410,704		410,704		-		-
Global X Norway ETF
BNP Paribas		758,156		758,156		-		-
Global X MSCI Portugal ETF
BNP Paribas		228,527		228,527		-		-

⁽¹⁾	Excess collateral received is not presented in the table above. Please refer to the Schedule of Investments for the market value of the collateral received for each Fund.
⁽²⁾	Net Amount represents the net amount receivable due from the counterparty in the event of default.

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

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Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

50 percent) 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.

If the Funds have foreign tax filings that have not been made, the tax years that remain subject to examination may date back to the inception of each Fund.

The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), and on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended April 30, 2020, the Funds did not have a liability for any unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Funds did not incur any interest or penalties.

FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Funds distribute their net investment income on a pro rata basis. Any net investment income and net

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Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

realized capital gains are distributed at least annually. All distributions are recorded on the ex-dividend date.

CREATION UNITS — The Funds issue and redeem their shares (“Shares”) on a continuous basis at Net Asset Value (“NAV”) and only in large blocks of 50,000 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 BBH 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 Creation Unit breakdown:

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Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

	Creation Unit Shares		Creation Fee		Value at April 30, 2020		Redemption Fee

Global X MSCI China Consumer Discretionary ETF		50,000	$	1,600	$	879,000	$	1,600
Global X MSCI China Energy ETF		50,000		800		415,000		800
Global X MSCI China Financials ETF		50,000		1,800		711,000		1,800
Global X MSCI China Industrials ETF		50,000		1,500		641,000		1,500
Global X MSCI China Materials ETF		50,000		1,200		760,500		1,200
Global X MSCI China Communication Services ETF		50,000		800		1,154,500		800
Global X MSCI China Consumer Staples ETF		50,000		1,000		1,136,000		1,000
Global X MSCI China Health Care ETF		50,000		1,000		976,000		1,000
Global X MSCI China Information Technology ETF		50,000		1,200		973,000		1,200
Global X MSCI China Real Estate ETF		50,000		1,200		839,000		1,200
Global X MSCI China Utilities ETF		50,000		1,000		690,500		1,000
Global X MSCI China Large Cap 50 ETF		50,000		1,300		1,391,500		1,300
Global X FTSE Southeast Asia ETF		50,000		2,100		603,000		2,100
Global X MSCI Colombia ETF		50,000		2,000		1,142,500		2,000
Global X MSCI Argentina ETF		50,000		500		910,000		500
Global X MSCI Greece ETF		50,000		500		945,500		500
Global X MSCI Norway ETF		50,000		1,200		442,000		1,200
Global X FTSE Nordic Region ETF		50,000		1,000		989,500		1,000
Global X MSCI Nigeria ETF		50,000		2,000		501,500		2,000
Global X MSCI Next Emerging & Frontier ETF		50,000		9,500		782,500		9,500
Global X MSCI Portugal ETF		50,000		1,000		439,000		1,000
Global X MSCI Pakistan ETF		50,000		2,800		1,220,500		2,800
Global X DAX Germany ETF		50,000		500		1,131,000		500

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Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS

For the Adviser’s service to the Funds, under 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 Fund). 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, custodian fees and other transaction expenses, interest expenses, acquired fund fees and extraordinary expenses (such as litigation and indemnification expenses). In addition, the Funds pay custodial fees that are not covered by the Supervision and Administration Agreement.

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Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

	Supervision and Administration Fee
Global X MSCI China Consumer Discretionary ETF	0.65%
Global X MSCI China Energy ETF	0.65%
Global X MSCI China Financials ETF	0.65%
Global X MSCI China Industrials ETF	0.65%
Global X MSCI China Materials ETF	0.65%
Global X MSCI China Communication Services ETF	0.65%
Global X MSCI China Consumer Staples ETF	0.65%
Global X MSCI China Health Care ETF	0.65%
Global X MSCI China Information Technology ETF	0.65%
Global X MSCI China Real Estate ETF	0.65%
Global X MSCI China Utilities ETF	0.65%
Global X MSCI China Large-Cap 50 ETF	0.29%
Global X FTSE Southeast Asia ETF	0.65%
Global X MSCI Colombia ETF*	0.61%
Global X MSCI Argentina ETF**	0.59%
Global X MSCI Greece ETF	0.55%
Global X MSCI Norway ETF	0.50%
Global X FTSE Nordic Region ETF	0.50%
Global X MSCI Nigeria ETF	0.68%
Global X MSCI Next Emerging & Frontier ETF	0.49%
Global X MSCI Portugal ETF	0.55%
Global X MSCI Pakistan ETF	0.68%
Global X DAX Germany ETF***	0.45%

* Pursuant to an expense limitation agreement in existence between the Global X MSCI Colombia ETF (the “ Colombia Fund”) and the Adviser prior to March 1, 2018, the Adviser agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Colombia Fund (exclusive of taxes, brokerage fees, commissions, custodian fees, and other transaction expenses, interest and extraordinary expenses (such as litigation and indemnification expenses)) (“Total Annual Fund Operating Expenses”) would not exceed 0.61% of the Colombia Fund’s average daily net assets per year until at least March 1, 2018. Pursuant to the expense limitation agreement, the Colombia Fund (at a later date) could reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser would not cause Total Annual Fund Operating Expenses to exceed the maximum permitted rate during the period in which it is paid and the Board had approved such reimbursement to the Adviser. Although the Board voted on December 19, 2017 to permanently reduce the Colombia Fund’s fees to 0.61% and end the expense limitation agreement as of March 1, 2018, prior waived or reimbursed fees are still subject to recoupment. As of April 30, 2020, the amounts of waivers/reimbursements subject to recoupment for the Colombia Fund were $61,948 (expiring 2021) and $92,171 (expiring 2020). As of April 30, 2020, there had been no recoupment of previously waived and reimbursed fees.

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Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

** Pursuant to an expense limitation agreement in existence between the Global X MSCI Argentina ETF (the “Argentina Fund”) and the Adviser prior to May 1, 2018, the Adviser agreed to waive or reimburse fees and/or limit Fund expenses to the extent necessary to assure that the operating expenses of the Argentina Fund (exclusive of taxes, brokerage fees, commissions, custodian fees, and other transaction expenses, interest and extraordinary expenses (such as litigation and indemnification expenses)) (“Total Annual Fund Operating Expenses”) would not exceed 0.59% of the Argentina Fund’s average daily net assets per year until at least May 1, 2018. Pursuant to the expense limitation agreement, the Argentina Fund (at a later date) could reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser would not cause Total Annual Fund Operating Expenses of the Argentina Fund to exceed 0.59% during the period in which it is paid and the Board had approved such reimbursement to the Adviser. Although the Board voted on December 19, 2017 to permanently reduce the Argentina Fund’s fees to 0.59% and end the expense limitation agreement as of March 1, 2018, prior waived or reimbursed fees are still subject to recoupment. As of April 30, 2020, the amounts of waivers/reimbursements subject to recoupment for the Argentina Fund were $105,611 (expiring 2021) and $123,845 (expiring 2020). As of April 30, 2020, there had been no recoupment of previously waived and reimbursed fees.

*** Effective August 1, 2017, Horizons ETFs Management (US) LLC (the “Predecessor Adviser”), contractually agreed to waive a portion of its management fee, which was 0.45% of the average daily net assets of the Predecessor Fund, and/or reimburse fees or expenses to 0.20% of the average daily net assets until July 31, 2019. The Board approved an Expense Limitation Agreement whereby the Adviser, effective as of the Reorganization, contractually agreed to reimburse or waive fees and/or limit the Germany Fund’s expenses to the extent necessary to assure that operating expenses (exclusive of taxes, brokerage fees, commissions, custodian fees, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.20% of the Germany Fund’s average daily net assets per year until at least March 1, 2021.

SEI Investments Distribution Co. (“SIDCO”) serves as each Fund’s underwriter and distributor of Creation Units pursuant to a Distribution Agreement. SIDCO has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (i) the costs of processing and maintaining records of creations of Creation Units; (ii) all costs of maintaining the records required of a registered broker/dealer; (iii) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (iv) filing

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	April 30, 2020

3. RELATED PARTIES AND SERVICE PROVIDER TRANSACTIONS (continued)

fees; and (v) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee for its distribution services under the Distribution Agreement, rather the Adviser compensates SIDCO for certain expenses, out-of-pocket costs, and transaction fees.

BBH serves as transfer agent and Custodian 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 compensation for these services, BBH receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees. As transfer agent, BBH has agreed to (1) issue and redeem shares of each Fund, (2) make dividend and other distributions to shareholders of each Fund, (3) respond to correspondence by shareholders and others relating to its duties; (4) maintain shareholder accounts, and (5) make periodic reports to the Funds. As compensation for these services, 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.

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Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2020, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:


	Purchases		Sales and Maturities
Global X MSCI China Consumer Discretionary ETF	$	22,049,506	$	21,073,402
Global X MSCI China Energy ETF		672,817		240,405
Global X MSCI China Financials ETF		4,932,130		6,995,547
Global X MSCI China Industrials ETF		278,103		307,487
Global X MSCI China Materials ETF		385,295		728,644
Global X MSCI China Communication Services ETF		3,084,698		4,481,520
Global X MSCI China Consumer Staples ETF		8,544,620		2,984,762
Global X MSCI China Health Care ETF		4,144,272		1,235,524
Global X MSCI China Information Technology ETF		13,887,952		2,648,689
Global X MSCI China Real Estate ETF		12,427,429		847,470
Global X MSCI China Utilities ETF		278,724		300,108
Global X MSCI China Large Cap 50 ETF		293,754		327,534
Global X FTSE Southeast Asia ETF		1,052,254		929,436
Global X MSCI Colombia ETF		5,183,706		8,534,459
Global X MSCI Argentina ETF		15,710,278		16,855,702
Global X MSCI Greece ETF		41,813,212		43,539,397
Global X MSCI Norway ETF		2,478,204		2,354,051
Global X FTSE Nordic Region ETF		380,904		94,156
Global X MSCI Nigeria ETF		11,046,220		6,193,222
Global X MSCI Next Emerging & Frontier ETF		2,827,274		3,176,545
Global X MSCI Portugal ETF		2,469,592		2,575,638
Global X MSCI Pakistan ETF		18,259,867		16,784,306
Global X DAX Germany ETF		670,367		558,137

During the period ended April 30, 2020, there were no purchases or sales of long-term U.S. Government securities for the Funds.

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Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

4. INVESTMENT TRANSACTIONS (continued)

For the period ended April 30, 2020, in-kind transactions associated with creations and redemptions were:


	Purchases		Sales and Maturities		Realized Gain/(Loss)
Global X MSCI China Consumer Discretionary ETF	$	5,242,830	$	25,044,197	$	4,003,369
Global X MSCI China Financials ETF		21,345		18,005,336		(2,491,285	)
Global X MSCI China Materials ETF		-		503,499		9,330
Global X MSCI China Communication Services ETF		-		3,140,071		229,405
Global X MSCI China Consumer Staples ETF		-		2,359,647		217,114
Global X MSCI China Health Care ETF		102,216		1,431,871		477,251
Global X MSCI China Information Technology ETF		552,610		3,622,313		435,527
Global X MSCI China Real Estate ETF		-		4,584,008		282,367
Global X FTSE Southeast Asia ETF		644,892		460,399		(11,727	)
Global X MSCI Colombia ETF		-		2,083,246		214,092
Global X MSCI Argentina ETF		11,622,517		23,758,513		3,742,485
Global X MSCI Greece ETF		3,885,829		85,365,568		(14,254,595	)
Global X MSCI Norway ETF		2,535,504		32,553,830		(5,283,204	)
Global X FTSE Nordic Region ETF		1,049,333		-		-
Global X MSCI Next Emerging & Frontier ETF		333,226		625,784		(171,539	)
Global X MSCI Portugal ETF		-		4,393,067		374,625
Global X DAX Germany ETF		2,825,937		2,283,301		189,578

For the year ended October 31, 2019, in-kind transactions associated with creations and redemptions were:


	Purchases		Sales and Maturities		Realized Gain/(Loss)
Global X MSCI China Consumer Discretionary ETF	$	14,227,232	$	21,430,344	$	1,136,331
Global X MSCI China Energy ETF		-		849,880		(49,384	)
Global X MSCI China Financials ETF		4,496,360		35,637,848		(2,187,542	)
Global X MSCI China Communication Services ETF		2,928,502		6,119,465		1,537,083
Global X MSCI China Consumer Staples ETF		644,217		733,187		127,698
Global X MSCI China Health Care ETF		688,666		767,285		94,400
Global X MSCI China Information Technology ETF		1,912,081		1,351,005		127,520
Global X MSCI China Large-Cap 50 ETF		1,184,305		1,230,981		114,167
Global X FTSE Southeast Asia ETF		6,485,264		-		-
Global X MSCI Colombia ETF		2,630,689		9,119,282		2,450,328
Global X MSCI Argentina ETF		22,008,833		40,005,941		4,436,996
Global X MSCI Greece ETF		121,989,870		114,890,905		18,314,024
Global X MSCI Norway ETF		28,402,701		92,279,600		3,925,448
Global X FTSE Nordic Region ETF		-		7,264,558		(17,968	)
Global X MSCI Next Emerging & Frontier ETF		2,917,400		-		-
Global X MSCI Portugal ETF		5,525,084		7,024,100		448,381
Global X DAX Germany ETF		-		1,308,110		57,684

155


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

5. TAX INFORMATION

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions declared during the periods ended October 31, 2019 and 2018 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X MSCI China Consumer Discretionary ETF
2019	$	3,541,990	$	–	$	–	$	3,541,990
2018		1,451,475		–		–		1,451,475
Global X MSCI China Energy ETF
2019	$	123,563	$	–	$	–	$	123,563
2018		61,751		–		–		61,751
Global X MSCI China Financials ETF
2019	$	2,438,433	$	–	$	–	$	2,438,433
2018		957,793		–		–		957,793
Global X MSCI China Industrials ETF
2019	$	67,864	$	–	$	–	$	67,864
2018		86,463		–		–		86,463
Global X MSCI China Materials ETF
2019	$	149,448	$	–	$	–	$	149,448
2018		58,997		–		–		58,997
Global X MSCI China Communication Services ETF
2019	$	115,344	$	–	$	–	$	115,344
2018		578,519		–		–		578,519
Global X MSCI China Consumer Staples ETF
2019	$	13,493	$	–	$	–	$	13,493
Global X MSCI China Health Care ETF
2019	$	2,880	$	–	$	–	$	2,880
Global X MSCI China Information Technology ETF
2019	$	12,360	$	–	$	–	$	12,360
Global X MSCI China Real Estate ETF
2019	$	26,242	$	–	$	–	$	26,242
Global X MSCI China Utilities ETF
2019	$	12,312	$	–	$	–	$	12,312
Global X MSCI China Large-Cap 50 ETF
2019	$	21,830	$	–	$	–	$	21,830
Global X FTSE Southeast Asia ETF
2019	$	911,494	$	–	$	–	$	911,494
2018		284,000		–		–		284,000

156


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

5. TAX INFORMATION (continued)

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X MSCI Colombia ETF
2019	$	3,425,053	$	–	$	–	$	3,425,053
2018		1,748,612		–		–		1,748,612
Global X MSCI Argentina ETF
2019	$	1,862,692	$	–	$	–	$	1,862,692
2018		1,050,485		–		–		1,050,485
Global X MSCI Greece ETF
2019	$	7,386,717	$	–	$	–	$	7,386,717
2018		8,523,662		–		–		8,523,662
Global X MSCI Norway ETF
2019	$	6,822,589	$	–	$	–	$	6,822,589
2018		4,071,466		–		–		4,071,466
Global X FTSE Nordic Region ETF
2019	$	946,666	$	–	$	410,291	$	1,356,957
2018		1,206,770		–		–		1,206,770
Global X MSCI Nigeria ETF
2019	$	3,827,441	$	–	$	–	$	3,827,441
2018		1,360,193		–		–		1,360,193
Global X MSCI Next Emerging & Frontier ETF
2019	$	725,137	$	–	$	–	$	725,137
2018		288,733		–		–		288,733
Global X MSCI Portugal ETF
2019	$	1,885,103	$	–	$	–	$	1,885,103
2018		1,558,591		–		–		1,558,591
Global X MSCI Pakistan ETF
2019	$	2,425,569	$	–	$	–	$	2,425,569
2018		2,761,116		1,522,382		–		4,283,498
Global X DAX Germany ETF
2019	$	666,693	$	–	$	10,877	$	677,570
2018		244,615		–		–		244,615

157


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

5. TAX INFORMATION (continued)

As of October 31, 2019, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X MSCI China Consumer Discretionary ETF			Global X MSCI China Energy ETF			Global X MSCI China Financials ETF			Global X MSCI China Industrials ETF
Undistributed Ordinary Income	$	1,217,721		$	28,861		$	1,692,783		$	16,234
Capital Loss Carryforwards		(70,574,152	)		(1,440,717	)		(3,663,221	)		(2,682,255	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		494,608			(350,975	)		(8,241,478	)		(437,597	)
Other Temporary Differences		(6	)		(2	)		(3	)		(3	)
Total Accumulated Losses	$	(68,861,829	)	$	(1,762,833	)	$	(10,211,919	)	$	(3,103,621	)

	Global X Funds
	Global X MSCI China Materials ETF			Global X MSCI China Communication Services ETF			Global X MSCI China Consumer Staples ETF			Global X MSCI China Health Care ETF
Undistributed Ordinary Income	$	40,341		$	53,587		$	90,144		$	16,303
Capital Loss Carryforwards		(1,870,804	)		(5,361,305	)		–			–
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(619,522	)		(3,246,435	)		400,768			230,644
Other Temporary Differences		3			1			(1	)		–
Total Distributable Earnings (Accumulated Losses)	$	(2,449,982	)	$	(8,554,152	)	$	490,911		$	246,947

158


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

5. TAX INFORMATION (continued)

	Global X Funds
	Global X MSCI China Information Technology ETF		Global X MSCI China Real Estate ETF			Global X MSCI China Utilities ETF			Global X MSCI China Large-Cap 50 ETF
Undistributed Ordinary Income	$	33,127	$	40,833		$	26,137		$	32,517
Capital Loss Carryforwards		–		(29,885	)		–			(17,717	)
Unrealized Appreciation on Investments and Foreign Currency		28,771		209,870			52,622			117,293
Other Temporary Differences		–		(1	)		(1	)		–
Total Distributable Earnings	$	61,898	$	220,817		$	78,758		$	132,093

	Global X Funds
	Global X FTSE Southeast Asia ETF			Global X MSCI Colombia ETF			Global X MSCI Argentina ETF			Global X MSCI Greece ETF
Undistributed Ordinary Income	$	220,714		$	658,738		$	89,459		$	4,229,808
Capital Loss Carryforwards		(5,648,692	)		(74,202,710	)		(3,248,456	)		(144,201,514	)
Unrealized Depreciation on Investments and Foreign Currency		(254,908	)		(7,243,434	)		(44,383,066	)		(70,214,352	)
Other Temporary Differences		(3	)		(5	)		(4	)		(15	)
Total Accumulated Losses	$	(5,682,889	)	$	(80,787,411	)	$	(47,542,067	)	$	(210,186,073	)

159


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

5. TAX INFORMATION (continued)

	Global X Funds
	Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF			Global X MSCI Nigeria ETF			Global X MSCI Next Emerging & Frontier ETF
Undistributed Ordinary Income	$	292,316		$	–		$	209,558		$	198,470
Capital Loss Carryforwards		(29,680,156	)		(4,605,508	)		(20,481,323	)		(23,664,979	)
Unrealized Depreciation on Investments and Foreign Currency		(19,201,136	)		(1,517,810	)		(14,268,514	)		(123,613	)
Other Temporary Differences		(12	)		–			1			–
Total Accumulated Losses	$	(48,588,988	)	$	(6,123,318	)	$	(34,540,278	)	$	(23,590,122	)

	Global X Funds
	Global X MSCI Portugal ETF			Global X MSCI Pakistan ETF			Global X DAX Germany ETF
Undistributed Ordinary Income	$	151,260		$	703,677		$	–
Capital Loss Carryforwards		(11,970,309	)		(10,924,297	)		(1,121,982	)
Unrealized Depreciation on Investments and Foreign Currency		(6,580,174	)		(28,841,972	)		(954,925	)
Other Temporary Differences		1			(1	)		(1	)
Total Accumulated Losses	$	(18,399,222	)	$	(39,062,593	)	$	(2,076,908	)

160


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

5. TAX INFORMATION (continued)

	Short-Term Loss		Long-Term Loss		Total
Global X MSCI China Consumer Discretionary ETF	$	19,009,293	$	51,564,859	$	70,574,152
Global X MSCI China Energy ETF		224,287		1,216,430		1,440,717
Global X MSCI China Financials ETF		3,442,142		221,079		3,663,221
Global X MSCI China Industrials ETF		406,706		2,275,549		2,682,255
Global X MSCI China Materials ETF		150,261		1,720,543		1,870,804
Global X MSCI China Communication Services ETF		3,685,498		1,675,807		5,361,305
Global X MSCI China Real Estate ETF		29,885		–		29,885
Global X MSCI China Large-Cap 50 ETF		17,717		–		17,717
Global X FTSE Southeast Asia ETF		1,913,326		3,735,366		5,648,692
Global X MSCI Colombia ETF		23,807,584		50,395,126		74,202,710
Global X MSCI Argentina ETF		3,248,456		–		3,248,456
Global X MSCI Greece ETF		67,823,891		76,377,623		144,201,514
Global X MSCI Norway ETF		8,943,250		20,736,906		29,680,156
Global X FTSE Nordic Region ETF		1,446,721		3,158,787		4,605,508
Global X MSCI Nigeria ETF		5,871,520		14,609,803		20,481,323
Global X MSCI Next Emerging & Frontier ETF		5,582,673		18,032,306		23,614,979
Global X MSCI Portugal ETF		3,571,291		8,399,018		11,970,309
Global X MSCI Pakistan ETF		1,285,889		9,638,408		10,924,297
Global X DAX Germany ETF		543,196		578,786		1,121,982

During the year ended October 31, 2019 the following Funds utilized capital loss carryforwards to offset capital gains amounting to:

	Short-Term Loss		Long-Term Loss		Total
Global X MSCI China Financials ETF	$	–	$	686,095	$	686,095
Global X MSCI Argentina ETF		547,637		422,844		970,481

161


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

5. TAX INFORMATION (continued)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2020 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X MSCI China Consumer Discretionary ETF	$	141,851,274	$	23,180,897	$	(20,197,759	)	$	2,983,138
Global X MSCI China Energy ETF		2,342,705		51,463		(635,074	)		(583,611	)
Global X MSCI China Financials ETF		43,821,373		361,423		(7,683,772	)		(7,322,349	)
Global X MSCI China Industrials ETF		2,241,820		281,050		(599,414	)		(318,364	)
Global X MSCI China Materials ETF		1,762,751		224,927		(469,042	)		(244,115	)
Global X MSCI China Communication Services ETF		18,875,363		2,275,177		(3,846,809	)		(1,571,632	)
Global X MSCI China Consumer Staples ETF		5,101,138		748,482		(184,379	)		564,103
Global X MSCI China Health Care ETF		4,403,228		744,059		(271,741	)		472,318
Global X MSCI China Information Technology ETF		10,433,626		474,878		(1,203,949	)		(729,071	)
Global X MSCI China Real Estate ETF		8,773,531		284,941		(676,506	)		(391,565	)
Global X MSCI China Utilities ETF		1,505,850		85,355		(207,161	)		(121,806	)
Global X MSCI China Large Cap 50 ETF		2,587,606		402,411		(209,841	)		192,570
Global X FTSE Southeast Asia ETF		26,038,464		199,514		(6,129,313	)		(5,929,799	)
Global X MSCI Colombia ETF		80,616,829		1,174,314		(28,294,621	)		(27,120,307	)
Global X MSCI Argentina ETF		89,219,488		5,642,303		(50,843,743	)		(45,201,440	)
Global X MSCI Greece ETF		245,767,159		3,777,252		(101,427,838	)		(97,650,586	)
Global X MSCI Norway ETF		67,056,661		540,479		(23,230,054	)		(22,689,575	)
Global X FTSE Nordic Region ETF		19,003,326		2,544,320		(4,665,797	)		(2,121,477	)
Global X MSCI Nigeria ETF		43,141,986		300,673		(14,194,487	)		(13,893,814	)
Global X MSCI Next Emerging & Frontier ETF		16,402,221		411,680		(3,547,324	)		(3,135,644	)
Global X MSCI Portugal ETF		25,739,871		361,388		(8,858,511	)		(8,497,123	)
Global X MSCI Pakistan ETF		51,296,036		488,640		(12,302,749	)		(11,814,109	)
Global X DAX Germany ETF		17,757,650		768,315		(5,078,879	)		(4,310,564	)

6. CONCENTRATION OF RISKS

The Funds invest in securities of foreign issuers in several countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

The securities markets of emerging market countries are less liquid and subject to greater price volatility, and have a smaller market capitalization than the U.S. securities markets.

162


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

6. CONCENTRATION OF RISKS (continued)

In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issuers or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations or issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging market country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging market country issuers than is available about issuers in the United States.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income, gains earned or gains repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the underlying index in approximately the same proportions as the underlying index. Each Fund may utilize a representative sampling strategy with respect to its underlying index 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 the underlying indexes).

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

163


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

7. LOANS OF PORTFOLIO SECURITIES (continued)

recognized as a liability in the Statement 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.

Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. In the event the borrower may not provide additional collateral when required or may not return the securities when due, the security lending agency agreement requires the lending agent to indemnify the Funds by replacing either the security or the security’s current market value to the Funds. The Funds could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.

As of April 30, 2020 the value of the securities on loan was $8,021,713, $244,446, $222,564, $8,014,770, $290,747, $3,930,024, $7,517,374 and $2,188,640 for the Global X MSCI China Consumer Discretionary ETF, Global X MSCI China Financials ETF, Global X FTSE Southeast Asia ETF, Global X MSCI Colombia ETF, Global X MSCI Argentina ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF and Global X MSCI Portugal ETF, respectively. The cash collateral received from securities on loan was $8,561,481, $257,384, $233,378, $8,229,710, $318,774, $4,212,790, $7,776,774 and $2,344,107 for the Global X MSCI China Consumer Discretionary ETF, Global X MSCI China Financials ETF, Global X FTSE Southeast Asia ETF, Global X MSCI Colombia ETF, Global X MSCI Argentina ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF and Global X MSCI Portugal ETF, respectively.

164


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

7. LOANS OF PORTFOLIO SECURITIES (continued)

At April 30, 2020, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X MSCI China Consumer Discretionary ETF
Barclays Capital	$	319,069	$	335,704
BofA Securities, Inc.		1,107,644		1,165,266
Citigroup		1,296,567		1,406,832
Credit Suisse		636,988		700,500
Morgan Stanley and Co.		4,661,445		4,953,179
Global X China Financials ETF
JPMorgan		244,446		257,384
Global X FTSE Southeast Asia ETF
Morgan Stanley and Co.		222,564		233,378
Global X MSCI Colombia ETF
Goldman Sachs		8,014,770		8,229,710
Global X MSCI Argentina ETF
Credit Suisse		46,542		47,882
JPMorgan		74,191		87,800
Goldman Sachs		170,014		183,092
Global X MSCI Greece ETF
Barclays Capital		97,724		102,150
BofA Securities, Inc.		73,615		76,950
Credit Suisse		854,646		935,315
UBS AG London Branch		2,904,039		3,098,375
Global X MSCI Norway ETF
Barclays Capital		150,910		161,178
BofA Securities, Inc.		5,699,658		5,883,281
Credit Suisse		171,558		177,327
JPMorgan		89,289		94,052
Morgan Stanley and Co.		61,642		61,146
UBS AG London Branch		1,344,317		1,399,790
Global X MSCI Portugal ETF
BofA Securities, Inc.		22,825		26,794
JPMorgan		24,918		29,250
Morgan Stanley and Co.		2,129,396		2,276,048
UBS AG London Branch		11,501		12,015

165


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

7. LOANS OF PORTFOLIO SECURITIES (continued)

⁽¹⁾

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.

8. CONTRACTUAL OBLIGATIONS

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these contracts is unknown. However, the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

9. REVERSE SHARE SPLIT

Effective April 28, 2020, each of the Global X MSCI Colombia ETF, Global X MSCI Greece ETF and Global X MSCI Pakistan ETF executed a reverse share split for shareholders of record after the close of markets on April 27, 2020. The effect of this transaction for each 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 in the statement of changes in net assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the period then ended, have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions. The details of the reverse splits are as follows:

Fund Name		Ratio

Global X MSCI Colombia ETF		1:4
Global X MSCI Greece ETF		1:3
Global X MSCI Pakistan ETF		1:4

Effective March 16, 2017, the Global X MSCI Nigeria ETF executed a 1-for-4 reverse share split for shareholders of record after the close of markets on March 15, 2017. The effect of this transaction was to divide the number of outstanding shares of the Fund by four, resulting in a corresponding increase in the NAV per share. The per share data in the financial highlights for each of the years in the period then ended have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of this transaction.

166


Notes to Financial Statements (unaudited) (concluded)
	April 30, 2020

10. REGULATORY MATTERS

On August 17, 2018, the Securities & Exchange Commission adopted amendments to Regulation S-X. These changes are effective for periods after November 5, 2018. The updates to registered investment companies were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earnings on a book basis in the Statements of Assets and Liabilities. The update also impacted the presentation of undistributed net investment income and distributions to shareholders on the Statements of Changes in Net Assets. The amounts presented in the current Statements of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately.

11. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management elected to early adopt the removal of certain disclosures and delay the adoption of additional disclosures until the effective date.

12. SUBSEQUENT EVENTS

The Funds have been evaluated by management regarding the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional disclosures were required to the financial statements.

167


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 portfolio 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 incurred in the purchase or sale of share of the Fund on the secondary market.

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

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 a 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.

Hypothetical 5% Return. This section helps you compare a Fund’s costs with those of other funds. It assumes that the Funds 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.

168


Disclosure of Fund Expenses (unaudited) (continued)

	Beginning Account Value 11/1/2019		Ending Account Value 4/30/2020		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾

Global X MSCI China Consumer Discretionary ETF
Actual Fund Return	$	1,000.00	$	1,001.90		0.65	%	$	3.24
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27

Global X MSCI China Energy ETF
Actual Fund Return	$	1,000.00	$	817.10		0.66	%	$	2.98
Hypothetical 5% Return		1,000.00		1,021.58		0.66			3.32

Global X MSCI China Financials ETF
Actual Fund Return	$	1,000.00	$	922.80		0.65	%	$	3.11
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27

Global X MSCI China Industrials ETF
Actual Fund Return	$	1,000.00	$	1,004.00		0.66	%	$	3.29
Hypothetical 5% Return		1,000.00		1,021.58		0.66			3.32

Global X MSCI China Materials ETF
Actual Fund Return	$	1,000.00	$	1,074.20		0.66	%	$	3.40
Hypothetical 5% Return		1,000.00		1,021.58		0.66			3.32

Global X MSCI China Communication Services ETF
Actual Fund Return	$	1,000.00	$	1,044.30		0.65	%	$	3.30
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27

Global X MSCI China Consumer Staples ETF
Actual Fund Return	$	1,000.00	$	1,107.80		0.65	%	$	3.41
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27

Global X MSCI China Health Care ETF
Actual Fund Return	$	1,000.00	$	1,109.70		0.65	%	$	3.41
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27

Global X MSCI China Information Technology ETF
Actual Fund Return	$	1,000.00	$	1,098.00		0.65	%	$	3.39
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27

Global X MSCI China Real Estate ETF
Actual Fund Return	$	1,000.00	$	995.20		0.65	%	$	3.22
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27

Global X MSCI China Utilities ETF
Actual Fund Return	$	1,000.00	$	888.40		0.65	%	$	3.05
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27

Global X MSCI China Large-Cap 50 ETF
Actual Fund Return	$	1,000.00	$	1,019.60		0.29	%	$	1.46
Hypothetical 5% Return		1,000.00		1,023.42		0.29			1.46

169


Disclosure of Fund Expenses (unaudited) (concluded)

	Beginning Account Value 11/1/2019		Ending Account Value 4/30/2020		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾

Global X FTSE Southeast Asia ETF
Actual Fund Return	$	1,000.00	$	763.50		0.65	%	$	2.85
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27

Global X MSCI Colombia ETF
Actual Fund Return	$	1,000.00	$	607.60		0.61	%	$	2.44
Hypothetical 5% Return		1,000.00		1,021.83		0.61			3.07

Global X MSCI Argentina ETF
Actual Fund Return	$	1,000.00	$	836.10		0.59	%	$	2.69
Hypothetical 5% Return		1,000.00		1,021.93		0.59			2.97

Global X MSCI Greece ETF
Actual Fund Return	$	1,000.00	$	643.90		0.59	%	$	2.41
Hypothetical 5% Return		1,000.00		1,021.93		0.59			2.97

Global X MSCI Norway ETF
Actual Fund Return	$	1,000.00	$	760.80		0.50	%	$	2.19
Hypothetical 5% Return		1,000.00		1,022.38		0.50			2.51

Global X FTSE Nordic Region ETF
Actual Fund Return	$	1,000.00	$	957.30		0.51	%	$	2.48
Hypothetical 5% Return		1,000.00		1,022.33		0.51			2.56

Global X MSCI Nigeria ETF
Actual Fund Return	$	1,000.00	$	825.30		0.89	%	$	4.04
Hypothetical 5% Return		1,000.00		1,020.44		0.89			4.47

Global X MSCI Next Emerging & Frontier ETF
Actual Fund Return	$	1,000.00	$	788.20		0.68	%	$	3.02
Hypothetical 5% Return		1,000.00		1,021.48		0.68			3.42

Global X MSCI Portugal ETF
Actual Fund Return	$	1,000.00	$	825.30		0.59	%	$	2.68
Hypothetical 5% Return		1,000.00		1,021.93		0.59			2.97

Global X MSCI Pakistan ETF
Actual Fund Return	$	1,000.00	$	943.80		0.83	%	$	4.01
Hypothetical 5% Return		1,000.00		1,020.74		0.83			4.17

Global X DAX Germany ETF
Actual Fund Return	$	1,000.00	$	829.30		0.20	%	$	0.91
Hypothetical 5% Return		1,000.00		1,023.87		0.20			1.01

⁽¹⁾	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

170


Approval of Investment Advisory Agreement (unaudited)

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;

171


Approval of Investment Advisory Agreement (unaudited) (continued)

•	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, statement of additional information, and other reports and documents for the Renewal Funds that are required to be filed by the Trust with the U.S. Securities and Exchange Commission and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including Creation Units) of the Renewal Funds by shareholders and new investors;
•	the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to the Renewal Funds; and
•	the quality of Global X Management’s resources and personnel that would continue to be made available to the Renewal Funds, including Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Renewal Funds by Global X Management.

Performance

The Board considered the performance of each Renewal Fund. The Board examined the performance of the Renewal Funds for the one-year, three-year, five-year and since-inception periods, as applicable. Also, the Board considered the total return and investments performance of the Renewal Funds relative to (i) the performance of unaffiliated comparable ETFs and/or other registered funds, which performance information is publicly available from such registered funds as well as other third party sources; and (ii) the performance of pertinent indexes. The Board considered instances of under-performance and over-performance with respect to the competitor funds. The Board also considered the Renewal Funds’ tracking against their underlying indexes in absolute terms.

172


Approval of Investment Advisory Agreement (unaudited) (continued)

Cost of Services and Profitability

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 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 ratios (i.e., the total fees) of the Renewal Funds and that the proposed Management Fees for the Renewal Funds were set at 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

173


Approval of Investment Advisory Agreement (unaudited) (concluded)

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.

Based on these considerations, the Board concluded that the unitary Management Fee for the Renewal Funds appropriately addressed economies of scale.

Other Benefits

Conclusion

In reaching this decision, the Board did not assign relative weights to the factors discussed 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.

174


Supplemental Information (unaudited)

Further information regarding premiums and discounts is available on the Funds’ website at www.globalxetfs.com.

175


Notes


Notes


Notes


Notes


Notes

605 Third Avenue, 43^rd floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

Investment Adviser and Administrator:

Global X Management Company LLC

605 Third Avenue, 43^rd 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

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

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 prospectus for the funds described.

GLX-SA-002-0900

Global X SuperDividend^® ETF (ticker: SDIV)

Global X SuperDividend^® U.S. ETF (ticker: DIV)

Global X MSCI SuperDividend^® Emerging Markets ETF (ticker: SDEM)

Global X MSCI SuperDividend^® EAFE ETF (ticker: EFAS)

Global X SuperDividend^® REIT ETF (ticker: SRET)

Global X SuperIncome™ Preferred ETF (ticker: SPFF)

Global X YieldCo & Renewable Energy Income ETF (ticker: YLCO)

Global X Social Media ETF (ticker: SOCL)

Global X E-commerce ETF (ticker: EBIZ)

Global X Guru^® Index ETF (ticker: GURU)

Global X Scientific Beta U.S. ETF (ticker: SCIU)

Global X Scientific Beta Europe ETF (ticker: SCID)

Global X Scientific Beta Japan ETF (ticker: SCIJ)

Global X Scientific Beta Asia ex-Japan ETF (ticker: SCIX)

Global X S&P 500^® Catholic Values ETF (ticker: CATH)

Global X NASDAQ 100^® Covered Call ETF (ticker: QYLD)

Global X S&P 500^® Covered Call ETF (ticker: HSPX)

Global X Russell 2000 Covered Call ETF (ticker: RYLD)

Semi-Annual Report

April 30, 2020

Beginning on January 1, 2021, 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), and you will be notified by mail each time a report is posted and provided with a website link to access the report.



	Table of Contents

Schedules of Investments
Global X SuperDividend^® ETF	1
Global X SuperDividend^® U.S. ETF	10
Global X MSCI SuperDividend^® Emerging Markets ETF	15
Global X MSCI SuperDividend^® EAFE ETF	20
Global X SuperDividend^® REIT ETF	26
Global X SuperIncome™ Preferred ETF	30
Global X YieldCo & Renewable Energy Income ETF	34
Global X Social Media ETF	38
Global X E-commerce ETF	42
Global X Guru^® Index ETF	46
Global X Scientific Beta U.S. ETF	50
Global X Scientific Beta Europe ETF	64
Global X Scientific Beta Japan ETF	89
Global X Scientific Beta Asia ex-Japan ETF	98
Global X S&P 500^® Catholic Values ETF	106
Global X NASDAQ 100^® Covered Call ETF	122
Global X S&P 500^® Covered Call ETF	128
Global X Russell 2000 Covered Call ETF	147
Statements of Assets and Liabilities	149
Statements of Operations	154
Statements of Changes in Net Assets	159
Financial Highlights	169
Notes To Financials	179
Disclosure of Fund Expenses	204
Approval of Investment Advisory Agreement	207
Supplemental Information	211

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 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 the Global X Funds use 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		April 30, 2020 (Unaudited)
	Global X SuperDividend^® ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 99.7%
ARGENTINA— 1.9%
Communication Services — 0.8%
Telecom Argentina ADR		689,578	$	4,737,401
Energy — 1.1%
Transportadora de Gas del Sur ADR ^{* (A)}		1,371,744		6,282,587
TOTAL ARGENTINA				11,019,988
AUSTRALIA— 10.9%
Consumer Discretionary — 1.1%
Harvey Norman Holdings ^(A)		3,550,889		6,462,840
Energy — 2.9%
New Hope		8,767,032		8,867,937
Whitehaven Coal		6,447,884		7,682,988
				16,550,925

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
Financials — 4.5%
Bank of Queensland ^(A)		1,717,205	$	5,857,353
Bendigo and Adelaide Bank		1,534,589		6,570,696
National Australia Bank		538,353		5,977,705
Perpetual		343,265		6,764,529
				25,170,283
Industrials — 1.1%
Westpac Banking		557,138		5,938,253
Materials — 1.3%
Alumina		6,656,464		7,561,093
TOTAL AUSTRALIA				61,683,394
BRAZIL— 1.0%
Energy — 1.0%
Enauta Participacoes		3,223,900		5,437,387
CANADA— 1.6%
Energy — 0.8%
Vermilion Energy ^(A)		873,762		4,309,205
Materials — 0.8%
Chemtrade Logistics Income Fund ^(A)		1,254,069		4,722,114
TOTAL CANADA				9,031,319
CHINA— 8.4%
Consumer Discretionary — 0.8%
China ZhengTong Auto Services Holdings ^(A)		30,145,400		4,705,145
Materials — 3.9%
China Zhongwang Holdings ^(A)		23,939,200		5,774,546
Maanshan Iron & Steel, Cl H ^(A)		22,240,400		7,200,837
Sinopec Shanghai Petrochemical, Cl H		31,838,200		8,747,717
				21,723,100
Real Estate — 3.7%
Agile Group Holdings		5,667,800		6,389,878
C&D International Investment Group		5,588,000		7,972,200

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Yuzhou Properties		15,808,502	$	6,729,322
				21,091,400
TOTAL CHINA				47,519,645
CZECH REPUBLIC— 0.9%
Financials — 0.9%
Moneta Money Bank		2,345,257		4,913,693
HONG KONG— 1.1%
Consumer Discretionary — 1.1%
Pacific Textiles Holdings		12,734,200		6,406,236
INDONESIA— 2.0%
Energy — 2.0%
Bukit Asam		47,740,800		6,017,748
Indo Tambangraya Megah		10,770,000		5,213,042
TOTAL INDONESIA				11,230,790
MALAYSIA— 2.5%
Consumer Staples — 1.4%
British American Tobacco Malaysia		2,726,200		8,026,440
Industrials — 1.1%
AirAsia Group		31,503,700		5,971,050
TOTAL MALAYSIA				13,997,490
MEXICO— 2.1%
Materials — 1.1%
Alpek, Cl A ^*		12,475,429		6,004,553
Real Estate — 1.0%
PLA Administradora Industrial S de RL ^‡		5,389,394		5,656,487
TOTAL MEXICO				11,661,040
NETHERLANDS— 3.6%
Financials — 1.1%
Van Lanschot Kempen		393,909		6,040,292

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 1.7%
PostNL		5,781,021	$	9,934,853
Real Estate — 0.8%
Wereldhave ^{‡ (A)}		505,132		4,426,178
TOTAL NETHERLANDS				20,401,323
NEW ZEALAND— 2.0%
Energy — 1.1%
Z Energy		3,104,668		5,937,806
Industrials — 0.9%
Air New Zealand		6,231,719		5,171,056
TOTAL NEW ZEALAND				11,108,862
NIGERIA— 1.1%
Financials — 1.1%
Zenith Bank		175,089,243		6,520,251
NORWAY— 2.3%
Energy — 2.3%
Ocean Yield		2,012,752		5,248,748
SFL		698,049		7,880,973
TOTAL NORWAY				13,129,721
PORTUGAL— 2.6%
Materials — 2.6%
Altri		1,494,282		7,888,848
Portucel		2,613,749		6,796,394
TOTAL PORTUGAL				14,685,242
RUSSIA— 8.9%
Communication Services — 2.5%
Mobile TeleSystems ADR		837,792		7,179,877
VEON ADR		4,094,691		7,001,922
				14,181,799

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
Energy — 1.0%
Tatneft PJSC ADR		132,817	$	5,926,295
Materials — 5.4%
Evraz		2,191,445		7,330,616
MMC Norilsk Nickel PJSC ADR		263,020		7,306,696
Novolipetsk Steel PJSC GDR		447,074		7,712,026
Severstal PAO GDR		669,791		7,997,304
				30,346,642
TOTAL RUSSIA				50,454,736
SINGAPORE— 1.4%
Real Estate — 1.4%
Sasseur Real Estate Investment Trust ^‡		14,747,700		7,700,192
SOUTH AFRICA— 4.2%
Energy — 1.2%
Exxaro Resources ^(A)		1,122,873		6,591,720
Materials — 1.6%
Kumba Iron Ore		461,148		8,856,603
Real Estate — 1.4%
Hyprop Investments ^{‡ * (A)}		2,804,971		2,901,957
Redefine Properties ^‡		22,886,960		2,828,935
Vukile Property Fund ^‡		8,481,478		2,498,492
				8,229,384
TOTAL SOUTH AFRICA				23,677,707
THAILAND— 1.5%
Communication Services — 1.5%
Jasmine International NVDR		71,292,999		8,725,708
TURKEY— 2.4%
Materials — 2.4%
Eregli Demir ve Celik Fabrikalari		5,768,159		6,676,358
Iskenderun Demir ve Celik		7,019,457		6,899,445
TOTAL TURKEY				13,575,803

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 8.1%
Communication Services — 1.2%
BT Group, Cl A		4,772,346	$	6,985,756
Consumer Discretionary — 1.8%
Marston’s		7,602,643		3,621,037
Persimmon		231,928		6,450,571
				10,071,608
Consumer Staples — 1.4%
Imperial Brands		382,629		8,103,356
Industrials — 1.4%
Royal Mail		3,828,026		8,039,434
Information Technology — 1.0%
Micro Focus International		913,016		5,547,424
Real Estate — 1.3%
Hammerson ^‡		4,025,056		3,583,356
NewRiver REIT ^‡		4,147,021		3,509,903
				7,093,259
TOTAL UNITED KINGDOM				45,840,837
UNITED STATES— 29.2%
Communication Services — 1.2%
Gannett		2,152,909		2,432,787
National CineMedia		1,269,180		4,188,294
				6,621,081
Consumer Staples — 3.1%
B&G Foods ^(A)		509,752		9,899,384
Vector Group		722,084		7,726,299
				17,625,683
Energy — 3.4%
Diversified Gas & Oil		8,813,571		10,516,698
EnLink Midstream		2,400,749		5,329,663

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperDividend^® ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Targa Resources		245,539	$	3,182,185
				19,028,546
Financials — 14.2%
AG Mortgage Investment Trust ^‡		537,511		1,714,660
AGNC Investment ^‡		458,036		5,688,807
Annaly Capital Management ^‡		896,892		5,605,575
Apollo Commercial Real Estate Finance ^‡		505,997		4,123,875
Arbor Realty Trust ^‡		677,239		4,666,177
ARMOUR Residential REIT ^‡		417,986		3,694,996
BGC Partners, Cl A		1,734,256		5,367,522
Chimera Investment ^{‡ (A)}		392,413		3,049,049
Colony Credit Real Estate ^‡		673,627		3,240,146
Granite Point Mortgage Trust ^‡		513,027		2,554,874
Invesco Mortgage Capital ^{‡ (A)}		475,523		1,445,590
KKR Real Estate Finance Trust ^‡		412,685		6,512,169
Ladder Capital, Cl A ^‡		512,389		4,073,493
MFA Financial ^‡		1,102,230		1,928,903
New Residential Investment ^‡		508,279		3,095,419
New York Mortgage Trust ^‡		1,367,292		2,980,697
PennyMac Mortgage Investment Trust ^‡		377,027		3,921,081
Ready Capital ^‡		582,250		3,883,608
Starwood Property Trust ^‡		354,719		4,590,064
TPG RE Finance Trust ^‡		418,587		3,218,934
Two Harbors Investment ^‡		586,682		2,681,137
Western Asset Mortgage Capital ^‡		788,829		2,405,928
				80,442,704
Industrials — 1.0%
Macquarie Infrastructure		207,642		5,728,843
Real Estate — 6.3%
CoreCivic ^‡		505,102		6,626,938
GEO Group ^‡		482,036		6,112,216

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperDividend^® ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Real Estate — continued
Global Net Lease ^‡		421,200	$	6,061,068
Macerich ^{‡ (A)}		407,177		3,041,612
Sabra Health Care ^‡		408,440		5,236,201
Service Properties Trust ^‡		518,742		3,594,882
Tanger Factory Outlet Centers ^{‡ (A)}		678,684		5,103,704
				35,776,621
TOTAL UNITED STATES				165,223,478
TOTAL COMMON STOCK
(Cost $916,089,280)				563,944,842

SHORT-TERM INVESTMENT^(B)(C) — 8.0%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $45,269,485)		45,269,485		45,269,485

REPURCHASE AGREEMENT^(B) — 0.9%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20, repurchase price $4,890,048 (collateralized by U.S. Treasury Obligations, ranging in par value $1,179,647 - $3,805,277, 1.500%, 08/15/2026, with a total market value of $4,984,924)
(Cost $4,890,044)	$	4,890,044		4,890,044
TOTAL INVESTMENTS — 108.6%
(Cost $966,248,809)			$	614,104,371

Percentages are based on Net Assets of $565,229,212.

‡	Real Estate Investment Trust
*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $47,494,529.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $50,159,529.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperDividend^® ETF

(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

REIT — Real Estate Investment Trust

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	563,944,842	$	—	$	—	$	563,944,842
Short-Term Investment		45,269,485		—		—		45,269,485
Repurchase Agreement		—		4,890,044		—		4,890,044
Total Investments in Securities	$	609,214,327	$	4,890,044	$	—	$	614,104,371

For the period ended April 30, 2020, there have been no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperDividend^® U.S. ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 77.8%
NORWAY— 2.7%
Energy — 2.7%
SFL		945,791	$	10,677,981
UNITED STATES— 75.1%
Communication Services — 9.7%
AT&T		316,714		9,650,276
Cinemark Holdings		383,836		5,481,178
Meredith		391,013		5,798,722
National CineMedia		1,582,976		5,223,821
Verizon Communications		210,638		12,101,153
				38,255,150
Consumer Discretionary — 4.1%
Buckle ^(A)		477,734		7,314,108
H&R Block		522,382		8,697,660
				16,011,768

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperDividend^® U.S. ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — 21.4%
Altria Group		275,887	$	10,828,565
B&G Foods ^(A)		912,287		17,716,614
Coty, Cl A		1,082,527		5,899,772
General Mills		226,093		13,540,710
Kraft Heinz		453,898		13,766,726
Philip Morris International		142,415		10,624,159
Universal		244,520		11,827,432
				84,203,978
Energy — 7.2%
Chevron		111,333		10,242,636
Exxon Mobil		204,222		9,490,196
Kinder Morgan		549,539		8,369,479
				28,102,311
Financials — 6.9%
AG Mortgage Investment Trust ^‡		742,085		2,367,251
Chimera Investment ^{‡ (A)}		553,393		4,299,864
MFA Financial ^‡		1,540,014		2,695,025
New Residential Investment ^‡		702,527		4,278,389
New York Mortgage Trust ^‡		1,956,107		4,264,313
PennyMac Mortgage Investment Trust ^‡		526,506		5,475,663
Two Harbors Investment ^‡		780,883		3,568,635
				26,949,140
Industrials — 8.3%
Covanta Holding		804,144		6,256,241
Ennis		580,533		10,803,719
KAR Auction Services		535,691		8,024,651
Macquarie Infrastructure		278,767		7,691,181
				32,775,792
Real Estate — 5.3%
Diversified Healthcare Trust ^‡		1,566,880		4,872,996
Global Net Lease ^‡		565,679		8,140,121
Macerich ^{‡ (A)}		527,251		3,938,565

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperDividend^® U.S. ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Service Properties Trust ^‡		548,728	$	3,802,685
				20,754,367
Utilities — 12.2%
CenterPoint Energy		474,945		8,088,314
Dominion Energy		137,041		10,569,972
Duke Energy		120,571		10,207,541
PPL		349,797		8,891,839
TerraForm Power, Cl A		580,612		10,056,200
				47,813,866
				294,866,372
TOTAL COMMON STOCK
(Cost $429,680,545)				305,544,353

MASTER LIMITED PARTNERSHIPS — 21.6%
Consumer Discretionary — 1.8%
Cedar Fair		236,405		6,817,920
Energy — 15.3%
CrossAmerica Partners		643,294		8,266,328
Delek Logistics Partners		409,111		8,022,667
Enable Midstream Partners		1,581,966		7,182,126
KNOT Offshore Partners		647,396		9,180,075
NGL Energy Partners		1,308,862		7,918,615
PBF Logistics		575,279		4,970,410
Phillips 66 Partners		196,071		8,342,821
USA Compression Partners		786,944		6,303,422
				60,186,464
Financials — 2.7%
Compass Diversified Holdings		533,384		10,715,685

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperDividend^® U.S. ETF

	Shares/Face Amount		Value
MASTER LIMITED PARTNERSHIPS — continued
Industrials — 1.8%
Fortress Transportation & Infrastructure Investors		601,579	$	7,074,569
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $108,458,109)				84,794,638

SHORT-TERM INVESTMENT^(B)(C) — 6.6%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $25,923,956)		25,923,956		25,923,956

REPURCHASE AGREEMENT^(B) — 0.7%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20, repurchase price $2,800,327 (collateralized by U.S. Treasury Obligations, ranging in par value $675,535 - $2,179,124, 1.500%, 08/15/2026, with a total market value of $2,854,659)
(Cost $2,800,325)	$	2,800,325		2,800,325
TOTAL INVESTMENTS — 106.7%
(Cost $566,862,935)			$	419,063,272

Percentages are based on Net Assets of $392,917,377.

‡	Real Estate Investment Trust
(A)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $26,520,238.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $28,724,281.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

Cl — Class

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperDividend^® U.S. ETF

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	305,544,353	$	—	$	—	$	305,544,353
Master Limited Partnerships		84,794,638		—		—		84,794,638
Short-Term Investment		25,923,956		—		—		25,923,956
Repurchase Agreement		—		2,800,325		—		2,800,325
Total Investments in Securities	$	416,262,947	$	2,800,325	$	—	$	419,063,272

For the period ended April 30, 2020, there have been no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI SuperDividend^® Emerging Markets ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 95.9%
ARGENTINA— 1.6%
Financials — 1.6%
Banco Macro ADR		14,736	$	240,344
BRAZIL— 4.8%
Consumer Discretionary — 1.8%
Petrobras Distribuidora		74,400		268,419
Information Technology — 1.1%
Cielo		228,500		171,376
Utilities — 1.9%
Engie Brasil Energia		39,221		283,436
TOTAL BRAZIL				723,231
CHILE— 1.8%
Utilities — 1.8%
Colbun		1,889,073		276,818
CHINA— 23.5%
Energy — 1.8%
Yanzhou Coal Mining, Cl H		352,300		267,212

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
Financials — 2.2%
Bank of Communications CO, Cl H		515,580	$	327,211
Information Technology — 1.8%
Lenovo Group		499,600		271,958
Materials — 7.5%
China Zhongwang Holdings		788,700		190,248
Maanshan Iron & Steel, Cl H		864,200		279,804
Nanjing Iron & Steel, Cl A ^*		771,500		348,629
Sansteel Minguang Fujian, Cl A		303,400		312,453
				1,131,134
Real Estate — 10.2%
Agile Group Holdings		306,600		345,661
Guangzhou R&F Properties		215,700		272,117
KWG Group Holdings		379,200		558,599
Yuzhou Properties		829,300		353,014
				1,529,391
TOTAL CHINA				3,526,906
INDONESIA— 1.6%
Energy — 1.6%
Bukit Asam		1,961,500		247,248
MALAYSIA— 0.8%
Industrials — 0.8%
AirAsia Group		669,500		126,894
MEXICO— 1.8%
Real Estate — 1.8%
Fibra Uno Administracion ^‡		318,200		264,209
PAKISTAN— 2.3%
Financials — 2.3%
MCB Bank		336,010		342,914

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
QATAR— 2.3%
Real Estate — 2.3%
Barwa Real Estate		437,416	$	343,590
RUSSIA— 19.4%
Communication Services — 2.1%
Mobile TeleSystems ADR		36,163		309,917
Energy — 5.9%
Gazprom PJSC		128,890		331,164
LUKOIL PJSC		5,027		328,103
Tatneft PJSC		30,930		230,044
				889,311
Materials — 11.4%
Alrosa PJSC		304,750		256,332
Magnitogorsk Iron & Steel Works PJSC		601,300		327,366
MMC Norilsk Nickel PJSC		1,930		534,459
Novolipetsk Steel PJSC		165,250		286,796
PhosAgro PJSC GDR		25,843		312,183
				1,717,136
TOTAL RUSSIA				2,916,364
SOUTH AFRICA— 7.8%
Communication Services — 1.0%
Telkom SOC		134,225		150,706
Energy — 1.5%
Exxaro Resources		39,404		231,317
Financials — 2.5%
Absa Group		34,025		169,152
Liberty Holdings		56,302		216,133
				385,285
Real Estate — 2.8%
Fortress REIT, Cl A ^‡		293,170		161,551
Growthpoint Properties ^‡		237,184		179,907

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Redefine Properties ^‡		588,537	$	72,746
				414,204
TOTAL SOUTH AFRICA				1,181,512
TAIWAN— 17.4%
Information Technology — 17.4%
Inventec		529,100		418,134
Lite-On Technology		294,200		460,051
Micro-Star International		164,000		512,905
Nanya Technology		143,400		313,453
Walsin Technology		71,200		510,000
Yageo		31,400		412,873
TOTAL TAIWAN				2,627,416
THAILAND— 1.9%
Real Estate — 1.9%
Land & Houses NVDR		1,235,200		282,506
TURKEY— 6.0%
Energy — 1.7%
Tupras Turkiye Petrol Rafinerileri		20,278		263,430
Industrials — 1.8%
TAV Havalimanlari Holding		105,558		274,863
Materials — 2.5%
Eregli Demir ve Celik Fabrikalari		321,361		371,959
TOTAL TURKEY				910,252
UNITED ARAB EMIRATES— 2.9%
Real Estate — 2.9%
Aldar Properties PJSC		891,992		441,977
TOTAL COMMON STOCK
(Cost $18,278,654)				14,452,181

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI SuperDividend^® Emerging Markets ETF

	Shares		Value
PREFERRED STOCK — 3.7%
BRAZIL— 3.7%
Communication Services — 2.1%
Telefonica Brasil^(A)		36,500	$	307,802
Financials — 1.6%
Itausa - Investimentos Itau^(A)		146,915		244,257
TOTAL BRAZIL				552,059
TOTAL PREFERRED STOCK
(Cost $874,401)				552,059
TOTAL INVESTMENTS — 99.6%
(Cost $19,153,055)			$	15,004,240

Percentages are based on Net Assets of $15,064,556.

*	Non-income producing security.
‡	Real Estate Investment Trust
(A)	There is currently no stated rate.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

REIT — Real Estate Investment Trust

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	11,237,728	$	3,214,453	$	—	$	14,452,181
Preferred Stock		552,059		—		—		552,059
Total Investments in Securities	$	11,789,787	$	3,214,453	$	—	$	15,004,240

For the period ended April 30, 2020, there have been no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI SuperDividend^® EAFE ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.7%
AUSTRALIA— 12.3%
Consumer Discretionary — 1.8%
Harvey Norman Holdings		69,368	$	126,254
Financials — 5.2%
Australia & New Zealand Banking Group		9,912		109,670
Bendigo and Adelaide Bank		24,697		105,746
Commonwealth Bank of Australia		3,586		147,181
				362,597
Industrials — 1.6%
Westpac Banking		10,246		109,207
Materials — 1.8%
Alumina		110,051		125,007
Real Estate — 1.9%
Stockland ^‡		67,395		127,076
TOTAL AUSTRALIA				850,141

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI SuperDividend^® EAFE ETF

	Shares		Value
COMMON STOCK — continued
FINLAND— 6.3%
Financials — 4.3%
Nordea Bank Abp ^*		24,701	$	159,932
Sampo, Cl A ^*		4,144		137,257
				297,189
Utilities — 2.0%
Fortum		8,512		141,247
TOTAL FINLAND				438,436
FRANCE— 14.1%
Communication Services — 1.7%
Eutelsat Communications		10,237		114,817
Consumer Discretionary — 1.7%
Renault		5,944		117,879
Consumer Staples — 2.8%
Casino Guichard Perrachon		5,151		193,122
Energy — 1.7%
Total		3,327		119,708
Financials — 2.9%
Credit Agricole		14,574		116,242
Societe Generale		5,407		84,452
				200,694
Real Estate — 3.3%
ICADE ^‡		2,132		163,813
Unibail-Rodamco-Westfield ^‡		1,159		68,195
				232,008
TOTAL FRANCE				978,228
GERMANY— 2.3%
Communication Services — 2.3%
Telefonica Deutschland Holding		56,489		160,559

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI SuperDividend^® EAFE ETF

	Shares		Value
COMMON STOCK — continued
HONG KONG— 9.9%
Communication Services — 5.5%
HKT Trust & HKT		118,320	$	190,170
PCCW		313,665		192,188
				382,358
Consumer Discretionary — 1.6%
Yue Yuen Industrial Holdings		65,700		105,597
Utilities — 2.8%
HK Electric Investments & HK Electric Investments		189,370		195,419
TOTAL HONG KONG				683,374
ITALY— 4.4%
Financials — 2.2%
Poste Italiane		17,672		150,049
Utilities — 2.2%
Snam		34,897		156,255
TOTAL ITALY				306,304
JAPAN— 1.3%
Consumer Discretionary — 1.3%
Nissan Motor		26,000		89,913
NETHERLANDS— 4.0%
Energy — 1.4%
Royal Dutch Shell, Cl A		5,603		93,643
Financials — 2.6%
ABN AMRO Bank		12,292		94,244
ING Groep		15,907		87,254
				181,498
TOTAL NETHERLANDS				275,141
NEW ZEALAND— 2.9%
Communication Services — 2.9%
Spark New Zealand		74,180		203,198

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI SuperDividend^® EAFE ETF

	Shares		Value
COMMON STOCK — continued
PORTUGAL— 3.1%
Utilities — 3.1%
Energias de Portugal		51,516	$	217,239
RUSSIA— 1.2%
Materials — 1.2%
Evraz		24,874		83,206
SINGAPORE— 2.6%
Real Estate — 2.6%
Ascendas Real Estate Investment Trust ^‡		86,113		181,683
SPAIN— 4.8%
Utilities — 4.8%
Enagas		7,486		174,566
Endesa		7,240		160,582
TOTAL SPAIN				335,148
SWEDEN— 4.5%
Financials — 4.5%
Skandinaviska Enskilda Banken, Cl A		19,981		164,354
Swedbank, Cl A		12,214		144,259
TOTAL SWEDEN				308,613
SWITZERLAND— 2.6%
Financials — 2.6%
Zurich Insurance Group		565		179,894
UNITED KINGDOM— 23.4%
Communication Services — 1.5%
BT Group, Cl A		68,846		100,777
Consumer Discretionary — 7.5%
Barratt Developments		23,423		153,337
Persimmon		6,826		189,850
Taylor Wimpey		94,933		176,083
				519,270

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI SuperDividend^® EAFE ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — 2.1%
Imperial Brands		6,738	$	142,698
Energy — 1.5%
BP		25,474		100,604
Financials — 5.6%
HSBC Holdings		21,930		113,412
Legal & General Group		50,451		130,200
Standard Life Aberdeen		53,154		148,239
				391,851
Information Technology — 1.1%
Micro Focus International		12,519		76,065
Utilities — 4.1%
Centrica		152,669		76,835
SSE		13,375		210,882
				287,717
TOTAL UNITED KINGDOM				1,618,982
TOTAL COMMON STOCK
(Cost $9,499,199)				6,910,059
TOTAL INVESTMENTS — 99.7%
(Cost $9,499,199)			$	6,910,059

Percentages are based on Net Assets of $6,932,422.

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

Cl — Class

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X MSCI SuperDividend^® EAFE ETF

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	6,226,685	$	683,374	$	—	$	6,910,059
Total Investments in Securities	$	6,226,685	$	683,374	$	—	$	6,910,059

For the period ended April 30, 2020, there have been no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperDividend^® REIT ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 96.1%
FRANCE— 2.4%
Real Estate — 2.4%
Unibail-Rodamco-Westfield ^‡		122,674	$	7,218,094
SINGAPORE— 6.3%
Real Estate — 6.3%
Mapletree North Asia Commercial Trust ^‡		2,934,000		1,969,617
Frasers Logistics & Industrial Trust ^‡		2,611,000		1,966,087
Manulife US Real Estate Investment Trust ^‡		20,803,589		15,082,602
TOTAL SINGAPORE				19,018,306
SOUTH AFRICA— 0.6%
Real Estate — 0.6%
Growthpoint Properties ^‡		2,205,740		1,673,072
UNITED STATES— 87.2%
Financials — 51.5%
AGNC Investment ^‡		933,958		11,599,758
Annaly Capital Management ^‡		2,229,041		13,931,506
Apollo Commercial Real Estate Finance ^‡		1,176,648		9,589,681
Arbor Realty Trust ^‡		257,683		1,775,436

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperDividend^® REIT ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
ARMOUR Residential REIT ^‡		1,120,064	$	9,901,366
Blackstone Mortgage Trust, Cl A ^‡		566,284		13,324,663
Chimera Investment ^{‡ (A)}		1,020,564		7,929,782
Granite Point Mortgage Trust ^‡		910,921		4,536,387
Invesco Mortgage Capital ^‡		968,774		2,945,073
KKR Real Estate Finance Trust ^‡		1,016,062		16,033,459
Ladder Capital, Cl A ^‡		1,151,872		9,157,382
MFA Financial ^‡		2,132,803		3,732,405
New Residential Investment ^‡		1,024,217		6,237,482
New York Mortgage Trust ^‡		2,656,823		5,791,874
PennyMac Mortgage Investment Trust ^‡		736,049		7,654,910
Ready Capital ^‡		1,433,496		9,561,418
Redwood Trust ^‡		1,213,023		4,973,394
Starwood Property Trust ^‡		841,345		10,887,004
TPG RE Finance Trust ^‡		818,173		6,291,750
Two Harbors Investment ^‡		1,114,339		5,092,529
				160,947,259
Real Estate — 37.1%
Apple Hospitality REIT ^‡		1,094,033		10,590,239
Brookfield Property REIT, Cl A ^{‡ (A)}		1,105,596		10,829,313
CoreCivic ^‡		140,058		1,837,561
EPR Properties ^‡		293,542		8,636,006
Gaming and Leisure Properties ^‡		457,039		12,906,780
GEO Group ^‡		138,901		1,761,265
Global Net Lease ^‡		843,623		12,139,735
Industrial Logistics Properties Trust ^‡		102,276		1,911,538
Iron Mountain ^‡		74,155		1,793,068
Kite Realty Group Trust ^‡		173,888		1,778,874
MGM Growth Properties, Cl A ^‡		73,100		1,839,927
Office Properties Income Trust ^‡		54,862		1,503,219
Omega Healthcare Investors ^‡		483,257		14,086,941
RLJ Lodging Trust ^‡		1,034,139		9,607,151

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperDividend^® REIT ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Real Estate — continued
RPT Realty ^‡		1,442,007	$	9,834,488
Service Properties Trust ^‡		729,278		5,053,897
SITE Centers ^‡		307,848		1,865,559
Tanger Factory Outlet Centers ^‡		238,731		1,795,257
Taubman Centers ^‡		41,595		1,792,745
				111,563,563
TOTAL UNITED STATES				272,098,803
TOTAL COMMON STOCK
(Cost $551,880,264)				300,420,294

SHORT-TERM INVESTMENT^(B)(C) — 3.7%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $10,957,034)		10,957,034		10,957,034

REPURCHASE AGREEMENT^(B) — 0.4%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20, repurchase price $1,183,588 (collateralized by U.S. Treasury Obligations, ranging in par value $285,522 - $921,030, 1.500%, 08/15/2026, with a total market value of $1,206,552)
(Cost $1,183,587)	$	1,183,587		1,183,587
TOTAL INVESTMENTS — 104.1%
(Cost $564,020,885)			$	312,560,915

Percentages are based on Net Assets of $299,829,756.

‡	Real Estate Investment Trust
(A)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $11,172,668.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $12,140,621.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperDividend^® REIT ETF

(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

Cl — Class

REIT — Real Estate Investment Trust

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	300,420,294	$	—	$	—	$	300,420,294
Short-Term Investment		10,957,034		—		—		10,957,034
Repurchase Agreement		—		1,183,587		—		1,183,587
Total Investments in Securities	$	311,377,328	$	1,183,587	$	—	$	312,560,915

For the period ended April 30, 2020, there have been no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperIncome™ Preferred ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
PREFERRED STOCK — 99.8%
BERMUDA— 1.3%
Financials — 1.3%
Enstar Group, 7.000%, VAR ICE LIBOR USD 3 Month+4.015%		89,976	$	2,237,703
GERMANY— 2.2%
Financials — 2.2%
Deutsche Bank Contingent Capital Trust II, 6.550%		150,845		3,822,412
UNITED KINGDOM— 3.8%
Financials — 3.8%
HSBC Holdings, 6.200%		252,764		6,498,563
UNITED STATES— 92.5%
Consumer Staples — 1.6%
CHS, Ser 4, 7.500%		102,987		2,709,588
Energy — 6.6%
Crestwood Equity Partners, 9.250%		341,676		2,357,564
Energy Transfer Operating, 7.625%, VAR ICE LIBOR USD 3 Month+4.738%		87,834		1,840,122
Energy Transfer Operating, 7.600%, VAR ICE LIBOR USD 3 Month+5.161%		158,559		3,353,523

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperIncome™ Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Energy — continued
Energy Transfer Operating, 7.375%, VAR ICE LIBOR USD 3 Month+4.530%		89,299	$	1,871,707
NuStar Logistics, 7.953%, VAR ICE LIBOR USD 3 Month+6.734%		95,860		1,829,009
				11,251,925
Financials — 67.3%
AGNC Investment, 7.000%, VAR ICE LIBOR USD 3 Month+5.111%^‡		68,351		1,572,073
AGNC Investment, 6.500%, VAR ICE LIBOR USD 3 Month+4.993%^‡		85,930		1,929,129
AGNC Investment, 6.125%, VAR ICE LIBOR USD 3 Month+4.697%^‡		123,961		2,697,391
American Equity Investment Life Holding, 5.950%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.322%		84,192		1,955,780
Annaly Capital Management, 6.950%, VAR ICE LIBOR USD 3 Month+4.993%^‡		190,705		4,294,677
Annaly Capital Management, 6.750%, VAR ICE LIBOR USD 3 Month+4.989%^‡		118,472		2,660,881
Annaly Capital Management, Ser D, 7.500%^‡		111,067		2,717,809
Athene Holding, 6.350%, VAR ICE LIBOR USD 3 Month+4.253%		182,666		4,433,304
Athene Holding, 5.625%		76,913		1,785,151
Bank of America, 6.200%		211,522		5,520,724
Brighthouse Financial, 6.600%		88,488		2,209,546
Capital One Financial, 6.200%		106,024		2,719,515
Charles Schwab, 5.950%		142,718		3,729,221
Citigroup, 6.875%, VAR ICE LIBOR USD 3 Month+4.130%		175,856		4,811,420
Citigroup, Ser J, 7.125%, VAR ICE LIBOR USD 3 Month+4.040%		111,304		3,043,052
Equitable Holdings, 5.250%		157,602		3,801,360

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperIncome™ Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Financials — continued
Fifth Third Bancorp, 6.625%, VAR ICE LIBOR USD 3 Month+3.710%		86,929	$	2,321,004
GMAC Capital Trust I, Ser 2, 7.477%, VAR ICE LIBOR USD 3 Month+5.785%		383,834		8,655,457
Goldman Sachs Group, 6.375%, VAR ICE LIBOR USD 3 Month+3.550%		136,423		3,521,078
Goldman Sachs Group, 6.300%		127,532		3,361,743
Hartford Financial Services Group, 7.875%, VAR ICE LIBOR USD 3 Month+5.596%		117,657		3,146,148
Huntington Bancshares, 6.250%		122,497		3,146,948
JPMorgan Chase, 6.150%		219,663		5,669,502
KKR, 6.750%		66,558		1,723,187
Morgan Stanley, Ser E, 7.125%, VAR ICE LIBOR USD 3 Month+4.320%		141,303		3,843,442
Morgan Stanley, Ser F, 6.875%, VAR ICE LIBOR USD 3 Month+3.940%		139,299		3,762,466
New York Community Bancorp, 6.375%, VAR ICE LIBOR USD 3 Month+3.821%		105,014		2,620,099
Regions Financial, Ser A, 6.375%		101,264		2,558,941
Regions Financial, Ser B, 6.375%, VAR ICE LIBOR USD 3 Month+3.536%		97,068		2,628,602
Reinsurance Group of America, 6.200%, VAR ICE LIBOR USD 3 Month+4.370%		79,616		2,016,673
Synchrony Financial, 5.625%		171,864		3,581,646
Synovus Financial, 5.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.127%		79,038		1,701,688
US Bancorp, 6.500%, VAR ICE LIBOR USD 3 Month+4.468%		219,400		5,925,994
Wells Fargo, 6.625%, VAR ICE LIBOR USD 3 Month+3.690%		161,292		4,308,109
				114,373,760

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X SuperIncome™ Preferred ETF

	Shares		Value
PREFERRED STOCK — continued
Health Care — 3.2%
Avantor, 6.250%^*		95,580	$	5,503,497
Information Technology — 4.7%
Broadcom, 8.000%^*		7,872		8,009,288
Real Estate — 3.5%
Monmouth Real Estate Investment, 6.125%^‡		73,052		1,785,391
VEREIT, Ser F, 6.700%^‡		172,008		4,222,796
				6,008,187
Utilities — 5.6%
CenterPoint Energy, 7.000%^*		107,568		3,640,101
NiSource, 6.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.632%		95,726		2,639,166
Sempra Energy, 6.750%^*		31,443		3,185,490
				9,464,757
TOTAL UNITED STATES				157,321,002
TOTAL PREFERRED STOCK
(Cost $175,855,287)				169,879,680
TOTAL INVESTMENTS — 99.8%
(Cost $175,855,287)			$	169,879,680

Percentages are based on Net Assets of $170,294,556.

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

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

Ser — Series

USD — U.S. Dollar

VAR – Variable Rate

As of April 30, 2020, 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.

For the period ended April 30, 2020, there have been no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X YieldCo & Renewable Energy Income ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 89.8%
AUSTRALIA— 5.2%
Utilities — 5.2%
AGL Energy		216,846	$	2,407,791
BRAZIL— 4.2%
Utilities — 4.2%
Engie Brasil Energia		276,892		2,000,999
CANADA— 13.5%
Utilities — 13.5%
Algonquin Power & Utilities		160,811		2,234,531
Boralex		33,409		648,240
Innergex Renewable Energy		60,304		811,029
Northland Power		67,711		1,456,156
TransAlta Renewables		92,047		996,715
TOTAL CANADA				6,146,671
CHILE— 12.3%
Utilities — 12.3%
Colbun		6,075,145		890,230
Enel Americas		17,420,555		2,854,906
Enel Chile		24,092,091		1,959,426
TOTAL CHILE				5,704,562

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X YieldCo & Renewable Energy Income ETF

	Shares		Value
COMMON STOCK — continued
CHINA— 1.9%
Industrials — 0.6%
Xinjiang Goldwind Science & Technology, Cl H		266,641	$	261,745
Utilities — 1.3%
China Longyuan Power Group, Cl H		1,156,500		577,329
TOTAL CHINA				839,074
DENMARK— 6.4%
Utilities — 6.4%
Orsted		29,516		2,983,387
GERMANY— 1.3%
Utilities — 1.3%
Encavis		47,407		582,598
ITALY— 5.8%
Utilities — 5.8%
ACEA		74,452		1,243,599
ERG		52,105		935,960
Falck Renewables		100,810		495,333
TOTAL ITALY				2,674,892
NEW ZEALAND— 9.3%
Utilities — 9.3%
Contact Energy		248,882		965,814
Mercury NZ		472,494		1,330,719
Meridian Energy		711,770		1,971,674
TOTAL NEW ZEALAND				4,268,207
PORTUGAL— 6.0%
Utilities — 6.0%
Energias de Portugal		654,504		2,759,987
RUSSIA— 2.8%
Utilities — 2.8%
RusHydro PJSC		149,039,900		1,269,934

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X YieldCo & Renewable Energy Income ETF

	Shares		Value
COMMON STOCK — continued
SPAIN— 1.8%
Utilities — 1.8%
Atlantica Yield		35,207	$	842,856
THAILAND— 0.7%
Utilities — 0.7%
BCPG NVDR		689,400		345,179
UNITED STATES— 18.6%
Financials — 1.4%
Hannon Armstrong Sustainable Infrastructure Capital ^‡		23,214		649,760
Utilities — 17.2%
Avista		23,310		1,003,262
Clearway Energy, Cl A		11,925		222,998
Hawaiian Electric Industries		38,070		1,502,623
IDACORP		17,612		1,616,429
NextEra Energy Partners		22,711		1,142,136
NorthWestern		17,511		1,010,210
TerraForm Power, Cl A		79,362		1,374,550
				7,872,208
TOTAL UNITED STATES				8,521,968
TOTAL COMMON STOCK
(Cost $43,153,047)				41,348,105

MASTER LIMITED PARTNERSHIP — 6.2%
Utilities — 6.2%
Brookfield Renewable Partners (A)
(Cost $2,337,714)		60,726		2,873,331

CLOSED-END FUNDS — 3.9%
UNITED KINGDOM— 3.9%
Utilities — 3.9%
Greencoat UK Wind		525,847		896,752
Renewables Infrastructure Group		567,025		881,149

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X YieldCo & Renewable Energy Income ETF

	Value
CLOSED-END FUNDS — continued
TOTAL CLOSED-END FUNDS
(Cost $1,811,716)	$	1,777,901
TOTAL INVESTMENTS — 99.9%
(Cost $47,302,477)	$	45,999,337

Percentages are based on Net Assets of $46,036,880.

‡	Real Estate Investment Trust
(A)	Security considered Master Limited Partnership. At April 30, 2020, these securities amounted to $2,873,331 or 6.2% of net assets.

Cl — Class

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	40,509,031	$	839,074	$	—	$	41,348,105
Master Limited Partnership		2,873,331		—		—		2,873,331
Closed-End Funds		1,777,901		—		—		1,777,901
Total Investments in Securities	$	45,160,263	$	839,074	$	—	$	45,999,337

For the period ended April 30, 2020, there have been no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Social Media ETF

Sector Weightings †:

	Shares		Value
COMMON STOCK — 100.0%
CHINA— 28.0%
Communication Services — 27.9%
Baidu ADR ^*		48,746	$	4,919,934
Bilibili ADR ^*		27,928		764,948
HUYA ADR ^*		17,813		289,105
JOYY ADR ^*		30,237		1,843,247
Momo ADR		36,949		889,732
NetEase ADR		18,651		6,433,849
SINA ^*		30,578		1,032,619
Tencent Holdings		261,915		14,088,445
Tencent Music Entertainment Group ADR ^*		91,602		1,045,179
Weibo ADR ^{* (A)}		46,635		1,750,212
				33,057,270
Information Technology — 0.1%
Meitu ^*		1,010,400		186,378
TOTAL CHINA				33,243,648
GERMANY— 1.9%
Communication Services — 1.9%
New Work		1,304		310,650
United Internet		56,970		1,962,460
TOTAL GERMANY				2,273,110

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Social Media ETF

	Shares		Value
COMMON STOCK — continued
JAPAN— 6.2%
Communication Services — 6.2%
DeNA		51,471	$	637,762
Gree		54,935		218,846
Kakaku.com		63,180		1,299,818
LINE ^*		22,970		1,132,014
Mixi		20,330		353,044
Nexon		229,284		3,739,386
TOTAL JAPAN				7,380,870
RUSSIA— 5.8%
Communication Services — 5.8%
Mail.Ru Group GDR ^*		88,931		1,600,758
Yandex, Cl A ^*		139,353		5,264,756
TOTAL RUSSIA				6,865,514
SOUTH KOREA— 11.4%
Communication Services — 11.4%
AfreecaTV		3,353		165,937
Com2uSCorp		3,870		339,850
Kakao		20,816		3,143,456
NAVER		60,407		9,791,442
TOTAL SOUTH KOREA				13,440,685
TAIWAN— 0.1%
Consumer Discretionary — 0.1%
PChome Online		47,244		156,651
UNITED STATES— 46.6%
Communication Services — 46.4%
Alphabet, Cl A ^*		4,187		5,638,633
ANGI Homeservices, Cl A ^{* (A)}		42,569		288,405
Facebook, Cl A ^*		58,049		11,883,211
Glu Mobile ^*		60,994		475,753
IAC ^*		22,652		5,062,269

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Social Media ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Communication Services — continued
Match Group ^{* (A)}		26,886	$	2,069,147
Meet Group ^*		38,643		238,427
Pinterest, Cl A ^*		76,814		1,586,977
Snap, Cl A ^{* (A)}		507,610		8,939,012
Spotify Technology ^*		44,542		6,751,231
Twitter ^*		278,986		8,001,318
Yelp, Cl A ^{* (A)}		33,772		754,804
Zynga, Cl A ^*		432,907		3,264,119
				54,953,306
Consumer Discretionary — 0.2%
Groupon, Cl A ^*		234,030		285,517
TOTAL UNITED STATES				55,238,823
TOTAL COMMON STOCK
(Cost $110,384,189)				118,599,301

SHORT-TERM INVESTMENT^(B)(C) — 10.1%
Fidelity Investments Money Market Government Portfolio, Cl Institutional, 0.160%
(Cost $11,933,272)		11,933,272		11,933,272

REPURCHASE AGREEMENT^(B) — 1.1%
BNP Paribas
0.030%, dated 04/30/20, to be repurchased on 05/01/20, repurchase price $1,289,042 (collateralized by U.S. Treasury Obligations, ranging in par value $310,052 - $1,003,091, 1.500%, 08/15/2026, with a total market value of $1,314,052)
(Cost $1,289,041)	$	1,289,041		1,289,041
TOTAL INVESTMENTS — 111.2%
(Cost $123,606,502)			$	131,821,614

Percentages are based on Net Assets of $118,582,738.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Social Media ETF

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 was $7,044,337.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2020 was $13,222,312.
(C)	The rate reported on the Schedule of Investments is the 7-day effective yield as of April 30, 2020.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	90,883,792	$	27,715,509	$	—	$	118,599,301
Short-Term Investment		11,933,272		—		—		11,933,272
Repurchase Agreement		—		1,289,041		—		1,289,041
Total Investments in Securities	$	102,817,064	$	29,004,550	$	—	$	131,821,614

For the period ended April 30, 2020, there have been no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X E-commerce ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 100.0%
ARGENTINA— 3.8%
Consumer Discretionary — 3.8%
MercadoLibre ^*		679	$	396,203
CANADA— 6.1%
Information Technology — 6.1%
Shopify, Cl A ^*		1,005		635,451
CHINA— 25.6%
Communication Services — 7.5%
58.com ADR ^*		6,522		338,818
NetEase ADR		1,269		437,754
				776,572
Consumer Discretionary — 17.3%
Alibaba Group Holding ADR ^*		1,952		395,612
Baozun ADR ^*		3,630		115,579
JD.com ADR ^*		10,984		473,410
Trip.com Group ADR ^*		11,542		297,322
Uxin ADR		16,874		27,167
Vipshop Holdings ADR ^*		29,790		474,555
				1,783,645
Financials — 0.8%
LexinFintech Holdings ADR ^*		9,374		79,023
TOTAL CHINA				2,639,240

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X E-commerce ETF

	Shares		Value
COMMON STOCK — continued
GERMANY— 1.1%
Consumer Discretionary — 1.1%
Jumia Technologies ADR ^*		5,634	$	24,733
Rocket Internet ^*		4,584		96,551
TOTAL GERMANY				121,284
JAPAN— 4.4%
Consumer Discretionary — 4.4%
Rakuten		53,080		454,681
SOUTH KOREA— 0.3%
Information Technology — 0.3%
Cafe24 ^*		742		26,856
UNITED KINGDOM— 6.4%
Consumer Discretionary — 6.4%
ASOS ^*		3,973		119,972
Ocado Group ^*		26,287		532,007
TOTAL UNITED KINGDOM				651,979
UNITED STATES— 52.3%
Communication Services — 3.0%
ANGI Homeservices, Cl A ^*		5,560		37,669
TripAdvisor		7,839		156,545
Yelp, Cl A ^*		4,891		109,314
				303,528
Consumer Discretionary — 36.7%
Amazon.com ^*		239		591,285
Booking Holdings ^*		212		313,881
eBay		12,519		498,632
Etsy ^*		8,688		563,590
Expedia Group		4,008		284,488
Groupon, Cl A ^*		34,926		42,610
Lands’ End ^*		2,014		17,139
Overstock.com ^*		3,667		46,278

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X E-commerce ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Overstock.com, Ser A1 ^(A)(B)(C)		367	$	3,665
PetMed Express		1,390		55,002
Qurate Retail, Cl A ^*		28,124		226,539
Shutterstock		1,394		52,972
Stamps.com ^*		1,217		192,615
Wayfair, Cl A ^*		4,291		532,255
Williams-Sonoma		5,702		352,612
				3,773,563
Financials — 3.0%
eHealth ^*		1,603		171,040
LendingTree ^*		581		144,884
				315,924
Industrials — 4.4%
CoStar Group ^*		691		447,948
Information Technology — 5.2%
GoDaddy, Cl A ^*		6,093		423,037
LivePerson ^*		4,532		108,496
				531,533
TOTAL UNITED STATES				5,372,496
TOTAL COMMON STOCK
(Cost $9,712,926)				10,298,190
TOTAL INVESTMENTS — 100.0%
(Cost $9,712,926)			$	10,298,190

Percentages are based on Net Assets of $10,297,628.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X E-commerce ETF

*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2020 was $3,665 and represented 0.0% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2020 was $3,665 and represents 0.0% of net assets.

ADR — American Depositary Receipt

Cl — Class

Ser — Series

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	10,267,669	$	26,856	$	3,665	$	10,298,190
Total Investments in Securities	$	10,267,669	$	26,856	$	3,665	$	10,298,190

⁽¹⁾

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Guru^® Index ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 98.4%
CHINA— 4.3%
Consumer Discretionary — 4.3%
Alibaba Group Holding ADR ^*		5,075	$	1,028,550
JD.com ADR ^*		26,558		1,144,650
TOTAL CHINA				2,173,200
NETHERLANDS— 1.6%
Information Technology — 1.6%
NXP Semiconductors		8,157		812,192
UNITED KINGDOM— 2.1%
Communication Services — 2.1%
Liberty Global ^*		57,304		1,049,236
UNITED STATES— 90.4%
Communication Services — 14.5%
Alphabet, Cl C ^*		733		988,568
Charter Communications, Cl A ^*		2,084		1,032,060

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Guru^® Index ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Facebook, Cl A ^*		5,204	$	1,065,311
IAC ^*		4,684		1,046,780
Liberty Broadband, Cl C ^*		8,131		997,511
Netflix ^*		2,930		1,230,161
Zillow Group, Cl C ^*		21,493		944,832
				7,305,223
Consumer Discretionary — 7.8%
Amazon.com ^*		522		1,291,428
Caesars Entertainment ^*		76,366		737,696
Chipotle Mexican Grill, Cl A ^*		1,209		1,062,167
DR Horton		18,028		851,282
				3,942,573
Consumer Staples — 7.7%
Constellation Brands, Cl A		5,468		900,525
Mondelez International, Cl A		18,755		964,757
Post Holdings ^*		10,437		958,639
Procter & Gamble		8,836		1,041,499
				3,865,420
Energy — 1.9%
Cheniere Energy ^*		20,270		946,406
Financials — 6.3%
Arch Capital Group ^*		23,371		561,605
Citigroup		14,142		686,735
Franklin Resources		46,254		871,426
S&P Global		3,623		1,061,104
				3,180,870
Health Care — 19.9%
Alexion Pharmaceuticals ^*		10,868		1,167,984
Allergan		5,620		1,052,851
Bausch Health ^*		40,168		727,844
Baxter International		11,988		1,064,295

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Guru^® Index ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Cigna		5,059	$	990,451
DaVita ^*		12,963		1,024,206
Immunomedics ^*		60,691		1,843,793
Neurocrine Biosciences ^*		10,686		1,048,724
UnitedHealth Group		3,742		1,094,423
				10,014,571
Industrials — 4.9%
Delta Air Lines		18,914		490,061
Howmet Aerospace		33,394		436,460
Spirit Aerosystems Holdings, Cl A		16,132		357,485
United Airlines Holdings ^*		13,772		407,376
XPO Logistics ^*		11,704		781,125
				2,472,507
Information Technology — 14.2%
Adobe ^*		2,936		1,038,287
Apple		3,430		1,007,734
Coupa Software ^*		6,655		1,171,879
Fidelity National Information Services		7,092		935,364
NortonLifeLock		53,951		1,147,538
Palo Alto Networks ^*		4,507		885,670
salesforce.com ^*		5,867		950,161
				7,136,633
Materials — 5.9%
Arconic ^*		8,211		71,600
Berry Global Group ^*		26,575		1,057,419
Martin Marietta Materials		4,237		806,004
Sherwin-Williams		1,907		1,022,858
				2,957,881
Real Estate — 2.0%
American Tower, Cl A ^‡		4,350		1,035,300

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Guru^® Index ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 5.3%
Essential Utilities		20,747	$	867,017
FirstEnergy		21,339		880,661
Vistra Energy		48,147		940,792
				2,688,470
TOTAL UNITED STATES				45,545,854
TOTAL COMMON STOCK
(Cost $48,523,959)				49,580,482

MASTER LIMITED PARTNERSHIP — 1.5%
Energy — 1.5%
Enterprise Products Partners
(Cost $1,026,793)		42,419		744,878
TOTAL INVESTMENTS — 99.9%
(Cost $49,550,752)			$	50,325,360

Percentages are based on Net Assets of $50,360,356.

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

ADR — American Depositary Receipt

Cl — Class

S&P — Standard & Poor’s

As of April 30, 2020, 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.

For the period ended April 30, 2020, there have been no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta U.S. ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.6%
ISRAEL— 0.4%
Information Technology — 0.4%
Check Point Software Technologies ^*		1,131	$	119,592
UNITED KINGDOM— 0.4%
Materials — 0.4%
Linde		687		126,401
UNITED STATES— 98.8%
Communication Services — 4.7%
Activision Blizzard		1,976		125,931
Alphabet, Cl A ^*		52		70,029
AT&T		3,858		117,553
CenturyLink		1,191		12,648
Charter Communications, Cl A ^*		234		115,884
Comcast, Cl A		3,005		113,078
Electronic Arts ^*		1,194		136,426
Facebook, Cl A ^*		545		111,567

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta U.S. ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Fox, Cl A		1,376	$	35,597
IAC ^*		788		176,102
Sirius XM Holdings		5,048		29,834
T-Mobile US ^*		1,945		170,771
Verizon Communications		1,019		58,542
ViacomCBS, Cl B		232		4,004
Walt Disney		1,193		129,023
				1,406,989
Consumer Discretionary — 11.5%
Advance Auto Parts		425		51,387
Aptiv		447		31,089
AutoZone ^*		106		108,154
Best Buy		1,425		109,340
BorgWarner		916		26,170
Burlington Stores ^*		86		15,711
Carnival		1,474		23,437
Chipotle Mexican Grill, Cl A ^*		133		116,847
Darden Restaurants		693		51,137
Dollar General		583		102,200
Dollar Tree ^*		855		68,118
Domino’s Pizza		53		19,182
DR Horton		3,641		171,928
eBay		2,925		116,503
Expedia Group		244		17,319
Ford Motor		7,603		38,699
General Motors		1,990		44,357
Genuine Parts		531		42,098
Hasbro		576		41,593
Home Depot		482		105,958
Kohl’s		1,104		20,380
Las Vegas Sands		1,010		48,500
Lear		388		37,888

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta U.S. ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Lennar, Cl A		2,767	$	138,544
LKQ ^*		1,562		40,846
Lowe’s		681		71,335
Lululemon Athletica ^*		500		111,740
Macy’s		2,347		13,753
McDonald’s		369		69,210
MGM Resorts International		3,146		52,947
Mohawk Industries ^*		598		52,456
NIKE, Cl B		1,779		155,093
Norwegian Cruise Line Holdings ^*		976		16,006
NVR ^*		38		117,800
O’Reilly Automotive ^*		185		71,473
PVH		919		45,242
Ross Stores		847		77,382
Royal Caribbean Cruises		519		24,274
Tapestry		2,263		33,674
Target		2,132		233,966
Tiffany		1,166		147,499
TJX		3,602		176,678
Tractor Supply		464		47,063
Ulta Beauty ^*		229		49,904
VF		1,497		86,976
Whirlpool		728		81,347
Wynn Resorts		462		39,515
Yum! Brands		1,187		102,592
				3,465,310
Consumer Staples — 7.9%
Archer-Daniels-Midland		1,903		70,677
Brown-Forman, Cl B		1,986		123,529
Bunge		1,566		62,123
Church & Dwight		1,291		90,357
Clorox		405		75,508

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta U.S. ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Coca-Cola		1,644	$	75,443
Colgate-Palmolive		1,236		86,854
Conagra Brands		3,068		102,594
Constellation Brands, Cl A		246		40,514
Costco Wholesale		437		132,411
Estee Lauder, Cl A		728		128,419
Hershey		952		126,073
Hormel Foods		1,613		75,569
JM Smucker		796		91,468
Kellogg		487		31,899
Kimberly-Clark		598		82,811
Kraft Heinz		1,914		58,052
Kroger		2,481		78,424
McCormick		216		33,878
Molson Coors Beverage, Cl B		576		23,622
Mondelez International, Cl A		2,053		105,606
PepsiCo		614		81,226
Procter & Gamble		646		76,144
Sysco		1,880		105,788
Tyson Foods, Cl A		2,335		145,214
Walgreens Boots Alliance		875		37,879
Walmart		1,930		234,591
				2,376,673
Energy — 3.4%
Apache		3,084		40,339
Cabot Oil & Gas		2,248		48,602
Chevron		844		77,648
Concho Resources		701		39,761
ConocoPhillips		1,184		49,846
Devon Energy		1,753		21,860
EOG Resources		516		24,515
Exxon Mobil		1,067		49,583

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta U.S. ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Hess		2,095	$	101,901
HollyFrontier		485		16,024
Kinder Morgan		5,442		82,882
Marathon Oil		9,883		60,484
National Oilwell Varco		2,893		36,567
Noble Energy		4,252		41,712
Occidental Petroleum		1,627		27,008
ONEOK		528		15,803
Phillips 66		1,895		138,657
Targa Resources		2,824		36,599
Valero Energy		1,770		112,130
Williams		567		10,983
				1,032,904
Financials — 10.8%
Aflac		1,860		69,266
Alleghany		165		88,062
Allstate		857		87,174
Ally Financial		2,333		38,238
American Express		216		19,710
American International Group		3,025		76,926
Annaly Capital Management ^‡		11,320		70,750
Aon		401		69,241
Arch Capital Group ^*		3,598		86,460
Arthur J Gallagher		981		77,008
Bank of America		5,035		121,092
Bank of New York Mellon		689		25,865
Berkshire Hathaway, Cl B ^*		300		56,208
Capital One Financial		327		21,177
Chubb		847		91,484
Cincinnati Financial		1,120		73,696
Citigroup		817		39,673
Citizens Financial Group		1,257		28,144

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta U.S. ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
CME Group, Cl A		507	$	90,353
Comerica		547		19,068
Everest Re Group		381		65,963
FactSet Research Systems		242		66,550
Fidelity National Financial		2,000		54,100
Fifth Third Bancorp		3,914		73,153
Franklin Resources		1,093		20,592
Globe Life		705		58,050
Goldman Sachs Group		118		21,644
Hartford Financial Services Group		3,075		116,819
Intercontinental Exchange		1,429		127,824
JPMorgan Chase		713		68,277
KeyCorp		834		9,716
Lincoln National		553		19,615
Loews		1,429		49,529
M&T Bank		394		44,160
Markel ^*		60		51,950
MarketAxess Holdings		141		64,156
Marsh & McLennan		784		76,307
MetLife		618		22,297
Morgan Stanley		805		31,741
MSCI, Cl A		459		150,093
Nasdaq		534		58,564
PNC Financial Services Group		697		74,349
Principal Financial Group		320		11,651
Prudential Financial		315		19,647
Raymond James Financial		336		22,149
Regions Financial		8,173		87,860
S&P Global		364		106,608
State Street		789		49,739
Synchrony Financial		1,494		29,566
T Rowe Price Group		224		25,901

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta U.S. ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Travelers		435	$	44,026
Truist Financial		1,019		38,029
Unum Group		1,699		29,648
US Bancorp		1,167		42,595
Wells Fargo		1,745		50,692
Willis Towers Watson		523		93,246
Zions Bancorp		965		30,504
				3,256,905
Health Care — 9.4%
Abbott Laboratories		1,192		109,771
Agilent Technologies		1,109		85,016
Alexion Pharmaceuticals ^*		204		21,924
Allergan		245		45,898
Anthem		283		79,447
Baxter International		1,279		113,550
Boston Scientific ^*		1,576		59,068
Bristol-Myers Squibb		746		45,364
Centene ^*		659		43,876
Cerner		437		30,324
Cooper		342		98,051
Danaher		731		119,489
DENTSPLY SIRONA		2,017		85,601
Edwards Lifesciences ^*		312		67,860
Elanco Animal Health ^*		1,456		35,978
Eli Lilly		237		36,650
Gilead Sciences		665		55,860
Henry Schein ^*		541		29,517
Hologic ^*		1,899		95,140
Humana		132		50,400
IDEXX Laboratories ^*		395		109,652
IQVIA Holdings ^*		724		103,235
Johnson & Johnson		205		30,758

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta U.S. ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Laboratory Corp of America Holdings ^*		739	$	121,529
Medtronic		636		62,093
Merck		959		76,087
Mettler-Toledo International ^*		114		82,073
Mylan ^*		814		13,651
Perrigo		1,272		67,798
Pfizer		1,417		54,356
Quest Diagnostics		767		84,454
ResMed		589		91,483
STERIS		667		95,048
Stryker		337		62,827
Thermo Fisher Scientific		344		115,130
UnitedHealth Group		129		37,729
Universal Health Services, Cl B		666		70,389
Varian Medical Systems ^*		173		19,788
Veeva Systems, Cl A ^*		320		61,056
Waters ^*		71		13,277
Zimmer Biomet Holdings		468		56,020
Zoetis, Cl A		603		77,974
				2,815,191
Industrials — 10.3%
3M		145		22,028
AMETEK		555		46,548
CH Robinson Worldwide		399		28,289
Cintas		373		82,743
Copart ^*		558		44,701
CoStar Group ^*		322		208,740
Cummins		665		108,728
Delta Air Lines		1,359		35,211
Dover		919		86,064
Eaton		1,210		101,035
Emerson Electric		716		40,834

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta U.S. ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Expeditors International of Washington		703	$	50,338
Fastenal		2,382		86,276
FedEx		219		27,763
Fortive		407		26,048
Fortune Brands Home & Security		735		35,427
Honeywell International		506		71,802
Howmet Aerospace		4,057		53,025
Huntington Ingalls Industries		205		39,239
IDEX		375		57,611
IHS Markit		2,036		137,023
Illinois Tool Works		522		84,825
Jacobs Engineering Group		1,381		114,278
JB Hunt Transport Services		502		50,762
Johnson Controls International		1,719		50,040
Kansas City Southern		1,069		139,558
L3Harris Technologies		785		152,055
Masco		1,264		51,875
Nielsen Holdings		1,024		15,083
Norfolk Southern		536		91,710
Raytheon Technologies		1,140		73,883
Republic Services, Cl A		1,351		105,837
Rockwell Automation		94		17,811
Roper Technologies		312		106,401
Snap-On		476		62,018
Southwest Airlines		799		24,969
Stanley Black & Decker		471		51,904
Textron		1,159		30,551
Trane Technologies		1,091		95,375
Union Pacific		507		81,013
Verisk Analytics, Cl A		699		106,828
Waste Management		680		68,014
WW Grainger		150		41,337

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta U.S. ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Xylem		1,095	$	78,731
				3,084,331
Information Technology — 17.8%
Accenture, Cl A		417		77,224
Adobe ^*		182		64,363
Advanced Micro Devices ^*		1,523		79,790
Akamai Technologies ^*		1,708		166,889
Amdocs		1,145		73,784
Amphenol, Cl A		517		45,630
Analog Devices		956		104,778
ANSYS ^*		581		152,123
Apple		259		76,094
Applied Materials		2,029		100,801
Broadcom		618		167,861
Broadridge Financial Solutions		809		93,844
Cadence Design Systems ^*		1,941		157,473
CDW		715		79,222
Cisco Systems		1,041		44,118
Citrix Systems		511		74,100
Cognizant Technology Solutions, Cl A		1,532		88,887
Corning		2,398		52,780
DXC Technology		1,584		28,718
F5 Networks ^*		786		109,458
Fidelity National Information Services		617		81,376
Fiserv ^*		1,189		122,538
Fortinet ^*		274		29,521
Gartner ^*		262		31,128
GoDaddy, Cl A ^*		660		45,824
Hewlett Packard Enterprise		3,436		34,566
Intel		1,243		74,555
International Business Machines		512		64,287
Intuit		303		81,752

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta U.S. ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Juniper Networks		2,610	$	56,376
Keysight Technologies ^*		1,010		97,738
KLA		893		146,532
Lam Research		344		87,816
Marvell Technology Group		5,457		145,920
Mastercard, Cl A		316		86,890
Maxim Integrated Products		871		47,888
Microchip Technology		1,281		112,382
Micron Technology ^*		3,579		171,398
Microsoft		509		91,218
Motorola Solutions		712		102,393
NetApp		326		14,269
NortonLifeLock		5,945		126,450
Okta, Cl A ^*		448		67,782
Paychex		782		53,583
Paycom Software ^*		230		60,035
Qorvo ^*		1,404		137,634
QUALCOMM		1,335		105,025
salesforce.com ^*		221		35,791
Seagate Technology		1,370		68,432
ServiceNow ^*		349		122,687
Skyworks Solutions		1,922		199,657
Splunk ^*		618		86,743
SS&C Technologies Holdings		339		18,699
Synopsys ^*		987		155,077
TE Connectivity		938		68,906
Texas Instruments		609		70,687
Twilio, Cl A ^*		459		51,546
VeriSign ^*		597		125,065
Visa, Cl A		464		82,926
Western Digital		2,277		104,924
Western Union		2,466		47,027
				5,352,980

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta U.S. ETF

	Shares		Value
COMMON STOCK — continued
Materials — 3.5%
Air Products & Chemicals		414	$	93,390
Albemarle		416		25,555
Ball		1,135		74,445
Celanese, Cl A		631		52,417
Corteva		3,259		85,353
Dow		686		25,169
DuPont de Nemours		597		28,071
Eastman Chemical		754		45,625
Ecolab		436		84,366
Freeport-McMoRan Copper & Gold		4,541		40,097
International Flavors & Fragrances		362		47,433
International Paper		1,098		37,606
Mosaic		1,004		11,556
Newmont		4,281		254,634
Nucor		715		29,451
Packaging Corp of America		144		13,917
PPG Industries		715		64,944
Westrock		1,110		35,731
				1,049,760
Real Estate — 5.0%
Alexandria Real Estate Equities ^‡		619		97,239
AvalonBay Communities ^‡		353		57,521
CBRE Group, Cl A ^*		1,416		60,789
Duke Realty ^‡		2,816		97,715
Equity Residential ^‡		1,099		71,501
Essex Property Trust ^‡		533		130,105
Federal Realty Investment Trust ^‡		168		13,989
Healthpeak Properties ^‡		3,064		80,093
Host Hotels & Resorts ^‡		2,794		34,394
Mid-America Apartment Communities ^‡		630		70,510
ProLogis ^‡		1,324		118,141
Public Storage ^‡		649		120,357

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta U.S. ETF

		Shares		Value
COMMON STOCK — continued
Real Estate — continued
Realty Income ^‡			1,480	$	81,282
Regency Centers ^‡			1,521		66,787
SL Green Realty ^‡			651		34,535
Sun Communities ^‡			635		85,344
UDR ^‡			1,751		65,610
Vornado Realty Trust ^‡			441		19,325
Welltower ^‡			1,836		94,058
Weyerhaeuser ^‡			906		19,814
WP Carey ^‡			1,214		79,857
					1,498,966
Utilities — 14.5%
Alliant Energy	��		1,868		90,691
Ameren			3,026		220,142
American Electric Power			2,208		183,507
American Water Works			870		105,870
Atmos Energy			1,308		133,377
CenterPoint Energy			3,003		51,141
CMS Energy			3,441		196,447
Consolidated Edison			2,444		192,587
Dominion Energy			4,183		322,635
DTE Energy			1,406		145,858
Duke Energy			4,187		354,471
Edison International			2,731		160,337
Entergy			2,404		229,606
Evergy			2,435		142,277
Eversource Energy			1,324		106,847
Exelon			2,091		77,534
FirstEnergy			4,732		195,290
NextEra Energy			775		179,118
NiSource			4,250		106,718
Pinnacle West Capital			1,276		98,239
PPL			4,590		116,678

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta U.S. ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Public Service Enterprise Group		2,419	$	122,667
Sempra Energy		954		118,153
Southern		5,275		299,251
WEC Energy Group		2,647		239,686
Xcel Energy		2,503		159,091
				4,348,218
TOTAL UNITED STATES				29,688,227
TOTAL COMMON STOCK
(Cost $33,680,145)				29,934,220
TOTAL INVESTMENTS — 99.6%
(Cost $33,680,145)			$	29,934,220

Percentages are based on Net Assets of $30,064,743.

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

Cl — Class

S&P — Standard & Poor’s

As of April 30, 2020, 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.

For the period ended April 30, 2020, there have been no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 98.8%
AUSTRALIA— 0.6%
Materials — 0.6%
BHP Group		597	$	10,062
Glencore		1,024		1,900
Rio Tinto		288		13,385
TOTAL AUSTRALIA				25,347
AUSTRIA— 1.1%
Energy — 0.1%
OMV		158		5,174
Financials — 0.2%
Erste Group Bank		307		6,666
Raiffeisen Bank International		287		4,945
				11,611
Industrials — 0.1%
ANDRITZ ^*		165		5,422

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Materials — 0.3%
voestalpine		169	$	3,498
Wienerberger		413		7,713
				11,211
Real Estate — 0.4%
IMMOFINANZ		389		7,192
Verbund		143		6,478
				13,670
TOTAL AUSTRIA				47,088
BELGIUM— 2.6%
Communication Services — 0.3%
Proximus		502		10,705
Consumer Staples — 0.3%
Colruyt		211		12,623
Financials — 0.9%
Ackermans & van Haaren		63		8,343
Ageas		401		14,428
Groupe Bruxelles Lambert		103		8,222
Sofina		34		8,007
				39,000
Health Care — 0.5%
UCB		237		21,686
Materials — 0.2%
Solvay		110		8,583
Real Estate — 0.4%
Cofinimmo ^‡		82		11,406
Warehouses De Pauw CVA ^‡		182		4,984
				16,390
TOTAL BELGIUM				108,987

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
CHILE— 0.2%
Materials — 0.2%
Antofagasta		828	$	8,491
DENMARK— 3.8%
Consumer Staples — 0.5%
Carlsberg, Cl B		76		9,581
Royal Unibrew		158		12,226
				21,807
Financials — 0.5%
Danske Bank		594		7,047
Jyske Bank		276		7,457
Tryg		130		3,442
				17,946
Health Care — 1.6%
Coloplast, Cl B		208		32,893
Demant ^*		121		2,891
Genmab ^*		35		8,415
GN Store Nord		198		9,050
H Lundbeck		114		4,153
Novo Nordisk, Cl B		191		12,179
				69,581
Industrials — 0.4%
A P Moller - Maersk, Cl B		6		5,964
DSV PANALPINA		91		9,388
ISS		325		4,848
				20,200
Information Technology — 0.2%
SimCorp		70		6,475
Materials — 0.3%
Christian Hansen Holding		58		4,997
Novozymes, Cl B		119		5,829
				10,826

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 0.3%
Orsted		126	$	12,736
TOTAL DENMARK				159,571
FINLAND— 4.2%
Communication Services — 0.7%
Elisa		436		26,476
Consumer Discretionary — 0.3%
Nokian Renkaat		490		10,484
Consumer Staples — 0.5%
Kesko, Cl B		1,324		21,535
Energy — 0.3%
Neste		314		11,119
Financials — 0.2%
Nordea Bank Abp ^*		852		5,456
Sampo, Cl A ^*		131		4,339
				9,795
Health Care — 0.4%
Orion, Cl B		309		15,697
Industrials — 0.5%
Kone, Cl B		156		9,453
Konecranes, Cl A ^*		127		2,760
Metso		151		4,189
Valmet		240		5,494
				21,896
Information Technology — 0.5%
Nokia		4,881		17,771
TietoEVRY		244		5,944
				23,715
Materials — 0.4%
Huhtamaki		100		3,737
Stora Enso, Cl R		459		5,430

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
UPM-Kymmene		296	$	8,189
				17,356
Utilities — 0.4%
Fortum		1,071		17,772
TOTAL FINLAND				175,845
FRANCE— 15.4%
Communication Services — 1.6%
Bollore		2,380		6,314
Eutelsat Communications		633		7,100
Iliad		42		6,256
JCDecaux		97		2,010
Lagardere SCA		481		7,797
Orange		627		7,647
Publicis Groupe		199		5,913
Ubisoft Entertainment ^*		79		5,877
Vivendi		813		17,547
				66,461
Consumer Discretionary — 2.6%
Accor		142		3,938
Christian Dior		17		6,618
Cie Generale des Etablissements Michelin SCA, Cl B		257		25,081
Elior Group		470		3,107
EssilorLuxottica		206		25,416
Hermes International		19		13,897
Kering		10		5,041
LVMH Moet Hennessy Louis Vuitton		20		7,721
Peugeot		699		10,010
Renault		102		2,023
Valeo		136		3,154
				106,006

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — 1.6%
Carrefour		421	$	6,223
Casino Guichard Perrachon		224		8,398
Danone		127		8,800
L’Oreal		35		10,170
Pernod Ricard		170		25,901
Remy Cointreau		58		6,467
				65,959
Energy — 0.1%
Total		167		6,009
Financials — 1.3%
Amundi		73		4,845
AXA		945		16,764
BNP Paribas		90		2,826
CNP Assurances		452		4,666
Credit Agricole		1,389		11,079
Eurazeo		120		5,739
Natixis		1,012		2,395
SCOR		193		5,433
Societe Generale		164		2,562
Wendel		17		1,452
				57,761
Health Care — 0.7%
BioMerieux		65		8,066
Ipsen		21		1,558
Sanofi		146		14,263
Sartorius Stedim Biotech ^*		21		5,037
				28,924
Industrials — 3.4%
Aeroports de Paris		18		1,763
Air France-KLM ^*		899		4,576
Alstom		756		30,936
Bouygues		273		8,405

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Bureau Veritas		183	$	3,796
Cie de Saint-Gobain		235		6,232
Dassault Aviation		3		2,448
Eiffage		96		7,855
Elis		118		1,460
Getlink		453		5,770
Legrand		127		8,558
Rexel		424		3,971
Safran		88		8,118
Schneider Electric		148		13,529
Societe BIC		113		5,654
Teleperformance		100		22,399
Vinci		43		3,518
				138,988
Information Technology — 1.2%
Alten		79		5,685
Capgemini		85		7,982
Dassault Systemes		107		15,652
Ingenico Group		122		15,327
Sopra Steria Group		61		7,223
				51,869
Materials — 0.4%
Air Liquide		78		9,919
Arkema		96		7,960
				17,879
Real Estate — 1.1%
Covivio ^‡		144		9,014
Gecina ^‡		107		13,958
ICADE ^‡		97		7,453
Klepierre ^‡		399		8,065
Nexity		92		2,822

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Unibail-Rodamco-Westfield ^‡		41	$	2,412
				43,724
Utilities — 1.4%
Electricite de France		561		4,470
Engie		852		9,242
Rubis SCA		339		15,209
Suez		1,271		14,360
Veolia Environnement		581		12,400
				55,681
TOTAL FRANCE				639,261
GERMANY— 10.7%
Communication Services — 1.2%
Deutsche Telekom		681		9,939
Freenet		145		2,748
Scout24		357		23,344
Telefonica Deutschland Holding		3,119		8,865
United Internet		73		2,515
				47,411
Consumer Discretionary — 1.3%
adidas		25		5,728
Bayerische Motoren Werke		188		11,130
Continental ^*		52		4,397
Daimler		256		8,842
Fielmann		114		7,461
HUGO BOSS		63		1,751
Puma		145		9,114
Zalando ^*		110		5,360
				53,783
Consumer Staples — 0.4%
Beiersdorf		102		10,678

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
METRO		437	$	3,795
				14,473
Financials — 0.9%
Aareal Bank		141		2,304
Allianz		40		7,399
Commerzbank		513		1,896
Hannover Rueck		98		15,618
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		42		9,237
				36,454
Health Care — 1.6%
Bayer		65		4,282
Carl Zeiss Meditec ^*		66		6,502
Evotec ^*		97		2,398
Fresenius Medical Care & KGaA		307		24,096
Gerresheimer		80		6,383
Merck KGaA		148		17,199
Siemens Healthineers		118		5,196
				66,056
Industrials — 1.6%
Brenntag		213		9,610
Deutsche Lufthansa		568		5,075
Deutsche Post		174		5,174
Fraport Frankfurt Airport Services Worldwide		63		2,763
GEA Group		410		9,422
HOCHTIEF		47		3,694
Knorr-Bremse		68		6,320
OSRAM Licht		264		10,959
Rheinmetall		82		5,552
Siemens		78		7,235
				65,804

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — 1.1%
Bechtle		120	$	17,376
Infineon Technologies		205		3,806
Nemetschek		88		5,542
SAP		73		8,711
Siltronic		48		4,121
Software		177		6,281
				45,837
Materials — 1.2%
Aurubis		116		6,066
BASF		130		6,647
Covestro		126		4,234
Evonik Industries		446		10,973
HeidelbergCement		157		7,460
LANXESS		147		7,239
Symrise, Cl A		97		9,808
				52,427
Real Estate — 1.1%
Aroundtown		1,058		5,690
Deutsche EuroShop		228		3,286
Deutsche Wohnen		228		9,240
LEG Immobilien		47		5,397
TAG Immobilien		421		9,199
Vonovia		305		15,050
				47,862
Utilities — 0.3%
Uniper		478		12,827
TOTAL GERMANY				442,934
IRELAND— 2.3%
Consumer Discretionary — 0.4%
Flutter Entertainment		138		16,884

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — 0.8%
Glanbia		658	$	6,976
Kerry Group, Cl A		239		27,408
				34,384
Financials — 0.1%
AIB Group		908		1,243
Bank of Ireland Group		1,318		2,661
				3,904
Health Care — 0.1%
UDG Healthcare		586		4,642
Industrials — 0.2%
Kingspan Group		139		7,079
Materials — 0.7%
CRH		501		15,118
Smurfit Kappa Group		366		11,473
				26,591
TOTAL IRELAND				93,484
ITALY— 5.4%
Communication Services — 0.1%
Telecom Italia ^*		11,219		4,443
Consumer Discretionary — 0.1%
Moncler		53		1,991
Pirelli & C		583		2,269
				4,260
Consumer Staples — 0.3%
Davide Campari-Milano		1,470		11,383
Energy — 0.2%
Eni		577		5,507
Saipem ^*		1,867		4,787
				10,294

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — 1.2%
BPER Banca		1,088	$	2,684
Intesa Sanpaolo		3,095		4,824
Mediobanca Banca di Credito Finanziario		1,565		9,065
Poste Italiane		2,085		17,703
UniCredit		1,115		8,584
Unione di Banche Italiane SCpA		2,147		6,135
				48,995
Health Care — 0.4%
DiaSorin		41		6,974
Recordati		158		6,865
				13,839
Industrials — 0.5%
Leonardo		1,289		8,886
Prysmian		627		11,792
				20,678
Information Technology — 0.2%
Assicurazioni Generali		629		8,967
Utilities — 2.4%
A2A		7,633		10,388
Enel		4,244		28,989
Hera		3,731		13,804
Italgas		536		2,997
Snam		5,531		24,766
Terna Rete Elettrica Nazionale		2,905		18,200
				99,144
TOTAL ITALY				222,003
JORDAN— 0.2%
Health Care — 0.2%
Hikma Pharmaceuticals		306		9,148

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
LUXEMBOURG— 0.1%
Energy — 0.1%
Tenaris		458	$	3,207
Materials — 0.0%
ArcelorMittal		186		2,038
TOTAL LUXEMBOURG				5,245
NETHERLANDS— 6.4%
Communication Services — 0.2%
Koninklijke KPN		4,471		10,343
Consumer Discretionary — 0.2%
Just Eat Takeaway.com ^*		83		8,456
Consumer Staples — 1.0%
Heineken		88		7,482
Koninklijke Ahold Delhaize		1,300		31,553
				39,035
Energy — 0.6%
Koninklijke Vopak		189		10,893
Royal Dutch Shell, Cl A		316		5,281
SBM Offshore		762		9,644
				25,818
Financials — 0.9%
ABN AMRO Bank		248		1,901
ASR Nederland		180		4,840
Euronext		92		7,719
EXOR		142		7,760
ING Groep		338		1,854
NN Group		370		10,703
				34,777
Health Care — 0.4%
Aegon		886		2,281
Koninklijke Philips		312		13,572
				15,853

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 1.0%
Aalberts ^*		233	$	6,559
Boskalis Westminster		190		3,299
IMCD		112		9,902
Randstad		70		2,808
Signify		438		8,930
Wolters Kluwer		150		11,028
				42,526
Information Technology — 0.9%
ASML Holding		35		10,376
BE Semiconductor Industries		297		12,218
NXP Semiconductors		167		16,628
				39,222
Materials — 1.2%
Akzo Nobel		211		15,993
ASM International		173		19,034
Koninklijke DSM		110		13,464
				48,491
TOTAL NETHERLANDS				264,521
NORWAY— 1.9%
Communication Services — 0.1%
Telenor		319		4,909
Consumer Staples — 0.9%
Mowi		815		13,996
Orkla		2,496		22,651
				36,647
Energy — 0.2%
Equinor		672		9,433
TGS Nopec Geophysical		81		1,248
				10,681
Financials — 0.4%
DnB		571		6,939

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Gjensidige Forsikring		273	$	4,835
Storebrand		786		3,953
				15,727
Materials — 0.3%
Norsk Hydro		2,556		6,545
Yara International		85		2,905
				9,450
TOTAL NORWAY				77,414
PORTUGAL— 1.0%
Consumer Staples — 0.2%
Jeronimo Martins		491		8,290
Energy — 0.3%
Galp Energia		1,084		12,485
Utilities — 0.5%
Energias de Portugal		5,120		21,590
TOTAL PORTUGAL				42,365
SOUTH AFRICA— 0.3%
Materials — 0.3%
Anglo American		682		12,174
SPAIN— 3.6%
Communication Services — 0.1%
Telefonica		1,125		5,151
Consumer Discretionary — 0.2%
Industria de Diseno Textil		407		10,365
Consumer Staples — 0.2%
Viscofan		108		6,914
Energy — 0.2%
Repsol		693		6,311

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Financials — 0.3%
Banco Bilbao Vizcaya Argentaria		768	$	2,512
Banco Santander		920		2,053
Bankinter		568		2,342
Mapfre		3,273		5,990
				12,897
Industrials — 0.4%
ACS Actividades de Construccion y Servicios		89		2,220
Aena SME		49		6,199
Ferrovial		349		8,715
				17,134
Information Technology — 0.1%
Amadeus IT Group, Cl A		87		4,185
Materials — 0.1%
Acerinox		572		4,339
Real Estate — 0.4%
Inmobiliaria Colonial Socimi ^‡		468		4,511
Merlin Properties Socimi ^‡		1,292		11,972
				16,483
Utilities — 1.6%
Acciona		105		10,397
Enagas		406		9,468
Endesa		775		17,190
Iberdrola		1,526		15,277
Naturgy Energy Group		663		11,698
				64,030
TOTAL SPAIN				147,809
SWEDEN— 7.8%
Communication Services — 0.4%
Tele2, Cl B		347		4,498
Telia		3,302		11,410
				15,908

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — 0.5%
Dometic Group		1,262	$	8,494
Hennes & Mauritz, Cl B		505		7,042
Husqvarna, Cl B		589		3,568
				19,104
Consumer Staples — 1.2%
AAK		355		5,832
Essity, Cl B		566		18,399
ICA Gruppen ^*		463		20,203
Swedish Match		148		9,177
				53,611
Energy — 0.1%
Lundin Energy		166		4,312
Financials — 1.5%
Industrivarden, Cl C		523		10,827
Investor, Cl B		279		14,030
Kinnevik		328		6,784
L E Lundbergforetagen, Cl B		228		9,622
Skandinaviska Enskilda Banken, Cl A		1,784		14,674
				55,937
Health Care — 0.4%
Getinge, Cl B		660		12,711
Swedish Orphan Biovitrum ^*		252		4,902
				17,613
Industrials — 1.7%
Alfa Laval		264		4,960
Assa Abloy, Cl B		614		11,067
Atlas Copco, Cl A		162		5,628
Epiroc, Cl A		741		7,444
Nibe Industrier, Cl B		422		7,900
Sandvik		223		3,454
Securitas, Cl B		518		6,123

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Skanska, Cl B		217	$	4,158
SKF, Cl B		388		6,179
Trelleborg, Cl B		554		7,135
Volvo, Cl B		471		6,083
				70,131
Information Technology — 0.6%
Hexagon, Cl B		359		17,904
Telefonaktiebolaget LM Ericsson, Cl B		875		7,624
				25,528
Materials — 0.7%
BillerudKorsnas		671		8,488
Boliden		451		9,249
Svenska Cellulosa, Cl B		1,198		12,909
				30,646
Real Estate — 0.7%
Castellum		548		9,619
Fabege		839		10,046
Fastighets Balder, Cl B ^*		228		9,011
				28,676
TOTAL SWEDEN				321,466
SWITZERLAND— 9.8%
Communication Services — 0.5%
Sunrise Communications Group		154		12,334
Swisscom		14		7,279
				19,613
Consumer Discretionary — 0.3%
Cie Financiere Richemont		127		7,214
Dufry		58		1,889
Swatch Group		32		6,404
				15,507

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — 1.2%
Barry Callebaut		5	$	9,802
Chocoladefabriken Lindt & Spruengli		1		7,797
Coca-Cola HBC		221		5,617
Nestle		232		24,493
				47,709
Financials — 1.9%
Baloise Holding		54		8,085
Cembra Money Bank		62		5,894
Credit Suisse Group		293		2,649
Helvetia Holding		93		8,513
Pargesa Holding		137		9,745
Partners Group Holding		5		3,936
Swiss Life Holding		20		7,085
Swiss Re		269		19,414
UBS Group		370		3,964
Zurich Insurance Group		27		8,597
				77,882
Health Care — 1.7%
Alcon ^*		107		5,647
Mediclinic International		581		1,901
Novartis		121		10,313
Roche Holding		53		18,421
Sonova Holding		85		15,351
Straumann Holding		4		3,035
Tecan Group		21		6,776
Vifor Pharma		59		8,867
				70,311
Industrials — 1.7%
Adecco Group		140		6,137
DKSH Holding ^*		72		4,066
dormakaba Holding		9		4,500
Flughafen Zurich		15		1,851

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Geberit		30	$	13,462
Georg Fischer		6		4,473
Kuehne + Nagel International		71		10,155
Schindler Holding		43		9,557
SGS		4		9,056
VAT Group		55		9,072
				72,329
Information Technology — 0.5%
Logitech International		109		5,253
STMicroelectronics		571		14,829
				20,082
Materials — 1.2%
Clariant ^*		589		10,902
EMS-Chemie Holding		14		9,073
Givaudan		4		13,400
LafargeHolcim		186		7,716
Sika		37		6,122
				47,213
Real Estate — 0.8%
PSP Swiss Property		136		15,810
Swiss Prime Site		192		18,242
				34,052
TOTAL SWITZERLAND				404,698
UNITED KINGDOM— 20.9%
Communication Services — 1.3%
Auto Trader Group		1,783		10,316
Informa		2,235		12,382
Pearson		908		5,266
Rightmove		1,865		11,706
Vodafone Group		12,505		17,688
				57,358

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — 4.1%
B&M European Value Retail		637	$	2,674
Barratt Developments		2,117		13,859
Bellway		318		10,682
Berkeley Group Holdings		315		16,619
Burberry Group		316		5,540
Compass Group		1,848		31,141
Dixons Carphone		3,574		3,501
Fiat Chrysler Automobiles		366		3,213
GVC Holdings		1,184		11,260
Inchcape		1,009		6,383
JD Sports Fashion		275		1,836
Kingfisher		5,447		10,807
Marks & Spencer Group		3,747		4,353
MoneySuperMarket.com		1,363		5,460
Persimmon		501		13,934
Playtech		1,095		3,224
SSP Group		881		3,116
Taylor Wimpey		5,185		9,617
WH Smith		312		4,931
Whitbread		103		3,872
William Hill		2,602		3,745
				169,767
Consumer Staples — 1.5%
Britvic		745		6,883
Diageo		341		11,829
J Sainsbury		1,718		4,293
Tate & Lyle		2,060		18,506
Tesco		1,420		4,211
Unilever		121		6,041
WM Morrison Supermarkets		4,850		11,195
				62,958

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Energy — 0.5%
BP		1,547	$	6,110
Great Portland Estates ^‡		1,085		9,262
Subsea 7		597		3,319
				18,691
Financials — 2.4%
3i Group		894		8,840
Aviva		837		2,553
Barclays		2,198		2,936
Close Brothers Group		135		1,858
Direct Line Insurance Group		1,647		5,661
HSBC Holdings		2,588		13,385
IG Group Holdings		741		7,052
Jupiter Fund Management		779		2,148
Lloyds Banking Group		5,184		2,108
Man Group		1,035		1,742
Phoenix Group Holdings		1,693		12,834
Quilter		3,256		5,062
Royal Bank of Scotland Group		1,469		2,048
RSA Insurance Group		1,189		5,417
Schroders		134		4,486
Standard Chartered		1,223		6,286
Standard Life Aberdeen		3,175		8,854
TP ICAP		1,974		8,451
				101,721
Health Care — 0.8%
ConvaTec Group		1,181		3,164
GlaxoSmithKline		531		11,125
Smith & Nephew		946		18,591
				32,880
Industrials — 5.1%
Aggreko		835		4,834
Ashtead Group		113		3,100

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
BAE Systems		2,916	$	18,700
Balfour Beatty		981		3,212
Bunzl		373		8,128
DCC		46		3,283
easyJet		341		2,594
Experian		484		14,505
Ferguson		201		14,543
Firstgroup ^*		5,894		4,970
Hays		1,080		1,478
Howden Joinery Group		1,286		8,519
IMI		205		2,140
Intertek Group		125		7,489
Meggitt		2,102		7,405
National Express Group		2,123		7,316
RELX		1,205		27,306
Rentokil Initial		3,479		20,814
Rotork		1,338		4,196
Royal Mail		2,310		4,851
Signature Aviation		3,478		8,588
Smiths Group		483		7,557
Spirax-Sarco Engineering		122		13,430
Travis Perkins		791		10,371
				209,329
Information Technology — 1.2%
Avast		1,083		6,259
AVEVA Group		117		5,269
Dialog Semiconductor ^*		136		4,283
Electrocomponents		998		7,276
Halma		357		9,411
Micro Focus International		266		1,616
Sage Group		932		7,524

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Spectris		242	$	8,141
				49,779
Materials — 0.4%
Croda International		73		4,495
Mondi		438		7,790
Victrex		108		2,719
				15,004
Real Estate — 1.4%
British Land ^‡		1,249		6,374
Capital & Counties Properties ^‡		693		1,454
Derwent London ^‡		365		14,300
Hammerson ^‡		1,976		1,759
Land Securities Group ^‡		1,162		9,703
Segro ^‡		987		10,328
Shaftesbury ^‡		691		5,230
Tritax Big Box REIT ^‡		3,404		5,178
Unite Group ^‡		788		8,702
				63,028
Utilities — 2.2%
Centrica		7,004		3,525
National Grid		1,723		20,294
Pennon Group		2,099		29,018
SSE		1,885		29,721
United Utilities Group		640		7,283
				89,841
TOTAL UNITED KINGDOM				870,356
UNITED STATES— 0.5%
Consumer Discretionary — 0.1%
Carnival		357		4,933
Consumer Staples — 0.4%
Coca-Cola European Partners		352		13,953

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Europe ETF

	Shares		Value
COMMON STOCK — continued
TOTAL UNITED STATES			$	18,886
TOTAL COMMON STOCK
(Cost $5,019,800)				4,097,093

PREFERRED STOCK — 0.6%
GERMANY— 0.6%
Consumer Discretionary — 0.1%
Porsche Automobil Holding^(A)		57		2,874
Volkswagen^(A)		22		3,089
				5,963
Consumer Staples — 0.4%
Henkel & KGaA^(A)		160		14,203
Materials — 0.1%
FUCHS PETROLUB^(A)		154		5,981
TOTAL GERMANY				26,147
TOTAL PREFERRED STOCK
(Cost $33,146)				26,147
TOTAL INVESTMENTS — 99.4%
(Cost $5,052,946)			$	4,123,240

Percentages are based on Net Assets of $4,146,500.

*	Non-income producing security.
‡	Real Estate Investment Trust
(A)	There is currently no stated rate.

Cl — Class

REIT — Real Estate Investment Trust

As of April 30, 2020, 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.

For the period ended April 30, 2020, there have been no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Japan ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.8%
JAPAN— 99.8%
Communication Services — 5.7%
Dentsu Group		330	$	7,030
Hakuhodo DY Holdings		684		7,688
KDDI		868		25,236
Konami Holdings		90		2,866
Nippon Telegraph & Telephone		1,704		38,929
NTT DOCOMO		935		27,525
Softbank		400		5,476
Square Enix Holdings		281		11,575
Toho		380		12,580
				138,905
Consumer Discretionary — 13.3%
Asics		680		6,569
Bandai Namco Holdings		370		18,792
Bridgestone		434		13,709
Casio Computer		1,063		16,999

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Denso		250	$	8,912
Haseko		550		6,079
Honda Motor		312		7,617
Isetan Mitsukoshi Holdings		1,470		9,045
Isuzu Motors		611		4,713
J Front Retailing		962		7,998
JTEKT		245		1,824
Marui Group		140		2,320
Mazda Motor		1,716		9,821
Mitsubishi Motors		2,653		7,567
Nikon		1,190		11,206
Nissan Motor		2,914		10,077
Nitori Holdings		40		6,179
Oriental Land		65		8,315
Pan Pacific International Holdings		464		9,034
Panasonic		1,420		10,979
Rinnai		99		7,564
Sega Sammy Holdings		1,260		15,447
Sekisui Chemical		716		9,173
Sekisui House		681		11,836
Stanley Electric		390		9,027
Subaru		200		4,068
Sumitomo Electric Industries		641		6,675
Sumitomo Rubber Industries		1,229		12,102
Toyota Industries		167		8,480
Toyota Motor		192		11,968
USS		350		5,597
Yamada Denki		4,898		23,452
Yamaha		235		9,625
Yamaha Motor		487		6,390
				319,159

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — 13.2%
Aeon		578	$	11,737
Ajinomoto		1,011		18,114
Asahi Group Holdings		100		3,497
Coca-Cola Bottlers Japan Holdings		517		9,404
Ezaki Glico		266		11,716
FamilyMart		320		5,485
Kao		251		19,520
Kewpie		514		10,272
Kirin Holdings		362		7,036
Kobayashi Pharmaceutical		109		10,132
Lawson		245		12,761
Lion		777		16,357
MEIJI Holdings		110		7,684
NH Foods		651		23,468
Nichirei		310		7,787
Nisshin Seifun Group		360		5,663
Nissin Foods Holdings		192		15,872
Pigeon		230		8,248
Seven & i Holdings		290		9,635
Shiseido		187		11,153
Suntory Beverage & Food		397		15,055
Toyo Suisan Kaisha		577		27,841
Tsuruha Holdings		128		17,214
Unicharm		270		9,973
Yakult Honsha		72		4,222
Yamazaki Baking		580		10,300
				310,146
Energy — 0.4%
Idemitsu Kosan		278		6,421
Inpex		564		3,645
				10,066

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Financials — 6.7%
Aozora Bank		334	$	6,038
Bank of Kyoto		64		2,220
Chiba Bank		1,093		5,131
Concordia Financial Group		1,000		3,105
Daiwa Securities Group		1,804		7,565
Fukuoka Financial Group		222		3,218
Japan Post Bank		1,450		13,545
Japan Post Holdings		2,290		18,519
Mitsubishi UFJ Financial Group		900		3,655
Mitsubishi UFJ Lease & Finance		2,352		11,416
Mizuho Financial Group		7,422		8,731
MS&AD Insurance Group Holdings		300		8,759
Nomura Holdings		1,300		5,468
ORIX		301		3,628
Resona Holdings		1,100		3,467
Shinsei Bank		656		8,006
Shizuoka Bank		1,030		6,299
Sompo Holdings		370		12,110
Sumitomo Mitsui Financial Group		451		11,995
Sumitomo Mitsui Trust Holdings		212		6,267
Tokio Marine Holdings		290		13,793
				162,935
Health Care — 7.0%
Alfresa Holdings		375		7,568
Astellas Pharma		510		8,520
Chugai Pharmaceutical		68		8,146
Daiichi Sankyo		113		7,801
Hisamitsu Pharmaceutical		89		4,228
Hoya		160		14,762
Kyowa Kirin		239		5,628
M3		200		7,275

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Medipal Holdings		642	$	12,571
Olympus		700		11,295
Otsuka Holdings		509		20,253
Shionogi		70		3,881
Sumitomo Dainippon Pharma		318		4,455
Suzuken		203		7,897
Sysmex		100		6,958
Taisho Pharmaceutical Holdings		166		10,447
Takeda Pharmaceutical		213		7,734
Terumo		524		17,503
				166,922
Industrials — 20.1%
AGC		225		5,679
Amada		1,377		12,658
ANA Holdings		512		11,017
Central Japan Railway		72		11,450
Dai Nippon Printing		520		11,136
Daikin Industries		54		7,072
East Japan Railway		156		11,485
Fuji Electric		419		10,164
Hankyu Hanshin Holdings		340		11,764
Hino Motors		1,343		8,113
ITOCHU		1,265		25,139
Japan Airport Terminal		146		6,042
Kajima		780		8,242
Kawasaki Heavy Industries		185		2,844
Keihan Holdings		160		7,249
Keio		90		5,134
Keisei Electric Railway		291		8,871
Kintetsu Group Holdings		221		10,664
Kurita Water Industries		650		18,419
Kyushu Railway		589		15,990

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
LIXIL Group		1,160	$	14,189
Marubeni		1,192		5,841
MISUMI Group		163		3,942
Mitsubishi		462		9,937
Mitsubishi Electric		639		8,010
Mitsubishi Heavy Industries		627		16,203
Mitsui		953		13,493
Mitsui OSK Lines		443		7,842
Nagoya Railroad		674		19,507
Nankai Electric Railway		231		5,193
Nippon Express		135		6,678
Nippon Yusen		697		9,321
NSK		899		6,288
Obayashi		1,294		11,520
Odakyu Electric Railway		219		4,860
Recruit Holdings		97		2,886
Secom		128		10,779
Shimizu		1,643		12,845
Sohgo Security Services		61		2,949
Sojitz		3,563		8,396
Sumitomo		785		9,018
Sumitomo Heavy Industries		296		6,350
THK		293		7,143
Tobu Railway		408		13,983
Tokyu		410		6,227
Toppan Printing		866		13,054
Toshiba		330		8,292
Toyota Tsusho		240		5,808
West Japan Railway		168		10,474
Yaskawa Electric		100		3,334
				473,494

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — 13.6%
Advantest		350	$	17,248
Alps Alpine		363		3,812
Brother Industries		739		12,688
Canon		453		9,678
Disco		70		15,940
FUJIFILM Holdings		401		19,271
Fujitsu		362		35,664
Hamamatsu Photonics		462		20,435
Hirose Electric		66		7,326
Hitachi		205		6,213
Konica Minolta		2,254		8,874
Kyocera		195		10,538
NEC		882		34,353
Nomura Research Institute		405		9,976
NTT Data		600		6,200
Obic		30		4,550
Omron		60		3,569
Otsuka		308		13,955
Renesas Electronics ^*		3,144		17,053
Ricoh		2,036		14,089
Rohm		151		9,687
Seiko Epson		1,002		11,497
Shimadzu		266		6,679
SUMCO		200		2,899
Tokyo Electron		20		4,290
Trend Micro		217		11,100
Yokogawa Electric		470		6,505
				324,089
Materials — 7.1%
Air Water		332		4,520
Asahi Kasei		1,306		9,343
Daicel		1,053		8,626

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
DIC		270	$	6,373
JFE Holdings		559		3,785
JSR		742		14,155
Kaneka		240		6,262
Kobe Steel		838		2,860
Kuraray		924		9,375
Mitsubishi Chemical Holdings		622		3,591
Mitsubishi Gas Chemical		718		8,923
Mitsubishi Materials		529		10,962
Mitsui Chemicals		465		9,245
Nippon Steel		312		2,661
Nissan Chemical		90		3,484
Oji Holdings		2,369		12,185
Sumitomo Chemical		876		2,736
Sumitomo Metal Mining		130		3,305
Taiheiyo Cement		227		4,539
Teijin		790		12,744
Toray Industries		1,970		9,195
Tosoh		1,158		14,392
Toyo Seikan Group Holdings		519		5,344
				168,605
Real Estate — 6.7%
Advance Residence Investment ^‡		4		12,307
Daiwa House Industry		100		2,579
Daiwa House REIT Investment, Cl A ^‡		6		14,617
GLP J-Reit ^‡		5		6,485
Japan Hotel REIT Investment, Cl A ^‡		13		4,376
Japan Prime Realty Investment ^‡		5		13,980
Japan Real Estate Investment ^‡		2		10,923
Japan Retail Fund Investment ^‡		14		15,501
Nippon Building Fund ^‡		3		18,039
Nippon Prologis REIT ^‡		5		13,822

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Japan ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Nomura Real Estate Master Fund ^‡		5	$	5,779
Orix JREIT ^‡		11		13,342
Tokyo Tatemono		900		10,344
Tokyu Fudosan Holdings		1,100		5,503
United Urban Investment ^‡		12		12,209
				159,806
Utilities — 6.0%
Chubu Electric Power		655		8,934
Chugoku Electric Power		2,162		29,234
Electric Power Development		491		9,918
Kansai Electric Power		1,090		11,263
Kyushu Electric Power		2,502		19,958
Osaka Gas		505		9,440
Toho Gas		521		25,628
Tohoku Electric Power		1,295		12,268
Tokyo Electric Power Holdings ^*		1,297		4,403
Tokyo Gas		609		13,429
				144,475
TOTAL COMMON STOCK
(Cost $2,823,127)				2,378,602
TOTAL INVESTMENTS — 99.8%
(Cost $2,823,127)			$	2,378,602

Percentages are based on Net Assets of $2,383,791.

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

Cl — Class

REIT — Real Estate Investment Trust

As of April 30, 2020, 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.

For the period ended April 30, 2020, there have been no transfers in or out of Level 3.

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Asia ex-Japan ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA— 40.3%
Communication Services — 1.7%
SEEK		883	$	10,065
Telstra		11,542		23,047
				33,112
Consumer Discretionary — 3.0%
Crown Resorts		3,686		23,867
Star Entertainment Grp		6,826		13,541
TABCORP Holdings		2,497		5,264
Wesfarmers		639		15,768
				58,440
Consumer Staples — 2.6%
Coca-Cola Amatil		3,434		19,515
Coles Group		531		5,392
Treasury Wine Estates		1,053		6,997
Woolworths Group		754		17,648
				49,552

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Energy — 2.9%
Caltex Australia		1,072	$	17,490
Origin Energy		2,487		9,053
Santos		5,101		16,498
Woodside Petroleum		546		8,025
Worley		1,091		6,428
				57,494
Financials — 2.9%
Bank of Queensland		935		3,189
Bendigo and Adelaide Bank		809		3,464
CIMIC Group		355		5,727
Macquarie Group		83		5,579
Medibank Pvt		6,013		10,629
National Australia Bank		1,108		12,303
QBE Insurance Group		1,660		9,183
Suncorp Group		875		5,265
				55,339
Health Care — 3.8%
Ansell		1,608		30,056
Cochlear		72		8,697
CSL		46		9,319
Ramsay Health Care		240		9,838
Sonic Healthcare		877		15,611
				73,521
Industrials — 4.9%
ALS		2,795		12,462
Aurizon Holdings		12,158		37,332
Brambles		2,499		18,128
Downer EDI		1,075		2,935
Qube Holdings ^{(A)(B) (C)}		8,752		12,978
Sydney Airport		1,234		5,090
Transurban Group		797		7,201
				96,126

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


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — 0.7%
Computershare		1,270	$	10,127
Link Administration Holdings		1,531		3,799
				13,926
Materials — 8.7%
BHP Group		580		12,284
BlueScope Steel		1,781		11,952
Boral		3,127		6,183
Fortescue Metals Group		4,280		33,512
Iluka Resources		918		4,616
Incitec Pivot		13,399		20,966
Newcrest Mining ^{(A) (B) (C)}		1,576		28,301
Orica		2,057		24,133
Orora		7,657		12,883
Rio Tinto		159		9,110
South32		5,510		7,161
				171,101
Real Estate — 4.9%
Dexus ^‡		1,739		10,429
Goodman Group ^‡		1,631		14,042
GPT Group ^‡		6,123		16,957
Lendlease Group		1,414		11,442
Mirvac Group ^‡		9,704		14,231
Scentre Group ^‡		7,557		11,528
Stockland ^‡		2,392		4,510
Vicinity Centres ^‡		14,282		13,932
				97,071
Utilities — 4.2%
AGL Energy		1,224		13,591
APA Group		2,068		14,785
AusNet Services		22,918		28,133
Spark Infrastructure Group		21,494		26,596
				83,105

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

100


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
TOTAL AUSTRALIA			$	788,787
CHINA— 3.1%
Consumer Staples — 2.8%
Wilmar International		21,454		54,409
Health Care — 0.3%
CSPC Pharmaceutical Group		3,400		6,754
Information Technology 0.00%
Hanergy Thin Film Power Group ^*(A)(B)(C)		29,000		—
TOTAL CHINA				61,163
HONG KONG— 25.2%
Communication Services — 1.7%
PCCW		53,445		32,747
Consumer Discretionary — 0.7%
Yue Yuen Industrial Holdings		8,371		13,454
Consumer Staples — 1.6%
Dairy Farm International Holdings		2,827		13,541
WH Group		18,700		18,043
				31,584
Industrials — 3.8%
Jardine Matheson Holdings		475		20,881
Jardine Strategic Holdings		629		13,555
MTR		2,400		13,328
NWS Holdings		14,497		15,110
Techtronic Industries		1,500		11,426
				74,300
Information Technology — 0.9%
ASM Pacific Technology		1,800		18,296
Real Estate — 11.9%
CK Asset Holdings		1,143		7,225
Hang Lung Group		9,497		21,560
Hang Lung Properties		9,983		21,402

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

101


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Henderson Land Development		1,524	$	6,232
Hongkong Land Holdings		3,200		13,472
Hysan Development		6,485		21,581
Link REIT ^‡		5,135		46,102
New World Development		4,273		5,043
Sino Land		8,498		11,883
Sun Hung Kai Properties		427		5,861
Swire Pacific, Cl A		2,246		14,747
Swire Properties		7,104		19,931
Wharf Holdings		8,230		15,563
Wharf Real Estate Investment		770		3,253
Wheelock		2,791		20,431
				234,286
Utilities — 4.6%
CLP Holdings		3,557		37,991
Hong Kong & China Gas		7,124		12,737
Power Assets Holdings		5,916		39,568
				90,296
TOTAL HONG KONG				494,963
NEW ZEALAND— 9.5%
Communication Services — 2.2%
Spark New Zealand		16,104		44,113
Health Care — 1.2%
Fisher & Paykel Healthcare		1,361		22,998
Information Technology — 1.2%
Xero ^*		449		23,379
Materials — 0.8%
Fletcher Building		7,098		16,203
Utilities — 4.1%
Contact Energy		8,920		34,615

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

102


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Meridian Energy		15,968	$	44,233
				78,848
TOTAL NEW ZEALAND				185,541
SINGAPORE— 20.0%
Communication Services — 1.3%
Singapore Press Holdings		13,073		14,116
Singapore Telecommunications		6,300		12,665
				26,781
Consumer Discretionary — 0.7%
Genting Singapore		25,035		13,961
Financials — 3.7%
City Developments		2,685		15,183
Oversea-Chinese Banking		763		4,900
Singapore Exchange		6,979		47,842
United Overseas Bank		310		4,479
				72,404
Industrials — 4.8%
ComfortDelGro		17,638		20,674
Keppel		3,082		13,093
SATS		5,618		13,090
Singapore Airlines		4,002		17,370
Singapore Technologies Engineering		11,156		27,183
				91,410
Information Technology — 1.2%
Venture		2,167		24,399
Real Estate — 8.3%
Ascendas Real Estate Investment Trust ^‡		12,487		26,345
CapitaLand ^*		10,527		22,509
CapitaLand Commercial Trust ^‡		29,689		33,956
CapitaLand Mall Trust ^‡		15,736		21,127
Mapletree Commercial Trust ^‡		18,847		26,241

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

103


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Asia ex-Japan ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Suntec Real Estate Investment Trust ^‡		22,876	$	22,751
UOL Group		2,224		10,791
				163,720
TOTAL SINGAPORE				392,675
THAILAND— 0.9%
Consumer Staples — 0.9%
Thai Beverage		34,205		16,766
UNITED KINGDOM— 0.7%
Industrials — 0.7%
CK Hutchison Holdings		1,928		14,275
UNITED STATES— 0.2%
Consumer Discretionary — 0.2%
Samsonite International		4,800		4,056
TOTAL COMMON STOCK
(Cost $2,389,375)				1,958,226
TOTAL INVESTMENTS — 99.9%
(Cost $2,389,375)			$	1,958,226

Percentages are based on Net Assets of $1,960,778.

*	Non-income producing security.
‡	Real Estate Investment Trust
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2020 was $41,280 and represented 2.1% of Net Assets.
(C)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of April 30, 2020 was $41,280 and represents 2.1% of Net Assets.

Cl — Class

REIT — Real Estate Investment Trust

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

104


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Scientific Beta Asia ex-Japan ETF

The following is a summary of the level of inputs used as of April 30, 2020, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	1,458,348	$	458,598	$	41,280	$	1,958,226
Total Investments in Securities	$	1,458,348	$	458,598	$	41,280	$	1,958,226

⁽¹⁾

For the period ended April 30, 2020, there have been no transfers in or out of Level 3.

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

105


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Catholic Values ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 99.9%
UNITED KINGDOM— 0.6%
Energy — 0.0%
TechnipFMC		5,824	$	51,892
Materials — 0.6%
Amcor		19,774		177,373
Linde		7,057		1,298,418
				1,475,791
TOTAL UNITED KINGDOM				1,527,683
UNITED STATES— 99.3%
Communication Services — 11.0%
Activision Blizzard		10,016		638,320
Alphabet, Cl A ^*		3,911		5,266,944
Alphabet, Cl C ^*		3,956		5,335,299
AT&T		95,707		2,916,192
CenturyLink		12,722		135,108
Charter Communications, Cl A ^*		2,062		1,021,164

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

106


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
Comcast, Cl A		59,536	$	2,240,341
Discovery, Cl A ^*		2,039		45,714
Discovery, Cl C ^*		4,465		91,131
DISH Network, Cl A ^*		3,233		80,874
Electronic Arts ^*		3,826		437,159
Facebook, Cl A ^*		31,821		6,514,076
Fox, Cl A		4,523		117,010
Fox, Cl B		2,074		53,011
Interpublic Group		5,147		87,396
Netflix ^*		5,712		2,398,183
News, Cl A		5,044		49,986
News, Cl B		1,556		15,902
Omnicom Group		2,993		170,691
Take-Two Interactive Software ^*		1,463		177,096
T-Mobile US ^*		4,952		434,786
Twitter ^*		9,705		278,339
Verizon Communications		54,209		3,114,307
ViacomCBS, Cl B		7,271		125,497
Walt Disney		23,603		2,552,664
				34,297,190
Consumer Discretionary — 10.7%
Advance Auto Parts		912		110,270
Amazon.com ^*		5,514		13,641,635
Aptiv		3,485		242,382
AutoZone ^*		341		347,929
Best Buy		2,994		229,730
Booking Holdings ^*		547		809,872
BorgWarner		2,671		76,310
Capri Holdings ^*		2,068		31,537
CarMax ^*		2,337		172,120
Carnival		5,995		95,321
Chipotle Mexican Grill, Cl A ^*		320		281,136

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

107


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Darden Restaurants		1,620	$	119,540
Dollar General		3,408		597,422
Dollar Tree ^*		3,153		251,200
DR Horton		4,468		210,978
eBay		10,902		434,227
Expedia Group		1,701		120,737
Ford Motor		51,691		263,107
Gap		2,872		23,321
Garmin		1,599		129,775
General Motors		16,850		375,587
Genuine Parts		1,948		154,438
H&R Block		2,751		45,804
Hanesbrands		4,878		48,487
Harley-Davidson		2,228		48,637
Hasbro		1,560		112,648
Hilton Worldwide Holdings		3,806		288,152
Home Depot		14,592		3,207,759
Kohl’s		2,232		41,203
L Brands		3,116		37,049
Las Vegas Sands		4,406		211,576
Leggett & Platt		1,756		61,688
Lennar, Cl A		3,708		185,660
LKQ ^*		4,094		107,058
Lowe’s		10,295		1,078,401
Marriott International, Cl A		3,613		328,566
McDonald’s		9,903		1,857,406
Mohawk Industries ^*		857		75,176
NIKE, Cl B		16,292		1,420,337
Nordstrom		1,497		28,114
Norwegian Cruise Line Holdings ^*		2,814		46,150
NVR ^*		46		142,600
O’Reilly Automotive ^*		1,017		392,908

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

108


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
PulteGroup		3,662	$	103,525
PVH		1,092		53,759
Ralph Lauren, Cl A		728		53,712
Ross Stores		4,766		435,422
Royal Caribbean Cruises		2,289		107,057
Starbucks		15,495		1,188,931
Tapestry		3,740		55,651
Target		6,831		749,633
Tiffany		1,439		182,034
TJX		15,969		783,279
Tractor Supply		1,638		166,142
Ulta Beauty ^*		730		159,082
Under Armour, Cl A ^*		2,472		25,758
Under Armour, Cl C ^*		2,496		23,138
VF		4,310		250,411
Whirlpool		817		91,292
Wynn Resorts		1,332		113,926
Yum! Brands		4,091		353,585
				33,380,290
Consumer Staples — 7.3%
Altria Group		47,456		1,862,648
Brown-Forman, Cl B		4,538		282,264
Campbell Soup		4,624		231,108
Clorox		3,065		571,439
Coca-Cola		98,554		4,522,642
Conagra Brands		13,133		439,168
Constellation Brands, Cl A		4,122		678,852
Costco Wholesale		11,140		3,375,420
Coty, Cl A		7,257		39,551
Estee Lauder, Cl A		5,474		965,613
General Mills		14,869		890,504
Hormel Foods		7,392		346,315

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

109


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
JM Smucker		3,065	$	352,199
Kellogg		6,790		444,745
Kimberly-Clark		8,503		1,177,495
Kraft Heinz		15,631		474,088
Kroger		19,511		616,743
Lamb Weston Holdings		3,953		242,556
McCormick		3,239		508,005
Molson Coors Beverage, Cl B		5,075		208,126
Mondelez International, Cl A		37,243		1,915,781
Monster Beverage ^*		9,454		584,352
Sysco		12,984		730,610
Tyson Foods, Cl A		7,223		449,198
Walgreens Boots Alliance		18,715		810,172
				22,719,594
Energy — 3.1%
Apache		5,001		65,413
Baker Hughes, Cl A		9,319		130,000
Cabot Oil & Gas		5,849		126,455
Chevron		24,378		2,242,776
Concho Resources		2,598		147,359
ConocoPhillips		14,490		610,029
Devon Energy		5,459		68,074
Diamondback Energy		1,976		86,035
EOG Resources		7,444		353,664
Exxon Mobil		54,573		2,536,008
Halliburton		11,485		120,593
Helmerich & Payne		1,454		28,746
Hess		3,416		166,154
HollyFrontier		2,119		70,012
Kinder Morgan		25,274		384,923
Marathon Oil		10,974		67,161
Marathon Petroleum		8,583		275,343

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

110


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
National Oilwell Varco		5,033	$	63,617
Noble Energy		6,542		64,177
Occidental Petroleum		11,561		191,913
ONEOK		5,272		157,791
Phillips 66		5,997		438,800
Pioneer Natural Resources		2,230		199,161
Schlumberger		17,777		299,008
Valero Energy		5,331		337,719
Williams		15,887		307,731
				9,538,662
Financials — 10.8%
Aflac		9,591		357,169
Allstate		4,233		430,581
American Express		8,850		807,563
American International Group		11,149		283,519
Ameriprise Financial		1,811		208,156
Aon		3,075		530,960
Arthur J Gallagher		2,362		185,417
Assurant		765		81,274
Bank of America		108,731		2,614,981
Bank of New York Mellon		11,209		420,786
Berkshire Hathaway, Cl B ^*		26,056		4,881,851
BlackRock, Cl A		1,561		783,684
Capital One Financial		6,074		393,352
Cboe Global Markets		1,469		145,989
Charles Schwab		15,162		571,911
Chubb		5,888		635,963
Cincinnati Financial		1,971		129,692
Citigroup		28,150		1,366,964
Citizens Financial Group		6,081		136,154
CME Group, Cl A		4,596		819,053
Comerica		1,995		69,546

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

111


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Discover Financial Services		4,158	$	178,669
E*TRADE Financial		3,086		125,322
Everest Re Group		535		92,625
Fifth Third Bancorp		8,926		166,827
First Republic Bank		2,113		220,365
Franklin Resources		3,947		74,361
Globe Life		1,381		113,712
Goldman Sachs Group		4,175		765,779
Hartford Financial Services Group		4,587		174,260
Huntington Bancshares		14,052		129,840
Intercontinental Exchange		7,280		651,196
Invesco		5,310		45,772
JPMorgan Chase		41,874		4,009,853
KeyCorp		13,158		153,291
Lincoln National		2,728		96,762
Loews		3,554		123,182
M&T Bank		1,759		197,149
MarketAxess Holdings		459		208,850
Marsh & McLennan		6,488		631,477
MetLife		10,025		361,702
Moody’s		2,184		532,678
Morgan Stanley		15,246		601,150
MSCI, Cl A		1,077		352,179
Nasdaq		1,500		164,505
Northern Trust		2,828		223,864
People’s United Financial		4,764		60,455
PNC Financial Services Group		5,799		618,579
Principal Financial Group		3,463		126,088
Progressive		7,674		593,200
Prudential Financial		5,230		326,195
Raymond James Financial		1,642		108,241
Regions Financial		12,864		138,288

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

112


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
S&P Global		3,173	$	929,308
State Street		4,819		303,790
SVB Financial Group ^*		702		135,605
Synchrony Financial		8,180		161,882
T Rowe Price Group		3,008		347,815
Travelers		3,445		348,668
Truist Financial		17,426		650,338
Unum Group		2,893		50,483
US Bancorp		19,183		700,180
Wells Fargo		49,790		1,446,400
Willis Towers Watson		1,708		304,519
Zions Bancorp		2,529		79,942
				33,679,911
Health Care — 14.3%
AbbVie		42,817		3,519,557
ABIOMED ^*		1,230		235,238
Alexion Pharmaceuticals ^*		6,227		669,216
Align Technology ^*		2,021		434,212
AmerisourceBergen, Cl A		4,344		389,483
Anthem		7,332		2,058,312
Baxter International		14,983		1,330,191
Biogen Idec ^*		5,384		1,598,133
Boston Scientific ^*		40,062		1,501,524
Cardinal Health		8,245		407,963
Cerner		8,976		622,845
Cigna		10,811		2,116,578
CVS Health		38,605		2,376,137
DaVita ^*		2,840		224,388
DENTSPLY SIRONA		6,164		261,600
Edwards Lifesciences ^*		6,040		1,313,700
Eli Lilly		24,463		3,782,958
Gilead Sciences		36,856		3,095,904

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

113


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Henry Schein ^*		4,173	$	227,679
Hologic ^*		7,386		370,039
Humana		3,972		1,516,589
IDEXX Laboratories ^*		2,413		669,849
Incyte ^*		5,630		549,826
Intuitive Surgical ^*		3,310		1,691,012
IQVIA Holdings ^*		5,059		721,363
Laboratory Corp of America Holdings ^*		2,820		463,749
McKesson		4,672		659,920
Medtronic		38,809		3,788,922
Mettler-Toledo International ^*		687		494,599
Quest Diagnostics		3,696		406,967
Regeneron Pharmaceuticals ^*		2,348		1,234,766
ResMed		4,277		664,304
Stryker		9,317		1,736,967
Teleflex		1,279		428,977
Varian Medical Systems ^*		2,509		286,979
Waters ^*		1,961		366,707
Zimmer Biomet Holdings		6,351		760,215
Zoetis, Cl A		13,922		1,800,254
				44,777,622
Industrials — 8.3%
3M		11,736		1,782,933
Alaska Air Group		2,475		80,487
Allegion		1,922		193,238
American Airlines Group		7,658		91,973
AMETEK		4,594		385,299
AO Smith		2,803		118,791
Caterpillar		11,217		1,305,433
CH Robinson Worldwide		2,570		182,213
Cintas		1,712		379,773
Copart ^*		4,015		321,642

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

114


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
CSX		15,919	$	1,054,315
Cummins		3,107		507,995
Deere		6,467		938,103
Delta Air Lines		11,770		304,960
Dover		2,731		255,758
Eaton		8,314		694,219
Emerson Electric		12,496		712,647
Equifax		2,412		335,027
Expeditors International of Washington		3,242		232,143
Fastenal		12,307		445,759
FedEx		4,888		619,652
Flowserve		2,622		73,862
Fortive		6,068		388,352
Fortune Brands Home & Security		2,946		141,997
Howmet Aerospace		8,324		108,795
IDEX		1,480		227,372
IHS Markit		7,998		538,266
Illinois Tool Works		6,109		992,713
JB Hunt Transport Services		1,746		176,556
Johnson Controls International		15,725		457,755
Kansas City Southern		1,980		258,489
Masco		5,904		242,300
Nielsen Holdings		6,888		101,460
Norfolk Southern		5,416		926,678
PACCAR		6,848		474,087
Parker-Hannifin		2,601		411,270
Pentair		3,288		113,732
Quanta Services		2,998		109,007
Republic Services, Cl A		4,094		320,724
Robert Half International		2,526		119,404
Rockwell Automation		2,282		432,393
Rollins		2,795		111,800

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

115


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Roper Technologies		2,104	$	717,527
Snap-On		1,110		144,622
Southwest Airlines		9,705		303,281
Stanley Black & Decker		3,143		346,359
Trane Technologies		4,987		435,964
TransDigm Group		1,059		384,501
Union Pacific		14,098		2,252,719
United Airlines Holdings ^*		4,393		129,945
United Parcel Service, Cl B		14,183		1,342,563
United Rentals ^*		1,603		205,986
Verisk Analytics, Cl A		3,176		485,388
Waste Management		7,928		792,958
Westinghouse Air Brake Technologies		3,547		200,122
WW Grainger		858		236,448
Xylem		3,610		259,559
				25,907,314
Information Technology — 25.8%
Accenture, Cl A		8,247		1,527,262
Adobe ^*		6,542		2,313,513
Advanced Micro Devices ^*		15,791		827,290
Akamai Technologies ^*		2,197		214,669
Alliance Data Systems		585		29,291
Amphenol, Cl A		3,827		337,771
Analog Devices		4,856		532,218
ANSYS ^*		1,091		285,657
Apple		55,567		16,325,585
Applied Materials		12,190		605,599
Arista Networks ^*		708		155,264
Autodesk ^*		2,912		544,923
Automatic Data Processing		5,627		825,425
Broadcom		5,420		1,472,180
Broadridge Financial Solutions		1,578		183,048

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

116


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Cadence Design Systems ^*		3,669	$	297,666
CDW		1,885		208,858
Cisco Systems		55,851		2,366,966
Citrix Systems		1,652		239,557
Cognizant Technology Solutions, Cl A		7,360		427,027
DXC Technology		3,412		61,860
F5 Networks ^*		823		114,611
Fidelity National Information Services		8,186		1,079,652
Fiserv ^*		7,986		823,037
FleetCor Technologies ^*		1,107		267,064
FLIR Systems		1,820		78,988
Fortinet ^*		1,960		211,170
Gartner ^*		1,227		145,780
Global Payments		3,906		648,474
Hewlett Packard Enterprise		17,510		176,151
HP		19,636		304,554
Intel		58,392		3,502,353
International Business Machines		11,519		1,446,326
Intuit		3,359		906,292
IPG Photonics ^*		516		66,734
Jack Henry & Associates		1,057		172,872
Juniper Networks		4,732		102,211
Keysight Technologies ^*		2,518		243,667
KLA		2,107		345,738
Lam Research		1,948		497,285
Mastercard, Cl A		11,669		3,208,624
Maxim Integrated Products		3,480		191,330
Microchip Technology		3,137		275,209
Micron Technology ^*		14,431		691,101
Microsoft		101,462		18,183,004
Motorola Solutions		2,188		314,656
NetApp		3,124		136,737

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

117


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
NortonLifeLock		8,148	$	173,308
NVIDIA		8,122		2,373,899
Oracle		28,382		1,503,395
Paychex		4,255		291,553
PayPal Holdings ^*		15,947		1,961,481
Qorvo ^*		1,638		160,573
QUALCOMM		15,027		1,182,174
salesforce.com ^*		11,788		1,909,067
Seagate Technology		3,214		160,539
Skyworks Solutions		2,366		245,780
Synopsys ^*		1,985		311,883
TE Connectivity		4,350		319,551
Texas Instruments		12,130		1,407,929
VeriSign ^*		1,357		284,278
Visa, Cl A		22,959		4,103,231
Western Digital		3,901		179,758
Western Union		6,070		115,755
Xerox Holdings		2,734		50,005
Xilinx		3,371		294,625
				80,944,033
Materials — 1.9%
Air Products & Chemicals		2,805		632,752
Albemarle		1,454		89,319
Avery Dennison		1,095		120,877
Ball		4,350		285,316
Celanese, Cl A		1,605		133,327
CF Industries Holdings		3,012		82,830
Corteva		9,643		252,550
Dow		9,639		353,655
DuPont de Nemours		9,642		453,367
Eastman Chemical		1,829		110,673
Ecolab		3,254		629,649

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

118


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
FMC		1,768	$	162,479
Freeport-McMoRan Copper & Gold		19,590		172,980
International Flavors & Fragrances		1,347		176,497
International Paper		5,200		178,100
LyondellBasell Industries, Cl A		3,199		185,382
Martin Marietta Materials		863		164,168
Mosaic		4,644		53,452
Newmont		10,704		636,674
Nucor		4,007		165,048
Packaging Corp of America		1,227		118,590
PPG Industries		3,014		273,762
Sealed Air		1,932		55,236
Sherwin-Williams		1,043		559,434
Vulcan Materials		1,717		193,970
Westrock		3,363		108,255
				6,348,342
Real Estate — 2.9%
Alexandria Real Estate Equities ^‡		1,498		235,321
American Tower, Cl A ^‡		5,976		1,422,289
Apartment Investment & Management, Cl A ^‡		1,906		71,799
AvalonBay Communities ^‡		1,814		295,591
Boston Properties ^‡		2,002		194,554
CBRE Group, Cl A ^*		4,063		174,425
Crown Castle International ^‡		5,420		864,111
Digital Realty Trust ^‡		3,421		511,405
Duke Realty ^‡		4,602		159,689
Equinix ^‡		1,087		733,942
Equity Residential ^‡		4,790		311,637
Essex Property Trust ^‡		891		217,493
Extra Space Storage ^‡		1,663		146,743
Federal Realty Investment Trust ^‡		913		76,026
Healthpeak Properties ^‡		6,242		163,166

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

119


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Host Hotels & Resorts ^‡		9,678	$	119,136
Iron Mountain ^‡		3,512		84,920
Kimco Realty ^‡		5,540		60,441
Mid-America Apartment Communities ^‡		1,424		159,374
ProLogis ^‡		9,590		855,716
Public Storage ^‡		1,969		365,151
Realty Income ^‡		4,453		244,559
Regency Centers ^‡		2,039		89,532
SBA Communications, Cl A ^‡		1,481		429,372
Simon Property Group ^‡		3,970		265,077
SL Green Realty ^‡		1,184		62,811
UDR ^‡		3,590		134,517
Ventas ^‡		4,713		152,466
Vornado Realty Trust ^‡		2,255		98,814
Welltower ^‡		5,500		281,765
Weyerhaeuser ^‡		9,842		215,245
				9,197,087
Utilities — 3.2%
AES		8,672		114,904
Alliant Energy		3,047		147,932
Ameren		3,200		232,800
American Electric Power		6,481		538,636
American Water Works		2,349		285,850
Atmos Energy		1,494		152,343
CenterPoint Energy		6,368		108,447
CMS Energy		3,728		212,832
Consolidated Edison		4,123		324,892
Dominion Energy		10,476		808,014
DTE Energy		2,396		248,561
Duke Energy		9,377		793,857
Edison International		4,362		256,093
Entergy		2,432		232,280

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

120


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Catholic Values ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Evergy		3,183	$	185,983
Eversource Energy		4,153		335,147
Exelon		12,440		461,275
FirstEnergy		6,622		273,290
NextEra Energy		6,442		1,488,874
NiSource		4,583		115,079
NRG Energy		3,507		117,590
Pinnacle West Capital		1,456		112,097
PPL		9,276		235,796
Public Service Enterprise Group		6,665		337,982
Sempra Energy		3,520		435,952
Southern		13,305		754,793
WEC Energy Group		4,123		373,338
Xcel Energy		6,771		430,365
				10,115,002
TOTAL UNITED STATES				310,905,047
TOTAL COMMON STOCK
(Cost $290,819,951)				312,432,730
TOTAL INVESTMENTS — 99.9%
(Cost $290,819,951)			$	312,432,730

Percentages are based on Net Assets of $312,826,616.

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

Cl — Class

S&P — Standard & Poor’s

As of April 30, 2020, 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.

For the period ended April 30, 2020, there have been no transfers in or out of Level 3.

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

121


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X NASDAQ 100^® Covered Call ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 103.8% (A)
ARGENTINA— 0.3%
Consumer Discretionary — 0.3%
MercadoLibre ^*		5,032	$	2,936,222
CHINA— 1.2%
Communication Services — 0.6%
Baidu ADR ^*		27,927		2,818,672
NetEase ADR		7,354		2,536,836
				5,355,508
Consumer Discretionary — 0.6%
JD.com ADR ^*		99,171		4,274,270
Trip.com Group ADR ^*		51,750		1,333,080
				5,607,350
TOTAL CHINA				10,962,858
ISRAEL— 0.2%
Information Technology — 0.2%
Check Point Software Technologies ^*		15,189		1,606,085

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

122


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X NASDAQ 100^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
NETHERLANDS— 0.5%
Information Technology — 0.5%
ASML Holding, Cl G		7,436	$	2,144,765
NXP Semiconductors		28,162		2,804,090
TOTAL NETHERLANDS				4,948,856
UNITED KINGDOM— 0.1%
Communication Services — 0.1%
Liberty Global ^*		52,318		957,942
Liberty Global, Cl A ^*		20,709		402,169
TOTAL UNITED KINGDOM				1,360,111
UNITED STATES— 101.7%
Communication Services — 20.4%
Activision Blizzard		81,945		5,222,355
Alphabet, Cl A ^*		28,391		38,234,160
Alphabet, Cl C ^*		28,262		38,115,829
Charter Communications, Cl A ^*		22,290		11,038,677
Comcast, Cl A		479,278		18,035,231
Electronic Arts ^*		29,555		3,376,954
Facebook, Cl A ^*		198,740		40,684,066
Fox, Cl A		34,650		896,396
Fox, Cl B		25,558		653,262
Netflix ^*		46,251		19,418,482
Sirius XM Holdings		445,429		2,632,485
Take-Two Interactive Software ^*		11,275		1,364,839
T-Mobile US ^*		90,809		7,973,030
				187,645,766
Consumer Discretionary — 16.6%
Amazon.com ^*		41,209		101,951,066
Booking Holdings ^*		4,381		6,486,377
Dollar Tree ^*		23,730		1,890,569
eBay		82,219		3,274,783
Expedia Group		15,491		1,099,551

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

123


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X NASDAQ 100^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Lululemon Athletica ^*		12,420	$	2,775,622
Marriott International, Cl A		32,969		2,998,201
O’Reilly Automotive ^*		7,645		2,953,569
Ross Stores		36,583		3,342,224
Starbucks		125,184		9,605,368
Tesla ^*		19,513		15,256,824
Ulta Beauty ^*		6,571		1,431,952
				153,066,106
Consumer Staples — 5.8%
Costco Wholesale		46,693		14,147,979
Kraft Heinz		131,076		3,975,535
Mondelez International, Cl A		152,841		7,862,141
Monster Beverage ^*		54,421		3,363,762
PepsiCo		147,147		19,466,077
Walgreens Boots Alliance		95,613		4,139,087
				52,954,581
Health Care — 8.0%
Alexion Pharmaceuticals ^*		22,247		2,390,885
Align Technology ^*		7,843		1,685,069
Amgen		62,795		15,021,820
Biogen Idec ^*		18,586		5,516,882
BioMarin Pharmaceutical ^*		17,913		1,648,354
Cerner		31,565		2,190,295
DexCom ^*		9,871		3,308,759
Gilead Sciences		133,948		11,251,632
IDEXX Laboratories ^*		8,634		2,396,798
Illumina ^*		15,709		5,011,642
Incyte ^*		21,631		2,112,483
Intuitive Surgical ^*		12,297		6,282,292
Regeneron Pharmaceuticals ^*		11,482		6,038,154
Seattle Genetics ^*		17,246		2,366,669

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

124


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X NASDAQ 100^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Vertex Pharmaceuticals ^*		27,323	$	6,863,538
				74,085,272
Industrials — 2.2%
Cintas		10,383		2,303,261
Copart ^*		23,219		1,860,074
CoStar Group ^*		3,685		2,388,838
CSX		83,497		5,530,006
Fastenal		57,567		2,085,077
PACCAR		34,803		2,409,412
United Airlines Holdings ^*		28,284		836,641
Verisk Analytics, Cl A		16,511		2,523,376
				19,936,685
Information Technology — 46.0%
Adobe ^*		51,106		18,073,126
Advanced Micro Devices ^*		124,624		6,529,051
Analog Devices		39,489		4,327,994
ANSYS ^*		9,326		2,441,827
Apple		362,183		106,409,365
Applied Materials		98,599		4,898,398
Autodesk ^*		23,518		4,400,923
Automatic Data Processing		46,049		6,754,928
Broadcom		41,994		11,406,410
Cadence Design Systems ^*		28,215		2,289,083
CDW		14,307		1,585,216
Cisco Systems		447,787		18,977,213
Citrix Systems		13,056		1,893,251
Cognizant Technology Solutions, Cl A		59,074		3,427,473
Fiserv ^*		72,265		7,447,631
Intel		452,443		27,137,532
Intuit		27,669		7,465,373
KLA		15,901		2,609,195
Lam Research		15,543		3,967,817

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

125


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X NASDAQ 100^® Covered Call ETF

	Shares/Number of Contracts			Value
COMMON STOCK — continued
Information Technology — continued
Maxim Integrated Products		30,091		$	1,654,403
Microchip Technology		23,947			2,100,870
Micron Technology ^*		118,125			5,657,006
Microsoft		629,033			112,729,004
NetApp		25,999			1,137,976
NVIDIA		64,600			18,881,289
Paychex		36,020			2,468,090
PayPal Holdings ^*		124,133			15,268,359
QUALCOMM		121,069			9,524,498
Skyworks Solutions		17,006			1,766,583
Splunk ^*		16,972			2,382,190
Synopsys ^*		15,118			2,375,340
Texas Instruments		98,960			11,486,288
VeriSign ^*		11,818			2,475,753
Western Digital		33,259			1,532,575
Workday, Cl A ^*		18,081			2,782,666
Xilinx		25,294			2,210,696
Zoom Video Communications, Cl A ^*		12,224			1,652,318
					440,127,709
Utilities — 0.8%
Exelon		104,281			3,866,739
Xcel Energy		54,296			3,451,054
					7,317,793
TOTAL UNITED STATES					937,278,678
TOTAL COMMON STOCK
(Cost $753,515,315)					956,948,044
TOTAL INVESTMENTS — 103.8%
(Cost $753,515,315)				$	956,948,044
WRITTEN OPTION— (3.9)^%⁽¹⁾
(Premiums Received $33,753,480)		(1,063	)	$	(36,120,740	)

Percentages are based on Net Assets of $922,084,914.

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

126


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X NASDAQ 100^® Covered Call ETF

A list of the exchange traded option contracts held by the Fund at April 30, 2020, is as follows:

Description	Number of Contracts	Notional Amount+			Exercise Price		Expiration Date	Value
WRITTEN OPTION — (3.9)%
Call Options
May 20 Calls on NDX^*	(1,063)	$	(33,753,480	)	$	339.80	05/16/20	$	(36,120,740	)
Total Written Option		$	(33,753,480	)				$	(36,120,740	)

*	Non-income producing security.
+	Represents cost.
(A)	All or a portion of these securities has been segregated as collateral for written options contracts. The aggregate market value of collateral at April 30, 2020 was $955,124,706.
(1)	Refer to table on following page for details on Options Contracts.

ADR — American Depositary Receipt

Cl — Class

NDX — Nasdaq 100^® Index

As of April 30, 2020, 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.

For the period ended April 30, 2020, there have been no transfers in or out of Level 3.

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

127


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares		Value
COMMON STOCK — 102.1%(A)
UNITED KINGDOM— 0.5%
Energy — 0.0%
TechnipFMC		2,337	$	20,823
Materials — 0.5%
Amcor		8,128		72,908
Linde		2,414		444,152
				517,060
TOTAL UNITED KINGDOM				537,883
UNITED STATES— 101.6%
Communication Services — 11.1%
Activision Blizzard		3,425		218,275
Alphabet, Cl A ^*		1,354		1,823,432
Alphabet, Cl C ^*		1,351		1,822,040

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

128


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
AT&T		32,970	$	1,004,596
CenturyLink		5,202		55,245
Charter Communications, Cl A ^*		703		348,147
Comcast, Cl A		20,466		770,136
Discovery, Cl A ^*		837		18,766
Discovery, Cl C ^*		1,774		36,207
DISH Network, Cl A ^*		1,295		32,394
Electronic Arts ^*		1,290		147,395
Facebook, Cl A ^*		10,880		2,227,245
Fox, Cl A		1,873		48,454
Fox, Cl B		841		21,496
Interpublic Group		2,101		35,675
Live Nation Entertainment ^*		552		24,768
Netflix ^*		1,976		829,624
News, Cl A		2,060		20,415
News, Cl B		668		6,827
Omnicom Group		1,128		64,330
Take-Two Interactive Software ^*		536		64,883
T-Mobile US ^*		1,684		147,855
Twitter ^*		3,761		107,865
Verizon Communications		18,670		1,072,592
ViacomCBS, Cl B		2,343		40,440
Walt Disney		8,129		879,151
				11,868,253
Consumer Discretionary — 10.7%
Advance Auto Parts		359		43,407
Amazon.com ^*		1,885		4,663,490
Aptiv		1,117		77,688
AutoZone ^*		109		111,215
Best Buy		979		75,119
Booking Holdings ^*		187		276,866
BorgWarner		1,097		31,341

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

129


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Capri Holdings ^*		820	$	12,505
CarMax ^*		842		62,013
Carnival		2,054		32,659
Chipotle Mexican Grill, Cl A ^*		125		109,819
Darden Restaurants		665		49,070
Dollar General		1,133		198,615
Dollar Tree ^*		1,027		81,821
DR Horton		1,476		69,697
eBay		3,366		134,068
Expedia Group		664		47,131
Ford Motor		16,932		86,184
Gap		1,174		9,533
Garmin		626		50,806
General Motors		5,533		123,331
Genuine Parts		610		48,361
H&R Block		1,120		18,648
Hanesbrands		1,953		19,413
Harley-Davidson		894		19,516
Hasbro		597		43,110
Hilton Worldwide Holdings		1,305		98,802
Home Depot		4,923		1,082,223
Kohl’s		907		16,743
L Brands		1,299		15,445
Las Vegas Sands		1,454		69,821
Leggett & Platt		711		24,978
Lennar, Cl A		1,428		71,500
LKQ ^*		1,677		43,853
Lowe’s		3,434		359,711
Marriott International, Cl A		1,277		116,130
McDonald’s		3,392		636,203
MGM Resorts International		2,531		42,597
Mohawk Industries ^*		343		30,088

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

130


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Newell Brands		2,080	$	28,870
NIKE, Cl B		5,604		488,557
Nordstrom		614		11,531
Norwegian Cruise Line Holdings ^*		888		14,563
NVR ^*		18		55,800
O’Reilly Automotive ^*		333		128,651
PulteGroup		1,483		41,924
PVH		412		20,283
Ralph Lauren, Cl A		298		21,986
Ross Stores		1,599		146,085
Royal Caribbean Cruises		775		36,247
Starbucks		5,301		406,746
Tapestry		1,558		23,183
Target		2,262		248,232
Tiffany		460		58,190
TJX		5,420		265,851
Tractor Supply		496		50,309
Ulta Beauty ^*		242		52,737
Under Armour, Cl A ^*		1,000		10,420
Under Armour, Cl C ^*		1,031		9,557
VF		1,421		82,560
Whirlpool		307		34,304
Wynn Resorts		397		33,955
Yum! Brands		1,326		114,606
				11,488,667
Consumer Staples — 7.5%
Altria Group		8,374		328,679
Archer-Daniels-Midland		2,619		97,270
Brown-Forman, Cl B		923		57,411
Campbell Soup		686		34,286
Church & Dwight		1,061		74,259
Clorox		550		102,542

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

131


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Coca-Cola		17,390	$	798,027
Colgate-Palmolive		3,832		269,275
Conagra Brands		2,122		70,960
Constellation Brands, Cl A		737		121,377
Costco Wholesale		1,989		602,667
Coty, Cl A		1,313		7,156
Estee Lauder, Cl A		986		173,930
General Mills		2,677		160,326
Hershey		702		92,966
Hormel Foods		1,187		55,611
JM Smucker		486		55,846
Kellogg		1,071		70,150
Kimberly-Clark		1,527		211,459
Kraft Heinz		2,695		81,739
Kroger		3,518		111,204
Lamb Weston Holdings		585		35,896
McCormick		537		84,223
Molson Coors Beverage, Cl B		994		40,764
Mondelez International, Cl A		6,453		331,942
Monster Beverage ^*		1,671		103,284
PepsiCo		6,289		831,972
Philip Morris International		7,001		522,275
Procter & Gamble		11,266		1,327,924
Sysco		2,238		125,932
Tyson Foods, Cl A		1,349		83,894
Walgreens Boots Alliance		3,314		143,463
Walmart		6,398		777,677
				7,986,386
Energy — 3.1%
Apache		2,047		26,775
Baker Hughes, Cl A		2,835		39,548
Cabot Oil & Gas		2,138		46,223

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

132


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Energy — continued
Chevron		8,522	$	784,024
Concho Resources		1,037		58,819
ConocoPhillips		4,866		204,859
Devon Energy		1,503		18,742
Diamondback Energy		812		35,354
EOG Resources		2,547		121,008
Exxon Mobil		19,079		886,601
Halliburton		3,949		41,465
Helmerich & Payne		594		11,743
Hess		1,271		61,821
HollyFrontier		799		26,399
Kinder Morgan		8,579		130,658
Marathon Oil		4,538		27,773
Marathon Petroleum		3,206		102,848
National Oilwell Varco		2,059		26,026
Noble Energy		2,600		25,506
Occidental Petroleum		4,296		71,314
ONEOK		1,861		55,700
Phillips 66		1,951		142,755
Pioneer Natural Resources		862		76,985
Schlumberger		6,742		113,400
Valero Energy		1,788		113,270
Williams		5,427		105,121
				3,354,737
Financials — 10.8%
Aflac		3,446		128,329
Allstate		1,432		145,663
American Express		2,996		273,385
American International Group		3,792		96,431
Ameriprise Financial		615		70,688
Aon		1,041		179,750
Arthur J Gallagher		800		62,800

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

133


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Assurant		292	$	31,022
Bank of America		36,510		878,065
Bank of New York Mellon		3,704		139,048
Berkshire Hathaway, Cl B ^*		8,840		1,656,262
BlackRock, Cl A		526		264,073
Capital One Financial		2,043		132,305
Cboe Global Markets		466		46,311
Charles Schwab		5,077		191,504
Chubb		2,021		218,288
Cincinnati Financial		645		42,441
Citigroup		9,807		476,228
Citizens Financial Group		1,892		42,362
CME Group, Cl A		1,604		285,849
Comerica		809		28,202
Discover Financial Services		1,546		66,431
E*TRADE Financial		931		37,808
Everest Re Group		215		37,223
Fifth Third Bancorp		3,682		68,817
First Republic Bank		727		75,819
Franklin Resources		1,480		27,883
Globe Life		572		47,099
Goldman Sachs Group		1,423		261,007
Hartford Financial Services Group		1,690		64,203
Huntington Bancshares		5,076		46,902
Intercontinental Exchange		2,482		222,015
Invesco		2,191		18,886
JPMorgan Chase		14,168		1,356,728
KeyCorp		4,397		51,225
Lincoln National		1,005		35,647
Loews		1,184		41,037
M&T Bank		627		70,274
MarketAxess Holdings		163		74,167

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

134


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Marsh & McLennan		2,249	$	218,895
MetLife		3,591		129,563
Moody’s		720		175,608
Morgan Stanley		5,180		204,247
MSCI, Cl A		372		121,644
Nasdaq		487		53,409
Northern Trust		1,010		79,952
People’s United Financial		1,928		24,466
PNC Financial Services Group		1,948		207,793
Principal Financial Group		1,261		45,913
Progressive		2,603		201,212
Prudential Financial		1,756		109,522
Raymond James Financial		686		45,221
Regions Financial		3,984		42,828
S&P Global		1,094		320,411
State Street		1,774		111,833
SVB Financial Group ^*		271		52,349
Synchrony Financial		2,932		58,024
T Rowe Price Group		1,023		118,290
Travelers		1,133		114,671
Truist Financial		5,964		222,576
Unum Group		1,205		21,027
US Bancorp		6,333		231,155
Wells Fargo		17,304		502,681
Willis Towers Watson		564		100,556
WR Berkley		719		38,826
Zions Bancorp		932		29,461
				11,574,310
Health Care — 15.6%
Abbott Laboratories		7,967		733,681
AbbVie		6,655		547,041
ABIOMED ^*		231		44,179

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

135


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Agilent Technologies		1,356	$	103,951
Alexion Pharmaceuticals ^*		967		103,924
Align Technology ^*		306		65,744
Allergan		1,468		275,015
AmerisourceBergen, Cl A		756		67,783
Amgen		2,676		640,153
Anthem		1,135		318,628
Baxter International		2,273		201,797
Becton Dickinson		1,211		305,814
Biogen Idec ^*		807		239,542
Boston Scientific ^*		6,217		233,013
Bristol-Myers Squibb		10,558		642,032
Cardinal Health		1,253		61,998
Centene ^*		2,593		172,642
Cerner		1,489		103,322
Cigna		1,673		327,540
Cooper		212		60,780
CVS Health		5,834		359,083
Danaher		2,873		469,621
DaVita ^*		377		29,787
DENTSPLY SIRONA		892		37,856
Edwards Lifesciences ^*		929		202,057
Eli Lilly		3,804		588,250
Gilead Sciences		5,686		477,624
HCA Healthcare		1,167		128,230
Henry Schein ^*		723		39,447
Hologic ^*		1,099		55,060
Humana		591		225,656
IDEXX Laboratories ^*		374		103,822
Illumina ^*		654		208,646
Incyte ^*		773		75,491
Intuitive Surgical ^*		516		263,614

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

136


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
IQVIA Holdings ^*		790	$	112,646
Johnson & Johnson		11,897		1,785,026
Laboratory Corp of America Holdings ^*		414		68,082
McKesson		706		99,722
Medtronic		6,036		589,295
Merck		11,488		911,458
Mettler-Toledo International ^*		105		75,594
Mylan ^*		2,604		43,669
PerkinElmer		609		55,133
Perrigo		699		37,257
Pfizer		24,967		957,734
Quest Diagnostics		572		62,983
Regeneron Pharmaceuticals ^*		355		186,687
ResMed		630		97,852
STERIS		427		60,847
Stryker		1,439		268,273
Teleflex		231		77,477
Thermo Fisher Scientific		1,805		604,097
UnitedHealth Group		4,279		1,251,479
Universal Health Services, Cl B		391		41,325
Varian Medical Systems ^*		362		41,406
Vertex Pharmaceuticals ^*		1,151		289,131
Waters ^*		274		51,238
Zimmer Biomet Holdings		981		117,426
Zoetis, Cl A		2,129		275,301
				16,673,961
Industrials — 8.2%
3M		2,580		391,954
Alaska Air Group		657		21,366
Allegion		504		50,672
American Airlines Group		2,072		24,885
AMETEK		1,127		94,521

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

137


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
AO Smith		775	$	32,844
Boeing		2,398		338,166
Carrier Global ^*		4,147		73,443
Caterpillar		2,472		287,691
CH Robinson Worldwide		563		39,917
Cintas		417		92,503
Copart ^*		877		70,256
CSX		3,464		229,421
Cummins		669		109,381
Deere		1,399		202,939
Delta Air Lines		2,679		69,413
Dover		732		68,552
Eaton		1,826		152,471
Emerson Electric		2,686		153,183
Equifax		518		71,950
Expeditors International of Washington		859		61,509
Fastenal		2,574		93,230
FedEx		1,058		134,122
Flowserve		718		20,226
Fortive		1,278		81,792
Fortune Brands Home & Security		805		38,801
General Dynamics		1,035		135,192
General Electric		39,013		265,288
Honeywell International		3,210		455,499
Howmet Aerospace		1,680		21,958
Huntington Ingalls Industries		206		39,430
IDEX		392		60,223
IHS Markit		1,762		118,583
Illinois Tool Works		1,301		211,413
Ingersoll Rand ^*		1,686		49,029
Jacobs Engineering Group		682		56,435
JB Hunt Transport Services		461		46,616

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

138


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Johnson Controls International		3,570	$	103,923
Kansas City Southern		462		60,314
L3Harris Technologies		983		190,407
Lockheed Martin		1,115		433,802
Masco		1,443		59,221
Nielsen Holdings		1,853		27,295
Norfolk Southern		1,159		198,305
Northrop Grumman		700		231,469
Old Dominion Freight Line		482		70,030
Otis Worldwide ^*		2,073		105,536
PACCAR		1,512		104,676
Parker-Hannifin		573		90,603
Pentair		877		30,335
Quanta Services		802		29,161
Raytheon Technologies		6,594		427,330
Republic Services, Cl A		908		71,133
Robert Half International		665		31,434
Rockwell Automation		520		98,530
Rollins		729		29,160
Roper Technologies		460		156,874
Snap-On		309		40,260
Southwest Airlines		2,353		73,531
Stanley Black & Decker		715		78,793
Textron		1,217		32,080
Trane Technologies		1,110		97,036
TransDigm Group		225		81,693
Union Pacific		3,119		498,385
United Airlines Holdings ^*		964		28,515
United Parcel Service, Cl B		3,138		297,043
United Rentals ^*		401		51,529
Verisk Analytics, Cl A		718		109,732
Waste Management		1,731		173,135

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

139


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Westinghouse Air Brake Technologies		827	$	46,659
WW Grainger		185		50,982
Xylem		763		54,860
				8,728,645
Information Technology — 26.2%
Accenture, Cl A		2,855		528,717
Adobe ^*		2,182		771,642
Advanced Micro Devices ^*		5,233		274,157
Akamai Technologies ^*		809		79,047
Alliance Data Systems		259		12,968
Amphenol, Cl A		1,375		121,357
Analog Devices		1,633		178,977
ANSYS ^*		413		108,136
Apple		18,905		5,554,289
Applied Materials		4,115		204,433
Arista Networks ^*		280		61,404
Autodesk ^*		976		182,639
Automatic Data Processing		1,934		283,698
Broadcom		1,783		484,299
Broadridge Financial Solutions		578		67,048
Cadence Design Systems ^*		1,224		99,303
CDW		697		77,228
Cisco Systems		19,129		810,687
Citrix Systems		497		72,070
Cognizant Technology Solutions, Cl A		2,412		139,944
Corning		3,455		76,045
DXC Technology		1,353		24,530
F5 Networks ^*		299		41,639
Fidelity National Information Services		2,755		363,357
Fiserv ^*		2,551		262,906
FleetCor Technologies ^*		389		93,846
FLIR Systems		734		31,856

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

140


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Fortinet ^*		610	$	65,721
Gartner ^*		371		44,079
Global Payments		1,337		221,969
Hewlett Packard Enterprise		6,617		66,567
HP		6,856		106,337
Intel		19,643		1,178,187
International Business Machines		3,981		499,854
Intuit		1,166		314,598
IPG Photonics ^*		210		27,159
Jack Henry & Associates		393		64,275
Juniper Networks		1,740		37,584
Keysight Technologies ^*		811		78,480
KLA		754		123,724
Lam Research		644		164,400
Leidos Holdings		671		66,302
Mastercard, Cl A		4,006		1,101,530
Maxim Integrated Products		1,367		75,158
Microchip Technology		1,064		93,345
Micron Technology ^*		4,934		236,289
Microsoft		34,534		6,188,838
Motorola Solutions		753		108,289
NetApp		964		42,194
NortonLifeLock		2,562		54,494
NVIDIA		2,759		806,401
Oracle		9,746		516,246
Paychex		1,388		95,106
Paycom Software ^*		233		60,818
PayPal Holdings ^*		5,285		650,055
Qorvo ^*		512		50,191
QUALCOMM		5,124		403,105
salesforce.com ^*		3,995		646,990
Seagate Technology		980		48,951

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

141


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
ServiceNow ^*		842	$	295,997
Skyworks Solutions		734		76,248
Synopsys ^*		657		103,228
TE Connectivity		1,607		118,050
Texas Instruments		4,201		487,610
VeriSign ^*		450		94,271
Visa, Cl A		7,732		1,381,863
Western Digital		1,280		58,982
Western Union		1,836		35,013
Xerox Holdings		1,128		20,631
Xilinx		1,098		95,965
Zebra Technologies, Cl A ^*		226		51,903
				28,063,219
Materials — 2.1%
Air Products & Chemicals		982		221,520
Albemarle		595		36,551
Avery Dennison		345		38,084
Ball		1,429		93,728
Celanese, Cl A		640		53,165
CF Industries Holdings		1,235		33,962
Corteva		3,245		84,986
Dow		3,249		119,206
DuPont de Nemours		3,260		153,285
Eastman Chemical		762		46,109
Ecolab		1,115		215,752
FMC		518		47,604
Freeport-McMoRan Copper & Gold		7,365		65,033
International Flavors & Fragrances		454		59,488
International Paper		1,663		56,958
LyondellBasell Industries, Cl A		1,167		67,628
Martin Marietta Materials		264		50,221
Mosaic		1,904		21,915

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

142


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Newmont		3,651	$	217,161
Nucor		1,588		65,410
Packaging Corp of America		510		49,291
PPG Industries		1,129		102,547
Sealed Air		742		21,214
Sherwin-Williams		365		195,775
Vulcan Materials		568		64,167
Westrock		1,382		44,487
				2,225,247
Real Estate — 3.0%
Alexandria Real Estate Equities ^‡		578		90,798
American Tower, Cl A ^‡		1,992		474,096
Apartment Investment & Management, Cl A ^‡		831		31,304
AvalonBay Communities ^‡		664		108,199
Boston Properties ^‡		698		67,832
CBRE Group, Cl A ^*		1,675		71,908
Crown Castle International ^‡		1,861		296,699
Digital Realty Trust ^‡		1,166		174,305
Duke Realty ^‡		1,559		54,097
Equinix ^‡		380		256,576
Equity Residential ^‡		1,528		99,412
Essex Property Trust ^‡		285		69,568
Extra Space Storage ^‡		547		48,267
Federal Realty Investment Trust ^‡		389		32,392
Healthpeak Properties ^‡		2,535		66,265
Host Hotels & Resorts ^‡		2,866		35,280
Iron Mountain ^‡		1,483		35,859
Kimco Realty ^‡		2,283		24,908
Mid-America Apartment Communities ^‡		484		54,169
ProLogis ^‡		3,303		294,727
Public Storage ^‡		662		122,768
Realty Income ^‡		1,524		83,698

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

143


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Regency Centers ^‡		845	$	37,104
SBA Communications, Cl A ^‡		498		144,380
Simon Property Group ^‡		1,502		100,289
SL Green Realty ^‡		410		21,750
UDR ^‡		1,460		54,706
Ventas ^‡		1,929		62,403
Vornado Realty Trust ^‡		680		29,798
Welltower ^‡		1,764		90,370
Weyerhaeuser ^‡		3,474		75,976
				3,209,903
Utilities — 3.3%
AES		3,574		47,355
Alliant Energy		1,247		60,542
Ameren		1,067		77,624
American Electric Power		2,195		182,426
American Water Works		791		96,257
Atmos Energy		612		62,406
CenterPoint Energy		2,738		46,628
CMS Energy		1,227		70,050
Consolidated Edison		1,465		115,442
Dominion Energy		3,683		284,070
DTE Energy		836		86,727
Duke Energy		3,262		276,161
Edison International		1,564		91,822
Entergy		865		82,616
Evergy		973		56,852
Eversource Energy		1,426		115,078
Exelon		4,308		159,741
FirstEnergy		2,503		103,299
NextEra Energy		2,199		508,233
NiSource		1,839		46,177
NRG Energy		1,359		45,567

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

144


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

	Shares/Number of Contracts			Value
COMMON STOCK — continued
Utilities — continued
Pinnacle West Capital		603		$	46,425
PPL		3,663			93,114
Public Service Enterprise Group		2,223			112,728
Sempra Energy		1,248			154,565
Southern		4,686			265,837
WEC Energy Group		1,391			125,955
Xcel Energy		2,320			147,459
					3,561,156
TOTAL UNITED STATES					108,734,484
TOTAL COMMON STOCK
(Cost $109,871,586)					109,272,367
TOTAL INVESTMENTS — 102.1%
(Cost $109,871,586)				$	109,272,367
WRITTEN OPTION— (2.4)^%(1⁾
UNITED STATES— (2.4)%
(Premiums Received $2,678,493)		(374	)	$	(2,618,000	)

Percentages are based on Net Assets of $106,998,994.

A list of the exchange traded option contracts held by the Fund at April 30, 2020, is as follows:

Description	Number of Contracts	Notional Amount+			Exercise Price		Expiration Date	Value
WRITTEN OPTION — (2.4)%
Call Options
May 20 Calls on SPX^*	(374)	$	(2,678,493	)	$	70.00	05/16/20	$	(2,618,000	)
Total Written Option		$	(2,678,493	)				$	(2,618,000	)

‡	Real Estate Investment Trust
*	Non-income producing security.
(A)	All or a portion of these securities has been segregated as collateral for written options contracts. The aggregate market value of collateral at April 30, 2020 was $109,276,272.
(1)	Refer to table below for details on Options Contracts.
+	Represents Cost.

Cl — Class

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

145


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X S&P 500^® Covered Call ETF

S&P — Standard & Poor’s

As of April 30, 2020, 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.

For the period ended April 30, 2020, there have been no transfers in or out of Level 3.

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

146


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Russell 2000 Covered Call ETF

Sector Weightings †:

† Sector weightings percentages are based on the total market value of investments.

	Shares/Number of Contracts			Value
EXCHANGE TRADED FUND — 108.8%‡(A)
Vanguard Russell 2000 ETF
(Cost $14,826,110)		122,378		$	12,844,795

TOTAL INVESTMENTS — 108.8%
(Cost $14,826,110)				$	12,844,795
WRITTEN OPTION— (9.0)^%(1⁾
UNITED STATES— (9.0)%
(Premiums Received $700,565)		(97	)	$	(1,061,180	)

Percentages are based on Net Assets of $11,802,952.

A list of the exchange traded option contracts held by the Fund at April 30, 2020, is as follows:

Description	Number of Contracts	Notional Amount+			Exercise Price		Expiration Date	Value
WRITTEN OPTION — (9.0)%
Call Options
May 20 Calls on RUT^*	(97)	$	(700,565	)	$	109.40	05/16/20	$	(1,061,180	)
Total Written Option		$	(700,565	)				$	(1,061,180	)

+	Represents Cost.
‡	For financial information on the Vanguard Russell 2000 ETF, please go to theSecurities Exchange Commission’s website at http://www.sec.gov.
*	Non-Income producing security.
(A)	All or a portion of these securities has been segregated as collateral for written options contracts. The aggregate market value of collateral at April 30, 2020 was $12,848,466.
(1)	Refer to table below for details on Options Contracts.

ETF — Exchange Traded Fund

RUT — Russell 2000 Index

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

147


Schedule of Investments		April 30, 2020 (Unaudited)
	Global X Russell 2000 Covered Call ETF

As of April 30, 2020, 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.

For the period ended April 30, 2020, there have been no transfers in or out of Level 3.

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

148


Statements of Assets and Liabilities
	April 30, 2020 (Unaudited)

	Global X SuperDividend^® ETF			Global X SuperDividend^® U.S. ETF			Global X MSCI SuperDividend^® Emerging Markets ETF			Global X MSCI SuperDividend^® EAFE ETF
Assets:
Cost of Investments	$	961,358,765		$	564,062,610		$	19,153,055		$	9,499,199
Cost of Repurchase Agreement		4,890,044			2,800,325			—			—
Cost of Foreign Currency		2,021,009			—			23,702			—
Investments, at Value	$	609,214,327	*	$	416,262,947	*	$	15,004,240		$	6,910,059
Repurchase Agreement, at Value		4,890,044			2,800,325			—			—
Cash		—			732,786			26,235			—
Foreign Currency, at Value		1,987,451			—			21,914			3
Dividend and Interest Receivable		3,366,603			1,970,017			19,128			26,348
Reclaim Receivable		417,700			8,115			607			9,116
Unrealized Appreciation on Spot Contracts		761			—			—			—
Receivable for Investment Securities Sold		—			769,565			—			—
Total Assets		619,876,886			422,543,755			15,072,124			6,945,526
Liabilities:
Obligation to Return Securities Lending Collateral		50,159,529			28,724,281			—			—
Payable for Investment Securities Purchased		1,571,552			—			—			—
Payable due to Investment Adviser		244,959			128,265			7,568			2,943
Payable for Capital Shares Redeemed		—			773,832			—			—
Cash Overdraft		2,671,634			—			—			10,161
Total Liabilities		54,647,674			29,626,378			7,568			13,104
Net Assets	$	565,229,212		$	392,917,377		$	15,064,556		$	6,932,422
Net Assets Consist of:
Paid-in Capital	$	1,279,984,616		$	655,536,074		$	23,679,552		$	11,148,900
Total Distributable Loss		(714,755,404	)		(262,618,697	)		(8,614,996	)		(4,216,478	)
Net Assets	$	565,229,212		$	392,917,377		$	15,064,556		$	6,932,422
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		54,400,000			26,050,000			1,550,000			600,000
Net Asset Value, Offering and Redemption Price Per Share	$	10.39		$	15.08		$	9.72		$	11.55
*Includes Market Value of Securities on Loan	$	47,494,529		$	26,520,238		$	—		$	—

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

149


Statements of Assets and Liabilities
	April 30, 2020 (Unaudited)

	Global X SuperDividend^® REIT ETF			Global X SuperIncome^™ Preferred ETF			Global X YieldCo & Renewable Energy Income ETF			Global X Social Media ETF
Assets:
Cost of Investments	$	562,837,298		$	175,855,287		$	47,302,477		$	122,317,461
Cost of Repurchase Agreement		1,183,587			—			—			1,289,041
Cost of Foreign Currency		—			—			281			—
Investments, at Value	$	311,377,328	*	$	169,879,680		$	45,999,337		$	130,532,573	*
Repurchase Agreement, at Value		1,183,587			—			—			1,289,041
Cash		469,822			98,455			31,345			5,188
Foreign Currency, at Value		—			—			558			—
Receivable for Investment Securities Sold		24,091,793			—			—			—
Dividend and Interest Receivable		665,248			426,431			13,770			35,999
Unrealized Appreciation on Spot Contracts		—			—			3			—
Receivable for Capital Shares Sold		—			3,713,588			—			—
Reclaim Receivable		—			—			15,558			—
Total Assets		337,787,778			174,118,154			46,060,571			131,862,801
Liabilities:
Obligation to Return Securities Lending Collateral		12,140,621			—			—			13,222,313
Payable for Investment Securities Purchased		25,559,232			3,747,495			—			—
Payable due to Investment Adviser		125,204			76,103			23,691			57,748
Cash Overdraft		—			—			—			2
Due to Broker		132,965			—			—			—
Total Liabilities		37,958,022			3,823,598			23,691			13,280,063
Net Assets	$	299,829,756		$	170,294,556		$	46,036,880		$	118,582,738
Net Assets Consist of:
Paid-in Capital	$	588,553,619		$	247,681,333		$	48,634,419		$	140,305,564
Total Distributable Loss		(288,723,863	)		(77,386,777	)		(2,597,539	)		(21,722,826	)
Net Assets	$	299,829,756		$	170,294,556		$	46,036,880		$	118,582,738
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		41,250,000			16,050,000			3,500,000			3,450,000
Net Asset Value, Offering and Redemption Price Per Share	$	7.27		$	10.61		$	13.15		$	34.37
*Includes Market Value of Securities on Loan	$	11,172,668		$	—		$	—		$	7,044,337

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

150


Statements of Assets and Liabilities
	April 30, 2020 (Unaudited)

	Global X E-commerce ETF		Global X Guru^® Index ETF			Global X Scientific Beta U.S. ETF			Global X Scientific Beta Europe ETF
Assets:
Cost of Investments	$	9,712,926	$	49,550,752		$	33,680,145		$	5,052,946
Cost of Foreign Currency		—		—			—			—
Investments, at Value	$	10,298,190	$	50,325,360		$	29,934,220		$	4,123,240
Cash		—		33,396			112,467			—
Dividend and Interest Receivable		2,737		29,253			38,848			8,482
Receivable for Investment Securities Sold		—		—			12,279,635			—
Reclaim Receivable		—		832			1,839			29,770
Total Assets		10,300,927		50,388,841			42,367,009			4,161,492
Liabilities:
Payable due to Investment Adviser		3,233		28,485			11,066			1,220
Payable for Capital Shares Redeemed		—		—			12,291,200			—
Unrealized Depreciation on Spot Contracts		—		—			—			14
Cash Overdraft		66		—			—			13,758
Total Liabilities		3,299		28,485			12,302,266			14,992
Net Assets	$	10,297,628	$	50,360,356		$	30,064,743		$	4,146,500
Net Assets Consist of:
Paid-in Capital	$	9,516,380	$	71,248,175		$	36,181,054		$	6,156,754
Total Distributable Earnings/(Loss)		781,248		(20,887,819	)		(6,116,311	)		(2,010,254	)
Net Assets	$	10,297,628	$	50,360,356		$	30,064,743		$	4,146,500
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		550,002		1,600,000			1,000,000			200,000
Net Asset Value, Offering and Redemption Price Per Share	$	18.72	$	31.48		$	30.06		$	20.73

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

151


Statements of Assets and Liabilities
	April 30, 2020 (Unaudited)

	Global X Scientific Beta Japan ETF			Global X Scientific Beta Asia ex-Japan ETF			Global X S&P 500^® Catholic Values ETF
Assets:
Cost of Investments	$	2,823,127		$	2,389,375		$	290,819,951
Cost of Foreign Currency		76			—			—
Investments, at Value	$	2,378,602		$	1,958,226		$	312,432,730
Cash		—			—			190,489
Foreign Currency, at Value		76			—			—
Dividend and Interest Receivable		24,807			3,660			269,517
Reclaim Receivable		—			—			3,923
Total Assets		2,403,485			1,961,886			312,896,659
Liabilities:
Payable due to Investment Adviser		719			574			70,043
Cash Overdraft		18,975			534			—
Total Liabilities		19,694			1,108			70,043
Net Assets	$	2,383,791		$	1,960,778		$	312,826,616
Net Assets Consist of:
Paid-in Capital	$	3,542,318		$	2,967,109		$	286,597,715
Total Distributable Earnings/(Loss)		(1,158,527	)		(1,006,331	)		26,228,901
Net Assets	$	2,383,791		$	1,960,778		$	312,826,616
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		100,000			100,000			8,750,000
Net Asset Value, Offering and Redemption Price Per Share	$	23.84		$	19.61		$	35.75

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

152


Statements of Assets and Liabilities
	April 30, 2020 (Unaudited)

	Global X NASDAQ 100^® Covered Call ETF			Global X S&P 500^® Covered Call ETF			Global X Russell 2000 Covered Call ETF
Assets:
Cost of Investments	$	753,515,315		$	109,871,586		$	14,826,110
Investments, at Value	$	956,948,044		$	109,272,367		$	12,844,795
Cash		1,487,120			298,222			23,952
Receivable for Investment Securities Sold		4,602,804			—			—
Receivable for Capital Shares Sold		2,006,718			—			—
Dividend and Interest Receivable		92,345			99,694			—
Reclaim Receivable		—			1,486			—
Total Assets		965,137,031			109,671,769			12,868,747
Liabilities:
Options written at value (Premiums received $33,753,480, $2,678,493 and $700,565 respectively)		36,120,740			2,618,000			1,061,180
Payable for Investment Securities Purchased		6,500,587			—			—
Payable due to Investment Adviser		430,790			54,775			4,615
Total Liabilities		43,052,117			2,672,775			1,065,795
Net Assets	$	922,084,914		$	106,998,994		$	11,802,952
Net Assets Consist of:
Paid-in Capital	$	1,066,505,656		$	132,740,175		$	15,893,094
Total Distributable Loss		(144,420,742	)		(25,741,181	)		(4,090,142	)
Net Assets	$	922,084,914		$	106,998,994		$	11,802,952
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		45,950,000			2,600,000			650,000
Net Asset Value, Offering and Redemption Price Per Share	$	20.07		$	41.15		$	18.16

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

153


Statements of Operations
	For the period ended April 30, 2020 (Unaudited)

	Global X SuperDividend^® ETF			Global X SuperDividend^® U.S. ETF			Global X MSCI SuperDividend^® Emerging Markets ETF			Global X MSCI SuperDividend^® EAFE ETF
Investment Income:
Dividend Income	$	42,081,243		$	20,541,573		$	385,860		$	286,334
Interest Income		5,545			4,635			89			29
Security Lending Income		381,020			574,245			—			—
Less: Foreign Taxes Withheld		(1,591,078	)		—			(45,549	)		(11,830	)
Total Investment Income		40,876,730			21,120,453			340,400			274,533
Supervision and Administration Fees⁽¹⁾		2,376,502			1,136,630			56,361			35,514
Custodian Fees⁽²⁾		33,299			11,263			1,948			626
Total Expenses		2,409,801			1,147,893			58,309			36,140
Net Investment Income		38,466,929			19,972,560			282,091			238,393
Net Realized Gain (Loss) on:
Investments⁽³⁾		(73,819,534	)		(50,916,548	)		(478,341	)		(1,027,693	)
Foreign Currency Transactions		228,424			—			(11,309	)		(5,815	)
Net Realized Loss on Investments and Foreign Currency Transactions		(73,591,110	)		(50,916,548	)		(489,650	)		(1,033,508	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(316,233,106	)		(160,247,156	)		(4,132,099	)		(3,095,673	)
Foreign Capital Gains Tax on Appreciated Securities		—			—			2,333			—
Foreign Currency Translations		(377,503	)		—			(7,113	)		(1,727	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(316,610,609	)		(160,247,156	)		(4,136,879	)		(3,097,400	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(390,201,719	)		(211,163,704	)		(4,626,529	)		(4,130,908	)
Net Decrease in Net Assets Resulting from Operations	$	(351,734,790	)	$	(191,191,144	)	$	(4,344,438	)	$	(3,892,515	)

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which 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.)

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

154


Statements of Operations
	For the period ended April 30, 2020 (Unaudited)

	Global X SuperDividend^® REIT ETF			Global X SuperIncome^™ Preferred ETF			Global X YieldCo & Renewable Energy Income ETF			Global X Social Media ETF
Investment Income:
Dividend Income	$	12,489,634		$	6,515,701		$	535,863		$	264,325
Interest Income		2,520			2,803			258			576
Security Lending Income		82,017			7,885			—			33,259
Less: Foreign Taxes Withheld		(107,747	)		—			(52,068	)		(10,627	)
Total Investment Income		13,466,424			6,526,389			484,053			287,533
Supervision and Administration Fees⁽¹⁾		1,168,519			556,038			119,541			391,864
Custodian Fees⁽²⁾		13,359			1,960			973			556
Total Expenses		1,181,878			557,998			120,514			392,420
Net Investment Income (Loss)		12,284,546			5,968,391			363,539			(104,887	)
Net Realized Gain (Loss) on:
Investments⁽³⁾		(28,555,818	)		(12,835,502	)		160,607			2,212,973
Foreign Currency Transactions		(2,033	)		—			3,926			(13,188	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(28,557,851	)		(12,835,502	)		164,533			2,199,785
Net Change in Unrealized Appreciation on:
Investments		(263,834,904	)		(8,790,067	)		(4,394,565	)		6,991,625
Foreign Currency Translations		(3,417	)		—			(2,732	)		277
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(263,838,321	)		(8,790,067	)		(4,397,297	)		6,991,902
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(292,396,172	)		(21,625,569	)		(4,232,764	)		9,191,687
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(280,111,626	)	$	(15,657,178	)	$	(3,869,225	)	$	9,086,800

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which 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.)

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

155


Statements of Operations
	For the period ended April 30, 2020 (Unaudited)

	Global X E-commerce ETF			Global X Guru^® Index ETF			Global X Scientific Beta U.S. ETF			Global X Scientific Beta Europe ETF
Investment Income:
Dividend Income	$	28,674		$	747,287		$	1,065,456		$	53,274
Interest Income		—			428			743			—
Security Lending Income		—			129			—			—
Less: Foreign Taxes Withheld		(99	)		(4,022	)		—			(6,466	)
Total Investment Income		28,575			743,822			1,066,199			46,808
Supervision and Administration Fees⁽¹⁾		15,638			205,077			85,555			8,978
Custodian Fees⁽²⁾		721			539			119			55
Total Expenses		16,359			205,616			85,674			9,033
Net Investment Income		12,216			538,206			980,525			37,775
Net Realized Gain (Loss) on:
Investments⁽³⁾		236,476			165,221			3,437,400			(55,043	)
Foreign Currency Transactions		1,366			—			—			339
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		237,842			165,221			3,437,400			(54,704	)
Net Change in Unrealized Appreciation on:
Investments		647,537			(5,170,045	)		(14,242,011	)		(777,166	)
Foreign Currency Translations		—			—			—			243
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		647,537			(5,170,045	)		(14,242,011	)		(776,923	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		885,379			(5,004,824	)		(10,804,611	)		(831,627	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	897,595		$	(4,466,618	)	$	(9,824,086	)	$	(793,852	)

* The Fund commenced operations on November 27, 2018.

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which 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.)

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

156


Statements of Operations
	For the period ended April 30, 2020 (Unaudited)

	Global X Scientific Beta Japan ETF			Global X Scientific Beta Asia ex-Japan ETF			Global X S&P 500^® Catholic Values ETF
Investment Income:
Dividend Income	$	35,633		$	36,332		$	2,953,558
Interest Income		12			27			2,407
Less: Foreign Taxes Withheld		(3,593	)		(1,273	)		—
Total Investment Income		32,052			35,086			2,955,965
Supervision and Administration Fees⁽¹⁾		4,992			4,253			425,493
Custodian Fees⁽²⁾		17			36			414
Total Expenses		5,009			4,289			425,907
Net Investment Income		27,043			30,797			2,530,058
Net Realized Gain (Loss) on:
Investments⁽³⁾		(16,338	)		(13,826	)		4,275,375
Foreign Currency Transactions		175			(636	)		—
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(16,163	)		(14,462	)		4,275,375
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(398,645	)		(425,636	)		(14,095,805	)
Foreign Currency Translations		314			(8	)		—
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(398,331	)		(425,644	)		(14,095,805	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(414,494	)		(440,106	)		(9,820,430	)
Net Decrease in Net Assets Resulting from Operations	$	(387,451	)	$	(409,309	)	$	(7,290,372	)

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which 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.)

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

157


Statements of Operations
	For the period ended April 30, 2020 (Unaudited)

	Global X NASDAQ 100^® Covered Call ETF			Global X S&P 500^® Covered Call ETF			Global X Russell 2000 Covered Call ETF
Investment Income:
Dividend Income	$	4,789,210		$	1,453,739		$	68,789
Less: Foreign Taxes Withheld		(6,145	)		—			—
Total Investment Income		4,783,065			1,453,739			68,789
Supervision and Administration Fees⁽¹⁾		2,692,991			452,295			33,365
Custodian Fees⁽²⁾		26,147			4,017			270
Broker Fees		685,891			83,700			10,238
Total Expenses		3,405,029			540,012			43,873
Waiver of Supervision and Administration Fees		(445	)		(82	)		(7,410	)
Net Expenses		3,404,584			539,930			36,463
Net Investment Income		1,378,481			913,809			32,326
Net Realized Gain (Loss) on:
Investments⁽³⁾		11,298,923			10,826,914			(264,511	)
Written Options		(197,560,501	)		(15,286,657	)		(897,490	)
Net Realized Loss on Investments and Written Options		(186,261,578	)		(4,459,743	)		(1,162,001	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		82,846,032			(18,268,056	)		(2,082,017	)
Written Options		6,453,881			238,240			(320,316	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Written Options		89,299,913			(18,029,816	)		(2,402,333	)
Net Realized and Unrealized Loss on Investments and Written Options		(96,961,665	)		(22,489,559	)		(3,564,334	)
Net Decrease in Net Assets Resulting from Operations	$	(95,583,184	)	$	(21,575,750	)	$	(3,532,008	)

(1)	The Supervision and Administration fees reflect the supervisory and administrative fee, which 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.)

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

158


Statements of Changes in Net Assets

	Global X SuperDividend^® ETF						Global X SuperDividend^® U.S. ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income	$	38,466,929		$	64,130,890		$	19,972,560		$	22,224,114
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(73,591,110	)		(135,671,968	)		(50,916,548	)		(8,535,081	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(316,610,609	)		59,731,560			(160,247,156	)		2,304,041
Net Increase (Decrease) in Net Assets Resulting from Operations		(351,734,790	)		(11,809,518	)		(191,191,144	)		15,993,074
Distributions		(37,943,910	)		(71,080,700	)		(22,181,125	)		(29,513,428	)
Return of Capital		–			(10,387,010	)		–			(5,156,842	)
Capital Share Transactions:
Issued		52,081,219			166,372,434			89,787,958			163,958,810
Redeemed		(29,283,816	)		(53,952,618	)		(28,382,761	)		(13,708,213	)
Increase in Net Assets from Capital Share Transactions		22,797,403			112,419,816			61,405,197			150,250,597
Total Increase (Decrease) in Net Assets		(366,881,297	)		19,142,588			(151,967,072	)		131,573,401
Net Assets:
Beginning of Period		932,110,509			912,967,921			544,884,449			413,311,048
End of Period	$	565,229,212		$	932,110,509		$	392,917,377		$	544,884,449
Share Transactions:
Issued		3,200,000			9,400,000			4,500,000			7,100,000
Redeemed		(2,850,000	)		(3,250,000	)		(1,800,000	)		(600,000	)
Net Increase in Shares Outstanding from Share Transactions		350,000			6,150,000			2,700,000			6,500,000

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

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

159


Statements of Changes in Net Assets

	Global X MSCI SuperDividend^® Emerging Markets ETF						Global X MSCI SuperDividend^® EAFE ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income	$	282,091		$	1,151,826		$	238,393		$	482,026
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(489,650	)		(1,791,400	)		(1,033,508	)		(83,566	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(4,136,879	)		1,734,662			(3,097,400	)		1,256,336
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,344,438	)		1,095,088			(3,892,515	)		1,654,796
Distributions		(657,825	)		(1,146,140	)		(390,755	)		(547,298	)
Capital Share Transactions:
Issued		2,578,041			7,384,916			—			16,548,006
Redeemed		—			(2,105,142	)		(7,311,425	)		(3,916,333	)
Increase (Decrease) in Net Assets from Capital Share Transactions		2,578,041			5,279,774			(7,311,425	)		12,631,673
Total Increase (Decrease) in Net Assets		(2,424,222	)		5,228,722			(11,594,695	)		13,739,171
Net Assets:
Beginning of Period		17,488,778			12,260,056			18,527,117			4,787,946
End of Period	$	15,064,556		$	17,488,778		$	6,932,422		$	18,527,117
Share Transactions:
Issued		200,000			550,000			—			1,100,000
Redeemed		—			(150,000	)		(550,000	)		(250,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		200,000			400,000			(550,000	)		850,000

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

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

160


Statements of Changes in Net Assets

	Global X SuperDividend^® REIT ETF						Global X SuperIncome^™ Preferred ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income	$	12,284,546		$	14,117,753		$	5,968,391		$	10,751,860
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(28,557,851	)		1,195,882			(12,835,502	)		(2,026,921	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(263,838,321	)		14,954,001			(8,790,067	)		6,821,972
Net Increase (Decrease) in Net Assets Resulting from Operations		(280,111,626	)		30,267,636			(15,657,178	)		15,546,911
Distributions		(17,615,790	)		(16,433,940	)		(5,850,575	)		(11,905,843	)
Return of Capital		—			—			—			(83,858	)
Capital Share Transactions:
Issued		322,395,721			232,547,489			15,324,152			35,371,469
Redeemed		(89,628,116	)		—			(24,613,835	)		(23,990,686	)
Increase (Decrease) in Net Assets from Capital Share Transactions		232,767,605			232,547,489			(9,289,683	)		11,380,783
Total Increase (Decrease) in Net Assets		(64,959,811	)		246,381,185			(30,797,436	)		14,937,993
Net Assets:
Beginning of Period		364,789,567			118,408,382			201,091,992			186,153,999
End of Period	$	299,829,756		$	364,789,567		$	170,294,556		$	201,091,992
Share Transactions:
Issued		23,550,000			15,700,000			1,350,000			3,050,000
Redeemed		(6,100,000	)		—			(2,450,000	)		(2,100,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		17,450,000			15,700,000			(1,100,000	)		950,000

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

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

161


Statements of Changes in Net Assets

	Global X YieldCo & Renewable Energy Income ETF						Global X Social Media ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income (Loss)	$	363,539		$	187,149		$	(104,887	)	$	(438,706	)
Net Realized Gain on Investments and Foreign Currency Transactions⁽¹⁾		164,533			190,826			2,199,785			1,679,999
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(4,397,297	)		3,484,245			6,991,902			11,082,048
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,869,225	)		3,862,220			9,086,800			12,323,341
Distributions		(518,560	)		(644,590	)		—			—
Capital Share Transactions:
Issued		24,219,732			9,218,950			4,197			6,158,958
Redeemed		—			(1,787,815	)		(11,797,388	)		(26,689,127	)
Increase (Decrease) in Net Assets from Capital Share Transactions		24,219,732			7,431,135			(11,793,191	)		(20,530,169	)
Total Increase (Decrease) in Net Assets		19,831,947			10,648,765			(2,706,391	)		(8,206,828	)
Net Assets:
Beginning of Period		26,204,933			15,556,168			121,289,129			129,495,957
End of Period	$	46,036,880		$	26,204,933		$	118,582,738		$	121,289,129
Share Transactions:
Issued		1,600,000			700,000			—			200,000
Redeemed		—			(150,000	)		(350,000	)		(850,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		1,600,000			550,000			(350,000	)		(650,000	)

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

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

162


Statements of Changes in Net Assets

	Global X E-commerce ETF						Global X Guru^® Index ETF
	Period Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019⁽¹⁾			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income (Loss)	$	12,216		$	(6,429	)	$	538,206		$	214,681
Net Realized Gain on Investments and Foreign Currency Transactions⁽²⁾		237,842			274,775			165,221			1,800,709
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		647,537			(62,273	)		(5,170,045	)		5,386,322
Net Increase (Decrease) in Net Assets Resulting from Operations		897,595			206,073			(4,466,618	)		7,401,712
Distributions		(11,908	)		—			(100,709	)		(310,767	)
Return of Capital		—			—			—			(82,434	)
Capital Share Transactions:
Issued		6,812,393			4,225,143			—			1,570,034
Redeemed		(917,260	)		(914,408	)		(1,206,315	)		(9,624,431	)
Increase (Decrease) in Net Assets from Capital Share Transactions		5,895,133			3,310,735			(1,206,315	)		(8,054,397	)
Total Increase (Decrease) in Net Assets		6,780,820			3,516,808			(5,773,642	)		(1,045,886	)
Net Assets:
Beginning of Period		3,516,808			—			56,133,998			57,179,884
End of Period	$	10,297,628		$	3,516,808		$	50,360,356		$	56,133,998
Share Transactions:
Issued		400,000			250,002			—			50,000
Redeemed		(50,000	)		(50,000	)		(50,000	)		(300,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		350,000			200,002			(50,000	)		(250,000	)

(1)	The Fund commenced operations on November 27, 2018
(2)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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

163


Statements of Changes in Net Assets

	Global X Scientific Beta U.S. ETF						Global X Scientific Beta Europe ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income	$	980,525		$	1,827,231		$	37,775		$	139,576
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		3,437,400			1,173,339			(54,704	)		(591,557	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(14,242,011	)		8,393,384			(776,923	)		828,669
Net Increase (Decrease) in Net Assets Resulting from Operations		(9,824,086	)		11,393,954			(793,852	)		376,688
Distributions		(968,239	)		(3,062,493	)		(39,957	)		(423,851	)
Capital Share Transactions:
Issued		3,338,615			1,686,481			—			—
Redeemed		(62,197,821	)		(36,888,553	)		—			(4,906,432	)
Decrease in Net Assets from Capital Share Transactions		(58,859,206	)		(35,202,072	)		—			(4,906,432	)
Total Decrease in Net Assets		(69,651,531	)		(26,870,611	)		(833,809	)		(4,953,595	)
Net Assets:
Beginning of Period		99,716,274			126,586,885			4,980,309			9,933,904
End of Period	$	30,064,743		$	99,716,274		$	4,146,500		$	4,980,309
Share Transactions:
Issued		100,000			50,000			—			—
Redeemed		(2,050,000	)		(1,200,000	)		—			(200,000	)
Net Decrease in Shares Outstanding from Share Transactions		(1,950,000	)		(1,150,000	)		—			(200,000	)

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

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

164


Statements of Changes in Net Assets

	Global X Scientific Beta Japan ETF						Global X Scientific Beta Asia ex-Japan ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income	$	27,043		$	57,717		$	30,797		$	93,456
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(16,163	)		(361,003	)		(14,462	)		(305,150	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(398,331	)		387,449			(425,644	)		406,137
Net Increase (Decrease) in Net Assets Resulting from Operations		(387,451	)		84,163			(409,309	)		194,443
Distributions		(65,595	)		(176,524	)		(66,678	)		(210,319	)
Capital Share Transactions:
Issued		—			—			—			1,143,206
Redeemed		—			(5,479,512	)		—			(2,173,540	)
Decrease in Net Assets from Capital Share Transactions		—			(5,479,512	)		—			(1,030,334	)
Total Decrease in Net Assets		(453,046	)		(5,571,873	)		(475,987	)		(1,046,210	)
Net Assets:
Beginning of Period		2,836,837			8,408,710			2,436,765			3,482,975
End of Period	$	2,383,791		$	2,836,837		$	1,960,778		$	2,436,765
Share Transactions:
Issued		—			—			—			50,000
Redeemed		—			(200,000	)		—			(100,000	)
Net Decrease in Shares Outstanding from Share Transactions		—			(200,000	)		—			(50,000	)

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

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

165


Statements of Changes in Net Assets

	Global X S&P 500^® Catholic Values ETF						Global X NASDAQ 100^® Covered Call ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations:
Net Investment Income	$	2,530,058		$	3,782,250		$	1,378,481		$	1,351,100
Net Realized Gain (Loss) on Investments and Written Options⁽¹⁾		4,275,375			6,721,506			(186,261,578	)		(20,251,238	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Written Options		(14,095,805	)		21,644,396			89,299,913			73,301,428
Net Increase (Decrease) in Net Assets Resulting from Operations		(7,290,372	)		32,148,152			(95,583,184	)		54,401,290
Distributions		(2,497,519	)		(4,718,097	)		(48,837,565	)		(42,482,025	)
Return of Capital		—			—			—			(12,331,150	)
Capital Share Transactions:
Issued		58,419,299			126,239,636			342,092,203			391,863,250
Redeemed		(11,315,564	)		(25,948,245	)		(43,622,896	)		(18,616,590	)
Increase in Net Assets from Capital Share Transactions		47,103,735			100,291,391			298,469,307			373,246,660
Total Increase in Net Assets		37,315,844			127,721,446			154,048,558			372,834,775
Net Assets:
Beginning of Period		275,510,772			147,789,326			768,036,356			395,201,581
End of Period	$	312,826,616		$	275,510,772		$	922,084,914		$	768,036,356
Share Transactions:
Issued		1,650,000			3,750,000			14,950,000			17,250,000
Redeemed		(300,000	)		(750,000	)		(2,250,000	)		(850,000	)
Net Increase in Shares Outstanding from Share Transactions		1,350,000			3,000,000			12,700,000			16,400,000

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

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

166


Statements of Changes in Net Assets

	Global X S&P 500^® Covered Call ETF						Global X Russell 2000 Covered Call ETF
	Period Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019⁽¹⁾
Operations:
Net Investment Income	$	913,809		$	1,148,589		$	32,326		$	18,162
Net Realized Gain (Loss) on Investments and Written Options⁽²⁾		(4,459,743	)		(837,062	)		(1,162,001	)		222,010
Net Change in Unrealized Appreciation (Depreciation) on Investments and Written Options		(18,029,816	)		9,025,817			(2,402,333	)		60,403
Net Increase (Decrease) in Net Assets Resulting from Operations		(21,575,750	)		9,337,344			(3,532,008	)		300,575
Distributions		(4,191,923	)		(5,450,400	)		(601,129	)		(257,580	)
Return of Capital		—			(780,262	)		—			—
Capital Share Transactions:
Issued		42,130,031			64,332,407			7,102,706			8,790,388
Redeemed		(42,716,458	)		(11,786,529	)		—			—
Increase (Decrease) in Net Assets from Capital Share Transactions		(586,427	)		52,545,878			7,102,706			8,790,388
Total Increase (Decrease) in Net Assets		(26,354,100	)		55,652,560			2,969,569			8,833,383
Net Assets:
Beginning of Period		133,353,094			77,700,534			8,833,383			—
End of Period	$	106,998,994		$	133,353,094		$	11,802,952		$	8,833,383
Share Transactions:
Issued		850,000			1,350,000			300,000			350,000
Redeemed		(950,000	)		(250,000	)		—			—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(100,000	)		1,100,000			300,000			350,000

(1)	The Fund commenced operations on April 17, 2019
(2)	Includes realized gains (losses) as a result of in-kind redemptions. (See Note 4 in Notes to Financial Statements.)

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

167

This page is intentionally left blank.

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

168


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 ($)			Distribution from Capital Gains ($)
Global X SuperDividend^® ETF
2020 (Unaudited)		17.25		0.70			(6.87	)		(6.17	)		(0.69	)		—
2019		19.06		1.24			(1.47	)		(0.23	)		(1.38	)		—
2018		21.51		1.35			(2.26	)		(0.91	)		(1.43	)		—
2017		20.43		1.08			1.45			2.53			(1.22	)		—
2016		20.65		1.15			0.08			1.23			(1.30	)		—
2015		24.24		1.26			(3.36	)		(2.10	)		(1.44	)		(0.05	)
Global X SuperDividend^® U.S. ETF
2020 (Unaudited)		23.34		0.80			(8.16	)		(7.36	)		(0.90	)		—
2019		24.53		1.12			(0.56	)		0.56			(1.49	)		—
2018		25.18		1.07			(0.17	)		0.90			(1.35	)		—
2017		24.00		0.79			1.94			2.73			(0.96	)		—
2016		25.23		0.92	#		(0.40	)		0.52			(1.07	)		—
2015		29.60		1.71			(4.19	)		(2.48	)		(1.23	)		—
Global X MSCI SuperDividend^® Emerging Markets ETF
2020 (Unaudited)		12.95		0.20			(2.97	)		(2.77	)		(0.46	)		—
2019		12.91		0.87			0.05			0.92			(0.88	)		—
2018		15.94		0.90			(3.02	)		(2.12	)		(0.91	)		—
2017		14.96		0.83			0.91			1.74			(0.76	)		—
2016		13.73		0.59			1.41			2.00			(0.77	)		—
2015⁽²⁾		14.90		0.66			(1.34	)		(0.68	)		(0.49	)		—
Global X MSCI SuperDividend^® EAFE ETF
2020 (Unaudited)		16.11		0.28			(4.42	)		(4.14	)		(0.42	)		—
2019		15.96		0.82			0.36			1.18			(1.03	)		—
2018		18.13		1.12			(2.04	)		(0.92	)		(1.10	)		(0.15	)
2017⁽¹⁾		14.87		0.81			3.04			3.85			(0.59	)		—

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

169


Financial Highlights

Return of Capital ($)			Total from Distributions ($)			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 (%)††

	—			(0.69	)		10.39		(36.95	)		565,229		0.59	†		9.40	†		50.95
	(0.20	)		(1.58	)		17.25		(1.02	)		932,111		0.59			7.03			56.85
	(0.11	)		(1.54	)		19.06		(4.65	)		912,968		0.59			6.48			59.48
	(0.23	)		(1.45	)		21.51		12.69			992,893		0.58			5.07			67.38
	(0.15	)		(1.45	)		20.43		6.23			801,816		0.58			5.67			39.06
	—			(1.49	)		20.65		(9.01	)		880,666		0.58			5.58			26.12

	—			(0.90	)		15.08		(32.49	)		392,917		0.46	†		7.92	†		55.88
	(0.26	)		(1.75	)		23.34		2.61			544,884		0.46			4.83			60.00
	(0.20	)		(1.55	)		24.53		3.66			413,311		0.46			4.31			33.25
	(0.59	)		(1.55	)		25.18		11.64			425,579		0.45			3.15			53.01
	(0.68	)		(1.75	)		24.00		2.13			338,397		0.45			3.77#			53.45
	(0.66	)		(1.89	)		25.23		(8.67	)		274,999		0.45			6.25			42.51

	—			(0.46	)		9.72		(22.08	)		15,065		0.67	†		3.26	†		19.35
	—			(0.88	)		12.95		7.14			17,489		0.66			6.51			66.65
	—			(0.91	)		12.91		(14.10	)		12,260		0.67			5.89			79.52
	—			(0.76	)		15.94		11.95			12,748		0.66			5.25			122.32
	—			(0.77	)		14.96		15.58			3,740		0.65			4.49			64.83
	—			(0.49	)		13.73		(4.89	)		3,433		0.65	†		6.72	†		1.25

	—			(0.42	)		11.55		(26.27	)		6,932		0.56	†		3.70	†		8.36
	—			(1.03	)		16.11		7.81			18,527		0.56			5.23			29.81
	—			(1.25	)		15.96		(5.59	)		4,788		0.56			6.36			52.96
	—			(0.59	)		18.13		26.19			1,813		0.56	†		4.97	†		45.40

*	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.
#	Effective November 1, 2015, the Fund changed its method for estimating the characterization of amounts distributed by master limited partnerships, which correspondingly impacted the financial highlight ratios and per share disclosures to the extent that the fund recorded investment income that differed from amounts previously estimated.
†	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 November 14, 2016.
(2)	The Fund commenced operations on March 16, 2015.

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

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

170


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 ($)			Return of Capital ($)
Global X SuperDividend^® REIT ETF
2020 (Unaudited)		15.33		0.38			(7.87	)		(7.49	)		(0.57	)		—
2019		14.62		0.99			0.91			1.90			(1.19	)		—
2018		15.29		0.92			(0.28	)		0.64			(1.31	)		—
2017		14.60		0.86			0.96			1.82			(1.13	)		—
2016		13.18		0.91			1.72			2.63			(1.21	)		—
2015⁽¹⁾		15.12		0.63			(1.95	)		(1.32	)		(0.62	)		—
Global X SuperIncome^™ Preferred ETF
2020 (Unaudited)		11.73		0.35			(1.13	)		(0.78	)		(0.34	)		—
2019		11.49		0.66			0.32			0.98			(0.73	)		(0.01	)
2018		12.44		0.78			(0.88	)		(0.10	)		(0.85	)		—
2017		13.16		0.82			(0.65	)		0.17			(0.85	)		(0.04	)
2016		13.49		0.91			(0.33	)		0.58			(0.91	)		—
2015		14.74		0.95			(1.21	)		(0.26	)		(0.99	)		—
Global X YieldCo & Renewable Energy Income ETF
2020 (Unaudited)		13.79		0.14			(0.55	)		(0.41	)		(0.23	)		—
2019		11.52		0.13			2.61			2.74			(0.47	)		—
2018		12.53		0.37			(0.80	)		(0.43	)		(0.50	)		(0.08	)
2017		11.16		0.28			1.59			1.87			(0.50	)		—
2016		11.06		0.41	#		0.35			0.76			(0.48	)		(0.18	)
2015⁽²⁾		15.19		0.20			(4.19	)		(3.99	)		(0.14	)		—
Global X Social Media ETF
2020 (Unaudited)		31.92		(0.03	)		2.48			2.45			—			—
2019		29.10		(0.10	)		2.92			2.82			—			—
2018		32.67		(0.06	)		(3.02	)		(3.08	)		(0.49	)		—
2017		23.53		0.10			9.08			9.18			(0.04	)		—
2016		19.29		0.02			4.22			4.24			—			—
2015		19.30		0.01			(0.01	)		—			(0.01	)		—

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

171


Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††

	(0.57	)		7.27		(50.35	)		299,830		0.59	†		6.08	†		69.20
	(1.19	)		15.33		13.68			364,790		0.59			6.71			34.16
	(1.31	)		14.62		4.30			118,408		0.59			6.15			41.61
	(1.13	)		15.29		13.00			51,986		0.58			5.74			54.96
	(1.21	)		14.60		21.01			34,302		0.56			6.23			16.87
	(0.62	)		13.18		(8.86	)		3,954		0.54	†		7.20	†		1.45

	(0.34	)		10.61		(6.77	)		170,295		0.58	†		6.23	†		53.02
	(0.74	)		11.73		8.87			201,092		0.58			5.72			55.98
	(0.85	)		11.49		(0.87	)		186,154		0.58			6.48			105.48
	(0.89	)		12.44		1.31			236,331		0.58			6.39			45.12
	(0.91	)		13.16		4.44			232,206		0.58			6.81			47.62
	(0.99	)		13.49		(1.95	)		235,427		0.58			6.68			76.54

	(0.23	)		13.15		(3.16	)		46,037		0.66	†		1.98	†		17.24
	(0.47	)		13.79		24.34			26,205		0.65			1.01			87.06
	(0.58	)		11.52		(3.50	)		15,556		0.65			3.07			33.50
	(0.50	)		12.53		17.30			20,046		0.65			2.37			25.99
	(0.66	)		11.16		7.25			6,695		0.66			3.78	#		40.25
	(0.14	)		11.06		(26.39	)		3,319		0.65	†		3.72	†		22.97

	—			34.37		7.68			118,583		0.65	†		(0.17	)†		0.76
	—			31.92		9.69			121,289		0.65			(0.33	)		16.92
	(0.49	)		29.10		(9.61	)		129,496		0.65			(0.16	)		21.36
	(0.04	)		32.67		39.09			164,998		0.65			0.35			41.40
		***		23.53		21.99			134,111		0.65			0.12			39.89
	(0.01	)		19.29		—			77,145		0.65			0.04			26.51

*	Per share data calculated using average shares method.
**	Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
***	Amount rounds to less than $0.005.
#	Effective November 1, 2015, the Fund changed its method for estimating the characterization of amounts distributed by master limited partnerships, which correspondingly impacted the financial highlight ratios and per share disclosures to the extent that the fund recorded investment income that differed from amounts previously estimated.
†	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 March 16, 2015.
(2)	The Fund commenced operations on May 27, 2015.

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

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

172


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 ($)			Return of Capital ($)
Global X E-commerce ETF
2020 (Unaudited)		17.58		0.03			1.14			1.17			(0.03	)		—
2019⁽¹⁾		15.00		(0.05	)		2.63			2.58			—			—
Global X Guru^® Index ETF
2020 (Unaudited)		34.02		0.33			(2.81	)		(2.48	)		(0.06	)		—
2019		30.09		0.12			4.02			4.14			(0.17	)		(0.04	)
2018		28.70		0.11			1.44			1.55			(0.16	)		—
2017		23.14		0.14			5.47			5.61			(0.05	)		—
2016		23.96		0.12	#		(0.83	)		(0.71	)		(0.09	)		(0.02	)
2015		26.30		0.10			(2.16	)		(2.06	)		(0.28	)		—
Global X Scientific Beta U.S. ETF
2020 (Unaudited)		33.80		0.36			(3.76	)		(3.40	)		(0.34	)		—
2019		30.87		0.57			3.27			3.84			(0.91	)		—
2018		30.04		0.52			0.77			1.29			(0.46	)		—
2017		25.46		0.48			4.44			4.92			(0.34	)		—
2016		24.67		0.46			0.62			1.08			(0.29	)		—
2015⁽²⁾		24.90		0.18			(0.41	)		(0.23	)		—			—
Global X Scientific Beta Europe ETF
2020 (Unaudited)		24.90		0.19			(4.16	)		(3.97	)		(0.20	)		—
2019		24.83		0.63			1.24			1.87			(1.80	)		—
2018		28.43		0.72			(2.91	)		(2.19	)		(1.41	)		—
2017		22.63		0.61			5.87			6.48			(0.68	)		—
2016		24.41		0.66			(2.10	)		(1.44	)		(0.34	)		—
2015⁽²⁾		24.89		0.25			(0.73	)		(0.48	)		—			—

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

173


Financial Highlights

Total from Distributions ($)			Net Asset Value, End of Period ($)		Total Return (%)**			Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)			Ratio of Net Investment Income (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††

	(0.03	)		18.72		6.68			10,298		0.53	†		0.40	†		22.54
	—			17.58		17.20			3,517		0.68	†		(0.32	)†		23.50

	(0.06	)		31.48		(7.31	)		50,360		0.75	†		1.97	†		61.08
	(0.21	)		34.02		13.90			56,134		0.75			0.38			126.44
	(0.16	)		30.09		5.40			57,180		0.75			0.36			112.64
	(0.05	)		28.70		24.30			55,956		0.75			0.54			94.71
	(0.11	)		23.14		(2.97	)		59,013		0.75			0.52#			102.07
	(0.28	)		23.96		(7.94	)		184,505		0.75			0.39			129.71

	(0.34	)		30.06		(10.20	)		30,065		0.19	†		2.19	†		19.02
	(0.91	)		33.80		12.97			99,716		0.19	‡		1.79			45.16
	(0.46	)		30.87		4.28			126,587		0.19	‡		1.64			38.94
	(0.34	)		30.04		19.52			135,184		0.19	‡		1.69			28.46
	(0.29	)		25.46		4.43			66,202		0.20	‡		1.82			32.54
	—			24.67		(0.92	)		2,467		0.35	†		1.55	†		20.90

	(0.20	)		20.73		(16.11	)		4,147		0.38	†		1.60	†		10.64
	(1.80	)		24.90		8.45			4,980		0.39			2.62			36.82
	(1.41	)		24.83		(8.21	)		9,934		0.39			2.61			45.07
	(0.68	)		28.43		29.54			21,323		0.38			2.41			26.52
	(0.34	)		22.63		(5.96	)		12,447		0.38			2.89			35.72
	—			24.41		(1.93	)		2,441		0.38	†		2.22	†		17.53

*	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.
#	Effective November 1, 2015, the Fund changed its method for estimating the characterization of amounts distributed by master limited partnerships, which correspondingly impacted the financial highlight ratios and per share disclosures to the extent that the fund recorded investment income that differed from amounts previously estimated.
†	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 ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded,the ratio would have been 0.22%, 0.30%, 0.35% and 0.35% for the years ended October 31, 2019, 2018,2017 and 2016, respectively.
(1)	The Fund commenced operations on November 27, 2018.
(2)	The Fund commenced operations on May 12, 2015.

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

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

174


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 ($)			Distribution from Capital Gains ($)
Global X Scientific Beta Japan ETF
2020 (Unaudited)		28.37		0.27		(4.14	)		(3.87	)		(0.66	)		—
2019		28.03		0.42		0.76			1.18			(0.84	)		—
2018		31.47		0.48		(2.56	)		(2.08	)		(1.36	)		—
2017		27.38		0.47		4.36			4.83			(0.74	)		—
2016		25.19		0.44		1.97			2.41			(0.21	)		(0.01	)
2015⁽¹⁾		25.07		0.12		—			0.12			—			—
Global X Scientific Beta Asia ex-Japan ETF
2020 (Unaudited)		24.37		0.31		(4.40	)		(4.09	)		(0.67	)		—
2019		23.22		0.87		1.83			2.70			(1.55	)		—
2018		25.71		0.96		(2.33	)		(1.37	)		(1.12	)		—
2017		22.96		0.92		2.85			3.77			(1.02	)		—
2016		21.63		0.80		1.15			1.95			(0.62	)		—
2015⁽¹⁾		24.89		0.44		(3.70	)		(3.26	)		—			—
Global X S&P 500^® Catholic Values ETF
2020 (Unaudited)		37.23		0.32		(1.47	)		(1.15	)		(0.31	)		(0.02	)
2019		33.59		0.58		3.92			4.50			(0.81	)		(0.05	)
2018		31.83		0.58		1.60			2.18			(0.41	)		(0.01	)
2017		25.74		0.48		5.74			6.22			(0.13	)			***
2016⁽²⁾		25.14		0.24		0.36			0.60			—			—

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

175


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 (%)††

	(0.66	)		23.84		(14.01	)		2,384		0.38	†		2.06	†		10.90
	(0.84	)		28.37		4.50			2,837		0.40			1.54			46.64
	(1.36	)		28.03		(7.09	)		8,409		0.39			1.56			42.93
	(0.74	)		31.47		18.17			17,309		0.39			1.64			17.80
	(0.22	)		27.38		9.63			13,688		0.38			1.75			82.57
	—			25.19		0.48			2,519		0.38	†		1.02	†		20.31

	(0.67	)		19.61		(17.35	)		1,961		0.38	†		2.75	†		12.17
	(1.55	)		24.37		12.17			2,437		0.38			3.60			42.04
	(1.12	)		23.22		(5.78	)		3,483		0.38			3.76			42.88
	(1.02	)		25.71		17.43			3,857		0.38			3.86			53.22
	(0.62	)		22.96		9.29			2,296		0.38			3.61			74.44
	—			21.63		(13.10	)		2,163		0.38	†		4.17	†		59.21

	(0.33	)		35.75		(3.18	)		312,827		0.29	†		1.73	†		6.25
	(0.86	)		37.23		13.86			275,511		0.29			1.66			8.54
	(0.42	)		33.59		6.86			147,789	0.29		@		1.72			4.33
	(0.13	)		31.83		24.27			114,581	0.29		@		1.64			6.09
	—			25.74		2.39			39,899	0.29		@†		1.75	†		2.80

@	The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.32%, 39% and 0.39%, for the years ended October 31, 2018, 2017 and 2016, respectively.
*	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 rounds to 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 May 12, 2015.
(2)	The Fund commenced operations on April 18, 2016.

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

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

176


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 ($)			Distribution from Capital Gains ($)
Global X NASDAQ 100^® Covered Call ETF⁽¹⁾
2020 (Unaudited)		23.10		0.03		(1.88	)		(1.85	)		(1.18	)		—
2019		23.45		0.06		1.95			2.01			(1.83	)		—
2018		24.30		0.07		1.71			1.78			(0.87	)		(0.11	)
2017		22.06		0.12		3.93			4.05			(1.81	)		—
2016		23.51		0.15		0.53			0.68			(1.06	)		—
2015		24.04		0.16		1.47			1.63			(1.92	)		—
Global X S&P 500^® Covered Call ETF⁽¹⁾
2020 (Unaudited)		49.39		0.31		(7.14	)		(6.83	)		(1.41	)		—
2019		48.56		0.56		3.30			3.86			(2.27	)		(0.39	)
2018		50.10		0.62		1.88			2.50			(0.22	)		(1.22	)
2017⁽²⁾		47.62		0.34		2.67			3.01			(0.53	)		—
2017⁽³⁾		43.11		0.66		5.39			6.05			(1.54	)		—
2016⁽³⁾		45.39		0.70		(0.90	)		(0.20	)		(1.50	)		—
Global X Russell 2000 Covered Call ETF
2020 (Unaudited)		25.24		0.06		(5.95	)		(5.89	)		(1.02	)		(0.17	)
2019⁽⁴⁾		25.00		0.09		1.37			1.46			(1.22	)		—

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

177


Financial Highlights

Return of Capital ($)			Total from Distributions ($)			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 (%)††

	—			(1.18	)		20.07		(8.28	)		922,085		0.76	‡†		0.31	†		45.19
	(0.53	)		(2.36	)		23.10		9.39			768,036		0.85	‡		0.26			11.82
	(1.65	)		(2.63	)		23.45		7.44			395,202	0.68		^^		0.30			15.00
	—			(1.81	)		24.30		19.04			157,980		0.60			0.53			4.00
	(1.07	)		(2.13	)		22.06		3.32			52,952		0.60			0.69			9.00
	(0.24	)		(2.16	)		23.51		7.25			22,337		0.60			0.67			13.00

	—			(1.41	)		41.15		(14.11	)		106,999	0.78		^†		1.31	†		34.59
	(0.37	)		(3.03	)		49.39		8.40			133,353	0.87		^		1.16			3.92
	(2.60	)		(4.04	)		48.56		4.97			77,701		0.65			1.22			4.00
	—			(0.53	)		50.10		6.35			62,628		0.65	†		1.39	†		8.00
	—			(1.54	)		47.62		14.29			64,413		0.65			1.46			21.00
	(0.58	)		(2.08	)		43.11		(0.29	)		60,459		0.65			1.61			7.00

	—			(1.19	)		18.16		(24.06	)		11,803		0.66	†		0.58	†		14.46
	—			(1.22	)		25.24		5.99			8,833		0.82	†#		0.68	†		5.82

*	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.
‡	Excluding broker fees on written options, the ratio of expenses to average net assets would have been 0.61% and 0.60% for the period ended April 30, 2020 and year ended October 31, 2019, respectively.
^	Excluding broker fees on written options, the ratio of expenses to average net assets would have been 0.66% and 0.65% for the period ended April 30, 2020 and year ended October 31, 2019, respectively.
^^	Includes excise tax. If this excise expense was not included, the ratio would have been 0.60%.
#	Excluding broker fees on written options, the ratio of expenses to average net assets would have been 0.60% and 0.60% for the period ended April 30, 2020 and year ended October 31, 2019, respectively. The ratio of Expenses to Average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.79% and 0.97% for the period ended April 30, 2020 and year ended October 31, 2019, respectively.
(1)	The financial statements include the financial information of the Predecessor Funds through December 21, 2018 (See Note 1 in Notes to Financial Statements). As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund. Accordingly, performance figures for the Fund for periods prior to the date of the Reorganization represent the performance of the Predecessor Fund.
(2)	Effective October 31, 2017, the Predecessor Fund changed its fiscal year end from April 30 to October 31. The information presented is from May 1, 2017 through October 31, 2017.
(3)	For the year or period ended April 30.
(4)	The Fund commenced operations on April 17, 2019.

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

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

178


Notes to Financial Statements (unaudited)
	April 30, 2020

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, as an open-end management investment company. As of April 30, 2020, the Trust had eighty-three portfolios, seventy-two of which were operational. The financial statements herein and the related notes pertain to the Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X MSCI SuperDividend^® Emerging Markets ETF, Global X MSCI SuperDividend^® EAFE ETF, Global X SuperDividend^® REIT ETF, Global X SuperIncome™ Preferred ETF, Global X YieldCo & Renewable Energy Income ETF, Global X Social Media ETF, Global X E-commerce ETF, Global X Guru^® Index ETF, Global X Scientific Beta U.S. ETF, Global X Scientific Beta Europe ETF, Global X Scientific Beta Japan ETF, Global X Scientific Beta Asia ex-Japan ETF, Global X S&P 500^® Catholic Values ETF, Global X Nasdaq 100^® Covered Call ETF, Global X S&P 500^® Covered Call ETF, and Global X Russell 2000 Covered Call ETF (each a “Fund”, collectively, the “Funds”). Each Fund (except the Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X MSCI SuperDividend^® Emerging Markets ETF, Global X SuperDividend^® REIT ETF, Global X SuperIncome^TM Preferred ETF, Global X Guru^® Index ETF, Global X Scientific Beta U.S. ETF, Global X Scientific Beta Europe ETF, Global X Scientific Beta Japan ETF, Global X Scientific Beta Asia ex-Japan ETF, Global X S&P 500^® Catholic Values ETF, Global X S&P 500^® Covered Call ETF and Global X Russell 2000 Covered Call ETF) has elected non-diversified status.

Effective November 19, 2018, the Global X YieldCo Index ETF was renamed the Global X YieldCo & Renewable Energy Income ETF, and its underlying index was changed to the Index YieldCo & Renewable Energy Income Index.

On December 24, 2018, the shareholders of the Horizons NASDAQ 100^® Covered Call ETF and Horizons S&P 500^® Covered Call ETF (together, the “Predecessor Funds”) approved a proposed agreement and plan of reorganization (the “Reorganization”) that provided for (a) the transfer of all the assets and assumption of certain of the liabilities of each Predecessor Fund to the Global X Nasdaq 100^® Covered Call ETF and the Global X S&P 500^® Covered Call ETF (together, the “Successor Funds”), respectively; (b) the issuance of shares of the Successor Fund to the shareholders of the corresponding Predecessor Fund; and (c) the liquidation and termination of the Predecessor Fund. The effective date of the Reorganization of each Predecessor Fund was December 24, 2018. The Successor Funds had no operations prior to the Reorganization. The Predecessor Funds had substantially similar investment objectives, investment strategies, policies and restrictions as those of the Successor Funds. The financial statements and financial highlights include the financial information of the Predecessor Funds through December 21, 2018.

179


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Funds:

USE OF ESTIMATES – The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could materially differ from those estimates.

RETURN OF CAPITAL ESTIMATES – Distributions received by the Funds from underlying master limited partnership (“MLP”) and real estate investment trust (“REIT”) investments generally are comprised of income and return of capital. The Funds record 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.

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

180


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 EST if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices, which approximates fair value (absent both bid and asked prices on such exchange, the bid price may be used).

For securities traded on NASDAQ, the NASDAQ official closing price will be used. 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 may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of the reporting date. The exchange rates used by the Trust for valuation are captured as of the New York or London close each day. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the “Fair Value Procedures”) established by the Board of Trustees (the “Board”) of the Trust. The Funds’ Fair Value Procedures are implemented through a fair value committee (the “Committee”) designated by the Board. 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

181


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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; 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, the Funds may fair value a security if an event that may materially affect the value of the Funds’ security that is traded outside the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Funds calculate their net asset values. 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 Global X Management Company LLC, the Funds’ investment advisor (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 net asset values, 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 April 30, 2020, Global X E-commerce ETF and Global X Scientific Beta Asia ex-Japan ETF have fair valued securities valued at $3,665 and $41,280, respectively. There were no other securities priced using the Fair Value Procedures.

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

182


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 net asset value as of the measurement date or within the near term)

For the period ended April 30, 2020, there have been no significant changes to the Funds’ fair valuation methodologies.

DUE TO/FROM BROKERS – Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at April 30, 2020. 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”), the Funds’ custodian (“Custodian”), and are designated as being held on each Fund’s behalf by its 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 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 (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 (“MRA”) which permit the Funds, under certain circumstances, including an

183


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

As of April 30, 2020, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:

	Repurchase Agreements		Fair Value of Non-cash Collateral Received⁽¹⁾		Cash Collateral Received		Net Amount⁽²⁾
Global X SuperDividend^® ETF
RBC Capital Markets	$	4,890,044	$	4,890,044	$	—	$	—
Global X SuperDividend^® U.S. ETF
RBC Capital Markets		2,830,325		2,830,325		—		—
Global X SuperDividend^® REIT ETF
RBC Capital Markets		1,183,587		1,183,587		—		—
Global X Social Media ETF
RBC Capital Markets		1,289,041		1,289,041		—		—

⁽¹⁾ Excess collateral received is not presented in the table above. Please refer to the Schedule of Investments for the market value of the collateral received for each Fund.

⁽²⁾ Net Amount represents the net amount receivable due from the counterparty in the event of default.

FEDERAL INCOME TAXES – It is each Fund’s intention to qualify, or continue to qualify, as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements except 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 percent) 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 provisions in the current period; however, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, 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.

184


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

As of and during the reporting period ended April 30, 2020, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the reporting period, the Funds did not incur any interest or penalties.

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.

FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION – The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions and translations represent net foreign exchange gains or losses from foreign currency spot contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

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 ex-dividend date.

INVESTMENTS IN REITs – With respect to the Funds, dividend income is recorded based on the income included in distributions received from REIT investments using published 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.

185


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

CREATION UNITS – The Funds issue and redeem their shares (“Shares”) on a continuous basis at Net Asset Value (“NAV”) and only in large blocks of 50,000 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.

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

	Creation Unit Shares		Creation Fee		Value at April 30, 2020		Redemption Fee
Global X SuperDividend^® ETF		50,000	$	2,000	$	519,500	$	2,000
Global X SuperDividend^® U.S. ETF		50,000		250		754,000		250
Global X MSCI SuperDividend^® Emerging Markets ETF		50,000		3,000		486,000		3,000
Global X MSCI SuperDividend^® EAFE ETF		50,000		1,000		577,500		1,000
Global X SuperDividend^® REIT ETF		50,000		250		363,500		250
Global X SuperIncome™ Preferred ETF		50,000		300		530,500		300
Global X YieldCo & Renewable Energy Income ETF		50,000		500		657,500		500
Global X Social Media ETF		50,000		300		1,718,500		300
Global X E-commerce ETF		50,000		500		936,000		500
Global X Guru^® Index ETF		50,000		250		1,574,000		250
Global X Scientific Beta U.S. ETF		50,000		1,500		1,503,000		1,500
Global X Scientific Beta Europe ETF		50,000		8,900		1,036,500		8,900
Global X Scientific Beta Japan ETF		50,000		2,800		1,192,000		2,800
Global X Scientific Beta Asia ex-Japan ETF		50,000		2,800		980,500		2,800
Global X S&P 500^® Catholic Values ETF		50,000		1,300		1,787,500		1,300
Global X NASDAQ 100^® Covered Call ETF		50,000		500		1,003,500		500
Global X S&P 500^® Covered Call ETF		50,000		2,000		2,057,500		2,000
Global X Russell 2000^® Covered Call ETF		50,000		250		908,000		250

CASH OVERDRAFT CHARGES – Per the terms of an agreement with BBH, if a Fund has a cash overdraft on a given day, it will be assessed an overdraft charge of LIBOR plus 2.00%. Cash overdraft charges are included in custodian fees on the Statement of Operations.

186


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS

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 service to the Funds, under 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 Fund). 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, custodian fees, acquired fund fees, and other transaction expenses, interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

The following table discloses supervision and administration fees pursuant to the Supervision and Administration Agreement:

187


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

		Supervision and Administration Fee
Global X SuperDividend^® ETF		0.58%
Global X SuperDividend^® U.S. ETF		0.45%
Global X MSCI SuperDividend^® Emerging Markets ETF		0.65%
Global X MSCI SuperDividend^® EAFE ETF		0.55%
Global X SuperDividend^®REIT ETF		0.58%
Global X SuperIncome^TM Preferred ETF		0.58%
Global X YieldCo & Renewable Energy Income ETF		0.65%
Global X Social Media ETF		0.65%
Global X E-commerce ETF*		0.50%
Global X Guru^® Index ETF		0.75%
Global X Scientific Beta U.S. ETF**		0.19%
Global X Scientific Beta Europe ETF		0.38%
Global X Scientific Beta Japan ETF		0.38%
Global X Scientific Beta Asia ex-Japan ETF		0.38%
Global X S&P 500^®Catholic Values ETF***		0.29%
Global X NASDAQ 100^® Covered Call ETF****		0.60%
Global X S&P 500^® Covered Call ETF*****		0.65%
Global X Russell 2000^® Covered Call ETF******		0.60%

* Prior to November 18, 2019, the Supervision and Administration Fee for the Global X E-commerce ETF was 0.68%.

** Pursuant to an expense limitation agreement in existence between the Global X Scientific Beta U.S. ETF (the “Fund”) and the Adviser prior to March 1, 2019, the Adviser contractually agreed to reimburse or waive fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Fund (exclusive of taxes, brokerage fees, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) (“Total Annual Fund Operating Expenses”) would not exceed 0.19% of the Fund’s average daily net assets per year until March 1, 2019. Pursuant to the expense limitation agreement, the Fund (at a later date) may reimburse the Adviser for the fees it reimbursed or waived and/or limited pursuant to the expense limitation agreement during any of the prior three fiscal years, provided that, among other things, reimbursement to be made to the Adviser does not cause Total Annual Fund Operating Expenses of the Fund to exceed 0.19% during the year in which it is paid and the Board of Trustees has approved such reimbursement to the Adviser. Although the Board voted on November 13, 2018, to permanently reduce the Fund’s fees to 0.19% and end the expense limitation agreement as of March 1, 2019, prior waived or reimbursed fees are still subject to recoupment. As of April 30, 2020, the amounts of waivers/reimbursements subject to recoupment for Global X Scientific Beta U.S. ETF were $96,560 expiring in 2022, $155,018 expiring in 2021 and $32,075 expiring 2020. As of April 30, 2020, there had been no recoupment of previously waived and reimbursed fees.

188


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

*** Pursuant to an expense limitation agreement in existence between the Global X S&P 500^® Catholic Values ETF (the “Fund”) and the Adviser prior to March 1, 2018, the Adviser agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Fund (exclusive of taxes, brokerage fees, commissions, and other transaction expenses and extraordinary expenses (such as litigation and indemnification expenses)) (“Total Annual Fund Operating Expenses”) would not exceed 0.29% of the Fund’s average daily net assets per year until at least March 1, 2018. Pursuant to the expense limitation agreement, the Fund (at a later date) could reimburse the Adviser for the fees and expenses it waived or reimbursed and/or limited during any of the prior three fiscal years, provided that, among other things, any reimbursement made to the Adviser would not cause Total Annual Fund Operating Expenses to exceed the maximum permitted rate during the period in which it is paid and the Board had approved such reimbursement to the Adviser. Although the Board voted on December 19, 2017, to permanently reduce the Fund’s fees to 0.29% and end the expense limitation agreement as of March 1, 2018, prior waived or reimbursed fees are still subject to recoupment. As of April 30, 2020, the amounts of waivers/reimbursements subject to recoupment for the Fund were $43,032 expiring 2021 and $51,701 expiring 2020. As of April 30, 2020 there had been no recoupment of previously waived and reimbursed fees.

**** Pursuant to an expense limitation agreement in existence between the Global X NASDAQ 100^® Covered Call ETF (the “Fund”) and the Adviser, the Adviser agreed to waive or reimburse fees and/or limit Fund expenses to the extent necessary to assure that the operating expenses of the Fund (exclusive of taxes, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.60% of the Fund’s average daily net assets per year, effective March 1, 2020, until at least March 1, 2021.

***** Pursuant to an expense limitation agreement in existence between the Global X S&P 500^® Covered Call ETF (the “Fund”) and the Adviser, the Adviser agreed to reimburse or waive fees and/or limit Fund expenses to the extent necessary to assure that the operating expenses of the Fund (exclusive of taxes, commissions, and other transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification expenses)) will not exceed 0.65% of the Fund’s average daily net assets per year, effective March 1, 2020, until at least March 1, 2021.

****** Pursuant to an amended and restated expense limitation agreement in existence between the Global X Russell 2000^® Covered Call ETF (the “Fund”) and the Adviser, the Adviser agreed to waive or reimburse fees and/or limit fund expenses to the extent necessary to assure that the operating expenses of the Fund (exclusive of taxes, commissions, and other transaction expenses and extraordinary expenses (such as litigation and indemnification expenses)) (“Total Annual Fund Operating Expenses”) will not exceed 0.60% of the Fund’s average daily net assets per year, effective March 1, 2020, until at least March 1, 2021.

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

189


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

3. RELATED PARTY TRANSACTIONS AND SERVICE PROVIDER TRANSACTIONS (continued)

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.

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.

BBH serves as 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.

190


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2020, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities, were:

	Purchases		Sales and Maturities
Global X SuperDividend^® ETF	$	390,234,343	$	384,727,612
Global X SuperDividend^® U.S. ETF		243,166,509		256,816,231
Global X MSCI SuperDividend^® Emerging Markets ETF		4,351,840		3,302,046
Global X MSCI SuperDividend^® EAFE ETF		1,083,154		1,278,136
Global X SuperDividend^® REIT ETF		178,884,507		181,070,447
Global X SuperIncome™ Preferred ETF		86,423,038		86,444,323
Global X YieldCo & Renewable Energy Income ETF		11,197,189		6,338,452
Global X Social Media ETF		907,871		2,020,871
Global X E-commerce ETF		488,569		481,795
Global X Guru^® Index ETF		33,176,734		32,673,494
Global X Scientific Beta U.S. ETF		12,494,809		12,447,829
Global X Scientific Beta Europe ETF		508,007		500,316
Global X Scientific Beta Japan ETF		286,056		308,507
Global X Scientific Beta Asia ex-Japan ETF		269,912		300,148
Global X S&P 500^® Catholic Values ETF		7,326,626		6,887,541
Global X NASDAQ 100^® Covered Call ETF		62,893,968		134,780,491
Global X S&P 500^® Covered Call ETF		3,902,245		11,822,604
Global X Russell 2000^® Covered Call ETF		554,621		1,658,514

For the period ended April 30, 2020, there were no purchases and sales of long-term U.S. Government securities.

191


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

4. INVESTMENT TRANSACTIONS (continued)

For the period ended April 30, 2020, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales and Maturities		Realized Gain/(Loss)
Global X SuperDividend^® ETF	$	49,777,191	$	27,787,216	$	(9,224,904	)
Global X SuperDividend^® U.S. ETF		89,346,049		23,401,983		1,164,382
Global X MSCI SuperDividend^® Emerging Markets ETF		1,152,350		—		—
Global X MSCI SuperDividend^® EAFE ETF		—		7,299,955		(733,618	)
Global X SuperDividend^® REIT ETF		322,100,963		89,324,465		16,612,541
Global X SuperIncome™ Preferred ETF		15,277,954		24,598,288		(2,550,720	)
Global X YieldCo & Renewable Energy Income ETF		19,326,796		—		—
Global X Social Media ETF		—		10,559,714		1,966,522
Global X E-commerce ETF		6,809,040		919,339		262,959
Global X Guru^® Index ETF		—		1,204,327		(262,710	)
Global X Scientific Beta U.S. ETF		3,327,692		62,142,868		2,514,935
Global X Scientific Beta Europe ETF		—		—		—
Global X Scientific Beta Japan ETF		—		—		—
Global X Scientific Beta Asia ex-Japan ETF		—		—		—
Global X S&P 500^® Catholic Values ETF		58,168,010		11,304,413		3,831,858
Global X NASDAQ 100^® Covered Call ETF		355,259,169		44,239,657		18,049,387
Global X S&P 500^® Covered Call ETF		42,683,377		43,252,692		13,206,843
Global X Russell 2000^® Covered Call ETF		7,290,181		—		—

For the year or period ended October 31, 2019, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales and Maturities		Realized Gain/(Loss)
Global X SuperDividend^® ETF	$	159,532,230	$	51,670,555	$	3,130,258
Global X SuperDividend^® U.S. ETF		162,330,008		10,936,835		1,467,887
Global X MSCI SuperDividend^® Emerging Markets ETF		4,785,344		1,348,969		204,853
Global X MSCI SuperDividend^® EAFE ETF		16,543,011		3,918,835		297,261
Global X SuperDividend^® REIT ETF		232,009,138		—		2,340,737
Global X SuperIncome™ Preferred ETF		35,254,234		23,945,663		421,606
Global X YieldCo & Renewable Energy Income ETF		7,668,802		1,112,529		86,352
Global X Social Media ETF		5,555,728		23,964,734		4,282,069
Global X E-commerce ETF		4,222,945		915,083		310,512
Global X Guru^® Index ETF		1,570,297		9,615,875		1,456,153
Global X Scientific Beta U.S. ETF		1,688,338		36,865,680		5,531,690
Global X Scientific Beta Europe ETF		—		4,887,777		(88,518	)
Global X Scientific Beta Japan ETF		—		5,420,190		93,771
Global X Scientific Beta Asia ex-Japan ETF		1,140,394		2,167,909		(137,752	)
Global X S&P 500^® Catholic Values ETF		125,994,006		25,909,462		7,602,498
Global X NASDAQ 100^® Covered Call ETF		400,390,591		19,208,117		7,515,508
Global X S&P 500^® Covered Call ETF		64,563,871		11,666,563		4,316,460
Global X Russell 2000^® Covered Call ETF		6,972,490		—		—

192


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

4. INVESTMENT TRANSACTIONS (continued)

To the extent consistent with its investment policies, certain Funds may either purchase or write options.

When a Fund purchases an option, the premium paid by it is recorded as an asset of the Fund. When a Fund writes an option, an amount equal to the net premium (the premium less the commission) received by the Fund is included in the liability section of the Fund’s statement of assets and liabilities as a deferred credit. The amount of this asset or deferred credit will be subsequently marked-to-market to reflect the current value of the option purchased or written. The current value of the traded option is the last sale price or, in the absence of a sale, the current bid price. If an option purchased by a Fund expires unexercised, the Fund realizes a loss equal to the premium paid. If a Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option, or a loss if it is less. If an option written by a Fund expires on the stipulated expiration date or if a Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold) and the deferred credit related to such option will be eliminated. If an option written by a Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

Risks may arise from an imperfect correlation between the change in market value of the securities held and the prices of options relating to the securities purchased or sold and from possible lack of a liquid secondary market for an option. The maximum exposure to loss for any purchased option is limited to the premium initially paid for the option. Written uncovered call options subject a fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Put options written expose a fund to risk of loss if the value of the security declines below the strike price.

Global X NASDAQ 100^® Covered Call ETF, Global X S&P 500^® Covered Call ETF and Global X Russell 2000 Covered Call ETF may write covered call and/or put options that correspond to their respective reference index. By writing a covered call option, the Funds, in exchange for the premium, forego the opportunity for capital appreciation above the strike price should the market of the price of the underlying security increase. Conversely, by writing a put option, the Funds, in exchange for the premium, accept the risk of having to purchase a security at a fixed strike price even should the price of the underlying security decrease, exposing the Fund to downside risk in the underlying security.

When the written option expires, is terminated or is sold, the Funds will record a gain or loss. The net realized gain or loss on options contracts is reflected in the Statements of Operations and the net unrealized gains/(losses) are included as a component of the net

193


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

4. INVESTMENT TRANSACTIONS (continued)

change in unrealized appreciation/(depreciation) on options contracts in the Statement of Operations.

For the period ended April 30, 2020, the monthly average notional value of the written options contracts held by the Global X NASDAQ 100^® Covered Call ETF, Global X S&P 500^® Covered Call ETF, and Global X Russell 2000 Covered Call ETF were $22,969,047, $1,469,841, and $344,402, respectively.

5. TAX INFORMATION

The Global X SuperDividend^®REIT ETF has a tax year that ends on December 31. The following tax disclosures are representative as of April 30, 2020. Accordingly, the disclosures are for informational use by shareholders and are subject to change attributable to activity through the end of the tax year ending December 31, 2019.

The tax character of dividends and distributions declared during the years or periods ended October 31, 2019 and October 31, 2018 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X SuperDividend^® ETF
2019	$	71,080,700	$	—	$	10,387,010	$	81,467,710
2018		65,545,294		—		5,188,066		70,733,360
Global X SuperDividend^® U.S. ETF
2019	$	29,513,428	$	—	$	5,156,842	$	34,670,270
2018		22,214,715		—		3,376,555		25,591,270
Global X MSCI SuperDividend^® Emerging Markets ETF
2019	$	1,146,140	$	—	$	—	$	1,146,140
2018		855,368		—		—		855,368
Global X MSCI SuperDividend^® EAFE ETF
2019	$	547,298	$	—	$	—	$	547,298
2018		295,154		—		—		295,154
Global X SuperDividend^® REIT ETF
2019	$	7,369,085	$	—	$	—	$	7,369,085
2018		3,906,264		—		—		3,906,264

194


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

5. TAX INFORMATION (continued)

Global X Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
Global X SuperIncome^™ Preferred ETF
2019	$	11,905,843	$	—	$	83,858	$	11,989,701
2018		14,835,000		—		—		14,835,000
Global X YieldCo & Renewable Energy Income ETF
2019	$	644,590	$	—	$	—	$	644,590
2018		843,401		—		154,396		997,797
Global X Social Media ETF
2019	$	—	$	—	$	—	$	—
2018		2,573,545		—		—		2,573,545
Global X E-commerce ETF
2019	$	—	$	—	$	—	$	—
Global X Guru^® Index ETF
2019	$	310,767	$	—	$	82,434	$	393,201
2018		302,653		—		—		302,653
Global X Scientific Beta U.S. ETF
2019	$	3,062,493	$	—	$	—	$	3,062,493
2018		1,913,894		—		—		1,913,894
Global X Scientific Beta Europe ETF
2019	$	423,851	$	—	$	—	$	423,851
2018		494,437		—		—		494,437
Global X Scientific Beta Japan ETF
2019	$	176,524	$	—	$	—	$	176,524
2018		339,465		—		—		339,465
Global X Scientific Beta Asia ex-Japan ETF
2019	$	210,319	$	—	$	—	$	210,319
2018		167,280		—		—		167,280
Global X S&P 500^® Catholic Values ETF
2019	$	4,530,406	$	187,691	$	—	$	4,718,097
2018		1,665,617		23,055		—		1,688,672
Global X NASDAQ 100® Covered Call ETF
2019	$	40,380,150	$	2,101,875	$	12,331,150	$	54,813,175
2018		8,264,567		795,059		17,698,697		26,758,323
Global X S&P 500^® Covered Call ETF
2019	$	4,867,892	$	582,508	$	780,262	$	6,230,662
2018		1,551,694		330,858		3,049,443		4,931,995
Global X Russell 2000 Covered Call ETF
2019	$	158,257	$	99,323	$	—	$	257,580

195


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

5. TAX INFORMATION (continued)

As of October 31, 2019, the components of tax basis distributable earnings (accumulated losses) were as follows:

	Global X Funds
	Global X SuperDividend^® ETF			Global X SuperDividend^® U.S. ETF			Global X MSCI SuperDividend^® Emerging Markets ETF			Global X MSCI SuperDividend^® EAFE ETF
Undistributed Ordinary Income	$	–		$	–		$	153,453		$	34,602
Capital Loss Carryforwards		(281,822,507	)		(54,987,089	)		(3,672,269	)		(422,592	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(43,291,328	)		5,740,654			(93,917	)		454,785
Other Temporary Differences		37,131			7			–			(3	)
Total Distributable Earnings (Accumulated Losses)	$	(325,076,704	)	$	(49,246,428	)	$	(3,612,733	)	$	66,792

	Global X Funds
	Global X SuperDividend^® REIT ETF⁽¹⁾			Global X SuperIncome^™ Preferred ETF			Global X YieldCo & Renewable Energy Income ETF			Global X Social Media ETF
Undistributed Ordinary Income	$	–		$	–		$	23,496		$	–
Capital Loss Carryforwards		(1,523,254	)		(58,493,702	)		(831,842	)		(30,480,743	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(12,236,773	)		2,857,547			2,598,592			85,867
Late Year Loss Deferral		–			–			–			(414,750	)
Other Temporary Differences		(658,111	)		(242,869	)		–			–
Total Distributable Earnings (Accumulated Losses)	$	(14,418,138	)	$	(55,879,024	)	$	1,790,246		$	(30,809,626	)

(1) The Global X SuperDividend^® REIT ETF has a tax year that ends on December 31.

196


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

5. TAX INFORMATION (continued)

	Global X Fund
	Global X E-commerce ETF			Global X Guru^® Index ETF			Global X Scientific Beta U.S. ETF			Global X Scientific Beta Europe ETF
Undistributed Ordinary Income	$	–		$	–		$	584,800		$	28,792
Capital Loss Carryforwards		(956	)		(22,227,150	)		(5,933,099	)		(1,022,121	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(98,569	)		5,906,661			10,024,311			(183,104	)
Late Year Loss Deferral		(4,913	)		–			–			–
Other Temporary Differences		(1	)		(3	)		2			(12	)
Total Distributable Earnings (Accumulated Losses)	$	(104,439	)	$	(16,320,492	)	$	4,676,014		$	(1,176,445	)

	Global X Funds
	Global X Scientific Beta Japan ETF			Global X Scientific Beta Asia ex-Japan ETF			Global X S&P 500^® Catholic Values ETF		Global X NASDAQ 100^® Covered Call ETF
Undistributed Ordinary Income	$	59,854		$	57,849		$	1,501,864	$	–
Undistributed Long-Term Capital Gain		–			–			109,497		–
Capital Loss Carryforwards		(673,928	)		(506,863	)		–		–
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(91,398	)		(81,330	)		34,405,428		–
Other Temporary Differences		(9	)		–			3		7
Total Distributable Earnings (Accumulated Losses)	$	(705,481	)	$	(530,344	)	$	36,016,792	$	7

	Global X Funds
	Global X S&P 500^® Covered Call ETF		Global X Russell 2000 Covered Call ETF
Undistributed Ordinary Income	$	–	$	–
Undistributed Long-Term Capital Gain		–		74,655
Unrealized Appreciation on Investments and Foreign Currency		–		93,152
Other Temporary Differences		26,492		(124,812	)
Total Distributable Earnings	$	26,492	$	42,995

197


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

5. TAX INFORMATION (continued)

For taxable years beginning after December 22, 2010, a RIC 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:

Global X Funds	Short-Term Loss		Long-Term Loss		Total
Global X SuperDividend^® ETF	$	113,887,686	$	167,934,821	$	281,822,507
Global X SuperDividend^® U.S. ETF		54,987,089		—		54,987,089
Global X MSCI SuperDividend^® Emerging Markets ETF		2,830,905		841,364		3,672,269
Global X MSCI SuperDividend^® EAFE ETF		115,549		307,043		422,592
Global X SuperIncome™ Preferred ETF		15,368,042		43,125,660		58,493,702
Global X YieldCo & Renewable Energy Income ETF		151,818		680,024		831,842
Global X Social Media ETF		9,904,721		20,576,022		30,480,743
Global X E-commerce ETF		956		—		956
Global X Guru^® Index ETF		22,227,150		—		22,227,150
Global X Scientific Beta U.S. ETF		5,810,669		122,430		5,933,099
Global X Scientific Beta Europe ETF		753,064		269,057		1,022,121
Global X Scientific Beta Japan ETF		491,326		182,602		673,928
Global X Scientific Beta Asia ex-Japan ETF		384,751		122,112		506,863

During the year ended October 31, 2019, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:

Global X Funds	Short-Term Loss		Long-Term Loss		Total
Global X SuperDividend® U.S. ETF	$	—	$	6,609,240	$	6,609,240
Global X SuperIncome™ Preferred ETF		56,496		—		56,496
Global X YieldCo & Renewable Energy Income ETF		385,282		—		385,282
Global X Social Media ETF		337,457		—		337,457
Global X Guru^® Index ETF		342,150		—		342,150
Global X Scientific Beta U.S. ETF		—		172,383		172,383
Global X NASDAQ 100^® Covered Call ETF		4,403,752		—		4,403,752

198


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

5. TAX INFORMATION (continued)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2020 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global X SuperDividend^® ETF	$	966,248,809	$	5,367,841	$	(357,512,279	)	$	(352,144,438	)
Global X SuperDividend^® U.S. ETF		566,862,935		9,515,227		(157,314,890	)		(147,799,663	)
Global X MSCI SuperDividend^® Emerging Markets ETF		19,153,055		818,576		(4,967,391	)		(4,148,815	)
Global X MSCI SuperDividend^® EAFE ETF		9,499,199		56,219		(2,645,359	)		(2,589,140	)
Global X SuperDividend^®REIT ETF		564,020,885		138,551		(251,598,521	)		(251,491,970	)
Global X SuperIncome^™ Preferred ETF		175,855,287		2,276,122		(8,251,729	)		(5,975,607	)
Global X YieldCo & Renewable Energy Income ETF		47,302,477		1,861,461		(3,164,601	)		(1,303,140	)
Global X Social Media ETF		123,606,502		23,548,462		(15,333,350	)		8,215,112
Global X E-commerce ETF		9,712,926		1,140,677		(555,413	)		585,264
Global X Guru^® Index ETF		49,550,752		6,689,519		(5,914,911	)		774,608
Global X Scientific Beta U.S. ETF		33,680,145		1,931,188		(5,677,113	)		(3,745,925	)
Global X Scientific Beta Europe ETF		5,052,946		231,879		(1,161,585	)		(929,706	)
Global X Scientific Beta Japan ETF		2,823,127		116,443		(560,968	)		(444,525	)
Global X Scientific Beta Asia ex-Japan ETF		2,389,375		68,156		(499,305	)		(431,149	)
Global X S&P 500^® Catholic Values ETF		290,819,951		46,797,198		(25,184,419	)		21,612,779
Global X NASDAQ 100^® Covered Call ETF		753,515,315		216,733,210		(13,300,481	)		203,432,729
Global X S&P 500^® Covered Call ETF		109,871,586		11,148,516		(11,747,735	)		(599,219	)
Global X Russell 2000 Covered Call ETF		14,826,110		–		(1,981,315	)		(1,981,315	)

The Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments, the level of governmental supervision and regulation of securities markets in the respective countries.

6. CONCENTRATION OF RISKS

The securities markets of emerging countries are less liquid, subject to greater price volatility, and have a smaller market capitalization than those of United States securities markets. In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issuers or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers.

199


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

6. CONCENTRATION OF RISKS (continued)

Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.

Except for the Global X Russell 2000^® Covered Call Fund, which uses a representative sampling strategy, the Funds 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 indices 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 their underlying indices, or, in certain instances, when securities in the underlying indices become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to a Fund but not the underlying indices).

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

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Security loans made pursuant to a securities lending agreement with BBH 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 Schedule of Investments and Statement of Assets and Liabilities. The obligation to return securities lending collateral is also recognized as a liability in the Statement 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.

200


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

7. LOANS OF PORTFOLIO SECURITIES (continued)

borrower may not provide additional collateral when required or may not return the securities when due, the securities lending agency agreement requires the lending agent to indemnify the Funds by replacing either the security or the security’s current market value to the Funds. The Funds could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.

As of April 30, 2020, the value of securities on loan was $47,494,529, $26,520,238, $11,172,668 and $7,044,337 for the Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X SuperDividend^® REIT ETF and Global X Social Media ETF, respectively, and the cash collateral received from securities on loan was $50,159,529, $28,724,281, $12,140,621 and $13,222,313 for Global X SuperDividend^® ETF, Global X SuperDividend^® U.S. ETF, Global X SuperDividend^® REIT ETF and Global X Social Media ETF, respectively.

As of April 30, 2020, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X SuperDividend^® ETF
Barclays Capital	$	2,334,549	$	2,425,785
BNP Prime Brokerage		2,399,711		2,632,049
BOFA Securities, Inc.		7,395,133		7,739,895
Citigroup		6,567,155		6,956,614
Credit Suisse		991,267		1,056,877
Goldman Sachs & Co.		14,997,673		15,676,766
JPMorgan		7,977,344		8,552,377
Morgan Stanley		4,794,915		5,080,331
National Financial Services		150		159
Scotia Capital		21,068		21,620
UBS Securities LLC		15,186		16,656
Wells Fargo Securities, LLC		376		400
Global X SuperDividend^® U.S. ETF
Barclays Capital		6,484,339		6,761,475
BOFA Securities, Inc.		3,852,811		4,017,479
Goldman Sachs & Co.		2,502,925		2,605,070
JPMorgan		4,709,385		5,887,200
Morgan Stanley		5,126,877		5,415,415
National Financial Services		3,129,142		3,271,880
UBS AG		642,802		690,797
UBS Securities LLC		71,957		74,965

201


Notes to Financial Statements (unaudited) (continued)
	April 30, 2020

7. LOANS OF PORTFOLIO SECURITIES (continued)

Global X SuperDividend^® REIT ETF
BOFA Securities, Inc.	$	4,427,340	$	4,859,000
Goldman Sachs & Co.		4,086,230		4,390,412
National Financial Services		2,420,100		2,631,349
Scotia Capital		238,998		259,860
Global X Social Media ETF
Barclays Capital		1,266,376		1,336,968
BOFA Securities, Inc.		-		273,226
Citigroup		308		325
Credit Suisse		-		3,726,266
Goldman Sachs & Co.		5,492,901		6,687,388
Morgan Stanley		284,752		1,198,139

8. CONTRACTUAL OBLIGATIONS

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these contracts is unknown; however, the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

9. REGULATORY MATTERS

On August 17, 2018, the Commission adopted amendments to Regulation S-X. These changes are effective for periods after November 5, 2018. The updates to RICs were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earnings on a book basis in the Statement of Assets and Liabilities. The update also impacted the presentation of undistributed net investment income and distributions to shareholders on the Statements of Changes in Net Assets. The amounts presented in the current Statements of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately.

202


Notes to Financial Statements (unaudited) (concluded)
	April 30, 2020

10. NEW ACCOUNTING PRONOUNCEMENTS

11. SUBSEQUENT EVENTS

203


Disclosure of Fund Expenses (unaudited)

All 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, commissions, 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 the Funds’ gross income and directly reduce their final investment returns. These expenses are expressed as a percentage of the Funds’ average net assets; this percentage is known as the Funds’ expense ratio.

The table on the next page illustrates the Funds’ costs in two ways:

You can use this information, together with the actual amount you invested in the 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.

204


Disclosure of Fund Expenses (unaudited) (continued)

	Beginning Account Value 11/1/2019		Ending Account Value 4/30/2020		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾

Global X SuperDividend^® ETF
Actual Fund Return	$	1,000.00	$	630.50		0.59	%	$	2.39
Hypothetical 5% Return		1,000.00		1,021.93		0.59			2.97

Global X SuperDividend^® U.S. ETF
Actual Fund Return	$	1,000.00	$	675.10		0.46	%	$	1.92
Hypothetical 5% Return		1,000.00		1,022.58		0.46			2.31

Global X MSCI SuperDividend^® Emerging Markets ETF
Actual Fund Return	$	1,000.00	$	779.20		0.67	%	$	2.96
Hypothetical 5% Return		1,000.00		1,021.53		0.67			3.37

Global X MSCI SuperDividend^® EAFE ETF
Actual Fund Return	$	1,000.00	$	737.30		0.56	%	$	2.42
Hypothetical 5% Return		1,000.00		1,022.08		0.56			2.82

Global X SuperDividend^® REIT ETF
Actual Fund Return	$	1,000.00	$	496.50		0.59	%	$	2.20
Hypothetical 5% Return		1,000.00		1,021.93		0.59			2.97

Global X SuperIncome^™ Preferred ETF
Actual Fund Return	$	1,000.00	$	932.30		0.58	%	$	2.79
Hypothetical 5% Return		1,000.00		1,021.98		0.58			2.92

Global X YieldCo & Renewable Energy Income ETF
Actual Fund Return	$	1,000.00	$	968.40		0.66	%	$	3.23
Hypothetical 5% Return		1,000.00		1,021.58		0.66			3.32

Global X Social Media ETF
Actual Fund Return	$	1,000.00	$	1,076.80		0.65	%	$	3.36
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27

Global X E-commerce ETF
Actual Fund Return	$	1,000.00	$	1,066.80		0.53	%	$	2.72
Hypothetical 5% Return		1,000.00		1,022.23		0.53			2.66

Global X Guru^® Index ETF
Actual Fund Return	$	1,000.00	$	926.90		0.75	%	$	3.59
Hypothetical 5% Return		1,000.00		1,021.13		0.75			3.77

Global X Scientific Beta U.S. ETF
Actual Fund Return	$	1,000.00	$	898.00		0.19	%	$	0.90
Hypothetical 5% Return		1,000.00		1,023.92		0.19			0.96

205


Disclosure of Fund Expenses (unaudited) (concluded)

	Beginning Account Value 11/1/2019		Ending Account Value 4/30/2020		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾

Global X Scientific Beta Europe ETF
Actual Fund Return	$	1,000.00	$	838.90		0.38	%	$	1.74
Hypothetical 5% Return		1,000.00		1,022.97		0.38			1.91

Global X Scientific Beta Japan ETF
Actual Fund Return	$	1,000.00	$	859.90		0.38	%	$	1.76
Hypothetical 5% Return		1,000.00		1,022.97		0.38			1.91

Global X Scientific Beta Asia ex-Japan ETF
Actual Fund Return	$	1,000.00	$	826.50		0.38	%	$	1.73
Hypothetical 5% Return		1,000.00		1,022.97		0.38			1.91

Global X S&P 500^® Catholic Values ETF
Actual Fund Return	$	1,000.00	$	968.20		0.29	%	$	1.42
Hypothetical 5% Return		1,000.00		1,023.42		0.29			1.46

Global X NASDAQ 100^® Covered Call ETF
Actual Fund Return	$	1,000.00	$	917.20		0.76	%	$	3.62
Hypothetical 5% Return		1,000.00		1,021.08		0.76			3.82

Global X S&P 500^® Covered Call ETF
Actual Fund Return	$	1,000.00	$	858.90		0.78	%	$	3.61
Hypothetical 5% Return		1,000.00		1,020.99		0.78			3.92

Global X Russell 2000 Covered Call ETF
Actual Fund Return	$	1,000.00	$	759.40		0.66	%	$	2.89
Hypothetical 5% Return		1,000.00		1,021.58		0.66			3.32

(1)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 182/366 (to reflect the one-half year period), unless otherwise noted.

206


Approval of Investment Advisory Agreement (unaudited)

RENEWAL AGREEMENTS

In determining to approve the continuation of the Renewal Agreements for the Renewal Funds, the Board considered a variety of factors, including the factors discussed in greater detail below.

Nature, Extent and Quality of Services

With respect to this factor, the Board considered:

•	the terms of the Renewal Agreements and the range of services that would continue to be provided to each Renewal Fund in accordance with the Renewal Agreements;
•	Global X Management’s key personnel and the portfolio managers who would continue to provide investment advisory, supervision and administrative services to each Renewal Fund;
•	Global X Management’s responsibilities under the Renewal Agreements, among other things, to: (i) manage the investment operations of the Renewal Funds and

207


Approval of Investment Advisory Agreement (unaudited)

	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, statement of additional information, and other reports and documents for the Renewal Funds that are required to be filed by the Trust with the U.S. Securities and Exchange Commission and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including Creation Units) of the Renewal Funds by shareholders and new investors;
•	the nature, extent and quality of all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to the Renewal Funds; and
•	the quality of Global X Management’s resources and personnel that would continue to be made available to the Renewal Funds, including Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Renewal Funds by Global X Management.

Performance

The Board considered instances of under-performance and over-performance with respect to the competitor funds. The Board also considered the Renewal Funds’ tracking against their underlying indexes in absolute terms.

Cost of Services and Profitability

208


Approval of Investment Advisory Agreement (unaudited)

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).

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 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 ratios (i.e., the total fees) of the Renewal Funds and that the proposed Management Fees for the Renewal Funds were set at 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.

209


Approval of Investment Advisory Agreement (unaudited)

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.

Based on these considerations, the Board concluded that the unitary Management Fee for the Renewal Funds appropriately addressed economies of scale.

Other Benefits

Conclusion

210


Supplemental Information (unaudited)

Further information regarding premiums and discounts is available on the Funds’ website at www.globalxetfs.com

211


Notes

605 3^rd Avenue, 43^rd Floor

New York, NY 10158

1-888-493-8631

www.globalxetfs.com

Investment Adviser and Administrator:

Global X Management Company LLC

605 3^rd Avenue, 43^rd 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

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Funds described.

GLX-SA-003-0900

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. Investments.

Not applicable.

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 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.

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 13. Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) 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 an Exhibit.

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

	/s/ Luis Berruga
By (Signature and Title)*	Luis Berruga
	President

Date: July 8, 2020

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.

	/s/ Luis Berruga
By (Signature and Title)*	Luis Berruga
	President

Date: July 8, 2020

	/s/ Chang Kim
By (Signature and Title)*	Chang Kim
	Chief Financial Officer

Date: July 8, 2020

* Print the name and title of each signing officer under his or her signature.

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